Dorien Cox: 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.
Dorien Cox
Largest movements
- Cash -€55,671
down €55,671 (-85.3%), from €65,287 to €9,616
mainly Contributions, distributions and other (-€85,000) and Receivables within one year (-€20,753)
- Receivables within one year +€20,753
up €20,753 (+95.3%), from €21,780 to €42,533
- Deferred charges and accrued income -€2,259
down €2,259 (-98.3%), from €2,297 to €38
- Reserves -€61,885
down €61,885 (-99.6%), from €62,133 to €248
- Other debts +€23,234
up €23,234 (+1,150%), from €2,021 to €25,254
- Short-term financial debts +€7,472
new in 2025: €7,472
- Tax, wage and social debts -€5,477
down €5,477 (-30.7%), from €17,863 to €12,386
- Trade debts -€1,439
down €1,439 (-41.2%), from €3,491 to €2,052
- Gross operating margin -€1,593
down €1,593 (-4.9%), from €32,744 to €31,151
- Depreciation -€748
down €748 (-44.9%), from €1,666 to €919
- Other operating charges +€338
up €338 (+545%), from €62 to €400
- Taxes +€335
up €335 (+5.1%), from €6,524 to €6,860
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 | €98,508 | €60,412 | -€38,096 | -38.7% |
| Formation expenses | 20 | €462 | €225 | -€237 | -51.3% |
| Fixed assets | 21/28 | €8,681 | €8,000 | -€681 | -7.8% |
| Tangible fixed assets | 22/27 | €681 | €0 | -€681 | -100% |
| Furniture and vehicles | 24 | €681 | €0 | -€681 | -100% |
| Financial fixed assets | 28 | €8,000 | €8,000 | = | 0.0% |
| Current assets | 29/58 | €89,364 | €52,187 | -€37,177 | -41.6% |
| Amounts receivable within one year | 40/41 | €21,780 | €42,533 | +€20,753 | +95.3% |
| Trade receivables | 40 | €21,780 | €42,533 | +€20,753 | +95.3% |
| Cash at bank and in hand | 54/58 | €65,287 | €9,616 | -€55,671 | -85.3% |
| Deferred charges and accrued income | 490/1 | €2,297 | €38 | -€2,259 | -98.3% |
| Total equity and liabilities | 10/49 | €98,508 | €60,412 | -€38,096 | -38.7% |
| Equity | 10/15 | €75,133 | €13,248 | -€61,885 | -82.4% |
| Contributions | 10/11 | €13,000 | €13,000 | = | 0.0% |
| Reserves | 13 | €62,133 | €248 | -€61,885 | -99.6% |
| Distributable reserves | 133 | €62,133 | €248 | -€61,885 | -99.6% |
| Amounts payable | 17/49 | €23,374 | €47,164 | +€23,790 | +102% |
| Amounts payable within one year | 42/48 | €23,374 | €47,164 | +€23,790 | +102% |
| Financial debts | 43 | - | €7,472 | +€7,472 | |
| Credit institutions | 430/8 | - | €7,472 | +€7,472 | |
| Trade debts | 44 | €3,491 | €2,052 | -€1,439 | -41.2% |
| Suppliers | 440/4 | €3,491 | €2,052 | -€1,439 | -41.2% |
| Taxes, remuneration and social security | 45 | €17,863 | €12,386 | -€5,477 | -30.7% |
| Taxes | 450/3 | €17,863 | €12,386 | -€5,477 | -30.7% |
| Other amounts payable | 47/48 | €2,021 | €25,254 | +€23,234 | +1,150% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,666 | €919 | -€748 | -44.9% |
| Other operating charges | 640/8 | €62 | €400 | +€338 | +545% |
| Gross operating margin | 9900 | €32,744 | €31,151 | -€1,593 | -4.9% |
| Operating profit (loss) | 9901 | €31,016 | €29,833 | -€1,183 | -3.8% |
| Financial income | 75/76B | €176 | €385 | +€210 | +119% |
| Recurring financial income | 75 | €162 | €351 | +€189 | +117% |
| Non-recurring financial income | 76B | €14 | €35 | +€21 | +146% |
| Financial charges | 65/66B | €242 | €243 | +€1 | +0.6% |
| Recurring financial charges | 65 | €123 | €96 | -€27 | -22.1% |
| Non-recurring financial charges | 66B | €119 | €148 | +€29 | +23.9% |
| Profit (loss) for the period before taxes | 9903 | €30,949 | €29,974 | -€975 | -3.1% |
| Income taxes | 67/77 | €6,524 | €6,860 | +€335 | +5.1% |
| Profit (loss) for the period | 9904 | €24,425 | €23,115 | -€1,310 | -5.4% |
| Profit (loss) for the period to be appropriated | 9905 | €24,425 | €23,115 | -€1,310 | -5.4% |
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 31 October 2026 via checked.be.