DR. CLEO DE BACKER: 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. CLEO DE BACKER
Largest movements
- Cash +€97,351
up €97,351 (+94.3%), from €103,222 to €200,573
mainly Net result for the year (+€210,162) and Tax, wage and social debts (+€27,740)
- Receivables after one year +€66,000
new in 2025: €66,000
- Receivables within one year +€41,907
up €41,907 (+132%), from €31,727 to €73,633
of which Trade receivables: +€41,059
- Current investments +€34,011
up €34,011 (+113%), from €30,000 to €64,011
- Tangible fixed assets -€12,806
down €12,806 (-29.6%), from €43,224 to €30,418
of which Furniture and vehicles: -€12,417
- Reserves +€210,162
up €210,162 (+169%), from €124,240 to €334,402
- Tax, wage and social debts +€27,740
up €27,740 (+75.7%), from €36,633 to €64,373
- Debts after one year -€12,308
down €12,308 (-40.2%), from €30,584 to €18,276
- Gross operating margin +€102,329
up €102,329 (+55.3%), from €185,182 to €287,511
- Taxes +€28,003
up €28,003 (+76.4%), from €36,633 to €64,636
- Depreciation -€7,268
down €7,268 (-36.2%), from €20,074 to €12,806
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 | €208,367 | €434,636 | +€226,269 | +109% |
| Fixed assets | 21/28 | €43,224 | €30,418 | -€12,806 | -29.6% |
| Tangible fixed assets | 22/27 | €43,224 | €30,418 | -€12,806 | -29.6% |
| Plant, machinery and equipment | 23 | €1,582 | €1,193 | -€389 | -24.6% |
| Furniture and vehicles | 24 | €41,642 | €29,225 | -€12,417 | -29.8% |
| Current assets | 29/58 | €165,143 | €404,218 | +€239,075 | +145% |
| Amounts receivable after more than one year | 29 | - | €66,000 | +€66,000 | |
| Other amounts receivable | 291 | - | €66,000 | +€66,000 | |
| Amounts receivable within one year | 40/41 | €31,727 | €73,633 | +€41,907 | +132% |
| Trade receivables | 40 | €31,727 | €72,786 | +€41,059 | +129% |
| Other amounts receivable | 41 | - | €848 | +€848 | |
| Current investments | 50/53 | €30,000 | €64,011 | +€34,011 | +113% |
| Cash at bank and in hand | 54/58 | €103,222 | €200,573 | +€97,351 | +94.3% |
| Deferred charges and accrued income | 490/1 | €194 | - | -€194 | |
| Total equity and liabilities | 10/49 | €208,367 | €434,636 | +€226,269 | +109% |
| Equity | 10/15 | €129,240 | €339,402 | +€210,162 | +163% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €124,240 | €334,402 | +€210,162 | +169% |
| Distributable reserves | 133 | €124,240 | €334,402 | +€210,162 | +169% |
| Amounts payable | 17/49 | €79,128 | €95,234 | +€16,107 | +20.4% |
| Amounts payable after more than one year | 17 | €30,584 | €18,276 | -€12,308 | -40.2% |
| Financial debts | 170/4 | €30,584 | €18,276 | -€12,308 | -40.2% |
| Amounts payable within one year | 42/48 | €48,543 | €76,958 | +€28,415 | +58.5% |
| Current portion of amounts payable after more than one year | 42 | €11,839 | €12,308 | +€469 | +4.0% |
| Taxes, remuneration and social security | 45 | €36,633 | €64,373 | +€27,740 | +75.7% |
| Taxes | 450/3 | €36,633 | €64,373 | +€27,740 | +75.7% |
| Other amounts payable | 47/48 | €71 | €277 | +€206 | +289% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,074 | €12,806 | -€7,268 | -36.2% |
| Other operating charges | 640/8 | €756 | €726 | -€31 | -4.1% |
| Gross operating margin | 9900 | €185,182 | €287,511 | +€102,329 | +55.3% |
| Operating profit (loss) | 9901 | €164,351 | €273,979 | +€109,627 | +66.7% |
| Financial income | 75/76B | - | €2,480 | +€2,480 | |
| Recurring financial income | 75 | - | €2,480 | +€2,480 | |
| Financial charges | 65/66B | €3,479 | €1,660 | -€1,818 | -52.3% |
| Recurring financial charges | 65 | €3,479 | €1,660 | -€1,818 | -52.3% |
| Profit (loss) for the period before taxes | 9903 | €160,873 | €274,798 | +€113,926 | +70.8% |
| Income taxes | 67/77 | €36,633 | €64,636 | +€28,003 | +76.4% |
| Profit (loss) for the period | 9904 | €124,240 | €210,162 | +€85,922 | +69.2% |
| Profit (loss) for the period to be appropriated | 9905 | €124,240 | €210,162 | +€85,922 | +69.2% |
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 29 October 2026 via checked.be.