DAVID FONTEYN: 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 FONTEYN
Largest movements
- Cash -€85,458
down €85,458 (-80.5%), from €106,125 to €20,667
mainly Tax, wage and social debts (-€54,978) and Investment in fixed assets (net) (-€54,355)
- Tangible fixed assets +€46,708
new in 2025: €46,708
of which Furniture and vehicles: +€45,195
- Current investments +€43,918
up €43,918 (+17.4%), from €252,045 to €295,963
- Receivables within one year -€43,219
down €43,219 (-94.0%), from €45,957 to €2,738
of which Trade receivables: -€44,445
- Deferred charges and accrued income +€16,057
up €16,057 (+347%), from €4,621 to €20,677
- Tax, wage and social debts -€54,978
down €54,978 (-61.8%), from €88,889 to €33,911
- Debts after one year +€24,027
new in 2025: €24,027
- Current portion of long-term debt +€9,698
new in 2025: €9,698
- Gross operating margin -€117,706
down €117,706 (-97.0%), from €121,353 to €3,647
- Taxes -€20,460
down €20,460 (-74.3%), from €27,535 to €7,075
- Financial income +€19,529
up €19,529 (+114%), from €17,200 to €36,729
of which Financial income: +€13,539
- Depreciation +€7,647
new in 2025: €7,647
- Financial charges +€5,401
up €5,401 (+191%), from €2,821 to €8,222
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 | €408,748 | €386,753 | -€21,995 | -5.4% |
| Fixed assets | 21/28 | - | €46,708 | +€46,708 | |
| Tangible fixed assets | 22/27 | - | €46,708 | +€46,708 | |
| Plant, machinery and equipment | 23 | - | €1,512 | +€1,512 | |
| Furniture and vehicles | 24 | - | €45,195 | +€45,195 | |
| Current assets | 29/58 | €408,748 | €340,045 | -€68,703 | -16.8% |
| Amounts receivable within one year | 40/41 | €45,957 | €2,738 | -€43,219 | -94.0% |
| Trade receivables | 40 | €45,413 | €968 | -€44,445 | -97.9% |
| Other amounts receivable | 41 | €544 | €1,770 | +€1,226 | +225% |
| Current investments | 50/53 | €252,045 | €295,963 | +€43,918 | +17.4% |
| Cash at bank and in hand | 54/58 | €106,125 | €20,667 | -€85,458 | -80.5% |
| Deferred charges and accrued income | 490/1 | €4,621 | €20,677 | +€16,057 | +347% |
| Total equity and liabilities | 10/49 | €408,748 | €386,753 | -€21,995 | -5.4% |
| Equity | 10/15 | €317,889 | €317,321 | -€568 | -0.2% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €316,389 | €315,821 | -€568 | -0.2% |
| Distributable reserves | 133 | €316,389 | €315,821 | -€568 | -0.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €90,859 | €69,432 | -€21,427 | -23.6% |
| Amounts payable after more than one year | 17 | - | €24,027 | +€24,027 | |
| Financial debts | 170/4 | - | €24,027 | +€24,027 | |
| Amounts payable within one year | 42/48 | €90,859 | €45,405 | -€45,454 | -50.0% |
| Current portion of amounts payable after more than one year | 42 | - | €9,698 | +€9,698 | |
| Trade debts | 44 | €1,970 | €1,796 | -€175 | -8.9% |
| Suppliers | 440/4 | €1,970 | €1,796 | -€175 | -8.9% |
| Taxes, remuneration and social security | 45 | €88,889 | €33,911 | -€54,978 | -61.8% |
| Taxes | 450/3 | €88,889 | €33,911 | -€54,978 | -61.8% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €7,647 | +€7,647 | |
| Other operating charges | 640/8 | €182 | €0 | -€182 | -100% |
| Gross operating margin | 9900 | €121,353 | €3,647 | -€117,706 | -97.0% |
| Operating profit (loss) | 9901 | €121,172 | -€4,000 | -€125,172 | |
| Financial income | 75/76B | €17,200 | €36,729 | +€19,529 | +114% |
| Recurring financial income | 75 | €17,200 | €30,739 | +€13,539 | +78.7% |
| Non-recurring financial income | 76B | - | €5,990 | +€5,990 | |
| Financial charges | 65/66B | €2,821 | €8,222 | +€5,401 | +191% |
| Recurring financial charges | 65 | €2,821 | €8,222 | +€5,401 | +191% |
| Profit (loss) for the period before taxes | 9903 | €135,550 | €24,507 | -€111,043 | -81.9% |
| Income taxes | 67/77 | €27,535 | €7,075 | -€20,460 | -74.3% |
| Profit (loss) for the period | 9904 | €108,015 | €17,432 | -€90,583 | -83.9% |
| Profit (loss) for the period to be appropriated | 9905 | €108,015 | €17,432 | -€90,583 | -83.9% |
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 30 October 2026 via checked.be.