Dr Brecht Demeester: 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 Brecht Demeester
Largest movements
- Cash +€9,910
up €9,910 (+44.1%), from €22,473 to €32,383
mainly Net result for the year (+€18,416) and Accrued charges and deferred income (+€9,139)
- Tangible fixed assets +€1,131
up €1,131 (+10.7%), from €10,607 to €11,738
of which Other tangible fixed assets: +€1,931
- Profit (loss) carried forward +€18,416
new in 2025: €18,416
- Accrued charges and deferred income +€9,139
new in 2025: €9,139
- Debts after one year -€8,750
down €8,750 (-50.0%), from €17,500 to €8,750
- Other debts -€7,398
down €7,398 (-28.5%), from €25,946 to €18,548
- Tax, wage and social debts -€2,019
down €2,019 (-20.6%), from €9,808 to €7,789
- Gross operating margin -€11,647
down €11,647 (-28.8%), from €40,421 to €28,775
- Taxes -€1,995
down €1,995 (-24.5%), from €8,127 to €6,132
- Depreciation +€606
up €606 (+18.2%), from €3,324 to €3,930
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 | €93,919 | €105,251 | +€11,331 | +12.1% |
| Fixed assets | 21/28 | €10,607 | €11,738 | +€1,131 | +10.7% |
| Tangible fixed assets | 22/27 | €10,607 | €11,738 | +€1,131 | +10.7% |
| Plant, machinery and equipment | 23 | - | €1,328 | +€1,328 | |
| Furniture and vehicles | 24 | €10,607 | €8,479 | -€2,128 | -20.1% |
| Other tangible fixed assets | 26 | - | €1,931 | +€1,931 | |
| Current assets | 29/58 | €83,312 | €93,513 | +€10,201 | +12.2% |
| Amounts receivable after more than one year | 29 | €60,000 | €60,000 | = | 0.0% |
| Other amounts receivable | 291 | €60,000 | €60,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €22,473 | €32,383 | +€9,910 | +44.1% |
| Deferred charges and accrued income | 490/1 | €839 | €1,129 | +€290 | +34.6% |
| Total equity and liabilities | 10/49 | €93,919 | €105,251 | +€11,331 | +12.1% |
| Equity | 10/15 | €31,235 | €49,651 | +€18,416 | +59.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €28,735 | €28,735 | = | 0.0% |
| Distributable reserves | 133 | €28,735 | €28,735 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €18,416 | +€18,416 | |
| Amounts payable | 17/49 | €62,684 | €55,599 | -€7,085 | -11.3% |
| Amounts payable after more than one year | 17 | €17,500 | €8,750 | -€8,750 | -50.0% |
| Financial debts | 170/4 | €17,500 | €8,750 | -€8,750 | -50.0% |
| Amounts payable within one year | 42/48 | €45,184 | €37,711 | -€7,474 | -16.5% |
| Current portion of amounts payable after more than one year | 42 | €8,750 | €8,750 | = | 0.0% |
| Trade debts | 44 | €680 | €2,624 | +€1,944 | +286% |
| Suppliers | 440/4 | €680 | €2,624 | +€1,944 | +286% |
| Taxes, remuneration and social security | 45 | €9,808 | €7,789 | -€2,019 | -20.6% |
| Taxes | 450/3 | €9,808 | €7,789 | -€2,019 | -20.6% |
| Other amounts payable | 47/48 | €25,946 | €18,548 | -€7,398 | -28.5% |
| Accrued charges and deferred income | 492/3 | - | €9,139 | +€9,139 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,324 | €3,930 | +€606 | +18.2% |
| Other operating charges | 640/8 | €197 | €244 | +€47 | +24.1% |
| Gross operating margin | 9900 | €40,421 | €28,775 | -€11,647 | -28.8% |
| Operating profit (loss) | 9901 | €36,901 | €24,601 | -€12,300 | -33.3% |
| Financial income | 75/76B | €1 | €0 | -€0 | -41.2% |
| Recurring financial income | 75 | €1 | €0 | -€0 | -41.2% |
| Financial charges | 65/66B | €39 | €53 | +€14 | +35.0% |
| Recurring financial charges | 65 | €39 | €53 | +€14 | +35.0% |
| Profit (loss) for the period before taxes | 9903 | €36,862 | €24,548 | -€12,314 | -33.4% |
| Income taxes | 67/77 | €8,127 | €6,132 | -€1,995 | -24.5% |
| Profit (loss) for the period | 9904 | €28,735 | €18,416 | -€10,320 | -35.9% |
| Profit (loss) for the period to be appropriated | 9905 | €28,735 | €18,416 | -€10,320 | -35.9% |
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 27 October 2026 via checked.be.