David De Cock: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
David De Cock
Largest movements
- Cash -€39,085
down €39,085 (-59.8%), from €65,401 to €26,317
mainly Contributions, distributions and other (-€51,107) and Current investments (-€25,000)
- Current investments +€25,000
up €25,000 (+38.5%), from €65,000 to €90,000
- Receivables within one year +€18,540
up €18,540 (+11.3%), from €164,371 to €182,911
- Reserves +€9,696
up €9,696 (+2.5%), from €388,288 to €397,984
- Current portion of long-term debt -€7,128
no longer reported in 2025 (was €7,128)
- Financial income -€141,296
down €141,296 (-95.7%), from €147,639 to €6,343
- Gross operating margin +€11,286
up €11,286 (+14.0%), from €80,840 to €92,127
- Taxes -€8,790
down €8,790 (-21.7%), from €40,549 to €31,759
- Other operating charges +€1,960
up €1,960 (+224%), from €874 to €2,834
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €445,714 | €448,835 | +€3,121 | +0.7% |
| Fixed assets | 21/28 | €146,608 | €145,217 | -€1,391 | -0.9% |
| Tangible fixed assets | 22/27 | €9,208 | €7,817 | -€1,391 | -15.1% |
| Plant, machinery and equipment | 23 | €6,125 | €4,409 | -€1,716 | -28.0% |
| Furniture and vehicles | 24 | €3,083 | €3,408 | +€325 | +10.5% |
| Financial fixed assets | 28 | €137,400 | €137,400 | = | 0.0% |
| Current assets | 29/58 | €299,106 | €303,618 | +€4,512 | +1.5% |
| Amounts receivable within one year | 40/41 | €164,371 | €182,911 | +€18,540 | +11.3% |
| Other amounts receivable | 41 | €164,371 | €182,911 | +€18,540 | +11.3% |
| Current investments | 50/53 | €65,000 | €90,000 | +€25,000 | +38.5% |
| Cash at bank and in hand | 54/58 | €65,401 | €26,317 | -€39,085 | -59.8% |
| Deferred charges and accrued income | 490/1 | €4,334 | €4,391 | +€56 | +1.3% |
| Total equity and liabilities | 10/49 | €445,714 | €448,835 | +€3,121 | +0.7% |
| Equity | 10/15 | €400,688 | €410,384 | +€9,696 | +2.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €388,288 | €397,984 | +€9,696 | +2.5% |
| Distributable reserves | 133 | €388,288 | €397,984 | +€9,696 | +2.5% |
| Amounts payable | 17/49 | €45,027 | €38,451 | -€6,575 | -14.6% |
| Amounts payable within one year | 42/48 | €41,961 | €35,034 | -€6,927 | -16.5% |
| Current portion of amounts payable after more than one year | 42 | €7,128 | - | -€7,128 | |
| Trade debts | 44 | €550 | €231 | -€318 | -57.9% |
| Suppliers | 440/4 | €550 | €231 | -€318 | -57.9% |
| Taxes, remuneration and social security | 45 | €27,626 | €31,463 | +€3,837 | +13.9% |
| Taxes | 450/3 | €25,126 | €31,463 | +€6,337 | +25.2% |
| Remuneration and social security | 454/9 | €2,500 | - | -€2,500 | |
| Other amounts payable | 47/48 | €6,657 | €3,340 | -€3,317 | -49.8% |
| Accrued charges and deferred income | 492/3 | €3,066 | €3,417 | +€351 | +11.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,766 | €2,943 | +€177 | +6.4% |
| Other operating charges | 640/8 | €874 | €2,834 | +€1,960 | +224% |
| Gross operating margin | 9900 | €80,840 | €92,127 | +€11,286 | +14.0% |
| Operating profit (loss) | 9901 | €77,200 | €86,350 | +€9,149 | +11.9% |
| Financial income | 75/76B | €147,639 | €6,343 | -€141,296 | -95.7% |
| Recurring financial income | 75 | €147,639 | €6,343 | -€141,296 | -95.7% |
| Financial charges | 65/66B | €392 | €130 | -€262 | -66.8% |
| Recurring financial charges | 65 | €392 | €130 | -€262 | -66.8% |
| Profit (loss) for the period before taxes | 9903 | €224,447 | €92,562 | -€131,885 | -58.8% |
| Income taxes | 67/77 | €40,549 | €31,759 | -€8,790 | -21.7% |
| Profit (loss) for the period | 9904 | €183,898 | €60,803 | -€123,095 | -66.9% |
| Profit (loss) for the period to be appropriated | 9905 | €183,898 | €60,803 | -€123,095 | -66.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.