DOKTER DENAEGEL: 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 DENAEGEL
Largest movements
- Cash +€61,283
up €61,283 (+156%), from €39,351 to €100,634
mainly Depreciation (+€53,117) and Receivables within one year (+€30,196)
- Tangible fixed assets -€51,329
down €51,329 (-13.3%), from €385,902 to €334,572
- Receivables within one year -€30,196
down €30,196 (-31.5%), from €95,803 to €65,608
of which Trade receivables: -€37,525
- Debts after one year -€36,777
down €36,777 (-12.1%), from €304,560 to €267,783
- Reserves +€27,890
up €27,890 (+17.1%), from €162,645 to €190,535
- Gross operating margin -€12,244
down €12,244 (-9.1%), from €133,847 to €121,603
- Taxes -€4,021
down €4,021 (-23.8%), from €16,914 to €12,893
- Staff costs +€2,258
up €2,258 (+18.7%), from €12,059 to €14,317
- Financial charges -€1,910
down €1,910 (-12.3%), from €15,464 to €13,555
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 | €558,567 | €537,614 | -€20,953 | -3.8% |
| Fixed assets | 21/28 | €422,702 | €371,372 | -€51,329 | -12.1% |
| Tangible fixed assets | 22/27 | €385,902 | €334,572 | -€51,329 | -13.3% |
| Land and buildings | 22 | €385,902 | €334,572 | -€51,329 | -13.3% |
| Financial fixed assets | 28 | €36,800 | €36,800 | = | 0.0% |
| Current assets | 29/58 | €135,866 | €166,241 | +€30,376 | +22.4% |
| Amounts receivable within one year | 40/41 | €95,803 | €65,608 | -€30,196 | -31.5% |
| Trade receivables | 40 | €64,013 | €26,488 | -€37,525 | -58.6% |
| Other amounts receivable | 41 | €31,790 | €39,120 | +€7,330 | +23.1% |
| Cash at bank and in hand | 54/58 | €39,351 | €100,634 | +€61,283 | +156% |
| Deferred charges and accrued income | 490/1 | €711 | €0 | -€711 | -100% |
| Total equity and liabilities | 10/49 | €558,567 | €537,614 | -€20,953 | -3.8% |
| Equity | 10/15 | €181,245 | €209,135 | +€27,890 | +15.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €162,645 | €190,535 | +€27,890 | +17.1% |
| Distributable reserves | 133 | €162,645 | €190,535 | +€27,890 | +17.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €377,322 | €328,479 | -€48,843 | -12.9% |
| Amounts payable after more than one year | 17 | €304,560 | €267,783 | -€36,777 | -12.1% |
| Financial debts | 170/4 | €304,560 | €267,783 | -€36,777 | -12.1% |
| Amounts payable within one year | 42/48 | €72,762 | €60,696 | -€12,066 | -16.6% |
| Current portion of amounts payable after more than one year | 42 | €43,183 | €40,054 | -€3,128 | -7.2% |
| Financial debts | 43 | €3,396 | €3,373 | -€23 | -0.7% |
| Credit institutions | 430/8 | €3,396 | €3,373 | -€23 | -0.7% |
| Trade debts | 44 | €2,608 | €266 | -€2,341 | -89.8% |
| Suppliers | 440/4 | €2,608 | €266 | -€2,341 | -89.8% |
| Taxes, remuneration and social security | 45 | €7,381 | €5,693 | -€1,688 | -22.9% |
| Taxes | 450/3 | €6,914 | €4,935 | -€1,979 | -28.6% |
| Remuneration and social security | 454/9 | €467 | €758 | +€291 | +62.4% |
| Other amounts payable | 47/48 | €16,195 | €11,309 | -€4,886 | -30.2% |
| Remuneration, social security and pensions | 62 | €12,059 | €14,317 | +€2,258 | +18.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,671 | €53,117 | +€446 | +0.8% |
| Other operating charges | 640/8 | €1,931 | €1,900 | -€32 | -1.6% |
| Gross operating margin | 9900 | €133,847 | €121,603 | -€12,244 | -9.1% |
| Operating profit (loss) | 9901 | €67,187 | €52,270 | -€14,917 | -22.2% |
| Financial income | 75/76B | €2,113 | €2,068 | -€45 | -2.1% |
| Recurring financial income | 75 | €2,113 | €2,068 | -€45 | -2.1% |
| Financial charges | 65/66B | €15,464 | €13,555 | -€1,910 | -12.3% |
| Recurring financial charges | 65 | €15,464 | €13,555 | -€1,910 | -12.3% |
| Profit (loss) for the period before taxes | 9903 | €53,836 | €40,783 | -€13,052 | -24.2% |
| Income taxes | 67/77 | €16,914 | €12,893 | -€4,021 | -23.8% |
| Profit (loss) for the period | 9904 | €36,922 | €27,890 | -€9,032 | -24.5% |
| Profit (loss) for the period to be appropriated | 9905 | €36,922 | €27,890 | -€9,032 | -24.5% |
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 25 October 2026 via checked.be.