DR. CURTIS: 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. CURTIS
Largest movements
- Receivables within one year -€90,678
down €90,678 (-52.6%), from €172,294 to €81,617
- Deferred charges and accrued income +€8,002
up €8,002 (+238%), from €3,356 to €11,359
- Tangible fixed assets -€6,338
down €6,338 (-30.0%), from €21,098 to €14,760
of which Furniture and vehicles: -€4,188
- Reserves -€81,409
down €81,409 (-42.9%), from €189,919 to €108,510
of which Distributable reserves: -€81,409
- Other debts -€10,424
no longer reported in 2025 (was €10,424)
- Tax, wage and social debts +€4,273
up €4,273 (+81.6%), from €5,233 to €9,506
- Gross operating margin +€21,388
up €21,388 (+64.5%), from €33,146 to €54,534
- Taxes +€5,302
up €5,302 (+43.8%), from €12,102 to €17,404
- Depreciation -€3,233
down €3,233 (-33.8%), from €9,570 to €6,338
- Financial income -€1,971
down €1,971 (-39.2%), from €5,031 to €3,060
- Other operating charges -€1,177
down €1,177 (-46.9%), from €2,508 to €1,331
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 | €220,727 | €130,816 | -€89,911 | -40.7% |
| Fixed assets | 21/28 | €21,098 | €14,760 | -€6,338 | -30.0% |
| Tangible fixed assets | 22/27 | €21,098 | €14,760 | -€6,338 | -30.0% |
| Land and buildings | 22 | €11,403 | €9,292 | -€2,112 | -18.5% |
| Plant, machinery and equipment | 23 | €38 | €0 | -€38 | -100% |
| Furniture and vehicles | 24 | €9,657 | €5,468 | -€4,188 | -43.4% |
| Current assets | 29/58 | €199,629 | €116,056 | -€83,573 | -41.9% |
| Amounts receivable within one year | 40/41 | €172,294 | €81,617 | -€90,678 | -52.6% |
| Other amounts receivable | 41 | €172,294 | €81,617 | -€90,678 | -52.6% |
| Cash at bank and in hand | 54/58 | €23,978 | €23,081 | -€898 | -3.7% |
| Deferred charges and accrued income | 490/1 | €3,356 | €11,359 | +€8,002 | +238% |
| Total equity and liabilities | 10/49 | €220,727 | €130,816 | -€89,911 | -40.7% |
| Equity | 10/15 | €202,319 | €120,910 | -€81,409 | -40.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €189,919 | €108,510 | -€81,409 | -42.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €188,059 | €106,650 | -€81,409 | -43.3% |
| Amounts payable | 17/49 | €18,408 | €9,906 | -€8,501 | -46.2% |
| Amounts payable within one year | 42/48 | €17,050 | €9,906 | -€7,144 | -41.9% |
| Trade debts | 44 | €1,392 | €400 | -€992 | -71.3% |
| Suppliers | 440/4 | €1,392 | €400 | -€992 | -71.3% |
| Taxes, remuneration and social security | 45 | €5,233 | €9,506 | +€4,273 | +81.6% |
| Taxes | 450/3 | €5,233 | €9,506 | +€4,273 | +81.6% |
| Other amounts payable | 47/48 | €10,424 | - | -€10,424 | |
| Accrued charges and deferred income | 492/3 | €1,358 | - | -€1,358 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,570 | €6,338 | -€3,233 | -33.8% |
| Other operating charges | 640/8 | €2,508 | €1,331 | -€1,177 | -46.9% |
| Gross operating margin | 9900 | €33,146 | €54,534 | +€21,388 | +64.5% |
| Operating profit (loss) | 9901 | €21,067 | €46,865 | +€25,798 | +122% |
| Financial income | 75/76B | €5,031 | €3,060 | -€1,971 | -39.2% |
| Recurring financial income | 75 | €5,031 | €3,060 | -€1,971 | -39.2% |
| Financial charges | 65/66B | €382 | €236 | -€145 | -38.1% |
| Recurring financial charges | 65 | €382 | €236 | -€145 | -38.1% |
| Profit (loss) for the period before taxes | 9903 | €25,716 | €49,688 | +€23,972 | +93.2% |
| Income taxes | 67/77 | €12,102 | €17,404 | +€5,302 | +43.8% |
| Profit (loss) for the period | 9904 | €13,614 | €32,284 | +€18,670 | +137% |
| Profit (loss) for the period to be appropriated | 9905 | €13,614 | €32,284 | +€18,670 | +137% |
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.