Dr. Andy De Witte: 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. Andy De Witte
Largest movements
- Cash +€34,959
up €34,959 (+71.0%), from €49,205 to €84,163
mainly Net result for the year (+€122,272) and Depreciation (+€15,638)
- Tangible fixed assets -€15,638
down €15,638 (-12.2%), from €127,981 to €112,343
of which Plant, machinery and equipment: -€11,965
- Deferred charges and accrued income -€10,408
down €10,408 (-29.7%), from €35,100 to €24,691
- Reserves +€14,754
up €14,754 (+2.5%), from €585,598 to €600,352
- Debts after one year -€12,440
down €12,440 (-27.8%), from €44,777 to €32,338
- Gross operating margin +€23,264
up €23,264 (+13.5%), from €172,955 to €196,219
- Financial income -€10,423
down €10,423 (-76.2%), from €13,685 to €3,262
- Taxes +€7,154
up €7,154 (+14.1%), from €50,783 to €57,938
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 | €682,088 | €691,816 | +€9,728 | +1.4% |
| Fixed assets | 21/28 | €128,201 | €112,563 | -€15,638 | -12.2% |
| Tangible fixed assets | 22/27 | €127,981 | €112,343 | -€15,638 | -12.2% |
| Plant, machinery and equipment | 23 | €119,623 | €107,658 | -€11,965 | -10.0% |
| Furniture and vehicles | 24 | €7,894 | €4,685 | -€3,209 | -40.6% |
| Other tangible fixed assets | 26 | €464 | - | -€464 | |
| Financial fixed assets | 28 | €220 | €220 | = | 0.0% |
| Current assets | 29/58 | €553,887 | €579,253 | +€25,366 | +4.6% |
| Amounts receivable within one year | 40/41 | €140,820 | €138,982 | -€1,838 | -1.3% |
| Trade receivables | 40 | - | €979 | +€979 | |
| Other amounts receivable | 41 | €140,820 | €138,004 | -€2,817 | -2.0% |
| Current investments | 50/53 | €328,762 | €331,416 | +€2,653 | +0.8% |
| Cash at bank and in hand | 54/58 | €49,205 | €84,163 | +€34,959 | +71.0% |
| Deferred charges and accrued income | 490/1 | €35,100 | €24,691 | -€10,408 | -29.7% |
| Total equity and liabilities | 10/49 | €682,088 | €691,816 | +€9,728 | +1.4% |
| Equity | 10/15 | €597,998 | €612,752 | +€14,754 | +2.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €585,598 | €600,352 | +€14,754 | +2.5% |
| Distributable reserves | 133 | €585,598 | €600,352 | +€14,754 | +2.5% |
| Amounts payable | 17/49 | €84,091 | €79,064 | -€5,026 | -6.0% |
| Amounts payable after more than one year | 17 | €44,777 | €32,338 | -€12,440 | -27.8% |
| Financial debts | 170/4 | €44,777 | €32,338 | -€12,440 | -27.8% |
| Amounts payable within one year | 42/48 | €39,313 | €46,727 | +€7,413 | +18.9% |
| Current portion of amounts payable after more than one year | 42 | €12,166 | €12,440 | +€274 | +2.2% |
| Trade debts | 44 | €10,062 | €11,116 | +€1,053 | +10.5% |
| Suppliers | 440/4 | €10,062 | €11,116 | +€1,053 | +10.5% |
| Taxes, remuneration and social security | 45 | €17,085 | €23,172 | +€6,086 | +35.6% |
| Taxes | 450/3 | €17,085 | €23,172 | +€6,086 | +35.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,602 | €15,638 | +€37 | +0.2% |
| Other operating charges | 640/8 | €246 | €440 | +€195 | +79.2% |
| Gross operating margin | 9900 | €172,955 | €196,219 | +€23,264 | +13.5% |
| Operating profit (loss) | 9901 | €157,108 | €180,141 | +€23,033 | +14.7% |
| Financial income | 75/76B | €13,685 | €3,262 | -€10,423 | -76.2% |
| Recurring financial income | 75 | €13,685 | €3,262 | -€10,423 | -76.2% |
| Financial charges | 65/66B | €3,157 | €3,193 | +€36 | +1.2% |
| Recurring financial charges | 65 | €3,157 | €3,193 | +€36 | +1.2% |
| Profit (loss) for the period before taxes | 9903 | €167,636 | €180,210 | +€12,574 | +7.5% |
| Income taxes | 67/77 | €50,783 | €57,938 | +€7,154 | +14.1% |
| Profit (loss) for the period | 9904 | €116,853 | €122,272 | +€5,420 | +4.6% |
| Profit (loss) for the period to be appropriated | 9905 | €116,853 | €122,272 | +€5,420 | +4.6% |
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 26 October 2026 via checked.be.