DR. DIRK SERVAES: 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.
What changed
DR. DIRK SERVAES
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€170,322
2024 · €169,438+€884
Equity
€905,859
2024 · €887,411+€18,448
Cash
€247,098
2024 · €217,795+€29,303
Balance sheet total
€1.0m
2024 · €946,704+€62,965
Largest movements
Assets
- Receivables within one year +€61,148
up €61,148 (+51.8%), from €117,994 to €179,143
of which Trade receivables: +€61,148
- Cash +€29,303
up €29,303 (+13.5%), from €217,795 to €247,098
mainly Net result for the year (+€170,322) and Other debts (+€54,502)
- Current investments -€23,464
down €23,464 (-4.4%), from €539,253 to €515,788
Equity and liabilities
- Other debts +€54,502
up €54,502 (+1569.3%), from €3,473 to €57,975
- Reserves +€18,448
up €18,448 (+2.1%), from €875,011 to €893,459
Income statement
- Financial income +€4,214
up €4,214 (+42.1%), from €10,010 to €14,224
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.
Result 2024
€169,438
Gross operating margin
-€2,591
Depreciation
+€172
Other operating charges
-€237
Financial income
+€4,214
Financial charges
+€1,011
Taxes
-€1,684
Result 2025
€170,322
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.
From operations
+€177,877
Investment
+€10,907
Financing
-€159,480
Cash 2024
€217,795
From operations (derived)
+€177,877
Net result for the year
+€170,322
Depreciation
+€22,159
Receivables within one year
-€61,148
Deferred charges and accrued income
-€5,579
Trade debts
+€3,550
Tax, wage and social debts
-€5,772
Other debts
+€54,502
Accrued charges and deferred income
-€158
Investment (derived)
+€10,907
Investment in fixed assets (net)
-€12,557
Current investments
+€23,464
Financing
-€159,480
Debts after one year
-€7,900
Current portion of long-term debt
+€329
Short-term financial debts
-€34
Contributions, distributions and other
-€151,875
Cash 2025
€247,098
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €946,704 | €1,009,669 | +€62,965 | +6.7% |
| Fixed assets | 21/28 | €63,700 | €54,099 | -€9,601 | -15.1% |
| Tangible fixed assets | 22/27 | €63,700 | €54,099 | -€9,601 | -15.1% |
| Plant, machinery and equipment | 23 | €9,319 | €9,868 | +€549 | +5.9% |
| Furniture and vehicles | 24 | €53,279 | €35,409 | -€17,871 | -33.5% |
| Other tangible fixed assets | 26 | €1,102 | €8,822 | +€7,720 | +700.4% |
| Current assets | 29/58 | €883,004 | €955,570 | +€72,566 | +8.2% |
| Amounts receivable within one year | 40/41 | €117,994 | €179,143 | +€61,148 | +51.8% |
| Trade receivables | 40 | €117,994 | €179,143 | +€61,148 | +51.8% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €539,253 | €515,788 | -€23,464 | -4.4% |
| Cash at bank and in hand | 54/58 | €217,795 | €247,098 | +€29,303 | +13.5% |
| Deferred charges and accrued income | 490/1 | €7,963 | €13,542 | +€5,579 | +70.1% |
| Total equity and liabilities | 10/49 | €946,704 | €1,009,669 | +€62,965 | +6.7% |
| Equity | 10/15 | €887,411 | €905,859 | +€18,448 | +2.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €875,011 | €893,459 | +€18,448 | +2.1% |
| Distributable reserves | 133 | €875,011 | €893,459 | +€18,448 | +2.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €59,293 | €103,811 | +€44,517 | +75.1% |
| Amounts payable after more than one year | 17 | €9,928 | €2,028 | -€7,900 | -79.6% |
| Financial debts | 170/4 | €9,928 | €2,028 | -€7,900 | -79.6% |
| Amounts payable within one year | 42/48 | €49,207 | €101,782 | +€52,576 | +106.8% |
| Current portion of amounts payable after more than one year | 42 | €7,572 | €7,900 | +€329 | +4.3% |
| Financial debts | 43 | €8,449 | €8,416 | -€34 | -0.4% |
| Credit institutions | 430/8 | €8,449 | €8,416 | -€34 | -0.4% |
| Trade debts | 44 | €5,029 | €8,579 | +€3,550 | +70.6% |
| Suppliers | 440/4 | €5,029 | €8,579 | +€3,550 | +70.6% |
| Taxes, remuneration and social security | 45 | €24,684 | €18,912 | -€5,772 | -23.4% |
| Taxes | 450/3 | €24,684 | €18,912 | -€5,772 | -23.4% |
| Other amounts payable | 47/48 | €3,473 | €57,975 | +€54,502 | +1569.3% |
| Accrued charges and deferred income | 492/3 | €158 | €0 | -€158 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,331 | €22,159 | -€172 | -0.8% |
| Other operating charges | 640/8 | €1,645 | €1,883 | +€237 | +14.4% |
| Gross operating margin | 9900 | €260,873 | €258,282 | -€2,591 | -1.0% |
| Operating profit (loss) | 9901 | €236,898 | €234,241 | -€2,657 | -1.1% |
| Financial income | 75/76B | €10,010 | €14,224 | +€4,214 | +42.1% |
| Recurring financial income | 75 | €10,010 | €14,224 | +€4,214 | +42.1% |
| Financial charges | 65/66B | €2,174 | €1,164 | -€1,011 | -46.5% |
| Recurring financial charges | 65 | €2,174 | €1,164 | -€1,011 | -46.5% |
| Profit (loss) for the period before taxes | 9903 | €244,733 | €247,301 | +€2,568 | +1.0% |
| Income taxes | 67/77 | €75,295 | €76,979 | +€1,684 | +2.2% |
| Profit (loss) for the period | 9904 | €169,438 | €170,322 | +€884 | +0.5% |
| Profit (loss) for the period to be appropriated | 9905 | €169,438 | €170,322 | +€884 | +0.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.