Dr. Donald Vaganée: 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. Donald Vaganée
Largest movements
- Cash +€36,842
up €36,842 (+3,175%), from €1,160 to €38,002
mainly Net result for the year (+€35,303) and Tax, wage and social debts (+€6,478)
- Tangible fixed assets +€2,097
new in 2025: €2,097
- Profit (loss) carried forward +€35,303
up €35,303, from -€9,726 to €25,578
- Tax, wage and social debts +€6,478
new in 2025: €6,478
- Trade debts -€6,021
down €6,021 (-78.9%), from €7,633 to €1,612
- Other debts +€2,557
up €2,557 (+45.5%), from €5,626 to €8,184
- Gross operating margin +€51,817
up €51,817, from -€9,726 to €42,091
- Taxes +€6,478
new in 2025: €6,478
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 | €5,534 | €43,851 | +€38,317 | +692% |
| Fixed assets | 21/28 | - | €2,097 | +€2,097 | |
| Tangible fixed assets | 22/27 | - | €2,097 | +€2,097 | |
| Furniture and vehicles | 24 | - | €2,097 | +€2,097 | |
| Current assets | 29/58 | €5,534 | €41,754 | +€36,220 | +655% |
| Amounts receivable within one year | 40/41 | €3,545 | €3,200 | -€345 | -9.7% |
| Trade receivables | 40 | €345 | - | -€345 | |
| Other amounts receivable | 41 | €3,200 | €3,200 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,160 | €38,002 | +€36,842 | +3,175% |
| Deferred charges and accrued income | 490/1 | €829 | €552 | -€277 | -33.4% |
| Total equity and liabilities | 10/49 | €5,534 | €43,851 | +€38,317 | +692% |
| Equity | 10/15 | -€7,726 | €27,578 | +€35,303 | |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,726 | €25,578 | +€35,303 | |
| Amounts payable | 17/49 | €13,259 | €16,273 | +€3,014 | +22.7% |
| Amounts payable within one year | 42/48 | €13,259 | €16,273 | +€3,014 | +22.7% |
| Trade debts | 44 | €7,633 | €1,612 | -€6,021 | -78.9% |
| Suppliers | 440/4 | €7,633 | €1,612 | -€6,021 | -78.9% |
| Taxes, remuneration and social security | 45 | - | €6,478 | +€6,478 | |
| Taxes | 450/3 | - | €6,478 | +€6,478 | |
| Other amounts payable | 47/48 | €5,626 | €8,184 | +€2,557 | +45.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €92 | +€92 | |
| Other operating charges | 640/8 | - | €120 | +€120 | |
| Gross operating margin | 9900 | -€9,726 | €42,091 | +€51,817 | |
| Operating profit (loss) | 9901 | -€9,726 | €41,879 | +€51,604 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | - | €98 | +€98 | |
| Recurring financial charges | 65 | - | €98 | +€98 | |
| Profit (loss) for the period before taxes | 9903 | -€9,726 | €41,781 | +€51,507 | |
| Income taxes | 67/77 | - | €6,478 | +€6,478 | |
| Profit (loss) for the period | 9904 | -€9,726 | €35,303 | +€45,029 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,726 | €35,303 | +€45,029 |
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 17 October 2026 via checked.be.