DR. BART DECROIX: 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. BART DECROIX
Largest movements
- Cash +€540,817
up €540,817 (+205.6%), from €263,069 to €803,886
mainly Current investments (+€294,147) and Net result for the year (+€229,309)
- Current investments -€294,147
down €294,147 (-65.9%), from €446,555 to €152,408
- Receivables within one year -€59,594
down €59,594 (-74.3%), from €80,211 to €20,617
- Reserves +€154,534
up €154,534 (+20.0%), from €772,578 to €927,112
- Tax, wage and social debts +€24,950
up €24,950 (+46.1%), from €54,170 to €79,120
of which Taxes: +€24,867
- Gross operating margin +€101,532
up €101,532 (+40.7%), from €249,202 to €350,735
- Taxes +€31,481
up €31,481 (+43.0%), from €73,196 to €104,677
- Financial income -€5,433
down €5,433 (-43.3%), from €12,554 to €7,121
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 | €841,323 | €1,021,377 | +€180,054 | +21.4% |
| Fixed assets | 21/28 | €49,697 | €40,660 | -€9,036 | -18.2% |
| Tangible fixed assets | 22/27 | €49,697 | €40,660 | -€9,036 | -18.2% |
| Plant, machinery and equipment | 23 | €2,154 | €979 | -€1,175 | -54.6% |
| Furniture and vehicles | 24 | €2,433 | €2,057 | -€376 | -15.5% |
| Other tangible fixed assets | 26 | €45,110 | €37,625 | -€7,485 | -16.6% |
| Current assets | 29/58 | €791,626 | €980,716 | +€189,090 | +23.9% |
| Amounts receivable within one year | 40/41 | €80,211 | €20,617 | -€59,594 | -74.3% |
| Other amounts receivable | 41 | €80,211 | €20,617 | -€59,594 | -74.3% |
| Current investments | 50/53 | €446,555 | €152,408 | -€294,147 | -65.9% |
| Cash at bank and in hand | 54/58 | €263,069 | €803,886 | +€540,817 | +205.6% |
| Deferred charges and accrued income | 490/1 | €1,791 | €3,805 | +€2,014 | +112.4% |
| Total equity and liabilities | 10/49 | €841,323 | €1,021,377 | +€180,054 | +21.4% |
| Equity | 10/15 | €784,978 | €939,512 | +€154,534 | +19.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €772,578 | €927,112 | +€154,534 | +20.0% |
| Distributable reserves | 133 | €772,578 | €927,112 | +€154,534 | +20.0% |
| Amounts payable | 17/49 | €56,345 | €81,865 | +€25,520 | +45.3% |
| Amounts payable within one year | 42/48 | €54,489 | €80,201 | +€25,712 | +47.2% |
| Trade debts | 44 | €319 | €234 | -€85 | -26.6% |
| Suppliers | 440/4 | €319 | €234 | -€85 | -26.6% |
| Taxes, remuneration and social security | 45 | €54,170 | €79,120 | +€24,950 | +46.1% |
| Taxes | 450/3 | €50,919 | €75,786 | +€24,867 | +48.8% |
| Remuneration and social security | 454/9 | €3,251 | €3,334 | +€83 | +2.6% |
| Other amounts payable | 47/48 | - | €847 | +€847 | |
| Accrued charges and deferred income | 492/3 | €1,856 | €1,664 | -€193 | -10.4% |
| Remuneration, social security and pensions | 62 | €14,035 | €14,203 | +€168 | +1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,763 | €9,036 | -€726 | -7.4% |
| Other operating charges | 640/8 | - | €126 | +€126 | |
| Gross operating margin | 9900 | €249,202 | €350,735 | +€101,532 | +40.7% |
| Operating profit (loss) | 9901 | €225,405 | €327,369 | +€101,964 | +45.2% |
| Financial income | 75/76B | €12,554 | €7,121 | -€5,433 | -43.3% |
| Recurring financial income | 75 | €12,554 | €7,121 | -€5,433 | -43.3% |
| Financial charges | 65/66B | €1,201 | €505 | -€697 | -58.0% |
| Recurring financial charges | 65 | €1,201 | €505 | -€697 | -58.0% |
| Profit (loss) for the period before taxes | 9903 | €236,758 | €333,986 | +€97,228 | +41.1% |
| Income taxes | 67/77 | €73,196 | €104,677 | +€31,481 | +43.0% |
| Profit (loss) for the period | 9904 | €163,561 | €229,309 | +€65,748 | +40.2% |
| Profit (loss) for the period to be appropriated | 9905 | €163,561 | €229,309 | +€65,748 | +40.2% |
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 4 October 2026 via checked.be.