DOKTER DAVID RAES: 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.
DOKTER DAVID RAES
Largest movements
- Cash +€147,882
up €147,882 (+36.4%), from €405,999 to €553,881
mainly Net result for the year (+€143,721) and Current investments (+€15,730)
- Deferred charges and accrued income +€20,364
up €20,364 (+18.3%), from €111,246 to €131,610
- Current investments -€15,730
down €15,730 (-60.3%), from €26,070 to €10,341
- Reserves +€142,001
up €142,001 (+28.2%), from €504,058 to €646,060
of which Distributable reserves: +€142,001
- Gross operating margin +€66,538
up €66,538 (+48.5%), from €137,279 to €203,818
- Taxes +€22,430
up €22,430 (+57.9%), from €38,734 to €61,165
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 | €549,041 | €697,379 | +€148,338 | +27.0% |
| Fixed assets | 21/28 | €2,547 | €1,547 | -€1,000 | -39.2% |
| Tangible fixed assets | 22/27 | €1,797 | €797 | -€1,000 | -55.6% |
| Furniture and vehicles | 24 | €1,797 | €797 | -€1,000 | -55.6% |
| Financial fixed assets | 28 | €750 | €750 | = | 0.0% |
| Current assets | 29/58 | €546,494 | €695,831 | +€149,338 | +27.3% |
| Amounts receivable within one year | 40/41 | €3,178 | €0 | -€3,178 | -100% |
| Other amounts receivable | 41 | €3,178 | €0 | -€3,178 | -100% |
| Current investments | 50/53 | €26,070 | €10,341 | -€15,730 | -60.3% |
| Cash at bank and in hand | 54/58 | €405,999 | €553,881 | +€147,882 | +36.4% |
| Deferred charges and accrued income | 490/1 | €111,246 | €131,610 | +€20,364 | +18.3% |
| Total equity and liabilities | 10/49 | €549,041 | €697,379 | +€148,338 | +27.0% |
| Equity | 10/15 | €522,658 | €664,660 | +€142,001 | +27.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €504,058 | €646,060 | +€142,001 | +28.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €13,047 | €13,047 | = | 0.0% |
| Distributable reserves | 133 | €491,012 | €633,013 | +€142,001 | +28.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €26,382 | €32,719 | +€6,337 | +24.0% |
| Amounts payable within one year | 42/48 | €26,382 | €32,719 | +€6,337 | +24.0% |
| Trade debts | 44 | €6,771 | €5,361 | -€1,410 | -20.8% |
| Suppliers | 440/4 | €6,771 | €5,361 | -€1,410 | -20.8% |
| Taxes, remuneration and social security | 45 | €15,842 | €21,579 | +€5,738 | +36.2% |
| Taxes | 450/3 | €9,956 | €15,662 | +€5,707 | +57.3% |
| Remuneration and social security | 454/9 | €5,886 | €5,917 | +€31 | +0.5% |
| Other amounts payable | 47/48 | €3,769 | €5,779 | +€2,009 | +53.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,246 | €1,000 | -€246 | -19.8% |
| Other operating charges | 640/8 | €236 | €240 | +€4 | +1.7% |
| Non-recurring operating charges | 66A | €1,839 | €0 | -€1,839 | -100% |
| Gross operating margin | 9900 | €137,279 | €203,818 | +€66,538 | +48.5% |
| Operating profit (loss) | 9901 | €133,958 | €202,578 | +€68,620 | +51.2% |
| Financial income | 75/76B | €684 | €2,378 | +€1,694 | +248% |
| Recurring financial income | 75 | €684 | €2,378 | +€1,694 | +248% |
| Financial charges | 65/66B | €284 | €70 | -€214 | -75.4% |
| Recurring financial charges | 65 | €284 | €70 | -€214 | -75.4% |
| Profit (loss) for the period before taxes | 9903 | €134,358 | €204,886 | +€70,528 | +52.5% |
| Income taxes | 67/77 | €38,734 | €61,165 | +€22,430 | +57.9% |
| Profit (loss) for the period | 9904 | €95,623 | €143,721 | +€48,098 | +50.3% |
| Profit (loss) for the period to be appropriated | 9905 | €95,623 | €143,721 | +€48,098 | +50.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.