Dr. Druwé Annick: 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. Druwé Annick
Largest movements
- Cash -€224,170
down €224,170 (-31.8%), from €704,387 to €480,217
mainly Other debts (-€445,647) and Deferred charges and accrued income (-€36,814)
- Tangible fixed assets -€60,206
down €60,206 (-7.7%), from €784,519 to €724,313
of which Land and buildings: -€38,280
- Deferred charges and accrued income +€36,814
up €36,814 (+37.3%), from €98,766 to €135,580
- Other debts -€445,647
down €445,647 (-74.7%), from €596,943 to €151,296
- Reserves +€207,807
up €207,807 (+24.2%), from €860,380 to €1.1m
- Tax, wage and social debts +€33,573
up €33,573 (+394.3%), from €8,514 to €42,087
of which Taxes: +€33,540
- Accrued charges and deferred income -€28,894
down €28,894 (-59.5%), from €48,587 to €19,693
- Debts after one year -€18,000
down €18,000 (-44.4%), from €40,500 to €22,500
- Gross operating margin +€72,894
up €72,894 (+22.8%), from €319,764 to €392,658
- Financial charges -€29,652
down €29,652 (-57.1%), from €51,951 to €22,299
- Taxes +€24,696
up €24,696 (+35.1%), from €70,366 to €95,062
- Financial income -€11,128
down €11,128 (-99.8%), from €11,147 to €18
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,587,672 | €1,340,110 | -€247,562 | -15.6% |
| Fixed assets | 21/28 | €784,519 | €724,313 | -€60,206 | -7.7% |
| Tangible fixed assets | 22/27 | €784,519 | €724,313 | -€60,206 | -7.7% |
| Land and buildings | 22 | €711,637 | €673,356 | -€38,280 | -5.4% |
| Plant, machinery and equipment | 23 | €41,398 | €33,371 | -€8,027 | -19.4% |
| Furniture and vehicles | 24 | €31,484 | €17,585 | -€13,899 | -44.1% |
| Current assets | 29/58 | €803,153 | €615,797 | -€187,356 | -23.3% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €704,387 | €480,217 | -€224,170 | -31.8% |
| Deferred charges and accrued income | 490/1 | €98,766 | €135,580 | +€36,814 | +37.3% |
| Total equity and liabilities | 10/49 | €1,587,672 | €1,340,110 | -€247,562 | -15.6% |
| Equity | 10/15 | €872,780 | €1,080,587 | +€207,807 | +23.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €860,380 | €1,068,187 | +€207,807 | +24.2% |
| Distributable reserves | 133 | €860,380 | €1,068,187 | +€207,807 | +24.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €714,892 | €259,524 | -€455,369 | -63.7% |
| Amounts payable after more than one year | 17 | €40,500 | €22,500 | -€18,000 | -44.4% |
| Financial debts | 170/4 | €40,500 | €22,500 | -€18,000 | -44.4% |
| Amounts payable within one year | 42/48 | €625,805 | €217,331 | -€408,475 | -65.3% |
| Current portion of amounts payable after more than one year | 42 | €18,000 | €18,000 | = | 0.0% |
| Trade debts | 44 | €2,348 | €5,948 | +€3,600 | +153.3% |
| Suppliers | 440/4 | €2,348 | €5,948 | +€3,600 | +153.3% |
| Taxes, remuneration and social security | 45 | €8,514 | €42,087 | +€33,573 | +394.3% |
| Taxes | 450/3 | €7,051 | €40,591 | +€33,540 | +475.6% |
| Remuneration and social security | 454/9 | €1,463 | €1,496 | +€33 | +2.2% |
| Other amounts payable | 47/48 | €596,943 | €151,296 | -€445,647 | -74.7% |
| Accrued charges and deferred income | 492/3 | €48,587 | €19,693 | -€28,894 | -59.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,208 | €60,206 | -€2 | 0.0% |
| Other operating charges | 640/8 | €3,524 | €3,635 | +€112 | +3.2% |
| Gross operating margin | 9900 | €319,764 | €392,658 | +€72,894 | +22.8% |
| Operating profit (loss) | 9901 | €256,032 | €328,816 | +€72,784 | +28.4% |
| Financial income | 75/76B | €11,147 | €18 | -€11,128 | -99.8% |
| Recurring financial income | 75 | €11,147 | €18 | -€11,128 | -99.8% |
| Financial charges | 65/66B | €51,951 | €22,299 | -€29,652 | -57.1% |
| Recurring financial charges | 65 | €51,951 | €22,299 | -€29,652 | -57.1% |
| Profit (loss) for the period before taxes | 9903 | €215,227 | €306,535 | +€91,308 | +42.4% |
| Income taxes | 67/77 | €70,366 | €95,062 | +€24,696 | +35.1% |
| Profit (loss) for the period | 9904 | €144,861 | €211,473 | +€66,612 | +46.0% |
| Profit (loss) for the period to be appropriated | 9905 | €144,861 | €211,473 | +€66,612 | +46.0% |
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 11 October 2026 via checked.be.