Dr.Baert - Deroo: 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.Baert - Deroo
Largest movements
- Current investments +€128,496
up €128,496 (+40.6%), from €316,820 to €445,316
- Cash +€34,650
up €34,650 (+15.0%), from €230,880 to €265,530
mainly Net result for the year (+€138,078) and Depreciation (+€35,974)
- Tangible fixed assets -€27,797
down €27,797 (-15.1%), from €183,592 to €155,794
of which Land and buildings: -€15,149
- Reserves +€138,078
up €138,078 (+21.7%), from €635,233 to €773,310
of which Distributable reserves: +€138,078
- Debts after one year -€14,222
down €14,222 (-100%), from €14,222 to €0
- Gross operating margin -€42,264
down €42,264 (-14.4%), from €293,960 to €251,697
- Taxes -€13,319
down €13,319 (-17.7%), from €75,260 to €61,941
- Depreciation +€3,396
up €3,396 (+10.4%), from €32,578 to €35,974
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 | €919,246 | €1,047,135 | +€127,889 | +13.9% |
| Fixed assets | 21/28 | €195,092 | €167,294 | -€27,797 | -14.2% |
| Intangible fixed assets | 21 | €10,000 | €10,000 | = | 0.0% |
| Tangible fixed assets | 22/27 | €183,592 | €155,794 | -€27,797 | -15.1% |
| Land and buildings | 22 | €88,088 | €72,938 | -€15,149 | -17.2% |
| Plant, machinery and equipment | 23 | €8,909 | €11,409 | +€2,500 | +28.1% |
| Furniture and vehicles | 24 | €49,957 | €38,837 | -€11,120 | -22.3% |
| Other tangible fixed assets | 26 | €36,638 | €32,610 | -€4,029 | -11.0% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €724,155 | €879,841 | +€155,686 | +21.5% |
| Amounts receivable within one year | 40/41 | €167,443 | €165,329 | -€2,114 | -1.3% |
| Trade receivables | 40 | €158,552 | €162,002 | +€3,450 | +2.2% |
| Other amounts receivable | 41 | €8,891 | €3,327 | -€5,564 | -62.6% |
| Current investments | 50/53 | €316,820 | €445,316 | +€128,496 | +40.6% |
| Cash at bank and in hand | 54/58 | €230,880 | €265,530 | +€34,650 | +15.0% |
| Deferred charges and accrued income | 490/1 | €9,011 | €3,665 | -€5,346 | -59.3% |
| Total equity and liabilities | 10/49 | €919,246 | €1,047,135 | +€127,889 | +13.9% |
| Equity | 10/15 | €653,833 | €791,910 | +€138,078 | +21.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €635,233 | €773,310 | +€138,078 | +21.7% |
| Tax-exempt reserves | 132 | €3,276 | €3,276 | = | 0.0% |
| Distributable reserves | 133 | €631,957 | €770,035 | +€138,078 | +21.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €265,414 | €255,225 | -€10,189 | -3.8% |
| Amounts payable after more than one year | 17 | €14,222 | €0 | -€14,222 | -100% |
| Financial debts | 170/4 | €14,222 | €0 | -€14,222 | -100% |
| Amounts payable within one year | 42/48 | €251,192 | €255,225 | +€4,033 | +1.6% |
| Current portion of amounts payable after more than one year | 42 | €25,400 | €22,556 | -€2,844 | -11.2% |
| Financial debts | 43 | €320 | €0 | -€320 | -100% |
| Credit institutions | 430/8 | €320 | €0 | -€320 | -100% |
| Trade debts | 44 | €6,858 | €2,700 | -€4,158 | -60.6% |
| Suppliers | 440/4 | €6,858 | €2,700 | -€4,158 | -60.6% |
| Taxes, remuneration and social security | 45 | €59,508 | €63,832 | +€4,324 | +7.3% |
| Taxes | 450/3 | €59,508 | €55,793 | -€3,714 | -6.2% |
| Remuneration and social security | 454/9 | €0 | €8,038 | +€8,038 | |
| Other amounts payable | 47/48 | €159,105 | €166,137 | +€7,032 | +4.4% |
| Remuneration, social security and pensions | 62 | - | €55 | +€55 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,578 | €35,974 | +€3,396 | +10.4% |
| Other operating charges | 640/8 | €1,582 | €3,574 | +€1,992 | +126% |
| Gross operating margin | 9900 | €293,960 | €251,697 | -€42,264 | -14.4% |
| Operating profit (loss) | 9901 | €259,800 | €212,094 | -€47,706 | -18.4% |
| Financial income | 75/76B | €641 | €1,612 | +€972 | +152% |
| Recurring financial income | 75 | €641 | €1,612 | +€972 | +152% |
| Financial charges | 65/66B | €15,327 | €13,687 | -€1,640 | -10.7% |
| Recurring financial charges | 65 | €15,327 | €13,687 | -€1,640 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | €245,114 | €200,019 | -€45,095 | -18.4% |
| Income taxes | 67/77 | €75,260 | €61,941 | -€13,319 | -17.7% |
| Profit (loss) for the period | 9904 | €169,854 | €138,078 | -€31,776 | -18.7% |
| Profit (loss) for the period to be appropriated | 9905 | €169,854 | €138,078 | -€31,776 | -18.7% |
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 16 October 2026 via checked.be.