Dr. DAAN DE CONINCK: 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. DAAN DE CONINCK
Largest movements
- Tangible fixed assets -€147,070
down €147,070 (-4.3%), from €3.4m to €3.3m
- Cash +€60,340
up €60,340 (+2,220%), from €2,718 to €63,058
mainly Net result for the year (+€288,153) and Depreciation (+€194,466)
- Current investments +€55,000
up €55,000 (+31.4%), from €175,000 to €230,000
- Reserves +€159,307
up €159,307 (+8.2%), from €2.0m to €2.1m
of which Distributable reserves: +€162,353
- Debts after one year -€154,257
down €154,257 (-17.7%), from €872,446 to €718,190
- Other debts -€45,319
down €45,319 (-11.7%), from €387,409 to €342,090
- Current portion of long-term debt -€43,554
down €43,554 (-22.0%), from €197,810 to €154,257
- Short-term financial debts +€41,446
up €41,446, from €0 to €41,446
- Staff costs -€43,405
down €43,405 (-19.6%), from €221,695 to €178,290
- Depreciation -€31,263
down €31,263 (-13.8%), from €225,728 to €194,466
- Financial charges +€18,420
up €18,420 (+68.7%), from €26,808 to €45,228
- Other operating charges +€16,409
up €16,409 (+215%), from €7,624 to €24,033
- Gross operating margin -€13,531
down €13,531 (-1.5%), from €886,602 to €873,071
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 | €3,638,955 | €3,610,019 | -€28,936 | -0.8% |
| Fixed assets | 21/28 | €3,448,996 | €3,301,927 | -€147,070 | -4.3% |
| Tangible fixed assets | 22/27 | €3,448,996 | €3,301,927 | -€147,070 | -4.3% |
| Land and buildings | 22 | €2,332,833 | €2,264,451 | -€68,382 | -2.9% |
| Plant, machinery and equipment | 23 | €920,593 | €849,198 | -€71,395 | -7.8% |
| Furniture and vehicles | 24 | €50,370 | €33,378 | -€16,992 | -33.7% |
| Other tangible fixed assets | 26 | €145,200 | €154,899 | +€9,699 | +6.7% |
| Current assets | 29/58 | €189,959 | €308,092 | +€118,133 | +62.2% |
| Amounts receivable within one year | 40/41 | €6,881 | €8,492 | +€1,611 | +23.4% |
| Trade receivables | 40 | €0 | €500 | +€500 | |
| Other amounts receivable | 41 | €6,881 | €7,992 | +€1,111 | +16.2% |
| Current investments | 50/53 | €175,000 | €230,000 | +€55,000 | +31.4% |
| Cash at bank and in hand | 54/58 | €2,718 | €63,058 | +€60,340 | +2,220% |
| Deferred charges and accrued income | 490/1 | €5,360 | €6,542 | +€1,182 | +22.0% |
| Total equity and liabilities | 10/49 | €3,638,955 | €3,610,019 | -€28,936 | -0.8% |
| Equity | 10/15 | €2,096,398 | €2,255,705 | +€159,307 | +7.6% |
| Contributions | 10/11 | €143,000 | €143,000 | = | 0.0% |
| Reserves | 13 | €1,953,398 | €2,112,705 | +€159,307 | +8.2% |
| Tax-exempt reserves | 132 | €68,061 | €65,015 | -€3,046 | -4.5% |
| Distributable reserves | 133 | €1,885,337 | €2,047,690 | +€162,353 | +8.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €10,976 | €9,960 | -€1,015 | -9.3% |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Pensions and similar obligations | 160 | €0 | - | = | |
| Deferred taxes | 168 | €10,976 | €9,960 | -€1,015 | -9.3% |
| Amounts payable | 17/49 | €1,531,582 | €1,344,353 | -€187,228 | -12.2% |
| Amounts payable after more than one year | 17 | €872,446 | €718,190 | -€154,257 | -17.7% |
| Financial debts | 170/4 | €872,446 | €718,190 | -€154,257 | -17.7% |
| Amounts payable within one year | 42/48 | €655,189 | €597,840 | -€57,348 | -8.8% |
| Current portion of amounts payable after more than one year | 42 | €197,810 | €154,257 | -€43,554 | -22.0% |
| Financial debts | 43 | €0 | €41,446 | +€41,446 | |
| Credit institutions | 430/8 | €0 | €41,446 | +€41,446 | |
| Trade debts | 44 | €12,478 | €7,238 | -€5,239 | -42.0% |
| Suppliers | 440/4 | €12,478 | €7,238 | -€5,239 | -42.0% |
| Advances received on contracts in progress | 46 | - | €500 | +€500 | |
| Taxes, remuneration and social security | 45 | €57,492 | €52,310 | -€5,182 | -9.0% |
| Taxes | 450/3 | €31,953 | €30,592 | -€1,362 | -4.3% |
| Remuneration and social security | 454/9 | €25,539 | €21,718 | -€3,821 | -15.0% |
| Other amounts payable | 47/48 | €387,409 | €342,090 | -€45,319 | -11.7% |
| Accrued charges and deferred income | 492/3 | €3,947 | €28,324 | +€24,377 | +618% |
| Remuneration, social security and pensions | 62 | €221,695 | €178,290 | -€43,405 | -19.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €225,728 | €194,466 | -€31,263 | -13.8% |
| Other operating charges | 640/8 | €7,624 | €24,033 | +€16,409 | +215% |
| Gross operating margin | 9900 | €886,602 | €873,071 | -€13,531 | -1.5% |
| Operating profit (loss) | 9901 | €431,554 | €476,282 | +€44,728 | +10.4% |
| Financial income | 75/76B | €3,470 | €2,598 | -€872 | -25.1% |
| Recurring financial income | 75 | €3,470 | €2,598 | -€872 | -25.1% |
| Financial charges | 65/66B | €26,808 | €45,228 | +€18,420 | +68.7% |
| Recurring financial charges | 65 | €26,808 | €45,228 | +€18,420 | +68.7% |
| Profit (loss) for the period before taxes | 9903 | €408,216 | €433,652 | +€25,436 | +6.2% |
| Transfer from deferred taxes | 780 | €6,619 | €1,015 | -€5,603 | -84.7% |
| Income taxes | 67/77 | €147,114 | €146,514 | -€600 | -0.4% |
| Profit (loss) for the period | 9904 | €267,721 | €288,153 | +€20,432 | +7.6% |
| Transfer from tax-exempt reserves | 789 | €19,856 | €3,046 | -€16,810 | -84.7% |
| Profit (loss) for the period to be appropriated | 9905 | €287,576 | €291,199 | +€3,623 | +1.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.