DR. A-S DE GHELLINCK: 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-S DE GHELLINCK
Largest movements
- Cash +€50,041
up €50,041 (+32.3%), from €155,117 to €205,157
mainly Other debts (+€179,990) and Net result for the year (+€143,785)
- Tangible fixed assets -€26,911
down €26,911 (-2.8%), from €961,790 to €934,879
of which Land and buildings: -€28,329
- Other debts +€179,990
up €179,990 (+1,798,102%), from €10 to €180,000
- Profit (loss) carried forward -€154,659
down €154,659 (-41.2%), from €375,562 to €220,903
- Reserves +€63,150
new in 2025: €63,150
- Debts after one year -€47,067
down €47,067 (-6.8%), from €687,146 to €640,079
- Staff costs +€54,870
new in 2025: €54,870
- Gross operating margin +€30,545
up €30,545 (+12.5%), from €245,102 to €275,648
- Taxes -€24,312
down €24,312 (-52.4%), from €46,392 to €22,080
- Other operating charges +€8,452
up €8,452 (+10,023%), from €84 to €8,536
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 | €1,155,082 | €1,190,492 | +€35,410 | +3.1% |
| Fixed assets | 21/28 | €961,790 | €934,879 | -€26,911 | -2.8% |
| Tangible fixed assets | 22/27 | €961,790 | €934,879 | -€26,911 | -2.8% |
| Land and buildings | 22 | €891,508 | €863,179 | -€28,329 | -3.2% |
| Plant, machinery and equipment | 23 | €55,694 | €50,821 | -€4,874 | -8.8% |
| Furniture and vehicles | 24 | €14,588 | €20,880 | +€6,292 | +43.1% |
| Current assets | 29/58 | €193,291 | €255,612 | +€62,321 | +32.2% |
| Amounts receivable within one year | 40/41 | €20,000 | €18,558 | -€1,442 | -7.2% |
| Other amounts receivable | 41 | €20,000 | €18,558 | -€1,442 | -7.2% |
| Current investments | 50/53 | - | €2,445 | +€2,445 | |
| Cash at bank and in hand | 54/58 | €155,117 | €205,157 | +€50,041 | +32.3% |
| Deferred charges and accrued income | 490/1 | €18,175 | €29,452 | +€11,278 | +62.1% |
| Total equity and liabilities | 10/49 | €1,155,082 | €1,190,492 | +€35,410 | +3.1% |
| Equity | 10/15 | €381,562 | €290,053 | -€91,509 | -24.0% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | - | €63,150 | +€63,150 | |
| Tax-exempt reserves | 132 | - | €63,150 | +€63,150 | |
| Profit (loss) carried forward | 14 | €375,562 | €220,903 | -€154,659 | -41.2% |
| Amounts payable | 17/49 | €773,520 | €900,439 | +€126,919 | +16.4% |
| Amounts payable after more than one year | 17 | €687,146 | €640,079 | -€47,067 | -6.8% |
| Financial debts | 170/4 | €687,146 | €640,079 | -€47,067 | -6.8% |
| Amounts payable within one year | 42/48 | €86,373 | €260,003 | +€173,630 | +201% |
| Current portion of amounts payable after more than one year | 42 | €46,508 | €47,067 | +€559 | +1.2% |
| Trade debts | 44 | €14,131 | €15,733 | +€1,602 | +11.3% |
| Suppliers | 440/4 | €14,131 | €15,733 | +€1,602 | +11.3% |
| Taxes, remuneration and social security | 45 | €25,725 | €17,204 | -€8,522 | -33.1% |
| Taxes | 450/3 | €25,725 | €16,813 | -€8,912 | -34.6% |
| Remuneration and social security | 454/9 | - | €391 | +€391 | |
| Other amounts payable | 47/48 | €10 | €180,000 | +€179,990 | +1,798,102% |
| Accrued charges and deferred income | 492/3 | - | €356 | +€356 | |
| Remuneration, social security and pensions | 62 | - | €54,870 | +€54,870 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,213 | €35,923 | +€710 | +2.0% |
| Other operating charges | 640/8 | €84 | €8,536 | +€8,452 | +10,023% |
| Gross operating margin | 9900 | €245,102 | €275,648 | +€30,545 | +12.5% |
| Operating profit (loss) | 9901 | €209,805 | €176,319 | -€33,485 | -16.0% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €11,201 | €10,454 | -€747 | -6.7% |
| Recurring financial charges | 65 | €11,201 | €10,454 | -€747 | -6.7% |
| Profit (loss) for the period before taxes | 9903 | €198,604 | €165,866 | -€32,738 | -16.5% |
| Income taxes | 67/77 | €46,392 | €22,080 | -€24,312 | -52.4% |
| Profit (loss) for the period | 9904 | €152,212 | €143,785 | -€8,427 | -5.5% |
| Transfer to tax-exempt reserves | 689 | - | €63,150 | +€63,150 | |
| Profit (loss) for the period to be appropriated | 9905 | €152,212 | €80,635 | -€71,577 | -47.0% |
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.