DEATHERM: what changed
Two fiscal 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.
DEATHERM
Largest movements
- Cash +€82,871
up €82,871 (+231.8%), from €35,755 to €118,626
mainly Net result for the year (+€48,245) and Stocks and contracts (+€22,133)
- Stocks and contracts -€22,133
down €22,133 (-69.0%), from €32,080 to €9,947
- Tangible fixed assets -€8,030
down €8,030 (-17.5%), from €45,800 to €37,770
of which Furniture and vehicles: -€5,375
- Current investments +€2,600
new in 2025: €2,600
- Reserves +€48,245
up €48,245 (+44.3%), from €109,009 to €157,254
of which Distributable reserves: +€50,105
- Trade debts +€7,243
up €7,243 (+608.5%), from €1,190 to €8,433
- Tax, wage and social debts +€3,717
up €3,717 (+521.4%), from €713 to €4,430
of which Taxes: +€3,727
- Debts after one year -€2,723
down €2,723 (-26.9%), from €10,110 to €7,387
- Gross operating margin +€34,537
up €34,537 (+45.1%), from €76,545 to €111,081
- Taxes +€11,728
up €11,728 (+93.5%), from €12,547 to €24,274
- Other operating charges -€1,799
down €1,799 (-65.0%), from €2,769 to €970
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 | €131,018 | €185,778 | +€54,760 | +41.8% |
| Fixed assets | 21/28 | €45,800 | €37,770 | -€8,030 | -17.5% |
| Tangible fixed assets | 22/27 | €45,800 | €37,770 | -€8,030 | -17.5% |
| Land and buildings | 22 | €21,491 | €20,200 | -€1,291 | -6.0% |
| Furniture and vehicles | 24 | €19,016 | €13,641 | -€5,375 | -28.3% |
| Other tangible fixed assets | 26 | €5,293 | €3,930 | -€1,364 | -25.8% |
| Current assets | 29/58 | €85,218 | €148,008 | +€62,790 | +73.7% |
| Stocks and contracts in progress | 3 | €32,080 | €9,947 | -€22,133 | -69.0% |
| Stocks | 30/36 | €32,080 | €9,947 | -€22,133 | -69.0% |
| Amounts receivable within one year | 40/41 | €16,182 | €16,689 | +€507 | +3.1% |
| Trade receivables | 40 | €3,193 | €4,822 | +€1,629 | +51.0% |
| Other amounts receivable | 41 | €12,989 | €11,867 | -€1,122 | -8.6% |
| Current investments | 50/53 | - | €2,600 | +€2,600 | |
| Cash at bank and in hand | 54/58 | €35,755 | €118,626 | +€82,871 | +231.8% |
| Deferred charges and accrued income | 490/1 | €1,201 | €146 | -€1,056 | -87.9% |
| Total equity and liabilities | 10/49 | €131,018 | €185,778 | +€54,760 | +41.8% |
| Equity | 10/15 | €114,329 | €162,574 | +€48,245 | +42.2% |
| Contributions | 10/11 | €5,320 | €5,320 | = | 0.0% |
| Reserves | 13 | €109,009 | €157,254 | +€48,245 | +44.3% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €88,399 | €138,504 | +€50,105 | +56.7% |
| Amounts payable | 17/49 | €16,689 | €23,204 | +€6,515 | +39.0% |
| Amounts payable after more than one year | 17 | €10,110 | €7,387 | -€2,723 | -26.9% |
| Financial debts | 170/4 | €10,110 | €7,387 | -€2,723 | -26.9% |
| Amounts payable within one year | 42/48 | €6,579 | €15,817 | +€9,238 | +140.4% |
| Current portion of amounts payable after more than one year | 42 | €4,676 | €2,954 | -€1,722 | -36.8% |
| Trade debts | 44 | €1,190 | €8,433 | +€7,243 | +608.5% |
| Suppliers | 440/4 | €1,190 | €8,433 | +€7,243 | +608.5% |
| Taxes, remuneration and social security | 45 | €713 | €4,430 | +€3,717 | +521.4% |
| Taxes | 450/3 | €17 | €3,744 | +€3,727 | +21872.1% |
| Remuneration and social security | 454/9 | €696 | €686 | -€10 | -1.4% |
| Remuneration, social security and pensions | 62 | €28,227 | €28,664 | +€437 | +1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,397 | €8,030 | +€633 | +8.6% |
| Other operating charges | 640/8 | €2,769 | €970 | -€1,799 | -65.0% |
| Gross operating margin | 9900 | €76,545 | €111,081 | +€34,537 | +45.1% |
| Operating profit (loss) | 9901 | €38,151 | €73,417 | +€35,266 | +92.4% |
| Financial income | 75/76B | €712 | €637 | -€75 | -10.6% |
| Recurring financial income | 75 | €712 | €637 | -€75 | -10.6% |
| Financial charges | 65/66B | €1,741 | €1,534 | -€207 | -11.9% |
| Recurring financial charges | 65 | €1,741 | €1,534 | -€207 | -11.9% |
| Profit (loss) for the period before taxes | 9903 | €37,122 | €72,519 | +€35,397 | +95.4% |
| Income taxes | 67/77 | €12,547 | €24,274 | +€11,728 | +93.5% |
| Profit (loss) for the period | 9904 | €24,576 | €48,245 | +€23,669 | +96.3% |
| Profit (loss) for the period to be appropriated | 9905 | €24,576 | €48,245 | +€23,669 | +96.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.