DAVID SAEYS: 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 SAEYS
Largest movements
- Receivables within one year +€16,449
up €16,449 (+107%), from €15,419 to €31,868
of which Trade receivables: +€19,621
- Short-term financial debts +€250,000
new in 2025: €250,000
- Other debts -€246,811
down €246,811 (-38.0%), from €649,354 to €402,543
- Debts after one year -€29,599
down €29,599 (-10.8%), from €274,050 to €244,451
- Reserves +€27,707
up €27,707 (+7.0%), from €398,656 to €426,362
- Financial charges +€26,931
up €26,931 (+315%), from €8,545 to €35,476
of which Financial charges: +€26,931
- Taxes -€16,364
down €16,364 (-59.4%), from €27,548 to €11,184
- Gross operating margin -€11,352
down €11,352 (-10.9%), from €103,807 to €92,454
- Other operating charges -€5,755
down €5,755 (-97.5%), from €5,905 to €150
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 | €1,401,190 | €1,404,571 | +€3,381 | +0.2% |
| Fixed assets | 21/28 | €1,359,975 | €1,360,379 | +€404 | 0.0% |
| Tangible fixed assets | 22/27 | €1,359,921 | €1,360,325 | +€404 | 0.0% |
| Land and buildings | 22 | €381,668 | €369,773 | -€11,896 | -3.1% |
| Plant, machinery and equipment | 23 | - | €16,020 | +€16,020 | |
| Furniture and vehicles | 24 | €978,252 | €974,532 | -€3,721 | -0.4% |
| Financial fixed assets | 28 | €55 | €55 | = | 0.0% |
| Current assets | 29/58 | €41,215 | €44,192 | +€2,977 | +7.2% |
| Stocks and contracts in progress | 3 | €935 | €935 | = | 0.0% |
| Stocks | 30/36 | €935 | €935 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €15,419 | €31,868 | +€16,449 | +107% |
| Trade receivables | 40 | €6,660 | €26,281 | +€19,621 | +295% |
| Other amounts receivable | 41 | €8,759 | €5,587 | -€3,172 | -36.2% |
| Cash at bank and in hand | 54/58 | €24,861 | €11,389 | -€13,472 | -54.2% |
| Total equity and liabilities | 10/49 | €1,401,190 | €1,404,571 | +€3,381 | +0.2% |
| Equity | 10/15 | €417,856 | €445,562 | +€27,707 | +6.6% |
| Contributions | 10/11 | €19,200 | €19,200 | = | 0.0% |
| Reserves | 13 | €398,656 | €426,362 | +€27,707 | +7.0% |
| Distributable reserves | 133 | €398,656 | €426,362 | +€27,707 | +7.0% |
| Amounts payable | 17/49 | €983,334 | €959,009 | -€24,325 | -2.5% |
| Amounts payable after more than one year | 17 | €274,050 | €244,451 | -€29,599 | -10.8% |
| Financial debts | 170/4 | €274,050 | €244,451 | -€29,599 | -10.8% |
| Amounts payable within one year | 42/48 | €708,621 | €714,274 | +€5,654 | +0.8% |
| Current portion of amounts payable after more than one year | 42 | €31,671 | €32,050 | +€379 | +1.2% |
| Financial debts | 43 | - | €250,000 | +€250,000 | |
| Credit institutions | 430/8 | - | €250,000 | +€250,000 | |
| Trade debts | 44 | €12,536 | €2,742 | -€9,794 | -78.1% |
| Suppliers | 440/4 | €12,536 | €2,742 | -€9,794 | -78.1% |
| Taxes, remuneration and social security | 45 | €15,060 | €26,940 | +€11,880 | +78.9% |
| Taxes | 450/3 | €15,060 | €26,940 | +€11,880 | +78.9% |
| Other amounts payable | 47/48 | €649,354 | €402,543 | -€246,811 | -38.0% |
| Accrued charges and deferred income | 492/3 | €663 | €283 | -€380 | -57.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,293 | €17,938 | +€645 | +3.7% |
| Other operating charges | 640/8 | €5,905 | €150 | -€5,755 | -97.5% |
| Gross operating margin | 9900 | €103,807 | €92,454 | -€11,352 | -10.9% |
| Operating profit (loss) | 9901 | €80,609 | €74,367 | -€6,242 | -7.7% |
| Financial charges | 65/66B | €8,545 | €35,476 | +€26,931 | +315% |
| Recurring financial charges | 65 | €8,545 | €35,475 | +€26,931 | +315% |
| Non-recurring financial charges | 66B | - | €0 | +€0 | |
| Profit (loss) for the period before taxes | 9903 | €72,064 | €38,891 | -€33,173 | -46.0% |
| Income taxes | 67/77 | €27,548 | €11,184 | -€16,364 | -59.4% |
| Profit (loss) for the period | 9904 | €44,516 | €27,707 | -€16,810 | -37.8% |
| Profit (loss) for the period to be appropriated | 9905 | €44,516 | €27,707 | -€16,810 | -37.8% |
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 18 October 2026 via checked.be.