DAVID DEKNUDT: 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 DEKNUDT
Largest movements
- Receivables within one year +€39,693
up €39,693 (+190%), from €20,852 to €60,545
of which Trade receivables: +€38,849
- Tangible fixed assets -€31,750
down €31,750 (-30.9%), from €102,757 to €71,007
of which Furniture and vehicles: -€29,064
- Intangible fixed assets -€14,800
down €14,800 (-32.6%), from €45,373 to €30,573
- Cash +€13,893
up €13,893 (+95.2%), from €14,594 to €28,487
mainly Depreciation (+€55,261) and Trade debts (+€31,130)
- Stocks and contracts -€11,217
down €11,217 (-61.1%), from €18,350 to €7,133
- Other debts -€42,083
no longer reported in 2025 (was €42,083)
- Trade debts +€31,130
up €31,130 (+120%), from €26,034 to €57,163
- Debts after one year -€25,432
down €25,432 (-40.2%), from €63,258 to €37,826
- Reserves +€22,985
up €22,985 (+60.3%), from €38,135 to €61,120
- Tax, wage and social debts +€9,460
up €9,460 (+124%), from €7,616 to €17,077
- Gross operating margin +€14,403
up €14,403 (+18.6%), from €77,256 to €91,659
- Taxes +€4,709
up €4,709 (+99.1%), from €4,751 to €9,460
- Financial charges -€1,470
down €1,470 (-31.2%), from €4,706 to €3,236
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 | €204,621 | €201,623 | -€2,998 | -1.5% |
| Fixed assets | 21/28 | €148,130 | €101,580 | -€46,550 | -31.4% |
| Intangible fixed assets | 21 | €45,373 | €30,573 | -€14,800 | -32.6% |
| Tangible fixed assets | 22/27 | €102,757 | €71,007 | -€31,750 | -30.9% |
| Land and buildings | 22 | - | €3,481 | +€3,481 | |
| Plant, machinery and equipment | 23 | €6,572 | €405 | -€6,167 | -93.8% |
| Furniture and vehicles | 24 | €96,184 | €67,121 | -€29,064 | -30.2% |
| Current assets | 29/58 | €56,491 | €100,043 | +€43,552 | +77.1% |
| Stocks and contracts in progress | 3 | €18,350 | €7,133 | -€11,217 | -61.1% |
| Stocks | 30/36 | €18,350 | €7,133 | -€11,217 | -61.1% |
| Amounts receivable within one year | 40/41 | €20,852 | €60,545 | +€39,693 | +190% |
| Trade receivables | 40 | €16,125 | €54,974 | +€38,849 | +241% |
| Other amounts receivable | 41 | €4,727 | €5,571 | +€845 | +17.9% |
| Cash at bank and in hand | 54/58 | €14,594 | €28,487 | +€13,893 | +95.2% |
| Deferred charges and accrued income | 490/1 | €2,695 | €3,878 | +€1,183 | +43.9% |
| Total equity and liabilities | 10/49 | €204,621 | €201,623 | -€2,998 | -1.5% |
| Equity | 10/15 | €41,135 | €64,120 | +€22,985 | +55.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €38,135 | €61,120 | +€22,985 | +60.3% |
| Distributable reserves | 133 | €38,135 | €61,120 | +€22,985 | +60.3% |
| Amounts payable | 17/49 | €163,486 | €137,503 | -€25,983 | -15.9% |
| Amounts payable after more than one year | 17 | €63,258 | €37,826 | -€25,432 | -40.2% |
| Financial debts | 170/4 | €63,258 | €37,826 | -€25,432 | -40.2% |
| Amounts payable within one year | 42/48 | €100,206 | €99,672 | -€534 | -0.5% |
| Current portion of amounts payable after more than one year | 42 | €24,473 | €25,432 | +€959 | +3.9% |
| Trade debts | 44 | €26,034 | €57,163 | +€31,130 | +120% |
| Suppliers | 440/4 | €26,034 | €57,163 | +€31,130 | +120% |
| Taxes, remuneration and social security | 45 | €7,616 | €17,077 | +€9,460 | +124% |
| Taxes | 450/3 | €7,616 | €17,077 | +€9,460 | +124% |
| Other amounts payable | 47/48 | €42,083 | - | -€42,083 | |
| Accrued charges and deferred income | 492/3 | €21 | €5 | -€16 | -75.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,771 | €55,261 | +€490 | +0.9% |
| Other operating charges | 640/8 | €768 | €839 | +€71 | +9.3% |
| Gross operating margin | 9900 | €77,256 | €91,659 | +€14,403 | +18.6% |
| Operating profit (loss) | 9901 | €21,717 | €35,559 | +€13,842 | +63.7% |
| Financial income | 75/76B | €15 | €122 | +€107 | +692% |
| Recurring financial income | 75 | €15 | €122 | +€107 | +692% |
| Financial charges | 65/66B | €4,706 | €3,236 | -€1,470 | -31.2% |
| Recurring financial charges | 65 | €4,706 | €3,236 | -€1,470 | -31.2% |
| Profit (loss) for the period before taxes | 9903 | €17,027 | €32,445 | +€15,419 | +90.6% |
| Income taxes | 67/77 | €4,751 | €9,460 | +€4,709 | +99.1% |
| Profit (loss) for the period | 9904 | €12,276 | €22,985 | +€10,709 | +87.2% |
| Profit (loss) for the period to be appropriated | 9905 | €12,276 | €22,985 | +€10,709 | +87.2% |
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 25 October 2026 via checked.be.