DR. ANN DECLERCQ: 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. ANN DECLERCQ
Largest movements
- Cash +€60,571
up €60,571 (+108%), from €56,074 to €116,645
mainly Net result for the year (+€77,446) and Deferred charges and accrued income (+€25,722)
- Deferred charges and accrued income -€25,722
down €25,722 (-27.3%), from €94,253 to €68,531
- Receivables within one year -€6,547
down €6,547 (-6.4%), from €102,671 to €96,124
- Reserves +€15,078
up €15,078 (+5.2%), from €288,995 to €304,073
- Tax, wage and social debts +€7,575
up €7,575 (+68.4%), from €11,070 to €18,645
of which Taxes: +€17,132
- Gross operating margin +€94,492
up €94,492 (+180%), from €52,556 to €147,048
- Taxes +€24,458
up €24,458 (+266%), from €9,187 to €33,645
- Staff costs +€9,753
up €9,753 (+55.2%), from €17,667 to €27,420
- Financial charges +€2,441
up €2,441 (+1,349%), from €181 to €2,622
- Depreciation +€2,321
up €2,321 (+32.5%), from €7,142 to €9,463
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 | €332,253 | €357,123 | +€24,870 | +7.5% |
| Fixed assets | 21/28 | €79,254 | €75,823 | -€3,431 | -4.3% |
| Tangible fixed assets | 22/27 | €78,837 | €75,406 | -€3,431 | -4.4% |
| Land and buildings | 22 | €57,551 | €51,181 | -€6,370 | -11.1% |
| Plant, machinery and equipment | 23 | €19,034 | €23,181 | +€4,146 | +21.8% |
| Furniture and vehicles | 24 | €2,252 | €1,045 | -€1,208 | -53.6% |
| Financial fixed assets | 28 | €417 | €417 | = | 0.0% |
| Current assets | 29/58 | €252,998 | €281,299 | +€28,301 | +11.2% |
| Amounts receivable within one year | 40/41 | €102,671 | €96,124 | -€6,547 | -6.4% |
| Other amounts receivable | 41 | €102,671 | €96,124 | -€6,547 | -6.4% |
| Cash at bank and in hand | 54/58 | €56,074 | €116,645 | +€60,571 | +108% |
| Deferred charges and accrued income | 490/1 | €94,253 | €68,531 | -€25,722 | -27.3% |
| Total equity and liabilities | 10/49 | €332,253 | €357,123 | +€24,870 | +7.5% |
| Equity | 10/15 | €307,595 | €322,673 | +€15,078 | +4.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €288,995 | €304,073 | +€15,078 | +5.2% |
| Distributable reserves | 133 | €288,995 | €304,073 | +€15,078 | +5.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €24,658 | €34,450 | +€9,792 | +39.7% |
| Amounts payable within one year | 42/48 | €22,658 | €34,450 | +€11,792 | +52.0% |
| Trade debts | 44 | €11,588 | €12,687 | +€1,099 | +9.5% |
| Suppliers | 440/4 | €11,588 | €12,687 | +€1,099 | +9.5% |
| Taxes, remuneration and social security | 45 | €11,070 | €18,645 | +€7,575 | +68.4% |
| Taxes | 450/3 | €1,513 | €18,645 | +€17,132 | +1,133% |
| Remuneration and social security | 454/9 | €9,557 | €0 | -€9,557 | -100% |
| Other amounts payable | 47/48 | - | €3,118 | +€3,118 | |
| Accrued charges and deferred income | 492/3 | €2,000 | €0 | -€2,000 | -100% |
| Remuneration, social security and pensions | 62 | €17,667 | €27,420 | +€9,753 | +55.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,142 | €9,463 | +€2,321 | +32.5% |
| Other operating charges | 640/8 | €3,452 | €1,808 | -€1,644 | -47.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €52,556 | €147,048 | +€94,492 | +180% |
| Operating profit (loss) | 9901 | €24,294 | €108,357 | +€84,062 | +346% |
| Financial income | 75/76B | €6,113 | €5,357 | -€756 | -12.4% |
| Recurring financial income | 75 | €6,113 | €5,357 | -€756 | -12.4% |
| Financial charges | 65/66B | €181 | €2,622 | +€2,441 | +1,349% |
| Recurring financial charges | 65 | €181 | €2,622 | +€2,441 | +1,349% |
| Profit (loss) for the period before taxes | 9903 | €30,226 | €111,091 | +€80,865 | +268% |
| Income taxes | 67/77 | €9,187 | €33,645 | +€24,458 | +266% |
| Profit (loss) for the period | 9904 | €21,039 | €77,446 | +€56,407 | +268% |
| Profit (loss) for the period to be appropriated | 9905 | €21,039 | €77,446 | +€56,407 | +268% |
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 14 October 2026 via checked.be.