DR. DE SADELEER: what changed
Two fiscal 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 SADELEER
Largest movements
- Cash +€146,378
up €146,378 (+24.7%), from €592,574 to €738,952
mainly Net result for the year (+€222,943) and Depreciation (+€27,238)
- Reserves +€178,943
up €178,943 (+7.3%), from €2.5m to €2.6m
of which Distributable reserves: +€178,943
- Other debts -€49,434
down €49,434 (-87.3%), from €56,609 to €7,175
- Gross operating margin +€75,219
up €75,219 (+26.8%), from €280,553 to €355,773
- Taxes +€23,832
up €23,832 (+30.8%), from €77,469 to €101,301
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.
Cash bridge derived
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 | €2,719,591 | €2,882,793 | +€163,203 | +6.0% |
| Fixed assets | 21/28 | €205,242 | €216,182 | +€10,940 | +5.3% |
| Tangible fixed assets | 22/27 | €205,242 | €216,182 | +€10,940 | +5.3% |
| Plant, machinery and equipment | 23 | €60,207 | €51,728 | -€8,479 | -14.1% |
| Furniture and vehicles | 24 | €44,821 | €75,738 | +€30,917 | +69.0% |
| Other tangible fixed assets | 26 | €100,213 | €88,716 | -€11,498 | -11.5% |
| Current assets | 29/58 | €2,514,349 | €2,666,611 | +€152,263 | +6.1% |
| Amounts receivable within one year | 40/41 | €1,852,374 | €1,837,644 | -€14,731 | -0.8% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €1,852,374 | €1,837,644 | -€14,731 | -0.8% |
| Cash at bank and in hand | 54/58 | €592,574 | €738,952 | +€146,378 | +24.7% |
| Deferred charges and accrued income | 490/1 | €69,401 | €90,016 | +€20,615 | +29.7% |
| Total equity and liabilities | 10/49 | €2,719,591 | €2,882,793 | +€163,203 | +6.0% |
| Equity | 10/15 | €2,492,134 | €2,671,076 | +€178,943 | +7.2% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €2,454,599 | €2,633,541 | +€178,943 | +7.3% |
| Tax-exempt reserves | 132 | €10,500 | €10,500 | = | 0.0% |
| Distributable reserves | 133 | €2,444,099 | €2,623,041 | +€178,943 | +7.3% |
| Profit (loss) carried forward | 14 | €6,548 | €6,548 | = | 0.0% |
| Amounts payable | 17/49 | €227,457 | €211,717 | -€15,740 | -6.9% |
| Amounts payable within one year | 42/48 | €227,457 | €211,717 | -€15,740 | -6.9% |
| Trade debts | 44 | €151,148 | €160,771 | +€9,623 | +6.4% |
| Suppliers | 440/4 | €151,148 | €160,771 | +€9,623 | +6.4% |
| Taxes, remuneration and social security | 45 | €19,700 | €43,771 | +€24,071 | +122.2% |
| Taxes | 450/3 | €19,700 | €43,771 | +€24,071 | +122.2% |
| Other amounts payable | 47/48 | €56,609 | €7,175 | -€49,434 | -87.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,924 | €27,238 | +€2,313 | +9.3% |
| Other operating charges | 640/8 | €1,847 | €2,071 | +€224 | +12.1% |
| Gross operating margin | 9900 | €280,553 | €355,773 | +€75,219 | +26.8% |
| Operating profit (loss) | 9901 | €253,782 | €326,464 | +€72,682 | +28.6% |
| Financial income | 75/76B | €4 | €21 | +€17 | +479.6% |
| Recurring financial income | 75 | €4 | €21 | +€17 | +479.6% |
| Financial charges | 65/66B | €3,429 | €2,241 | -€1,188 | -34.6% |
| Recurring financial charges | 65 | €3,429 | €2,241 | -€1,188 | -34.6% |
| Profit (loss) for the period before taxes | 9903 | €250,356 | €324,244 | +€73,888 | +29.5% |
| Income taxes | 67/77 | €77,469 | €101,301 | +€23,832 | +30.8% |
| Profit (loss) for the period | 9904 | €172,887 | €222,943 | +€50,056 | +29.0% |
| Profit (loss) for the period to be appropriated | 9905 | €172,887 | €222,943 | +€50,056 | +29.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.