DAVID TEURFS: 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 TEURFS
Largest movements
- Receivables within one year -€57,630
down €57,630 (-39.0%), from €147,705 to €90,075
of which Other amounts receivable: -€56,483
- Cash +€5,844
up €5,844 (+12.2%), from €48,034 to €53,878
mainly Receivables within one year (+€57,630) and Net result for the year (+€34,985)
- Tangible fixed assets -€3,522
down €3,522 (-28.9%), from €12,201 to €8,679
of which Furniture and vehicles: -€2,119
- Reserves -€64,952
down €64,952 (-27.2%), from €238,675 to €173,723
of which Distributable reserves: -€64,952
- Tax, wage and social debts +€9,667
up €9,667 (+165.7%), from €5,835 to €15,502
- Gross operating margin +€24,776
up €24,776 (+94.2%), from €26,310 to €51,086
- Financial income -€10,614
down €10,614 (-80.2%), from €13,234 to €2,620
of which Non-recurring financial income: -€8,852
- Taxes +€7,825
up €7,825 (+126.8%), from €6,173 to €13,998
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.
Cash bridge derived
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 | €263,964 | €208,317 | -€55,647 | -21.1% |
| Fixed assets | 21/28 | €66,808 | €63,286 | -€3,522 | -5.3% |
| Tangible fixed assets | 22/27 | €12,201 | €8,679 | -€3,522 | -28.9% |
| Plant, machinery and equipment | 23 | €4,109 | €2,706 | -€1,403 | -34.1% |
| Furniture and vehicles | 24 | €8,092 | €5,973 | -€2,119 | -26.2% |
| Financial fixed assets | 28 | €54,607 | €54,607 | = | 0.0% |
| Current assets | 29/58 | €197,156 | €145,031 | -€52,125 | -26.4% |
| Amounts receivable within one year | 40/41 | €147,705 | €90,075 | -€57,630 | -39.0% |
| Trade receivables | 40 | €23,888 | €22,741 | -€1,147 | -4.8% |
| Other amounts receivable | 41 | €123,817 | €67,334 | -€56,483 | -45.6% |
| Cash at bank and in hand | 54/58 | €48,034 | €53,878 | +€5,844 | +12.2% |
| Deferred charges and accrued income | 490/1 | €1,417 | €1,078 | -€339 | -23.9% |
| Total equity and liabilities | 10/49 | €263,964 | €208,317 | -€55,647 | -21.1% |
| Equity | 10/15 | €257,267 | €192,315 | -€64,952 | -25.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €238,675 | €173,723 | -€64,952 | -27.2% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €236,816 | €171,864 | -€64,952 | -27.4% |
| Amounts payable | 17/49 | €6,697 | €16,002 | +€9,305 | +138.9% |
| Amounts payable within one year | 42/48 | €6,697 | €16,002 | +€9,305 | +138.9% |
| Trade debts | 44 | €862 | €500 | -€362 | -42.0% |
| Suppliers | 440/4 | €862 | €500 | -€362 | -42.0% |
| Taxes, remuneration and social security | 45 | €5,835 | €15,502 | +€9,667 | +165.7% |
| Taxes | 450/3 | €5,835 | €15,502 | +€9,667 | +165.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,672 | €3,522 | -€150 | -4.1% |
| Other operating charges | 640/8 | €1,257 | €1,126 | -€131 | -10.4% |
| Gross operating margin | 9900 | €26,310 | €51,086 | +€24,776 | +94.2% |
| Operating profit (loss) | 9901 | €21,381 | €46,438 | +€25,057 | +117.2% |
| Financial income | 75/76B | €13,234 | €2,620 | -€10,614 | -80.2% |
| Recurring financial income | 75 | €4,382 | €2,620 | -€1,762 | -40.2% |
| Non-recurring financial income | 76B | €8,852 | - | -€8,852 | |
| Financial charges | 65/66B | €97 | €75 | -€22 | -22.7% |
| Recurring financial charges | 65 | €97 | €75 | -€22 | -22.7% |
| Profit (loss) for the period before taxes | 9903 | €34,518 | €48,983 | +€14,465 | +41.9% |
| Income taxes | 67/77 | €6,173 | €13,998 | +€7,825 | +126.8% |
| Profit (loss) for the period | 9904 | €28,345 | €34,985 | +€6,640 | +23.4% |
| Profit (loss) for the period to be appropriated | 9905 | €28,345 | €34,985 | +€6,640 | +23.4% |
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 12 October 2026 via checked.be.