Dr Barry Dekeyser: 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 Barry Dekeyser
Largest movements
- Tangible fixed assets -€82,668
down €82,668 (-7.6%), from €1.1m to €1.0m
of which Land and buildings: -€72,204
- Current investments +€50,000
up €50,000 (+41.7%), from €120,000 to €170,000
- Cash +€14,123
up €14,123 (+17.2%), from €81,939 to €96,062
mainly Net result for the year (+€111,439) and Depreciation (+€97,063)
- Reserves +€111,439
up €111,439 (+33.6%), from €331,710 to €443,149
- Debts after one year -€89,325
down €89,325 (-11.7%), from €761,825 to €672,500
- Other debts -€53,613
down €53,613 (-95.2%), from €56,323 to €2,710
- Tax, wage and social debts +€17,669
up €17,669 (+112%), from €15,736 to €33,404
of which Taxes: +€17,698
- Short-term financial debts +€17,237
up €17,237 (+300%), from €5,741 to €22,978
- Gross operating margin +€64,203
up €64,203 (+28.4%), from €226,309 to €290,512
- Taxes +€13,671
up €13,671 (+35.0%), from €39,099 to €52,770
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 | €1,314,720 | €1,300,582 | -€14,138 | -1.1% |
| Fixed assets | 21/28 | €1,086,922 | €1,004,254 | -€82,668 | -7.6% |
| Tangible fixed assets | 22/27 | €1,086,922 | €1,004,254 | -€82,668 | -7.6% |
| Land and buildings | 22 | €1,028,827 | €956,623 | -€72,204 | -7.0% |
| Plant, machinery and equipment | 23 | €31,650 | €23,581 | -€8,069 | -25.5% |
| Furniture and vehicles | 24 | €22,445 | €20,051 | -€2,394 | -10.7% |
| Other tangible fixed assets | 26 | €4,000 | €4,000 | = | 0.0% |
| Current assets | 29/58 | €227,798 | €296,328 | +€68,530 | +30.1% |
| Amounts receivable within one year | 40/41 | €21,628 | €25,794 | +€4,166 | +19.3% |
| Trade receivables | 40 | €15,266 | €10,910 | -€4,356 | -28.5% |
| Other amounts receivable | 41 | €6,363 | €14,884 | +€8,522 | +134% |
| Current investments | 50/53 | €120,000 | €170,000 | +€50,000 | +41.7% |
| Cash at bank and in hand | 54/58 | €81,939 | €96,062 | +€14,123 | +17.2% |
| Deferred charges and accrued income | 490/1 | €4,230 | €4,472 | +€242 | +5.7% |
| Total equity and liabilities | 10/49 | €1,314,720 | €1,300,582 | -€14,138 | -1.1% |
| Equity | 10/15 | €344,110 | €455,549 | +€111,439 | +32.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €331,710 | €443,149 | +€111,439 | +33.6% |
| Distributable reserves | 133 | €331,710 | €443,149 | +€111,439 | +33.6% |
| Amounts payable | 17/49 | €970,611 | €845,033 | -€125,577 | -12.9% |
| Amounts payable after more than one year | 17 | €761,825 | €672,500 | -€89,325 | -11.7% |
| Financial debts | 170/4 | €761,825 | €672,500 | -€89,325 | -11.7% |
| Amounts payable within one year | 42/48 | €208,786 | €172,533 | -€36,253 | -17.4% |
| Current portion of amounts payable after more than one year | 42 | €100,577 | €99,781 | -€796 | -0.8% |
| Financial debts | 43 | €5,741 | €22,978 | +€17,237 | +300% |
| Credit institutions | 430/8 | €5,741 | €22,978 | +€17,237 | +300% |
| Trade debts | 44 | €30,408 | €13,660 | -€16,749 | -55.1% |
| Suppliers | 440/4 | €30,408 | €13,660 | -€16,749 | -55.1% |
| Taxes, remuneration and social security | 45 | €15,736 | €33,404 | +€17,669 | +112% |
| Taxes | 450/3 | €15,706 | €33,404 | +€17,698 | +113% |
| Remuneration and social security | 454/9 | €30 | - | -€30 | |
| Other amounts payable | 47/48 | €56,323 | €2,710 | -€53,613 | -95.2% |
| Remuneration, social security and pensions | 62 | €2,076 | €166 | -€1,909 | -92.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,136 | €97,063 | +€927 | +1.0% |
| Other operating charges | 640/8 | €5,067 | €4,182 | -€886 | -17.5% |
| Gross operating margin | 9900 | €226,309 | €290,512 | +€64,203 | +28.4% |
| Operating profit (loss) | 9901 | €123,030 | €189,101 | +€66,071 | +53.7% |
| Financial income | 75/76B | €277 | €650 | +€373 | +134% |
| Recurring financial income | 75 | €277 | €650 | +€373 | +134% |
| Financial charges | 65/66B | €26,705 | €25,541 | -€1,163 | -4.4% |
| Recurring financial charges | 65 | €26,705 | €25,541 | -€1,163 | -4.4% |
| Profit (loss) for the period before taxes | 9903 | €96,603 | €164,209 | +€67,607 | +70.0% |
| Income taxes | 67/77 | €39,099 | €52,770 | +€13,671 | +35.0% |
| Profit (loss) for the period | 9904 | €57,504 | €111,439 | +€53,936 | +93.8% |
| Profit (loss) for the period to be appropriated | 9905 | €57,504 | €111,439 | +€53,936 | +93.8% |
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.