David Desmet: 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 Desmet
Largest movements
- Current investments -€298,935
down €298,935 (-100%), from €298,935 to €0
- Receivables within one year +€61,062
up €61,062 (+1,376%), from €4,437 to €65,499
of which Other amounts receivable: +€61,028
- Cash +€46,950
up €46,950 (+185%), from €25,401 to €72,350
mainly Current investments (+€298,935) and Net result for the year (+€108,918)
- Tangible fixed assets -€7,872
down €7,872 (-48.8%), from €16,133 to €8,261
of which Furniture and vehicles: -€9,669
- Other debts -€181,291
down €181,291 (-90.6%), from €200,210 to €18,918
- Reserves -€27,697
down €27,697 (-22.3%), from €123,979 to €96,283
- Tax, wage and social debts +€10,166
up €10,166 (+63.0%), from €16,123 to €26,289
- Financial income +€10,739
up €10,739 (+187%), from €5,752 to €16,491
- Gross operating margin +€10,647
up €10,647 (+8.5%), from €124,590 to €135,236
- Taxes +€6,959
up €6,959 (+27.5%), from €25,288 to €32,247
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 | €346,384 | €147,677 | -€198,707 | -57.4% |
| Fixed assets | 21/28 | €16,133 | €8,261 | -€7,872 | -48.8% |
| Tangible fixed assets | 22/27 | €16,133 | €8,261 | -€7,872 | -48.8% |
| Land and buildings | 22 | - | €1,797 | +€1,797 | |
| Furniture and vehicles | 24 | €16,133 | €6,464 | -€9,669 | -59.9% |
| Current assets | 29/58 | €330,250 | €139,416 | -€190,834 | -57.8% |
| Amounts receivable within one year | 40/41 | €4,437 | €65,499 | +€61,062 | +1,376% |
| Trade receivables | 40 | €0 | €34 | +€34 | |
| Other amounts receivable | 41 | €4,437 | €65,465 | +€61,028 | +1,375% |
| Current investments | 50/53 | €298,935 | €0 | -€298,935 | -100% |
| Cash at bank and in hand | 54/58 | €25,401 | €72,350 | +€46,950 | +185% |
| Deferred charges and accrued income | 490/1 | €1,477 | €1,566 | +€89 | +6.0% |
| Total equity and liabilities | 10/49 | €346,384 | €147,677 | -€198,707 | -57.4% |
| Equity | 10/15 | €128,979 | €101,283 | -€27,697 | -21.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €123,979 | €96,283 | -€27,697 | -22.3% |
| Distributable reserves | 133 | €123,979 | €96,283 | -€27,697 | -22.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €217,405 | €46,394 | -€171,010 | -78.7% |
| Amounts payable within one year | 42/48 | €217,405 | €46,394 | -€171,010 | -78.7% |
| Trade debts | 44 | €1,072 | €1,187 | +€115 | +10.8% |
| Suppliers | 440/4 | €1,072 | €1,187 | +€115 | +10.8% |
| Taxes, remuneration and social security | 45 | €16,123 | €26,289 | +€10,166 | +63.0% |
| Taxes | 450/3 | €16,123 | €26,289 | +€10,166 | +63.0% |
| Other amounts payable | 47/48 | €200,210 | €18,918 | -€181,291 | -90.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,669 | €9,706 | +€36 | +0.4% |
| Other operating charges | 640/8 | €652 | €672 | +€20 | +3.0% |
| Gross operating margin | 9900 | €124,590 | €135,236 | +€10,647 | +8.5% |
| Operating profit (loss) | 9901 | €114,268 | €124,859 | +€10,591 | +9.3% |
| Financial income | 75/76B | €5,752 | €16,491 | +€10,739 | +187% |
| Recurring financial income | 75 | €5,752 | €16,491 | +€10,739 | +187% |
| Financial charges | 65/66B | €1,261 | €185 | -€1,076 | -85.3% |
| Recurring financial charges | 65 | €1,261 | €185 | -€1,076 | -85.3% |
| Profit (loss) for the period before taxes | 9903 | €118,759 | €141,165 | +€22,406 | +18.9% |
| Income taxes | 67/77 | €25,288 | €32,247 | +€6,959 | +27.5% |
| Profit (loss) for the period | 9904 | €93,471 | €108,918 | +€15,447 | +16.5% |
| Profit (loss) for the period to be appropriated | 9905 | €93,471 | €108,918 | +€15,447 | +16.5% |
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 14 October 2026 via checked.be.