DIRK DEGRAUWE: 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.
DIRK DEGRAUWE
Largest movements
- Tangible fixed assets -€3,872
down €3,872 (-18.9%), from €20,473 to €16,601
of which Other tangible fixed assets: -€3,575
- Cash -€2,810
down €2,810 (-5.0%), from €55,969 to €53,159
mainly Other debts (-€17,754) and Receivables within one year (-€1,836)
- Reserves +€22,622
up €22,622 (+101%), from €22,495 to €45,117
of which Distributable reserves: +€22,622
- Other debts -€17,754
down €17,754 (-44.9%), from €39,536 to €21,782
- Profit (loss) carried forward -€10,900
no longer reported in 2025 (was €10,900)
- Other operating charges +€111,160
up €111,160 (+28,698%), from €387 to €111,547
- Write-downs -€110,601
new in 2025: -€110,601
- Gross operating margin +€5,293
up €5,293 (+37.2%), from €14,236 to €19,529
- Taxes +€1,172
new in 2025: €1,172
- Financial charges -€751
down €751 (-26.4%), from €2,845 to €2,094
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.
Derived cash bridge
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 | €201,491 | €196,645 | -€4,846 | -2.4% |
| Fixed assets | 21/28 | €20,473 | €16,601 | -€3,872 | -18.9% |
| Tangible fixed assets | 22/27 | €20,473 | €16,601 | -€3,872 | -18.9% |
| Plant, machinery and equipment | 23 | €8,924 | €8,924 | = | 0.0% |
| Furniture and vehicles | 24 | €3,353 | €3,055 | -€297 | -8.9% |
| Other tangible fixed assets | 26 | €8,196 | €4,622 | -€3,575 | -43.6% |
| Current assets | 29/58 | €181,017 | €180,043 | -€974 | -0.5% |
| Amounts receivable within one year | 40/41 | €48 | €1,884 | +€1,836 | +3,821% |
| Other amounts receivable | 41 | €48 | €1,884 | +€1,836 | +3,821% |
| Current investments | 50/53 | €125,000 | €125,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €55,969 | €53,159 | -€2,810 | -5.0% |
| Total equity and liabilities | 10/49 | €201,491 | €196,645 | -€4,846 | -2.4% |
| Equity | 10/15 | €158,395 | €170,117 | +€11,722 | +7.4% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Capital | 10 | €125,000 | €125,000 | = | 0.0% |
| Issued capital | 100 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €22,495 | €45,117 | +€22,622 | +101% |
| Non-distributable reserves | 130/1 | €12,730 | €12,730 | = | 0.0% |
| Legal reserve | 130 | €12,730 | €12,730 | = | 0.0% |
| Distributable reserves | 133 | €9,765 | €32,387 | +€22,622 | +232% |
| Profit (loss) carried forward | 14 | €10,900 | - | -€10,900 | |
| Amounts payable | 17/49 | €43,095 | €26,527 | -€16,568 | -38.4% |
| Amounts payable within one year | 42/48 | €43,095 | €26,527 | -€16,568 | -38.4% |
| Trade debts | 44 | €2,297 | €2,128 | -€169 | -7.4% |
| Suppliers | 440/4 | €2,297 | €2,128 | -€169 | -7.4% |
| Advances received on contracts in progress | 46 | €150 | €650 | +€500 | +333% |
| Taxes, remuneration and social security | 45 | €1,113 | €1,968 | +€855 | +76.9% |
| Taxes | 450/3 | €1,113 | €1,968 | +€855 | +76.9% |
| Other amounts payable | 47/48 | €39,536 | €21,782 | -€17,754 | -44.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,872 | €3,872 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€110,601 | -€110,601 | |
| Other operating charges | 640/8 | €387 | €111,547 | +€111,160 | +28,698% |
| Gross operating margin | 9900 | €14,236 | €19,529 | +€5,293 | +37.2% |
| Operating profit (loss) | 9901 | €9,977 | €14,711 | +€4,734 | +47.5% |
| Financial income | 75/76B | €160 | €277 | +€117 | +73.2% |
| Recurring financial income | 75 | €160 | €277 | +€117 | +73.2% |
| Financial charges | 65/66B | €2,845 | €2,094 | -€751 | -26.4% |
| Recurring financial charges | 65 | €2,845 | €2,094 | -€751 | -26.4% |
| Profit (loss) for the period before taxes | 9903 | €7,292 | €12,894 | +€5,602 | +76.8% |
| Income taxes | 67/77 | - | €1,172 | +€1,172 | |
| Profit (loss) for the period | 9904 | €7,292 | €11,722 | +€4,430 | +60.8% |
| Profit (loss) for the period to be appropriated | 9905 | €7,292 | €11,722 | +€4,430 | +60.8% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.