DR. BRECHT VALCKE: 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 VALCKE
Largest movements
- Cash +€94,641
up €94,641 (+239%), from €39,547 to €134,188
mainly Net result for the year (+€182,931) and Debts after one year (+€31,354)
- Current investments +€60,000
new in 2025: €60,000
- Receivables after one year +€35,000
new in 2025: €35,000
- Deferred charges and accrued income +€15,165
new in 2025: €15,165
- Tangible fixed assets +€14,384
new in 2025: €14,384
- Reserves +€182,931
up €182,931 (+672%), from €27,208 to €210,139
- Debts after one year +€31,354
new in 2025: €31,354
- Current portion of long-term debt +€3,646
new in 2025: €3,646
- Accrued charges and deferred income -€3,041
down €3,041 (-100%), from €3,041 to €0
- Tax, wage and social debts +€2,680
up €2,680 (+38.3%), from €6,997 to €9,677
- Gross operating margin +€203,428
up €203,428 (+579%), from €35,124 to €238,552
- Taxes +€47,808
up €47,808 (+683%), from €6,997 to €54,806
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 | €40,944 | €258,737 | +€217,794 | +532% |
| Formation expenses | 20 | €1,397 | €0 | -€1,397 | -100% |
| Fixed assets | 21/28 | - | €14,384 | +€14,384 | |
| Tangible fixed assets | 22/27 | - | €14,384 | +€14,384 | |
| Other tangible fixed assets | 26 | - | €14,384 | +€14,384 | |
| Current assets | 29/58 | €39,547 | €244,353 | +€204,806 | +518% |
| Amounts receivable after more than one year | 29 | - | €35,000 | +€35,000 | |
| Other amounts receivable | 291 | - | €35,000 | +€35,000 | |
| Current investments | 50/53 | - | €60,000 | +€60,000 | |
| Cash at bank and in hand | 54/58 | €39,547 | €134,188 | +€94,641 | +239% |
| Deferred charges and accrued income | 490/1 | - | €15,165 | +€15,165 | |
| Total equity and liabilities | 10/49 | €40,944 | €258,737 | +€217,794 | +532% |
| Equity | 10/15 | €30,208 | €213,139 | +€182,931 | +606% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €27,208 | €210,139 | +€182,931 | +672% |
| Distributable reserves | 133 | €27,208 | €210,139 | +€182,931 | +672% |
| Amounts payable | 17/49 | €10,736 | €45,598 | +€34,863 | +325% |
| Amounts payable after more than one year | 17 | - | €31,354 | +€31,354 | |
| Financial debts | 170/4 | - | €31,354 | +€31,354 | |
| Amounts payable within one year | 42/48 | €7,695 | €14,244 | +€6,549 | +85.1% |
| Current portion of amounts payable after more than one year | 42 | - | €3,646 | +€3,646 | |
| Trade debts | 44 | €399 | €622 | +€223 | +56.0% |
| Suppliers | 440/4 | €399 | €622 | +€223 | +56.0% |
| Taxes, remuneration and social security | 45 | €6,997 | €9,677 | +€2,680 | +38.3% |
| Taxes | 450/3 | €6,997 | €9,677 | +€2,680 | +38.3% |
| Other amounts payable | 47/48 | €299 | €299 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €3,041 | €0 | -€3,041 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €282 | €2,270 | +€1,988 | +706% |
| Other operating charges | 640/8 | €504 | €130 | -€374 | -74.3% |
| Gross operating margin | 9900 | €35,124 | €238,552 | +€203,428 | +579% |
| Operating profit (loss) | 9901 | €34,338 | €236,152 | +€201,814 | +588% |
| Financial income | 75/76B | €2 | €1,772 | +€1,769 | +71,057% |
| Recurring financial income | 75 | €2 | €1,772 | +€1,769 | +71,057% |
| Financial charges | 65/66B | €135 | €188 | +€52 | +38.7% |
| Recurring financial charges | 65 | €135 | €188 | +€52 | +38.7% |
| Profit (loss) for the period before taxes | 9903 | €34,206 | €237,737 | +€203,531 | +595% |
| Income taxes | 67/77 | €6,997 | €54,806 | +€47,808 | +683% |
| Profit (loss) for the period | 9904 | €27,208 | €182,931 | +€155,723 | +572% |
| Profit (loss) for the period to be appropriated | 9905 | €27,208 | €182,931 | +€155,723 | +572% |
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 17 October 2026 via checked.be.