Dephen Tz: what changed
Dephen Tz
Largest movements
- Current investments -€450,000
no longer reported in 2025 (was €450,000)
- Tangible fixed assets +€312,162
up €312,162 (+158%), from €196,998 to €509,160
of which Assets under construction and advance payments: +€250,102
- Cash +€135,098
up €135,098 (+177%), from €76,254 to €211,352
mainly Current investments (+€450,000) and Trade debts (+€15,597)
- Trade debts +€15,597
up €15,597 (+2,366%), from €659 to €16,256
- Reserves -€8,245
down €8,245 (-1.2%), from €716,201 to €707,957
- Other debts -€7,368
no longer reported in 2025 (was €7,368)
- Gross operating margin -€33,685
down €33,685 (-65.8%), from €51,226 to €17,541
- Other operating charges +€24,493
up €24,493 (+1,027%), from €2,385 to €26,877
- Financial income +€10,470
up €10,470 (+692%), from €1,514 to €11,984
- Depreciation -€2,200
down €2,200 (-18.0%), from €12,213 to €10,013
- Taxes -€2,031
down €2,031 (-76.6%), from €2,651 to €620
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 | €733,489 | €730,963 | -€2,526 | -0.3% |
| Fixed assets | 21/28 | €197,147 | €509,160 | +€312,013 | +158% |
| Tangible fixed assets | 22/27 | €196,998 | €509,160 | +€312,162 | +158% |
| Land and buildings | 22 | €193,876 | €257,471 | +€63,595 | +32.8% |
| Plant, machinery and equipment | 23 | €1,416 | €1,111 | -€304 | -21.5% |
| Furniture and vehicles | 24 | €1,706 | €475 | -€1,231 | -72.2% |
| Assets under construction and advance payments | 27 | - | €250,102 | +€250,102 | |
| Financial fixed assets | 28 | €149 | - | -€149 | |
| Current assets | 29/58 | €536,343 | €221,804 | -€314,539 | -58.6% |
| Amounts receivable within one year | 40/41 | €5,376 | €10,142 | +€4,766 | +88.7% |
| Other amounts receivable | 41 | €5,376 | €10,142 | +€4,766 | +88.7% |
| Current investments | 50/53 | €450,000 | - | -€450,000 | |
| Cash at bank and in hand | 54/58 | €76,254 | €211,352 | +€135,098 | +177% |
| Deferred charges and accrued income | 490/1 | €4,713 | €310 | -€4,403 | -93.4% |
| Total equity and liabilities | 10/49 | €733,489 | €730,963 | -€2,526 | -0.3% |
| Equity | 10/15 | €722,357 | €714,112 | -€8,245 | -1.1% |
| Contributions | 10/11 | €6,155 | €6,155 | = | 0.0% |
| Reserves | 13 | €716,201 | €707,957 | -€8,245 | -1.2% |
| Distributable reserves | 133 | €716,201 | €707,957 | -€8,245 | -1.2% |
| Amounts payable | 17/49 | €11,133 | €16,851 | +€5,719 | +51.4% |
| Amounts payable after more than one year | 17 | - | €140 | +€140 | |
| Other amounts payable | 178/9 | - | €140 | +€140 | |
| Amounts payable within one year | 42/48 | €10,733 | €16,711 | +€5,979 | +55.7% |
| Trade debts | 44 | €659 | €16,256 | +€15,597 | +2,366% |
| Suppliers | 440/4 | €659 | €16,256 | +€15,597 | +2,366% |
| Taxes, remuneration and social security | 45 | €2,706 | €455 | -€2,251 | -83.2% |
| Taxes | 450/3 | €2,706 | €455 | -€2,251 | -83.2% |
| Other amounts payable | 47/48 | €7,368 | - | -€7,368 | |
| Accrued charges and deferred income | 492/3 | €400 | - | -€400 | |
| Non-recurring operating income | 76A | - | €5,656 | +€5,656 | |
| Remuneration, social security and pensions | 62 | €99 | - | -€99 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,213 | €10,013 | -€2,200 | -18.0% |
| Other operating charges | 640/8 | €2,385 | €26,877 | +€24,493 | +1,027% |
| Non-recurring operating charges | 66A | €33,022 | - | -€33,022 | |
| Gross operating margin | 9900 | €51,226 | €17,541 | -€33,685 | -65.8% |
| Operating profit (loss) | 9901 | €3,507 | -€19,349 | -€22,856 | |
| Financial income | 75/76B | €1,514 | €11,984 | +€10,470 | +692% |
| Recurring financial income | 75 | €1,514 | €11,984 | +€10,470 | +692% |
| Financial charges | 65/66B | €578 | €260 | -€318 | -55.1% |
| Recurring financial charges | 65 | €562 | €238 | -€324 | -57.6% |
| Non-recurring financial charges | 66B | €16 | €21 | +€6 | +34.9% |
| Profit (loss) for the period before taxes | 9903 | €4,443 | -€7,625 | -€12,068 | |
| Income taxes | 67/77 | €2,651 | €620 | -€2,031 | -76.6% |
| Profit (loss) for the period | 9904 | €1,792 | -€8,245 | -€10,037 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,792 | -€8,245 | -€10,037 |
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 7 November 2026 via checked.be.