Dr. David Logé: 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 Logé
Largest movements
- Current investments +€125,000
up €125,000 (+50.0%), from €250,000 to €375,000
- Deferred charges and accrued income +€88,549
up €88,549 (+30.0%), from €295,056 to €383,605
- Cash +€69,717
up €69,717 (+18.4%), from €378,758 to €448,475
mainly Net result for the year (+€401,791) and Tax, wage and social debts (+€30,496)
- Reserves +€285,528
up €285,528 (+24.9%), from €1.1m to €1.4m
of which Non-distributable reserves: +€285,528
- Tax, wage and social debts +€30,496
up €30,496 (+52.4%), from €58,148 to €88,643
- Debts after one year -€26,071
down €26,071 (-12.8%), from €204,111 to €178,040
- Other debts -€20,291
down €20,291 (-50.6%), from €40,078 to €19,787
- Gross operating margin +€157,334
up €157,334 (+34.1%), from €460,883 to €618,217
- Taxes +€56,275
up €56,275 (+44.0%), from €127,950 to €184,225
- Depreciation -€19,449
down €19,449 (-44.0%), from €44,213 to €24,763
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 | €1,525,047 | €1,798,567 | +€273,521 | +17.9% |
| Fixed assets | 21/28 | €601,217 | €591,487 | -€9,730 | -1.6% |
| Tangible fixed assets | 22/27 | €601,217 | €591,487 | -€9,730 | -1.6% |
| Land and buildings | 22 | €581,902 | €572,575 | -€9,327 | -1.6% |
| Plant, machinery and equipment | 23 | €1,847 | €3,721 | +€1,873 | +101% |
| Furniture and vehicles | 24 | €8,666 | €7,929 | -€737 | -8.5% |
| Other tangible fixed assets | 26 | €8,801 | €7,262 | -€1,539 | -17.5% |
| Current assets | 29/58 | €923,830 | €1,207,080 | +€283,251 | +30.7% |
| Amounts receivable within one year | 40/41 | €16 | - | -€16 | |
| Trade receivables | 40 | €16 | - | -€16 | |
| Current investments | 50/53 | €250,000 | €375,000 | +€125,000 | +50.0% |
| Cash at bank and in hand | 54/58 | €378,758 | €448,475 | +€69,717 | +18.4% |
| Deferred charges and accrued income | 490/1 | €295,056 | €383,605 | +€88,549 | +30.0% |
| Total equity and liabilities | 10/49 | €1,525,047 | €1,798,567 | +€273,521 | +17.9% |
| Equity | 10/15 | €1,157,711 | €1,443,239 | +€285,528 | +24.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,145,311 | €1,430,839 | +€285,528 | +24.9% |
| Non-distributable reserves | 130/1 | €1,142,755 | €1,428,283 | +€285,528 | +25.0% |
| Other | 1319 | €1,142,755 | €1,428,283 | +€285,528 | +25.0% |
| Tax-exempt reserves | 132 | €516 | €516 | = | 0.0% |
| Distributable reserves | 133 | €2,040 | €2,040 | = | 0.0% |
| Amounts payable | 17/49 | €367,336 | €355,329 | -€12,007 | -3.3% |
| Amounts payable after more than one year | 17 | €204,111 | €178,040 | -€26,071 | -12.8% |
| Financial debts | 170/4 | €204,111 | €178,040 | -€26,071 | -12.8% |
| Amounts payable within one year | 42/48 | €130,648 | €143,541 | +€12,892 | +9.9% |
| Current portion of amounts payable after more than one year | 42 | €25,304 | €26,071 | +€767 | +3.0% |
| Trade debts | 44 | €7,119 | €9,039 | +€1,921 | +27.0% |
| Suppliers | 440/4 | €7,119 | €9,039 | +€1,921 | +27.0% |
| Taxes, remuneration and social security | 45 | €58,148 | €88,643 | +€30,496 | +52.4% |
| Taxes | 450/3 | €58,148 | €88,643 | +€30,496 | +52.4% |
| Other amounts payable | 47/48 | €40,078 | €19,787 | -€20,291 | -50.6% |
| Accrued charges and deferred income | 492/3 | €32,577 | €33,748 | +€1,171 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,213 | €24,763 | -€19,449 | -44.0% |
| Other operating charges | 640/8 | €2,393 | €2,471 | +€78 | +3.3% |
| Non-recurring operating charges | 66A | - | €63 | +€63 | |
| Gross operating margin | 9900 | €460,883 | €618,217 | +€157,334 | +34.1% |
| Operating profit (loss) | 9901 | €414,278 | €590,920 | +€176,642 | +42.6% |
| Financial income | 75/76B | €7,393 | €5,542 | -€1,852 | -25.0% |
| Recurring financial income | 75 | €7,393 | €5,542 | -€1,852 | -25.0% |
| Financial charges | 65/66B | €12,273 | €10,446 | -€1,827 | -14.9% |
| Recurring financial charges | 65 | €12,273 | €10,446 | -€1,827 | -14.9% |
| Profit (loss) for the period before taxes | 9903 | €409,399 | €586,016 | +€176,617 | +43.1% |
| Income taxes | 67/77 | €127,950 | €184,225 | +€56,275 | +44.0% |
| Profit (loss) for the period | 9904 | €281,449 | €401,791 | +€120,342 | +42.8% |
| Profit (loss) for the period to be appropriated | 9905 | €281,449 | €401,791 | +€120,342 | +42.8% |
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 26 October 2026 via checked.be.