DR. DANY DE BELDER: 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. DANY DE BELDER
Largest movements
- Cash +€34,647
up €34,647 (+16.6%), from €208,893 to €243,540
mainly Net result for the year (+€51,425) and Depreciation (+€28,195)
- Current investments +€26,613
up €26,613 (+9.9%), from €268,613 to €295,226
- Tangible fixed assets -€25,998
down €25,998 (-5.0%), from €523,596 to €497,597
of which Land and buildings: -€16,473
- Reserves +€30,585
up €30,585 (+3.2%), from €948,207 to €978,792
of which Distributable reserves: +€34,726
- Other debts +€16,468
up €16,468 (+128%), from €12,888 to €29,356
- Gross operating margin +€18,612
up €18,612 (+27.9%), from €66,753 to €85,365
- Depreciation +€4,032
up €4,032 (+16.7%), from €24,163 to €28,195
- Taxes +€3,885
up €3,885 (+22.3%), from €17,437 to €21,322
- Financial income +€1,355
up €1,355 (+7.6%), from €17,849 to €19,204
- Financial charges +€1,116
up €1,116 (+69.6%), from €1,602 to €2,718
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 | €1,018,636 | €1,064,199 | +€45,563 | +4.5% |
| Fixed assets | 21/28 | €523,596 | €497,597 | -€25,998 | -5.0% |
| Tangible fixed assets | 22/27 | €523,596 | €497,597 | -€25,998 | -5.0% |
| Land and buildings | 22 | €475,658 | €459,185 | -€16,473 | -3.5% |
| Furniture and vehicles | 24 | €47,937 | €38,412 | -€9,525 | -19.9% |
| Current assets | 29/58 | €495,041 | €566,602 | +€71,561 | +14.5% |
| Amounts receivable within one year | 40/41 | €17,535 | €27,836 | +€10,301 | +58.7% |
| Trade receivables | 40 | €9,749 | €27,050 | +€17,301 | +177% |
| Other amounts receivable | 41 | €7,786 | €786 | -€7,000 | -89.9% |
| Current investments | 50/53 | €268,613 | €295,226 | +€26,613 | +9.9% |
| Cash at bank and in hand | 54/58 | €208,893 | €243,540 | +€34,647 | +16.6% |
| Total equity and liabilities | 10/49 | €1,018,636 | €1,064,199 | +€45,563 | +4.5% |
| Equity | 10/15 | €966,807 | €997,392 | +€30,585 | +3.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €948,207 | €978,792 | +€30,585 | +3.2% |
| Tax-exempt reserves | 132 | €74,537 | €70,396 | -€4,141 | -5.6% |
| Distributable reserves | 133 | €873,670 | €908,396 | +€34,726 | +4.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €38,381 | €36,248 | -€2,132 | -5.6% |
| Deferred taxes | 168 | €38,381 | €36,248 | -€2,132 | -5.6% |
| Amounts payable | 17/49 | €13,449 | €30,559 | +€17,110 | +127% |
| Amounts payable within one year | 42/48 | €13,449 | €30,559 | +€17,110 | +127% |
| Trade debts | 44 | €173 | €0 | -€173 | -100% |
| Suppliers | 440/4 | €173 | €0 | -€173 | -100% |
| Taxes, remuneration and social security | 45 | €388 | €1,203 | +€815 | +210% |
| Taxes | 450/3 | €388 | €1,203 | +€815 | +210% |
| Other amounts payable | 47/48 | €12,888 | €29,356 | +€16,468 | +128% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,163 | €28,195 | +€4,032 | +16.7% |
| Other operating charges | 640/8 | €3,204 | €3,041 | -€162 | -5.1% |
| Gross operating margin | 9900 | €66,753 | €85,365 | +€18,612 | +27.9% |
| Operating profit (loss) | 9901 | €39,386 | €54,128 | +€14,742 | +37.4% |
| Financial income | 75/76B | €17,849 | €19,204 | +€1,355 | +7.6% |
| Recurring financial income | 75 | €17,849 | €19,204 | +€1,355 | +7.6% |
| Financial charges | 65/66B | €1,602 | €2,718 | +€1,116 | +69.6% |
| Recurring financial charges | 65 | €1,602 | €2,718 | +€1,116 | +69.6% |
| Profit (loss) for the period before taxes | 9903 | €55,633 | €70,615 | +€14,982 | +26.9% |
| Transfer from deferred taxes | 780 | €2,132 | €2,132 | = | 0.0% |
| Income taxes | 67/77 | €17,437 | €21,322 | +€3,885 | +22.3% |
| Profit (loss) for the period | 9904 | €40,329 | €51,425 | +€11,096 | +27.5% |
| Transfer from tax-exempt reserves | 789 | €4,141 | €4,141 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €44,470 | €55,566 | +€11,096 | +25.0% |
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 31 October 2026 via checked.be.