DR. DJAMIN CHRISTAL: 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. DJAMIN CHRISTAL
Largest movements
- Receivables within one year -€104,058
down €104,058 (-80.4%), from €129,345 to €25,287
of which Other amounts receivable: -€98,247
- Tangible fixed assets +€97,427
up €97,427 (+198%), from €49,323 to €146,750
of which Assets under construction and advance payments: +€100,861
- Cash -€20,494
down €20,494 (-17.0%), from €120,462 to €99,968
mainly Contributions, distributions and other (-€215,000) and Investment in fixed assets (net) (-€100,861)
- Profit (loss) carried forward -€143,382
down €143,382 (-99.9%), from €143,574 to €192
- Other debts +€124,564
up €124,564 (+14,501%), from €859 to €125,423
- Trade debts -€5,267
down €5,267 (-98.0%), from €5,372 to €105
- Financial charges +€51,962
up €51,962 (+4,921%), from €1,056 to €53,018
- Taxes -€11,856
down €11,856 (-38.3%), from €30,928 to €19,072
- Depreciation -€7,478
down €7,478 (-68.5%), from €10,912 to €3,434
- Financial income -€1,686
down €1,686 (-53.1%), from €3,178 to €1,492
- Gross operating margin -€1,672
down €1,672 (-1.1%), from €147,862 to €146,190
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 | €301,888 | €275,027 | -€26,861 | -8.9% |
| Fixed assets | 21/28 | €49,323 | €146,750 | +€97,427 | +198% |
| Tangible fixed assets | 22/27 | €49,323 | €146,750 | +€97,427 | +198% |
| Land and buildings | 22 | €32,556 | €32,556 | = | 0.0% |
| Plant, machinery and equipment | 23 | €1,371 | €873 | -€498 | -36.3% |
| Furniture and vehicles | 24 | €10,476 | €7,540 | -€2,936 | -28.0% |
| Assets under construction and advance payments | 27 | €4,920 | €105,781 | +€100,861 | +2,050% |
| Current assets | 29/58 | €252,565 | €128,277 | -€124,288 | -49.2% |
| Amounts receivable within one year | 40/41 | €129,345 | €25,287 | -€104,058 | -80.4% |
| Trade receivables | 40 | €18,678 | €12,867 | -€5,811 | -31.1% |
| Other amounts receivable | 41 | €110,667 | €12,420 | -€98,247 | -88.8% |
| Cash at bank and in hand | 54/58 | €120,462 | €99,968 | -€20,494 | -17.0% |
| Deferred charges and accrued income | 490/1 | €2,758 | €3,022 | +€264 | +9.6% |
| Total equity and liabilities | 10/49 | €301,888 | €275,027 | -€26,861 | -8.9% |
| Equity | 10/15 | €239,574 | €96,192 | -€143,382 | -59.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €93,000 | €93,000 | = | 0.0% |
| Distributable reserves | 133 | €93,000 | €93,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €143,574 | €192 | -€143,382 | -99.9% |
| Amounts payable | 17/49 | €62,314 | €178,835 | +€116,521 | +187% |
| Amounts payable within one year | 42/48 | €62,314 | €178,835 | +€116,521 | +187% |
| Trade debts | 44 | €5,372 | €105 | -€5,267 | -98.0% |
| Suppliers | 440/4 | €5,372 | €105 | -€5,267 | -98.0% |
| Taxes, remuneration and social security | 45 | €56,083 | €53,307 | -€2,776 | -4.9% |
| Taxes | 450/3 | €56,083 | €53,307 | -€2,776 | -4.9% |
| Other amounts payable | 47/48 | €859 | €125,423 | +€124,564 | +14,501% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,912 | €3,434 | -€7,478 | -68.5% |
| Other operating charges | 640/8 | €734 | €540 | -€194 | -26.4% |
| Gross operating margin | 9900 | €147,862 | €146,190 | -€1,672 | -1.1% |
| Operating profit (loss) | 9901 | €136,216 | €142,216 | +€6,000 | +4.4% |
| Financial income | 75/76B | €3,178 | €1,492 | -€1,686 | -53.1% |
| Recurring financial income | 75 | €3,178 | €1,492 | -€1,686 | -53.1% |
| Financial charges | 65/66B | €1,056 | €53,018 | +€51,962 | +4,921% |
| Recurring financial charges | 65 | €1,056 | €53,018 | +€51,962 | +4,921% |
| Profit (loss) for the period before taxes | 9903 | €138,338 | €90,690 | -€47,648 | -34.4% |
| Income taxes | 67/77 | €30,928 | €19,072 | -€11,856 | -38.3% |
| Profit (loss) for the period | 9904 | €107,410 | €71,618 | -€35,792 | -33.3% |
| Profit (loss) for the period to be appropriated | 9905 | €107,410 | €71,618 | -€35,792 | -33.3% |
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 22 October 2026 via checked.be.