DR. BARBARA DECLERCQ: what changed
Two fiscal 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. BARBARA DECLERCQ
Largest movements
- Cash +€68,073
up €68,073 (+141.7%), from €48,034 to €116,107
mainly Net result for the year (+€191,157) and Other debts (+€42,626)
- Receivables within one year -€8,537
down €8,537 (-85.1%), from €10,037 to €1,500
- Tangible fixed assets -€8,531
down €8,531 (-19.7%), from €43,382 to €34,851
of which Leasing and similar rights: -€11,041
- Deferred charges and accrued income +€6,591
up €6,591 (+5.3%), from €124,769 to €131,360
- Other debts +€42,626
up €42,626 (+24.5%), from €174,301 to €216,926
- Trade debts +€27,992
up €27,992 (+812.2%), from €3,446 to €31,438
- Debts after one year -€10,766
down €10,766 (-34.8%), from €30,960 to €20,194
- Tax, wage and social debts -€3,850
down €3,850 (-57.5%), from €6,700 to €2,850
- Gross operating margin +€28,539
up €28,539 (+11.8%), from €240,941 to €269,480
- Taxes +€5,700
up €5,700 (+10.8%), from €52,963 to €58,664
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.
Cash bridge derived
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 | €226,222 | €283,819 | +€57,596 | +25.5% |
| Fixed assets | 21/28 | €43,382 | €34,851 | -€8,531 | -19.7% |
| Tangible fixed assets | 22/27 | €43,382 | €34,851 | -€8,531 | -19.7% |
| Plant, machinery and equipment | 23 | €3,845 | €3,076 | -€769 | -20.0% |
| Furniture and vehicles | 24 | - | €3,279 | +€3,279 | |
| Leasing and similar rights | 25 | €39,537 | €28,496 | -€11,041 | -27.9% |
| Current assets | 29/58 | €182,840 | €248,967 | +€66,127 | +36.2% |
| Amounts receivable within one year | 40/41 | €10,037 | €1,500 | -€8,537 | -85.1% |
| Other amounts receivable | 41 | €10,037 | €1,500 | -€8,537 | -85.1% |
| Cash at bank and in hand | 54/58 | €48,034 | €116,107 | +€68,073 | +141.7% |
| Deferred charges and accrued income | 490/1 | €124,769 | €131,360 | +€6,591 | +5.3% |
| Total equity and liabilities | 10/49 | €226,222 | €283,819 | +€57,596 | +25.5% |
| Equity | 10/15 | €487 | €1,644 | +€1,157 | +237.7% |
| Contributions | 10/11 | €120 | €120 | = | 0.0% |
| Profit (loss) carried forward | 14 | €367 | €1,524 | +€1,157 | +315.4% |
| Amounts payable | 17/49 | €225,735 | €282,174 | +€56,439 | +25.0% |
| Amounts payable after more than one year | 17 | €30,960 | €20,194 | -€10,766 | -34.8% |
| Financial debts | 170/4 | €30,960 | €20,194 | -€10,766 | -34.8% |
| Amounts payable within one year | 42/48 | €194,775 | €261,980 | +€67,205 | +34.5% |
| Current portion of amounts payable after more than one year | 42 | €10,329 | €10,766 | +€437 | +4.2% |
| Trade debts | 44 | €3,446 | €31,438 | +€27,992 | +812.2% |
| Suppliers | 440/4 | €3,446 | €31,438 | +€27,992 | +812.2% |
| Taxes, remuneration and social security | 45 | €6,700 | €2,850 | -€3,850 | -57.5% |
| Taxes | 450/3 | €6,700 | €2,850 | -€3,850 | -57.5% |
| Other amounts payable | 47/48 | €174,301 | €216,926 | +€42,626 | +24.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,272 | €13,566 | +€2,294 | +20.4% |
| Other operating charges | 640/8 | €3,926 | €4,185 | +€259 | +6.6% |
| Gross operating margin | 9900 | €240,941 | €269,480 | +€28,539 | +11.8% |
| Operating profit (loss) | 9901 | €225,743 | €251,729 | +€25,986 | +11.5% |
| Financial charges | 65/66B | €2,508 | €1,908 | -€601 | -23.9% |
| Recurring financial charges | 65 | €2,508 | €1,908 | -€601 | -23.9% |
| Profit (loss) for the period before taxes | 9903 | €223,234 | €249,821 | +€26,587 | +11.9% |
| Income taxes | 67/77 | €52,963 | €58,664 | +€5,700 | +10.8% |
| Profit (loss) for the period | 9904 | €170,271 | €191,157 | +€20,886 | +12.3% |
| Profit (loss) for the period to be appropriated | 9905 | €170,271 | €191,157 | +€20,886 | +12.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.