Dr. Bruno Deboeck: 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. Bruno Deboeck
Largest movements
- Cash -€65,600
down €65,600 (-72.7%), from €90,208 to €24,608
mainly Investment in fixed assets (net) (-€103,194) and Contributions, distributions and other (-€95,800)
- Receivables within one year +€48,618
up €48,618 (+118%), from €41,148 to €89,766
of which Other amounts receivable: +€47,650
- Current investments +€36,500
up €36,500 (+14,600%), from €250 to €36,750
- Tangible fixed assets +€20,022
up €20,022 (+2.2%), from €926,703 to €946,725
of which Leasing and similar rights: +€10,397
- Debts after one year -€78,695
down €78,695 (-14.4%), from €545,743 to €467,048
- Other debts +€77,895
up €77,895 (+169%), from €45,985 to €123,880
- Profit (loss) carried forward +€52,074
up €52,074, from -€9,347 to €42,727
- Tax, wage and social debts -€33,735
down €33,735 (-62.4%), from €54,039 to €20,303
of which Taxes: -€39,499
- Staff costs +€32,295
new in 2025: €32,295
- Gross operating margin +€27,350
up €27,350 (+8.4%), from €325,935 to €353,285
- Other operating charges -€15,043
down €15,043 (-52.7%), from €28,535 to €13,492
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 | €1,069,516 | €1,101,454 | +€31,938 | +3.0% |
| Fixed assets | 21/28 | €930,115 | €949,160 | +€19,045 | +2.0% |
| Intangible fixed assets | 21 | €3,413 | €2,435 | -€978 | -28.6% |
| Tangible fixed assets | 22/27 | €926,703 | €946,725 | +€20,022 | +2.2% |
| Land and buildings | 22 | €7,643 | €7,379 | -€264 | -3.4% |
| Plant, machinery and equipment | 23 | €55,129 | €58,098 | +€2,969 | +5.4% |
| Furniture and vehicles | 24 | €4,612 | €4,573 | -€39 | -0.8% |
| Leasing and similar rights | 25 | €210,477 | €220,874 | +€10,397 | +4.9% |
| Other tangible fixed assets | 26 | €648,842 | €655,801 | +€6,958 | +1.1% |
| Current assets | 29/58 | €139,401 | €152,294 | +€12,894 | +9.2% |
| Amounts receivable after more than one year | 29 | €7,795 | - | -€7,795 | |
| Other amounts receivable | 291 | €7,795 | - | -€7,795 | |
| Amounts receivable within one year | 40/41 | €41,148 | €89,766 | +€48,618 | +118% |
| Trade receivables | 40 | €41,148 | €42,116 | +€968 | +2.4% |
| Other amounts receivable | 41 | - | €47,650 | +€47,650 | |
| Current investments | 50/53 | €250 | €36,750 | +€36,500 | +14,600% |
| Cash at bank and in hand | 54/58 | €90,208 | €24,608 | -€65,600 | -72.7% |
| Deferred charges and accrued income | 490/1 | - | €1,171 | +€1,171 | |
| Total equity and liabilities | 10/49 | €1,069,516 | €1,101,454 | +€31,938 | +3.0% |
| Equity | 10/15 | €345,653 | €392,727 | +€47,074 | +13.6% |
| Reserves | 13 | €355,000 | €350,000 | -€5,000 | -1.4% |
| Distributable reserves | 133 | €355,000 | €350,000 | -€5,000 | -1.4% |
| Profit (loss) carried forward | 14 | -€9,347 | €42,727 | +€52,074 | |
| Amounts payable | 17/49 | €723,863 | €708,727 | -€15,136 | -2.1% |
| Amounts payable after more than one year | 17 | €545,743 | €467,048 | -€78,695 | -14.4% |
| Financial debts | 170/4 | €545,743 | €467,048 | -€78,695 | -14.4% |
| Amounts payable within one year | 42/48 | €178,120 | €241,679 | +€63,559 | +35.7% |
| Current portion of amounts payable after more than one year | 42 | €77,862 | €87,560 | +€9,698 | +12.5% |
| Trade debts | 44 | €234 | €9,935 | +€9,701 | +4,146% |
| Suppliers | 440/4 | €234 | €9,935 | +€9,701 | +4,146% |
| Taxes, remuneration and social security | 45 | €54,039 | €20,303 | -€33,735 | -62.4% |
| Taxes | 450/3 | €54,039 | €14,540 | -€39,499 | -73.1% |
| Remuneration and social security | 454/9 | - | €5,763 | +€5,763 | |
| Other amounts payable | 47/48 | €45,985 | €123,880 | +€77,895 | +169% |
| Remuneration, social security and pensions | 62 | - | €32,295 | +€32,295 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,245 | €84,149 | -€96 | -0.1% |
| Other operating charges | 640/8 | €28,535 | €13,492 | -€15,043 | -52.7% |
| Gross operating margin | 9900 | €325,935 | €353,285 | +€27,350 | +8.4% |
| Operating profit (loss) | 9901 | €213,155 | €223,348 | +€10,194 | +4.8% |
| Financial income | 75/76B | €852 | €1,983 | +€1,131 | +133% |
| Recurring financial income | 75 | €852 | €1,983 | +€1,131 | +133% |
| Financial charges | 65/66B | €20,796 | €22,792 | +€1,996 | +9.6% |
| Recurring financial charges | 65 | €20,796 | €22,792 | +€1,996 | +9.6% |
| Profit (loss) for the period before taxes | 9903 | €193,210 | €202,539 | +€9,328 | +4.8% |
| Income taxes | 67/77 | €57,866 | €59,664 | +€1,798 | +3.1% |
| Profit (loss) for the period | 9904 | €135,344 | €142,874 | +€7,530 | +5.6% |
| Profit (loss) for the period to be appropriated | 9905 | €135,344 | €142,874 | +€7,530 | +5.6% |
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 30 October 2026 via checked.be.