DR. DE MAEYER: 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. DE MAEYER
Largest movements
- Tangible fixed assets -€626,609
down €626,609 (-27.4%), from €2.3m to €1.7m
of which Land and buildings: -€626,147
- Current investments +€535,000
up €535,000 (+1,070%), from €50,000 to €585,000
- Cash +€214,362
up €214,362 (+203%), from €105,460 to €319,822
mainly Investment in fixed assets (net) (+€566,789) and Net result for the year (+€121,014)
- Reserves +€121,014
up €121,014 (+20.9%), from €578,133 to €699,147
of which Distributable reserves: +€121,014
- Debts after one year -€29,375
down €29,375 (-14.0%), from €209,853 to €180,479
- Gross operating margin +€245,013
up €245,013 (+643%), from €38,122 to €283,135
- Other operating charges +€38,799
up €38,799 (+296%), from €13,124 to €51,923
- Taxes +€12,076
up €12,076 (+3,389%), from €356 to €12,432
- Depreciation -€9,982
down €9,982 (-14.3%), from €69,802 to €59,820
- Financial charges -€3,208
down €3,208 (-7.6%), from €41,955 to €38,747
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 | €2,441,176 | €2,564,155 | +€122,979 | +5.0% |
| Fixed assets | 21/28 | €2,285,716 | €1,659,107 | -€626,609 | -27.4% |
| Tangible fixed assets | 22/27 | €2,285,716 | €1,659,107 | -€626,609 | -27.4% |
| Land and buildings | 22 | €2,285,254 | €1,659,107 | -€626,147 | -27.4% |
| Furniture and vehicles | 24 | €462 | €0 | -€462 | -100% |
| Current assets | 29/58 | €155,460 | €905,048 | +€749,588 | +482% |
| Amounts receivable within one year | 40/41 | €0 | €226 | +€226 | |
| Trade receivables | 40 | - | €226 | +€226 | |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €50,000 | €585,000 | +€535,000 | +1,070% |
| Cash at bank and in hand | 54/58 | €105,460 | €319,822 | +€214,362 | +203% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €2,441,176 | €2,564,155 | +€122,979 | +5.0% |
| Equity | 10/15 | €1,736,933 | €1,857,947 | +€121,014 | +7.0% |
| Contributions | 10/11 | €1,158,800 | €1,158,800 | = | 0.0% |
| Reserves | 13 | €578,133 | €699,147 | +€121,014 | +20.9% |
| Non-distributable reserves | 130/1 | €49,100 | €49,100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €49,100 | €49,100 | = | 0.0% |
| Distributable reserves | 133 | €529,033 | €650,047 | +€121,014 | +22.9% |
| Amounts payable | 17/49 | €704,243 | €706,208 | +€1,965 | +0.3% |
| Amounts payable after more than one year | 17 | €209,853 | €180,479 | -€29,375 | -14.0% |
| Financial debts | 170/4 | €209,853 | €180,479 | -€29,375 | -14.0% |
| Amounts payable within one year | 42/48 | €487,732 | €515,939 | +€28,208 | +5.8% |
| Current portion of amounts payable after more than one year | 42 | €28,934 | €29,375 | +€440 | +1.5% |
| Trade debts | 44 | €5,304 | €2,529 | -€2,775 | -52.3% |
| Suppliers | 440/4 | €5,304 | €2,529 | -€2,775 | -52.3% |
| Taxes, remuneration and social security | 45 | €11,400 | €22,143 | +€10,744 | +94.2% |
| Taxes | 450/3 | €11,400 | €22,143 | +€10,744 | +94.2% |
| Other amounts payable | 47/48 | €442,094 | €461,893 | +€19,799 | +4.5% |
| Accrued charges and deferred income | 492/3 | €6,658 | €9,790 | +€3,131 | +47.0% |
| Non-recurring operating income | 76A | - | €305,711 | +€305,711 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,802 | €59,820 | -€9,982 | -14.3% |
| Other operating charges | 640/8 | €13,124 | €51,923 | +€38,799 | +296% |
| Non-recurring operating charges | 66A | €1,598 | €0 | -€1,598 | -100% |
| Gross operating margin | 9900 | €38,122 | €283,135 | +€245,013 | +643% |
| Operating profit (loss) | 9901 | -€46,402 | €171,392 | +€217,794 | |
| Financial income | 75/76B | €592 | €802 | +€210 | +35.6% |
| Recurring financial income | 75 | €592 | €802 | +€210 | +35.6% |
| Financial charges | 65/66B | €41,955 | €38,747 | -€3,208 | -7.6% |
| Recurring financial charges | 65 | €41,955 | €38,747 | -€3,208 | -7.6% |
| Profit (loss) for the period before taxes | 9903 | -€87,766 | €133,447 | +€221,213 | |
| Income taxes | 67/77 | €356 | €12,432 | +€12,076 | +3,389% |
| Profit (loss) for the period | 9904 | -€88,122 | €121,014 | +€209,137 | |
| Profit (loss) for the period to be appropriated | 9905 | -€88,122 | €121,014 | +€209,137 |
Source: filed annual accounts (NBB), financial years ended 20 December 2024 and 20 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.