DEGUELDRE Cédric: what changed
DEGUELDRE Cédric
Largest movements
- Receivables within one year +€48,302
up €48,302 (+72.8%), from €66,347 to €114,649
of which Trade receivables: +€37,979
- Cash +€35,761
up €35,761 (+356%), from €10,058 to €45,819
mainly Trade debts (+€88,157) and Depreciation (+€38,611)
- Current investments +€25,024
up €25,024 (+87,834%), from €28 to €25,052
- Tangible fixed assets +€9,438
up €9,438 (+9.2%), from €102,707 to €112,145
of which Furniture and vehicles: +€10,142
- Trade debts +€88,157
up €88,157 (+3,831%), from €2,301 to €90,458
- Reserves +€14,866
up €14,866 (+20.5%), from €72,565 to €87,431
- Current portion of long-term debt +€9,637
up €9,637 (+27.7%), from €34,747 to €44,383
- Tax, wage and social debts +€7,133
new in 2025: €7,133
of which Taxes: +€4,881
- Gross operating margin +€31,524
up €31,524 (+47.1%), from €66,959 to €98,484
- Staff costs +€30,097
new in 2025: €30,097
- Depreciation -€10,902
down €10,902 (-22.0%), from €49,513 to €38,611
- Taxes +€5,181
up €5,181 (+180%), from €2,871 to €8,052
- Other operating charges -€1,655
down €1,655 (-35.8%), from €4,623 to €2,968
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €179,140 | €297,665 | +€118,525 | +66.2% |
| Fixed assets | 21/28 | €102,707 | €112,145 | +€9,438 | +9.2% |
| Tangible fixed assets | 22/27 | €102,707 | €112,145 | +€9,438 | +9.2% |
| Plant, machinery and equipment | 23 | €4,912 | €4,208 | -€704 | -14.3% |
| Furniture and vehicles | 24 | €97,795 | €107,937 | +€10,142 | +10.4% |
| Current assets | 29/58 | €76,433 | €185,520 | +€109,087 | +143% |
| Amounts receivable within one year | 40/41 | €66,347 | €114,649 | +€48,302 | +72.8% |
| Trade receivables | 40 | €63,223 | €101,202 | +€37,979 | +60.1% |
| Other amounts receivable | 41 | €3,124 | €13,447 | +€10,323 | +330% |
| Current investments | 50/53 | €28 | €25,052 | +€25,024 | +87,834% |
| Cash at bank and in hand | 54/58 | €10,058 | €45,819 | +€35,761 | +356% |
| Total equity and liabilities | 10/49 | €179,140 | €297,665 | +€118,525 | +66.2% |
| Equity | 10/15 | €86,425 | €101,291 | +€14,866 | +17.2% |
| Contributions | 10/11 | €13,860 | €13,860 | = | 0.0% |
| Reserves | 13 | €72,565 | €87,431 | +€14,866 | +20.5% |
| Distributable reserves | 133 | €72,565 | €87,431 | +€14,866 | +20.5% |
| Amounts payable | 17/49 | €92,715 | €196,374 | +€103,659 | +112% |
| Amounts payable after more than one year | 17 | €55,583 | €53,780 | -€1,803 | -3.2% |
| Financial debts | 170/4 | €55,583 | €53,780 | -€1,803 | -3.2% |
| Amounts payable within one year | 42/48 | €37,132 | €142,594 | +€105,463 | +284% |
| Current portion of amounts payable after more than one year | 42 | €34,747 | €44,383 | +€9,637 | +27.7% |
| Trade debts | 44 | €2,301 | €90,458 | +€88,157 | +3,831% |
| Suppliers | 440/4 | €2,301 | €90,458 | +€88,157 | +3,831% |
| Taxes, remuneration and social security | 45 | - | €7,133 | +€7,133 | |
| Taxes | 450/3 | - | €4,881 | +€4,881 | |
| Remuneration and social security | 454/9 | - | €2,252 | +€2,252 | |
| Other amounts payable | 47/48 | €84 | €620 | +€537 | +641% |
| Remuneration, social security and pensions | 62 | - | €30,097 | +€30,097 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,513 | €38,611 | -€10,902 | -22.0% |
| Other operating charges | 640/8 | €4,623 | €2,968 | -€1,655 | -35.8% |
| Non-recurring operating charges | 66A | €225 | - | -€225 | |
| Gross operating margin | 9900 | €66,959 | €98,484 | +€31,524 | +47.1% |
| Operating profit (loss) | 9901 | €12,598 | €26,807 | +€14,209 | +113% |
| Financial income | 75/76B | €3 | €179 | +€176 | +5,476% |
| Recurring financial income | 75 | €3 | €179 | +€176 | +5,476% |
| Financial charges | 65/66B | €5,426 | €4,068 | -€1,358 | -25.0% |
| Recurring financial charges | 65 | €5,426 | €4,068 | -€1,358 | -25.0% |
| Profit (loss) for the period before taxes | 9903 | €7,175 | €22,918 | +€15,743 | +219% |
| Income taxes | 67/77 | €2,871 | €8,052 | +€5,181 | +180% |
| Profit (loss) for the period | 9904 | €4,304 | €14,866 | +€10,562 | +245% |
| Profit (loss) for the period to be appropriated | 9905 | €4,304 | €14,866 | +€10,562 | +245% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.