Dr. Deseyne Sarah: 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. Deseyne Sarah
Largest movements
- Cash +€67,456
up €67,456 (+31.3%), from €215,593 to €283,049
mainly Other debts (+€265,013) and Net result for the year (+€160,059)
- Tangible fixed assets +€19,891
up €19,891 (+18.4%), from €107,879 to €127,770
of which Other tangible fixed assets: +€18,578
- Intangible fixed assets -€12,500
down €12,500 (-24.0%), from €52,083 to €39,583
- Current investments +€12,302
up €12,302 (+34.8%), from €35,357 to €47,659
- Other debts +€265,013
new in 2025: €265,013
- Reserves -€104,000
down €104,000 (-39.2%), from €265,000 to €161,000
- Debts after one year -€40,000
down €40,000 (-50.3%), from €79,500 to €39,500
- Trade debts -€18,939
down €18,939 (-98.9%), from €19,155 to €217
- Tax, wage and social debts -€16,498
down €16,498 (-59.6%), from €27,694 to €11,196
- Gross operating margin +€24,865
up €24,865 (+11.8%), from €210,526 to €235,391
- Depreciation +€3,960
up €3,960 (+23.5%), from €16,858 to €20,818
- Taxes +€3,588
up €3,588 (+8.0%), from €45,117 to €48,705
- Other operating charges +€2,944
up €2,944 (+425%), from €693 to €3,637
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 | €413,165 | €500,358 | +€87,193 | +21.1% |
| Fixed assets | 21/28 | €159,963 | €167,354 | +€7,391 | +4.6% |
| Intangible fixed assets | 21 | €52,083 | €39,583 | -€12,500 | -24.0% |
| Tangible fixed assets | 22/27 | €107,879 | €127,770 | +€19,891 | +18.4% |
| Furniture and vehicles | 24 | €484 | €1,798 | +€1,313 | +271% |
| Other tangible fixed assets | 26 | €107,395 | €125,973 | +€18,578 | +17.3% |
| Current assets | 29/58 | €253,202 | €333,005 | +€79,802 | +31.5% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €35,357 | €47,659 | +€12,302 | +34.8% |
| Cash at bank and in hand | 54/58 | €215,593 | €283,049 | +€67,456 | +31.3% |
| Deferred charges and accrued income | 490/1 | €2,252 | €2,297 | +€44 | +2.0% |
| Total equity and liabilities | 10/49 | €413,165 | €500,358 | +€87,193 | +21.1% |
| Equity | 10/15 | €284,550 | €179,610 | -€104,941 | -36.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €265,000 | €161,000 | -€104,000 | -39.2% |
| Distributable reserves | 133 | €265,000 | €161,000 | -€104,000 | -39.2% |
| Profit (loss) carried forward | 14 | €950 | €10 | -€941 | -99.0% |
| Amounts payable | 17/49 | €128,615 | €320,748 | +€192,134 | +149% |
| Amounts payable after more than one year | 17 | €79,500 | €39,500 | -€40,000 | -50.3% |
| Financial debts | 170/4 | €79,500 | €39,500 | -€40,000 | -50.3% |
| Amounts payable within one year | 42/48 | €46,850 | €276,426 | +€229,576 | +490% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €19,155 | €217 | -€18,939 | -98.9% |
| Suppliers | 440/4 | €19,155 | €217 | -€18,939 | -98.9% |
| Taxes, remuneration and social security | 45 | €27,694 | €11,196 | -€16,498 | -59.6% |
| Taxes | 450/3 | €27,694 | €11,196 | -€16,498 | -59.6% |
| Other amounts payable | 47/48 | - | €265,013 | +€265,013 | |
| Accrued charges and deferred income | 492/3 | €2,265 | €4,823 | +€2,558 | +113% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,858 | €20,818 | +€3,960 | +23.5% |
| Other operating charges | 640/8 | €693 | €3,637 | +€2,944 | +425% |
| Gross operating margin | 9900 | €210,526 | €235,391 | +€24,865 | +11.8% |
| Operating profit (loss) | 9901 | €192,974 | €210,936 | +€17,962 | +9.3% |
| Financial income | 75/76B | €145 | €432 | +€287 | +198% |
| Recurring financial income | 75 | €145 | €432 | +€287 | +198% |
| Financial charges | 65/66B | €3,310 | €2,603 | -€707 | -21.4% |
| Recurring financial charges | 65 | €3,310 | €2,603 | -€707 | -21.4% |
| Profit (loss) for the period before taxes | 9903 | €189,809 | €208,765 | +€18,956 | +10.0% |
| Income taxes | 67/77 | €45,117 | €48,705 | +€3,588 | +8.0% |
| Profit (loss) for the period | 9904 | €144,692 | €160,059 | +€15,367 | +10.6% |
| Profit (loss) for the period to be appropriated | 9905 | €144,692 | €160,059 | +€15,367 | +10.6% |
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 26 October 2026 via checked.be.