DR. DAVY HAEGEMAN: 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. DAVY HAEGEMAN
Largest movements
- Cash +€43,445
up €43,445 (+88.9%), from €48,877 to €92,322
mainly Net result for the year (+€81,230) and Depreciation (+€29,524)
- Tangible fixed assets -€29,524
down €29,524 (-4.4%), from €666,437 to €636,914
of which Land and buildings: -€23,929
- Deferred charges and accrued income -€12,740
down €12,740 (-95.9%), from €13,288 to €548
- Debts after one year -€28,635
down €28,635 (-17.4%), from €164,606 to €135,970
- Other debts +€15,517
up €15,517 (+184%), from €8,439 to €23,955
- Reserves +€12,377
up €12,377 (+2.5%), from €485,928 to €498,304
of which Distributable reserves: +€12,377
- Tax, wage and social debts +€11,493
up €11,493 (+91.3%), from €12,582 to €24,074
of which Taxes: +€10,781
- Gross operating margin +€23,592
up €23,592 (+13.5%), from €174,828 to €198,420
- Taxes +€11,290
up €11,290 (+46.3%), from €24,394 to €35,684
- Depreciation -€4,261
down €4,261 (-12.6%), from €33,784 to €29,524
- Financial charges -€2,575
down €2,575 (-26.8%), from €9,612 to €7,037
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 | €728,602 | €734,859 | +€6,257 | +0.9% |
| Fixed assets | 21/28 | €666,437 | €636,914 | -€29,524 | -4.4% |
| Tangible fixed assets | 22/27 | €666,437 | €636,914 | -€29,524 | -4.4% |
| Land and buildings | 22 | €652,689 | €628,760 | -€23,929 | -3.7% |
| Plant, machinery and equipment | 23 | €2,147 | €1,468 | -€680 | -31.6% |
| Furniture and vehicles | 24 | €11,602 | €6,686 | -€4,915 | -42.4% |
| Current assets | 29/58 | €62,165 | €97,945 | +€35,781 | +57.6% |
| Amounts receivable within one year | 40/41 | - | €4,094 | +€4,094 | |
| Trade receivables | 40 | - | €4,094 | +€4,094 | |
| Current investments | 50/53 | - | €982 | +€982 | |
| Cash at bank and in hand | 54/58 | €48,877 | €92,322 | +€43,445 | +88.9% |
| Deferred charges and accrued income | 490/1 | €13,288 | €548 | -€12,740 | -95.9% |
| Total equity and liabilities | 10/49 | €728,602 | €734,859 | +€6,257 | +0.9% |
| Equity | 10/15 | €504,528 | €516,904 | +€12,377 | +2.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €485,928 | €498,304 | +€12,377 | +2.5% |
| Tax-exempt reserves | 132 | €246 | €246 | = | 0.0% |
| Distributable reserves | 133 | €485,681 | €498,058 | +€12,377 | +2.5% |
| Amounts payable | 17/49 | €224,074 | €217,955 | -€6,119 | -2.7% |
| Amounts payable after more than one year | 17 | €164,606 | €135,970 | -€28,635 | -17.4% |
| Financial debts | 170/4 | €164,606 | €135,970 | -€28,635 | -17.4% |
| Amounts payable within one year | 42/48 | €55,581 | €81,985 | +€26,404 | +47.5% |
| Current portion of amounts payable after more than one year | 42 | €28,042 | €28,635 | +€593 | +2.1% |
| Trade debts | 44 | €6,518 | €5,319 | -€1,198 | -18.4% |
| Suppliers | 440/4 | €6,518 | €5,319 | -€1,198 | -18.4% |
| Taxes, remuneration and social security | 45 | €12,582 | €24,074 | +€11,493 | +91.3% |
| Taxes | 450/3 | €4,831 | €15,612 | +€10,781 | +223% |
| Remuneration and social security | 454/9 | €7,751 | €8,462 | +€711 | +9.2% |
| Other amounts payable | 47/48 | €8,439 | €23,955 | +€15,517 | +184% |
| Accrued charges and deferred income | 492/3 | €3,888 | - | -€3,888 | |
| Remuneration, social security and pensions | 62 | €42,346 | €42,616 | +€270 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,784 | €29,524 | -€4,261 | -12.6% |
| Other operating charges | 640/8 | €2,291 | €2,571 | +€280 | +12.2% |
| Gross operating margin | 9900 | €174,828 | €198,420 | +€23,592 | +13.5% |
| Operating profit (loss) | 9901 | €96,407 | €123,710 | +€27,303 | +28.3% |
| Financial income | 75/76B | €136 | €241 | +€105 | +76.7% |
| Recurring financial income | 75 | €136 | €241 | +€105 | +76.7% |
| Financial charges | 65/66B | €9,612 | €7,037 | -€2,575 | -26.8% |
| Recurring financial charges | 65 | €9,612 | €7,037 | -€2,575 | -26.8% |
| Profit (loss) for the period before taxes | 9903 | €86,931 | €116,914 | +€29,983 | +34.5% |
| Income taxes | 67/77 | €24,394 | €35,684 | +€11,290 | +46.3% |
| Profit (loss) for the period | 9904 | €62,537 | €81,230 | +€18,692 | +29.9% |
| Profit (loss) for the period to be appropriated | 9905 | €62,537 | €81,230 | +€18,692 | +29.9% |
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 25 October 2026 via checked.be.