DR. BO DEBAERE: what changed
DR. BO DEBAERE
Largest movements
- Receivables within one year -€12,381
no longer reported in 2025 (was €12,381)
of which Trade receivables: -€9,522
- Cash -€10,046
down €10,046 (-16.3%), from €61,679 to €51,634
mainly Contributions, distributions and other (-€30,000) and Other debts (-€20,765)
- Tangible fixed assets -€3,833
down €3,833 (-6.3%), from €60,952 to €57,119
of which Other tangible fixed assets: -€6,659
- Other debts -€20,765
down €20,765 (-30.0%), from €69,129 to €48,363
- Current portion of long-term debt -€9,700
down €9,700 (-64.7%), from €14,983 to €5,283
- Trade debts +€5,918
up €5,918 (+231%), from €2,562 to €8,480
- Debts after one year -€5,241
down €5,241 (-70.1%), from €7,473 to €2,231
- Tax, wage and social debts +€4,058
up €4,058 (+135%), from €3,000 to €7,058
of which Taxes: +€6,150
- Depreciation -€10,144
down €10,144 (-47.0%), from €21,565 to €11,421
- Staff costs +€2,395
no longer reported in 2025 (was -€2,395)
- Taxes +€1,112
up €1,112 (+15.5%), from €7,181 to €8,294
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €145,439 | €118,359 | -€27,079 | -18.6% |
| Fixed assets | 21/28 | €63,052 | €59,219 | -€3,833 | -6.1% |
| Tangible fixed assets | 22/27 | €60,952 | €57,119 | -€3,833 | -6.3% |
| Land and buildings | 22 | €8,977 | €13,468 | +€4,490 | +50.0% |
| Plant, machinery and equipment | 23 | €2,982 | €720 | -€2,262 | -75.9% |
| Furniture and vehicles | 24 | €263 | €860 | +€597 | +227% |
| Other tangible fixed assets | 26 | €48,730 | €42,071 | -€6,659 | -13.7% |
| Financial fixed assets | 28 | €2,100 | €2,100 | = | 0.0% |
| Current assets | 29/58 | €82,387 | €59,140 | -€23,246 | -28.2% |
| Amounts receivable within one year | 40/41 | €12,381 | - | -€12,381 | |
| Trade receivables | 40 | €9,522 | - | -€9,522 | |
| Other amounts receivable | 41 | €2,859 | - | -€2,859 | |
| Cash at bank and in hand | 54/58 | €61,679 | €51,634 | -€10,046 | -16.3% |
| Deferred charges and accrued income | 490/1 | €8,327 | €7,507 | -€820 | -9.8% |
| Total equity and liabilities | 10/49 | €145,439 | €118,359 | -€27,079 | -18.6% |
| Equity | 10/15 | €45,485 | €46,944 | +€1,459 | +3.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €26,885 | €28,344 | +€1,459 | +5.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €25,025 | €26,484 | +€1,459 | +5.8% |
| Amounts payable | 17/49 | €99,953 | €71,415 | -€28,538 | -28.6% |
| Amounts payable after more than one year | 17 | €7,473 | €2,231 | -€5,241 | -70.1% |
| Financial debts | 170/4 | €7,473 | €2,231 | -€5,241 | -70.1% |
| Amounts payable within one year | 42/48 | €89,674 | €69,184 | -€20,490 | -22.8% |
| Current portion of amounts payable after more than one year | 42 | €14,983 | €5,283 | -€9,700 | -64.7% |
| Trade debts | 44 | €2,562 | €8,480 | +€5,918 | +231% |
| Suppliers | 440/4 | €2,562 | €8,480 | +€5,918 | +231% |
| Taxes, remuneration and social security | 45 | €3,000 | €7,058 | +€4,058 | +135% |
| Taxes | 450/3 | - | €6,150 | +€6,150 | |
| Remuneration and social security | 454/9 | €3,000 | €908 | -€2,092 | -69.7% |
| Other amounts payable | 47/48 | €69,129 | €48,363 | -€20,765 | -30.0% |
| Accrued charges and deferred income | 492/3 | €2,806 | - | -€2,806 | |
| Remuneration, social security and pensions | 62 | -€2,395 | - | +€2,395 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,565 | €11,421 | -€10,144 | -47.0% |
| Gross operating margin | 9900 | €52,130 | €51,742 | -€388 | -0.7% |
| Operating profit (loss) | 9901 | €32,959 | €40,321 | +€7,362 | +22.3% |
| Financial income | 75/76B | €133 | €145 | +€12 | +8.9% |
| Recurring financial income | 75 | €133 | €145 | +€12 | +8.9% |
| Financial charges | 65/66B | €1,033 | €713 | -€319 | -30.9% |
| Recurring financial charges | 65 | €1,033 | €713 | -€319 | -30.9% |
| Profit (loss) for the period before taxes | 9903 | €32,060 | €39,753 | +€7,693 | +24.0% |
| Income taxes | 67/77 | €7,181 | €8,294 | +€1,112 | +15.5% |
| Profit (loss) for the period | 9904 | €24,878 | €31,459 | +€6,580 | +26.5% |
| Profit (loss) for the period to be appropriated | 9905 | €24,878 | €31,459 | +€6,580 | +26.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.