Dr. David Dufour: 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. David Dufour
Largest movements
- Cash +€151,686
up €151,686 (+29.4%), from €516,346 to €668,031
mainly Net result for the year (+€151,793) and Depreciation (+€3,788)
- Reserves +€151,790
up €151,790 (+29.4%), from €516,460 to €668,250
- Gross operating margin +€16,511
up €16,511 (+7.9%), from €208,271 to €224,782
- Taxes +€5,333
up €5,333 (+9.0%), from €59,386 to €64,719
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 | €528,552 | €678,071 | +€149,519 | +28.3% |
| Fixed assets | 21/28 | €7,799 | €5,520 | -€2,279 | -29.2% |
| Tangible fixed assets | 22/27 | €7,799 | €5,520 | -€2,279 | -29.2% |
| Land and buildings | 22 | €1,464 | €732 | -€732 | -50.0% |
| Plant, machinery and equipment | 23 | €2,223 | €2,555 | +€332 | +14.9% |
| Furniture and vehicles | 24 | €4,113 | €2,234 | -€1,879 | -45.7% |
| Current assets | 29/58 | €520,753 | €672,551 | +€151,798 | +29.1% |
| Amounts receivable within one year | 40/41 | €232 | €254 | +€23 | +9.8% |
| Other amounts receivable | 41 | €232 | €254 | +€23 | +9.8% |
| Cash at bank and in hand | 54/58 | €516,346 | €668,031 | +€151,686 | +29.4% |
| Deferred charges and accrued income | 490/1 | €4,175 | €4,265 | +€90 | +2.2% |
| Total equity and liabilities | 10/49 | €528,552 | €678,071 | +€149,519 | +28.3% |
| Equity | 10/15 | €517,813 | €669,606 | +€151,793 | +29.3% |
| Contributions | 10/11 | €200 | €200 | = | 0.0% |
| Reserves | 13 | €516,460 | €668,250 | +€151,790 | +29.4% |
| Distributable reserves | 133 | €516,460 | €668,250 | +€151,790 | +29.4% |
| Profit (loss) carried forward | 14 | €1,153 | €1,156 | +€3 | +0.3% |
| Amounts payable | 17/49 | €10,739 | €8,465 | -€2,274 | -21.2% |
| Amounts payable within one year | 42/48 | €10,739 | €8,465 | -€2,274 | -21.2% |
| Trade debts | 44 | €1,353 | €1,015 | -€338 | -25.0% |
| Suppliers | 440/4 | €1,353 | €1,015 | -€338 | -25.0% |
| Taxes, remuneration and social security | 45 | €9,386 | €7,450 | -€1,936 | -20.6% |
| Taxes | 450/3 | €9,386 | €4,719 | -€4,667 | -49.7% |
| Remuneration and social security | 454/9 | - | €2,731 | +€2,731 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,082 | €3,788 | -€293 | -7.2% |
| Other operating charges | 640/8 | €918 | €844 | -€74 | -8.1% |
| Gross operating margin | 9900 | €208,271 | €224,782 | +€16,511 | +7.9% |
| Operating profit (loss) | 9901 | €203,271 | €220,150 | +€16,878 | +8.3% |
| Financial income | 75/76B | €35 | €16 | -€18 | -52.9% |
| Recurring financial income | 75 | €35 | €16 | -€18 | -52.9% |
| Financial charges | 65/66B | €4,353 | €3,653 | -€700 | -16.1% |
| Recurring financial charges | 65 | €4,353 | €3,653 | -€700 | -16.1% |
| Profit (loss) for the period before taxes | 9903 | €198,953 | €216,513 | +€17,560 | +8.8% |
| Income taxes | 67/77 | €59,386 | €64,719 | +€5,333 | +9.0% |
| Profit (loss) for the period | 9904 | €139,567 | €151,793 | +€12,226 | +8.8% |
| Profit (loss) for the period to be appropriated | 9905 | €139,567 | €151,793 | +€12,226 | +8.8% |
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 18 October 2026 via checked.be.