DR. CAROLINE DENYS: what changed
DR. CAROLINE DENYS
Largest movements
- Stocks and contracts +€503,120
new in 2025: €503,120
- Receivables within one year -€185,946
down €185,946 (-76.6%), from €242,866 to €56,921
of which Other amounts receivable: -€200,613
- Receivables after one year +€148,000
new in 2025: €148,000
- Tangible fixed assets +€100,360
up €100,360 (+59.8%), from €167,844 to €268,204
of which Plant, machinery and equipment: +€109,922
- Cash +€13,062
up €13,062 (+66.8%), from €19,546 to €32,608
mainly Debts after one year (+€412,259) and Receivables within one year (+€185,946)
- Debts after one year +€412,259
up €412,259 (+112%), from €368,388 to €780,647
- Profit (loss) carried forward +€103,474
up €103,474 (+24,021%), from €431 to €103,905
- Trade debts +€29,288
up €29,288 (+6,192%), from €473 to €29,761
- Tax, wage and social debts +€24,370
up €24,370 (+146%), from €16,692 to €41,062
of which Taxes: +€22,982
- Current portion of long-term debt +€18,823
up €18,823 (+46.2%), from €40,773 to €59,596
- Gross operating margin +€148,127
up €148,127 (+1,128%), from €13,127 to €161,254
- Depreciation +€19,211
up €19,211 (+148%), from €12,984 to €32,195
- Taxes +€11,527
up €11,527 (+2,430%), from €474 to €12,001
- Staff costs +€5,433
new in 2025: €5,433
- Financial charges +€2,863
up €2,863 (+44.6%), from €6,424 to €9,286
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 | €431,756 | €1,019,971 | +€588,215 | +136% |
| Fixed assets | 21/28 | €169,344 | €268,204 | +€98,860 | +58.4% |
| Tangible fixed assets | 22/27 | €167,844 | €268,204 | +€100,360 | +59.8% |
| Land and buildings | 22 | €129,360 | €129,360 | = | 0.0% |
| Plant, machinery and equipment | 23 | €3,605 | €113,526 | +€109,922 | +3,049% |
| Furniture and vehicles | 24 | €34,880 | €25,318 | -€9,562 | -27.4% |
| Financial fixed assets | 28 | €1,500 | - | -€1,500 | |
| Current assets | 29/58 | €262,412 | €751,767 | +€489,355 | +186% |
| Amounts receivable after more than one year | 29 | - | €148,000 | +€148,000 | |
| Other amounts receivable | 291 | - | €148,000 | +€148,000 | |
| Stocks and contracts in progress | 3 | - | €503,120 | +€503,120 | |
| Stocks | 30/36 | - | €503,120 | +€503,120 | |
| Amounts receivable within one year | 40/41 | €242,866 | €56,921 | -€185,946 | -76.6% |
| Trade receivables | 40 | - | €14,668 | +€14,668 | |
| Other amounts receivable | 41 | €242,866 | €42,253 | -€200,613 | -82.6% |
| Current investments | 50/53 | - | €6,700 | +€6,700 | |
| Cash at bank and in hand | 54/58 | €19,546 | €32,608 | +€13,062 | +66.8% |
| Deferred charges and accrued income | 490/1 | - | €4,418 | +€4,418 | |
| Total equity and liabilities | 10/49 | €431,756 | €1,019,971 | +€588,215 | +136% |
| Equity | 10/15 | €5,431 | €108,905 | +€103,474 | +1,905% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €431 | €103,905 | +€103,474 | +24,021% |
| Amounts payable | 17/49 | €426,326 | €911,066 | +€484,741 | +114% |
| Amounts payable after more than one year | 17 | €368,388 | €780,647 | +€412,259 | +112% |
| Financial debts | 170/4 | €368,388 | €780,647 | +€412,259 | +112% |
| Amounts payable within one year | 42/48 | €57,938 | €130,419 | +€72,481 | +125% |
| Current portion of amounts payable after more than one year | 42 | €40,773 | €59,596 | +€18,823 | +46.2% |
| Trade debts | 44 | €473 | €29,761 | +€29,288 | +6,192% |
| Suppliers | 440/4 | €473 | €29,761 | +€29,288 | +6,192% |
| Taxes, remuneration and social security | 45 | €16,692 | €41,062 | +€24,370 | +146% |
| Taxes | 450/3 | €16,692 | €39,674 | +€22,982 | +138% |
| Remuneration and social security | 454/9 | - | €1,388 | +€1,388 | |
| Remuneration, social security and pensions | 62 | - | €5,433 | +€5,433 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,984 | €32,195 | +€19,211 | +148% |
| Other operating charges | 640/8 | €1,301 | €1,354 | +€53 | +4.1% |
| Gross operating margin | 9900 | €13,127 | €161,254 | +€148,127 | +1,128% |
| Operating profit (loss) | 9901 | -€1,158 | €122,272 | +€123,430 | |
| Financial income | 75/76B | €1,339 | €2,490 | +€1,151 | +85.9% |
| Recurring financial income | 75 | €1,339 | €2,490 | +€1,151 | +85.9% |
| Financial charges | 65/66B | €6,424 | €9,286 | +€2,863 | +44.6% |
| Recurring financial charges | 65 | €6,424 | €9,286 | +€2,863 | +44.6% |
| Profit (loss) for the period before taxes | 9903 | -€6,242 | €115,476 | +€121,718 | |
| Income taxes | 67/77 | €474 | €12,001 | +€11,527 | +2,430% |
| Profit (loss) for the period | 9904 | -€6,717 | €103,474 | +€110,191 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,717 | €103,474 | +€110,191 |
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 2 November 2026 via checked.be.