DR. BART DEVOS: 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 DEVOS
Largest movements
- Current investments +€83,911
up €83,911 (+42.0%), from €199,551 to €283,462
- Cash +€46,867
up €46,867 (+30.0%), from €156,411 to €203,278
mainly Net result for the year (+€175,157) and Deferred charges and accrued income (+€7,623)
- Receivables within one year +€14,532
up €14,532, from €0 to €14,532
of which Other amounts receivable: +€14,532
- Deferred charges and accrued income -€7,623
down €7,623 (-10.6%), from €71,716 to €64,094
- Reserves +€141,539
up €141,539 (+47.1%), from €300,436 to €441,975
- Tax, wage and social debts -€12,929
down €12,929 (-100.0%), from €12,929 to €0
- Trade debts +€6,860
up €6,860 (+330.3%), from €2,076 to €8,936
- Gross operating margin +€149,409
up €149,409 (+142.3%), from €104,962 to €254,371
- Taxes +€47,603
up €47,603 (+175.1%), from €27,185 to €74,788
- Financial income +€3,981
up €3,981 (+944.9%), from €421 to €4,402
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 | €459,101 | €591,737 | +€132,636 | +28.9% |
| Fixed assets | 21/28 | €31,422 | €26,371 | -€5,051 | -16.1% |
| Tangible fixed assets | 22/27 | €31,422 | €26,356 | -€5,066 | -16.1% |
| Plant, machinery and equipment | 23 | €229 | €0 | -€229 | -100.0% |
| Furniture and vehicles | 24 | €19,989 | €17,408 | -€2,581 | -12.9% |
| Other tangible fixed assets | 26 | €11,203 | €8,947 | -€2,256 | -20.1% |
| Financial fixed assets | 28 | - | €15 | +€15 | |
| Current assets | 29/58 | €427,679 | €565,366 | +€137,687 | +32.2% |
| Amounts receivable within one year | 40/41 | €0 | €14,532 | +€14,532 | |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | €14,532 | +€14,532 | |
| Current investments | 50/53 | €199,551 | €283,462 | +€83,911 | +42.0% |
| Cash at bank and in hand | 54/58 | €156,411 | €203,278 | +€46,867 | +30.0% |
| Deferred charges and accrued income | 490/1 | €71,716 | €64,094 | -€7,623 | -10.6% |
| Total equity and liabilities | 10/49 | €459,101 | €591,737 | +€132,636 | +28.9% |
| Equity | 10/15 | €423,511 | €565,050 | +€141,539 | +33.4% |
| Contributions | 10/11 | €123,075 | €123,075 | = | 0.0% |
| Reserves | 13 | €300,436 | €441,975 | +€141,539 | +47.1% |
| Distributable reserves | 133 | €300,436 | €441,975 | +€141,539 | +47.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €35,590 | €26,687 | -€8,903 | -25.0% |
| Amounts payable within one year | 42/48 | €22,815 | €18,575 | -€4,240 | -18.6% |
| Trade debts | 44 | €2,076 | €8,936 | +€6,860 | +330.3% |
| Suppliers | 440/4 | €2,076 | €8,936 | +€6,860 | +330.3% |
| Taxes, remuneration and social security | 45 | €12,929 | €0 | -€12,929 | -100.0% |
| Taxes | 450/3 | €12,929 | €0 | -€12,929 | -100.0% |
| Other amounts payable | 47/48 | €7,809 | €9,639 | +€1,829 | +23.4% |
| Accrued charges and deferred income | 492/3 | €12,775 | €8,112 | -€4,663 | -36.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,796 | €6,708 | +€913 | +15.7% |
| Other operating charges | 640/8 | €502 | €526 | +€23 | +4.7% |
| Gross operating margin | 9900 | €104,962 | €254,371 | +€149,409 | +142.3% |
| Operating profit (loss) | 9901 | €98,664 | €247,137 | +€148,473 | +150.5% |
| Financial income | 75/76B | €421 | €4,402 | +€3,981 | +944.9% |
| Recurring financial income | 75 | €421 | €4,402 | +€3,981 | +944.9% |
| Financial charges | 65/66B | €133 | €1,594 | +€1,461 | +1096.2% |
| Recurring financial charges | 65 | €133 | €1,594 | +€1,461 | +1096.2% |
| Profit (loss) for the period before taxes | 9903 | €98,952 | €249,945 | +€150,993 | +152.6% |
| Income taxes | 67/77 | €27,185 | €74,788 | +€47,603 | +175.1% |
| Profit (loss) for the period | 9904 | €71,767 | €175,157 | +€103,390 | +144.1% |
| Profit (loss) for the period to be appropriated | 9905 | €71,767 | €175,157 | +€103,390 | +144.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.