DESBULEUX: 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.
DESBULEUX
Largest movements
- Tangible fixed assets +€353,536
up €353,536 (+758.1%), from €46,634 to €400,170
of which Land and buildings: +€366,185
- Cash -€44,640
down €44,640 (-98.0%), from €45,564 to €924
mainly Investment in fixed assets (net) (-€373,389) and Receivables within one year (-€22,254)
- Receivables within one year +€22,254
up €22,254 (+450.1%), from €4,944 to €27,198
of which Trade receivables: +€19,255
- Debts after one year +€304,352
up €304,352 (+1056.5%), from €28,808 to €333,160
- Trade debts +€31,007
up €31,007 (+337.2%), from €9,195 to €40,201
- Tax, wage and social debts -€17,755
down €17,755 (-71.1%), from €24,989 to €7,234
of which Taxes: -€10,381
- Reserves +€5,711
up €5,711 (+35.2%), from €16,203 to €21,914
- Current portion of long-term debt +€5,019
up €5,019 (+29.7%), from €16,890 to €21,909
- Staff costs +€45,572
up €45,572 (+29.1%), from €156,527 to €202,098
- Gross operating margin +€35,663
up €35,663 (+17.9%), from €198,805 to €234,468
- Depreciation -€3,224
down €3,224 (-14.0%), from €23,076 to €19,853
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 | €99,084 | €431,992 | +€332,907 | +336.0% |
| Fixed assets | 21/28 | €46,634 | €400,170 | +€353,536 | +758.1% |
| Tangible fixed assets | 22/27 | €46,634 | €400,170 | +€353,536 | +758.1% |
| Land and buildings | 22 | - | €366,185 | +€366,185 | |
| Furniture and vehicles | 24 | €46,634 | €33,985 | -€12,649 | -27.1% |
| Current assets | 29/58 | €52,450 | €31,822 | -€20,629 | -39.3% |
| Amounts receivable within one year | 40/41 | €4,944 | €27,198 | +€22,254 | +450.1% |
| Trade receivables | 40 | €3,720 | €22,975 | +€19,255 | +517.6% |
| Other amounts receivable | 41 | €1,224 | €4,223 | +€2,999 | +245.0% |
| Cash at bank and in hand | 54/58 | €45,564 | €924 | -€44,640 | -98.0% |
| Deferred charges and accrued income | 490/1 | €1,943 | €3,700 | +€1,757 | +90.4% |
| Total equity and liabilities | 10/49 | €99,084 | €431,992 | +€332,907 | +336.0% |
| Equity | 10/15 | €19,203 | €24,914 | +€5,711 | +29.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €16,203 | €21,914 | +€5,711 | +35.2% |
| Distributable reserves | 133 | €16,203 | €21,914 | +€5,711 | +35.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €79,881 | €407,077 | +€327,196 | +409.6% |
| Amounts payable after more than one year | 17 | €28,808 | €333,160 | +€304,352 | +1056.5% |
| Financial debts | 170/4 | €28,808 | €333,160 | +€304,352 | +1056.5% |
| Amounts payable within one year | 42/48 | €51,073 | €69,344 | +€18,271 | +35.8% |
| Current portion of amounts payable after more than one year | 42 | €16,890 | €21,909 | +€5,019 | +29.7% |
| Trade debts | 44 | €9,195 | €40,201 | +€31,007 | +337.2% |
| Suppliers | 440/4 | €9,195 | €40,201 | +€31,007 | +337.2% |
| Taxes, remuneration and social security | 45 | €24,989 | €7,234 | -€17,755 | -71.1% |
| Taxes | 450/3 | €12,486 | €2,105 | -€10,381 | -83.1% |
| Remuneration and social security | 454/9 | €12,502 | €5,129 | -€7,373 | -59.0% |
| Accrued charges and deferred income | 492/3 | - | €4,573 | +€4,573 | |
| Remuneration, social security and pensions | 62 | €156,527 | €202,098 | +€45,572 | +29.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,076 | €19,853 | -€3,224 | -14.0% |
| Other operating charges | 640/8 | €736 | €1,192 | +€456 | +62.0% |
| Gross operating margin | 9900 | €198,805 | €234,468 | +€35,663 | +17.9% |
| Operating profit (loss) | 9901 | €18,466 | €11,325 | -€7,141 | -38.7% |
| Financial income | 75/76B | €349 | - | -€349 | |
| Recurring financial income | 75 | €349 | - | -€349 | |
| Financial charges | 65/66B | €2,702 | €3,117 | +€415 | +15.4% |
| Recurring financial charges | 65 | €2,702 | €3,106 | +€405 | +15.0% |
| Non-recurring financial charges | 66B | - | €11 | +€11 | |
| Profit (loss) for the period before taxes | 9903 | €16,113 | €8,208 | -€7,905 | -49.1% |
| Income taxes | 67/77 | €1,491 | €2,497 | +€1,005 | +67.4% |
| Profit (loss) for the period | 9904 | €14,622 | €5,711 | -€8,910 | -60.9% |
| Profit (loss) for the period to be appropriated | 9905 | €14,622 | €5,711 | -€8,910 | -60.9% |
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 8 October 2026 via checked.be.