Dr. David Degrauwe: what changed
Dr. David Degrauwe
Largest movements
- Tangible fixed assets +€103,174
up €103,174 (+729%), from €14,157 to €117,331
of which Land and buildings: +€106,845
- Intangible fixed assets +€33,638
new in 2025: €33,638
- Current investments +€20,000
new in 2025: €20,000
- Cash -€10,388
down €10,388 (-26.9%), from €38,574 to €28,186
mainly Investment in fixed assets (net) (-€142,749) and Current investments (-€20,000)
- Deferred charges and accrued income -€9,149
down €9,149 (-32.9%), from €27,798 to €18,649
- Debts after one year +€89,317
new in 2025: €89,317
- Reserves +€55,340
up €55,340 (+88.9%), from €62,217 to €117,558
- Short-term financial debts +€8,546
new in 2025: €8,546
- Tax, wage and social debts -€5,554
down €5,554 (-62.1%), from €8,943 to €3,389
of which Taxes: -€6,853
- Accrued charges and deferred income -€5,351
no longer reported in 2025 (was €5,351)
- Other operating charges +€12,329
up €12,329 (+894%), from €1,378 to €13,707
- Gross operating margin +€7,319
up €7,319 (+8.7%), from €84,324 to €91,643
- Depreciation +€2,961
up €2,961 (+99.5%), from €2,975 to €5,937
- Taxes -€2,169
down €2,169 (-12.8%), from €16,943 to €14,775
- Financial charges +€1,259
up €1,259 (+2,517%), from €50 to €1,309
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 | €82,797 | €223,377 | +€140,580 | +170% |
| Fixed assets | 21/28 | €14,157 | €150,969 | +€136,812 | +966% |
| Intangible fixed assets | 21 | - | €33,638 | +€33,638 | |
| Tangible fixed assets | 22/27 | €14,157 | €117,331 | +€103,174 | +729% |
| Land and buildings | 22 | - | €106,845 | +€106,845 | |
| Furniture and vehicles | 24 | €14,157 | €10,486 | -€3,671 | -25.9% |
| Current assets | 29/58 | €68,640 | €72,408 | +€3,768 | +5.5% |
| Amounts receivable within one year | 40/41 | €2,267 | €5,573 | +€3,305 | +146% |
| Other amounts receivable | 41 | €2,267 | €5,573 | +€3,305 | +146% |
| Current investments | 50/53 | - | €20,000 | +€20,000 | |
| Cash at bank and in hand | 54/58 | €38,574 | €28,186 | -€10,388 | -26.9% |
| Deferred charges and accrued income | 490/1 | €27,798 | €18,649 | -€9,149 | -32.9% |
| Total equity and liabilities | 10/49 | €82,797 | €223,377 | +€140,580 | +170% |
| Equity | 10/15 | €65,217 | €120,558 | +€55,340 | +84.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €62,217 | €117,558 | +€55,340 | +88.9% |
| Distributable reserves | 133 | €62,217 | €117,558 | +€55,340 | +88.9% |
| Amounts payable | 17/49 | €17,579 | €102,819 | +€85,240 | +485% |
| Amounts payable after more than one year | 17 | - | €89,317 | +€89,317 | |
| Financial debts | 170/4 | - | €89,317 | +€89,317 | |
| Amounts payable within one year | 42/48 | €12,229 | €13,502 | +€1,274 | +10.4% |
| Financial debts | 43 | - | €8,546 | +€8,546 | |
| Credit institutions | 430/8 | - | €8,546 | +€8,546 | |
| Trade debts | 44 | €2,452 | €733 | -€1,719 | -70.1% |
| Suppliers | 440/4 | €2,452 | €733 | -€1,719 | -70.1% |
| Taxes, remuneration and social security | 45 | €8,943 | €3,389 | -€5,554 | -62.1% |
| Taxes | 450/3 | €8,943 | €2,090 | -€6,853 | -76.6% |
| Remuneration and social security | 454/9 | - | €1,299 | +€1,299 | |
| Other amounts payable | 47/48 | €833 | €833 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €5,351 | - | -€5,351 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,975 | €5,937 | +€2,961 | +99.5% |
| Other operating charges | 640/8 | €1,378 | €13,707 | +€12,329 | +894% |
| Gross operating margin | 9900 | €84,324 | €91,643 | +€7,319 | +8.7% |
| Operating profit (loss) | 9901 | €79,970 | €71,999 | -€7,971 | -10.0% |
| Financial income | 75/76B | €74 | €258 | +€184 | +248% |
| Recurring financial income | 75 | €74 | €258 | +€184 | +248% |
| Financial charges | 65/66B | €50 | €1,309 | +€1,259 | +2,517% |
| Recurring financial charges | 65 | €50 | €1,309 | +€1,259 | +2,517% |
| Profit (loss) for the period before taxes | 9903 | €79,994 | €70,948 | -€9,046 | -11.3% |
| Income taxes | 67/77 | €16,943 | €14,775 | -€2,169 | -12.8% |
| Profit (loss) for the period | 9904 | €63,050 | €56,173 | -€6,877 | -10.9% |
| Profit (loss) for the period to be appropriated | 9905 | €63,050 | €56,173 | -€6,877 | -10.9% |
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 4 November 2026 via checked.be.