Dr A. Dermesropian: 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.
Dr A. Dermesropian
Largest movements
- Current investments -€327,000
down €327,000 (-87.2%), from €375,000 to €48,000
- Cash -€51,402
down €51,402 (-42.4%), from €121,135 to €69,733
mainly Contributions, distributions and other (-€619,708) and Receivables within one year (-€5,577)
- Receivables within one year +€5,577
new in 2025: €5,577
of which Other amounts receivable: +€3,762
- Profit (loss) carried forward -€496,785
down €496,785 (-100.0%), from €496,786 to €1
- Other debts +€122,754
up €122,754 (+33,029%), from €372 to €123,126
- Gross operating margin -€34,513
down €34,513 (-17.7%), from €194,686 to €160,173
- Taxes -€8,820
down €8,820 (-17.3%), from €50,866 to €42,047
- Financial income -€2,065
down €2,065 (-25.5%), from €8,094 to €6,029
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 | €505,754 | €132,447 | -€373,307 | -73.8% |
| Fixed assets | 21/28 | €546 | €173 | -€373 | -68.3% |
| Tangible fixed assets | 22/27 | €546 | €173 | -€373 | -68.3% |
| Plant, machinery and equipment | 23 | €546 | €173 | -€373 | -68.3% |
| Current assets | 29/58 | €505,208 | €132,274 | -€372,934 | -73.8% |
| Amounts receivable within one year | 40/41 | - | €5,577 | +€5,577 | |
| Trade receivables | 40 | - | €1,815 | +€1,815 | |
| Other amounts receivable | 41 | - | €3,762 | +€3,762 | |
| Current investments | 50/53 | €375,000 | €48,000 | -€327,000 | -87.2% |
| Cash at bank and in hand | 54/58 | €121,135 | €69,733 | -€51,402 | -42.4% |
| Deferred charges and accrued income | 490/1 | €9,073 | €8,964 | -€109 | -1.2% |
| Total equity and liabilities | 10/49 | €505,754 | €132,447 | -€373,307 | -73.8% |
| Equity | 10/15 | €499,786 | €3,001 | -€496,785 | -99.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €496,786 | €1 | -€496,785 | -100.0% |
| Amounts payable | 17/49 | €5,968 | €129,446 | +€123,478 | +2,069% |
| Amounts payable within one year | 42/48 | €5,968 | €129,446 | +€123,478 | +2,069% |
| Trade debts | 44 | €748 | €1,882 | +€1,134 | +152% |
| Suppliers | 440/4 | €748 | €1,882 | +€1,134 | +152% |
| Taxes, remuneration and social security | 45 | €4,848 | €4,438 | -€410 | -8.5% |
| Taxes | 450/3 | €4,848 | €4,438 | -€410 | -8.5% |
| Other amounts payable | 47/48 | €372 | €123,126 | +€122,754 | +33,029% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €378 | €373 | -€6 | -1.5% |
| Other operating charges | 640/8 | €727 | €751 | +€24 | +3.3% |
| Gross operating margin | 9900 | €194,686 | €160,173 | -€34,513 | -17.7% |
| Operating profit (loss) | 9901 | €193,580 | €159,049 | -€34,532 | -17.8% |
| Financial income | 75/76B | €8,094 | €6,029 | -€2,065 | -25.5% |
| Recurring financial income | 75 | €8,094 | €6,029 | -€2,065 | -25.5% |
| Financial charges | 65/66B | €177 | €108 | -€69 | -39.0% |
| Recurring financial charges | 65 | €177 | €108 | -€69 | -39.0% |
| Profit (loss) for the period before taxes | 9903 | €201,497 | €164,970 | -€36,528 | -18.1% |
| Income taxes | 67/77 | €50,866 | €42,047 | -€8,820 | -17.3% |
| Profit (loss) for the period | 9904 | €150,631 | €122,923 | -€27,708 | -18.4% |
| Profit (loss) for the period to be appropriated | 9905 | €150,631 | €122,923 | -€27,708 | -18.4% |
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 29 October 2026 via checked.be.