Dr. De Waele: 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 Waele
Largest movements
- Cash +€120,528
up €120,528 (+48.1%), from €250,612 to €371,140
mainly Net result for the year (+€273,363) and Tax, wage and social debts (+€25,123)
- Current investments +€100,000
up €100,000 (+47.6%), from €210,096 to €310,096
- Deferred charges and accrued income +€48,258
up €48,258 (+74.7%), from €64,596 to €112,854
- Tangible fixed assets -€14,863
down €14,863 (-18.1%), from €82,143 to €67,281
of which Furniture and vehicles: -€14,178
- Reserves +€214,307
up €214,307 (+37.4%), from €572,944 to €787,252
- Tax, wage and social debts +€25,123
up €25,123 (+137%), from €18,397 to €43,520
- Other debts +€11,821
up €11,821 (+462%), from €2,556 to €14,377
- Gross operating margin +€158,597
up €158,597 (+68.6%), from €231,134 to €389,731
- Taxes +€51,920
up €51,920 (+76.9%), from €67,480 to €119,399
- Financial income +€9,829
up €9,829 (+90.9%), from €10,813 to €20,642
- Depreciation +€6,365
up €6,365 (+67.4%), from €9,446 to €15,812
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 | €607,448 | €861,371 | +€253,924 | +41.8% |
| Fixed assets | 21/28 | €82,143 | €67,281 | -€14,863 | -18.1% |
| Tangible fixed assets | 22/27 | €82,143 | €67,281 | -€14,863 | -18.1% |
| Plant, machinery and equipment | 23 | €12,040 | €11,356 | -€685 | -5.7% |
| Furniture and vehicles | 24 | €70,103 | €55,925 | -€14,178 | -20.2% |
| Current assets | 29/58 | €525,304 | €794,091 | +€268,786 | +51.2% |
| Current investments | 50/53 | €210,096 | €310,096 | +€100,000 | +47.6% |
| Cash at bank and in hand | 54/58 | €250,612 | €371,140 | +€120,528 | +48.1% |
| Deferred charges and accrued income | 490/1 | €64,596 | €112,854 | +€48,258 | +74.7% |
| Total equity and liabilities | 10/49 | €607,448 | €861,371 | +€253,924 | +41.8% |
| Equity | 10/15 | €585,344 | €799,652 | +€214,307 | +36.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €572,944 | €787,252 | +€214,307 | +37.4% |
| Distributable reserves | 133 | €572,944 | €787,252 | +€214,307 | +37.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €22,103 | €61,720 | +€39,616 | +179% |
| Amounts payable within one year | 42/48 | €21,177 | €61,520 | +€40,343 | +191% |
| Trade debts | 44 | €224 | €3,623 | +€3,399 | +1,519% |
| Suppliers | 440/4 | €224 | €3,623 | +€3,399 | +1,519% |
| Taxes, remuneration and social security | 45 | €18,397 | €43,520 | +€25,123 | +137% |
| Taxes | 450/3 | €18,397 | €43,520 | +€25,123 | +137% |
| Other amounts payable | 47/48 | €2,556 | €14,377 | +€11,821 | +462% |
| Accrued charges and deferred income | 492/3 | €927 | €200 | -€727 | -78.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,446 | €15,812 | +€6,365 | +67.4% |
| Other operating charges | 640/8 | €633 | €1,698 | +€1,065 | +168% |
| Gross operating margin | 9900 | €231,134 | €389,731 | +€158,597 | +68.6% |
| Operating profit (loss) | 9901 | €221,055 | €372,221 | +€151,167 | +68.4% |
| Financial income | 75/76B | €10,813 | €20,642 | +€9,829 | +90.9% |
| Recurring financial income | 75 | €10,813 | €20,642 | +€9,829 | +90.9% |
| Financial charges | 65/66B | €0 | €101 | +€101 | |
| Recurring financial charges | 65 | €0 | €101 | +€101 | |
| Profit (loss) for the period before taxes | 9903 | €231,867 | €392,762 | +€160,895 | +69.4% |
| Income taxes | 67/77 | €67,480 | €119,399 | +€51,920 | +76.9% |
| Profit (loss) for the period | 9904 | €164,388 | €273,363 | +€108,975 | +66.3% |
| Profit (loss) for the period to be appropriated | 9905 | €164,388 | €273,363 | +€108,975 | +66.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.