DAVID ENGELBOS: 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 ENGELBOS
Largest movements
- Current investments +€79,950
up €79,950 (+304%), from €26,297 to €106,247
- Cash +€8,185
up €8,185 (+56.8%), from €14,400 to €22,585
mainly Other debts (+€227,248) and Net result for the year (+€68,116)
- Other debts +€227,248
new in 2025: €227,248
- Reserves -€172,684
down €172,684 (-37.4%), from €461,854 to €289,171
of which Distributable reserves: -€172,684
- Tax, wage and social debts +€26,674
up €26,674 (+125%), from €21,270 to €47,944
of which Taxes: +€26,555
- Debts after one year -€7,025
down €7,025 (-12.1%), from €57,940 to €50,915
- Gross operating margin -€100,060
down €100,060 (-51.2%), from €195,246 to €95,186
- Financial income -€8,941
down €8,941 (-35.2%), from €25,367 to €16,426
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 | €583,620 | €662,049 | +€78,429 | +13.4% |
| Fixed assets | 21/28 | €196,767 | €192,102 | -€4,665 | -2.4% |
| Tangible fixed assets | 22/27 | €140,766 | €136,101 | -€4,665 | -3.3% |
| Land and buildings | 22 | €129,562 | €126,127 | -€3,435 | -2.7% |
| Plant, machinery and equipment | 23 | €2,460 | €3,072 | +€612 | +24.9% |
| Furniture and vehicles | 24 | €7,494 | €5,652 | -€1,842 | -24.6% |
| Other tangible fixed assets | 26 | €1,250 | €1,250 | = | 0.0% |
| Financial fixed assets | 28 | €56,001 | €56,001 | = | 0.0% |
| Current assets | 29/58 | €386,853 | €469,947 | +€83,094 | +21.5% |
| Amounts receivable within one year | 40/41 | €326,777 | €325,281 | -€1,496 | -0.5% |
| Trade receivables | 40 | €19,360 | €22,475 | +€3,115 | +16.1% |
| Other amounts receivable | 41 | €307,417 | €302,806 | -€4,611 | -1.5% |
| Current investments | 50/53 | €26,297 | €106,247 | +€79,950 | +304% |
| Cash at bank and in hand | 54/58 | €14,400 | €22,585 | +€8,185 | +56.8% |
| Deferred charges and accrued income | 490/1 | €19,379 | €15,835 | -€3,545 | -18.3% |
| Total equity and liabilities | 10/49 | €583,620 | €662,049 | +€78,429 | +13.4% |
| Equity | 10/15 | €489,964 | €317,281 | -€172,684 | -35.2% |
| Contributions | 10/11 | €28,110 | €28,110 | = | 0.0% |
| Reserves | 13 | €461,854 | €289,171 | -€172,684 | -37.4% |
| Tax-exempt reserves | 132 | €8,000 | €8,000 | = | 0.0% |
| Distributable reserves | 133 | €453,854 | €281,171 | -€172,684 | -38.0% |
| Amounts payable | 17/49 | €93,655 | €344,768 | +€251,113 | +268% |
| Amounts payable after more than one year | 17 | €57,940 | €50,915 | -€7,025 | -12.1% |
| Financial debts | 170/4 | €57,940 | €50,915 | -€7,025 | -12.1% |
| Amounts payable within one year | 42/48 | €35,716 | €291,954 | +€256,239 | +717% |
| Current portion of amounts payable after more than one year | 42 | €6,692 | €7,025 | +€332 | +5.0% |
| Financial debts | 43 | €2,500 | €2,500 | = | 0.0% |
| Other loans | 439 | €2,500 | €2,500 | = | 0.0% |
| Trade debts | 44 | €5,254 | €7,238 | +€1,984 | +37.8% |
| Suppliers | 440/4 | €5,254 | €7,238 | +€1,984 | +37.8% |
| Taxes, remuneration and social security | 45 | €21,270 | €47,944 | +€26,674 | +125% |
| Taxes | 450/3 | €21,217 | €47,772 | +€26,555 | +125% |
| Remuneration and social security | 454/9 | €52 | €172 | +€120 | +228% |
| Other amounts payable | 47/48 | - | €227,248 | +€227,248 | |
| Accrued charges and deferred income | 492/3 | - | €1,899 | +€1,899 | |
| Non-recurring operating income | 76A | €159,473 | - | -€159,473 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,146 | €6,639 | +€1,493 | +29.0% |
| Other operating charges | 640/8 | €1,470 | €1,056 | -€414 | -28.1% |
| Gross operating margin | 9900 | €195,246 | €95,186 | -€100,060 | -51.2% |
| Operating profit (loss) | 9901 | €188,630 | €87,491 | -€101,139 | -53.6% |
| Financial income | 75/76B | €25,367 | €16,426 | -€8,941 | -35.2% |
| Recurring financial income | 75 | €25,367 | €16,426 | -€8,941 | -35.2% |
| Financial charges | 65/66B | €9,717 | €7,969 | -€1,748 | -18.0% |
| Recurring financial charges | 65 | €9,717 | €7,969 | -€1,748 | -18.0% |
| Profit (loss) for the period before taxes | 9903 | €204,280 | €95,948 | -€108,332 | -53.0% |
| Income taxes | 67/77 | €28,065 | €27,832 | -€233 | -0.8% |
| Profit (loss) for the period | 9904 | €176,215 | €68,116 | -€108,099 | -61.3% |
| Profit (loss) for the period to be appropriated | 9905 | €176,215 | €68,116 | -€108,099 | -61.3% |
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 27 October 2026 via checked.be.