Dirk Duyck: 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 Duyck
Largest movements
- Cash +€47,764
up €47,764 (+31.4%), from €152,231 to €199,995
mainly Net result for the year (+€32,574) and Trade debts (+€29,032)
- Stocks and contracts +€21,080
up €21,080 (+40.2%), from €52,477 to €73,557
- Tangible fixed assets -€9,693
down €9,693 (-23.3%), from €41,641 to €31,947
- Receivables within one year -€3,548
down €3,548 (-7.3%), from €48,661 to €45,113
of which Other amounts receivable: -€4,510
- Reserves +€32,574
up €32,574 (+27.8%), from €117,154 to €149,727
- Trade debts +€29,032
up €29,032 (+80.2%), from €36,190 to €65,222
- Debts after one year -€10,062
down €10,062 (-41.6%), from €24,202 to €14,140
- Tax, wage and social debts +€5,615
up €5,615 (+39.8%), from €14,121 to €19,736
of which Remuneration and social security: +€4,070
- Gross operating margin +€53,411
up €53,411 (+112%), from €47,592 to €101,002
- Taxes +€11,842
up €11,842 (+1,162%), from €1,019 to €12,862
- Staff costs +€4,975
up €4,975 (+19.4%), from €25,656 to €30,631
- Depreciation +€2,868
up €2,868 (+42.0%), from €6,825 to €9,693
- Write-downs +€2,372
new in 2025: €2,372
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 | €297,259 | €352,979 | +€55,720 | +18.7% |
| Fixed assets | 21/28 | €41,641 | €31,947 | -€9,693 | -23.3% |
| Tangible fixed assets | 22/27 | €41,641 | €31,947 | -€9,693 | -23.3% |
| Furniture and vehicles | 24 | €41,641 | €31,947 | -€9,693 | -23.3% |
| Current assets | 29/58 | €255,618 | €321,031 | +€65,413 | +25.6% |
| Stocks and contracts in progress | 3 | €52,477 | €73,557 | +€21,080 | +40.2% |
| Stocks | 30/36 | €52,477 | €73,557 | +€21,080 | +40.2% |
| Amounts receivable within one year | 40/41 | €48,661 | €45,113 | -€3,548 | -7.3% |
| Trade receivables | 40 | €36,953 | €37,915 | +€961 | +2.6% |
| Other amounts receivable | 41 | €11,708 | €7,198 | -€4,510 | -38.5% |
| Cash at bank and in hand | 54/58 | €152,231 | €199,995 | +€47,764 | +31.4% |
| Deferred charges and accrued income | 490/1 | €2,250 | €2,367 | +€117 | +5.2% |
| Total equity and liabilities | 10/49 | €297,259 | €352,979 | +€55,720 | +18.7% |
| Equity | 10/15 | €126,454 | €159,027 | +€32,574 | +25.8% |
| Contributions | 10/11 | €9,300 | €9,300 | = | 0.0% |
| Reserves | 13 | €117,154 | €149,727 | +€32,574 | +27.8% |
| Distributable reserves | 133 | €117,154 | €149,727 | +€32,574 | +27.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €170,805 | €193,952 | +€23,147 | +13.6% |
| Amounts payable after more than one year | 17 | €24,202 | €14,140 | -€10,062 | -41.6% |
| Financial debts | 170/4 | €24,202 | €14,140 | -€10,062 | -41.6% |
| Amounts payable within one year | 42/48 | €146,603 | €179,812 | +€33,209 | +22.7% |
| Current portion of amounts payable after more than one year | 42 | €9,620 | €10,062 | +€442 | +4.6% |
| Financial debts | 43 | €683 | €681 | -€2 | -0.2% |
| Other loans | 439 | €683 | €681 | -€2 | -0.2% |
| Trade debts | 44 | €36,190 | €65,222 | +€29,032 | +80.2% |
| Suppliers | 440/4 | €36,190 | €65,222 | +€29,032 | +80.2% |
| Taxes, remuneration and social security | 45 | €14,121 | €19,736 | +€5,615 | +39.8% |
| Taxes | 450/3 | €8,913 | €10,458 | +€1,544 | +17.3% |
| Remuneration and social security | 454/9 | €5,208 | €9,278 | +€4,070 | +78.1% |
| Other amounts payable | 47/48 | €85,988 | €84,110 | -€1,878 | -2.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €14,500 | €0 | -€14,500 | -100% |
| Remuneration, social security and pensions | 62 | €25,656 | €30,631 | +€4,975 | +19.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,825 | €9,693 | +€2,868 | +42.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,372 | +€2,372 | |
| Other operating charges | 640/8 | €1,430 | €1,609 | +€179 | +12.5% |
| Non-recurring operating charges | 66A | €155 | €75 | -€81 | -51.9% |
| Gross operating margin | 9900 | €47,592 | €101,002 | +€53,411 | +112% |
| Operating profit (loss) | 9901 | €13,525 | €56,623 | +€43,098 | +319% |
| Financial income | 75/76B | €128 | €249 | +€121 | +95.1% |
| Recurring financial income | 75 | €128 | €249 | +€121 | +95.1% |
| Financial charges | 65/66B | €9,645 | €11,437 | +€1,792 | +18.6% |
| Recurring financial charges | 65 | €9,645 | €10,106 | +€461 | +4.8% |
| Non-recurring financial charges | 66B | - | €1,331 | +€1,331 | |
| Profit (loss) for the period before taxes | 9903 | €4,008 | €45,435 | +€41,428 | +1,034% |
| Income taxes | 67/77 | €1,019 | €12,862 | +€11,842 | +1,162% |
| Profit (loss) for the period | 9904 | €2,988 | €32,574 | +€29,585 | +990% |
| Profit (loss) for the period to be appropriated | 9905 | €2,988 | €32,574 | +€29,585 | +990% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.