DR. E. COX: what changed
Two fiscal 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. E. COX
Largest movements
- Cash -€45,874
down €45,874 (-25.6%), from €178,938 to €133,064
mainly Tax, wage and social debts (-€46,447) and Provisions (-€34,014)
- Tax, wage and social debts -€46,447
down €46,447 (-99.1%), from €46,864 to €417
- Reserves +€36,051
up €36,051 (+1.9%), from €1.9m to €2.0m
of which Distributable reserves: +€36,051
- Provisions -€34,014
no longer reported in 2025 (was €34,014)
- Gross operating margin -€333,138
down €333,138 (-88.7%), from €375,436 to €42,298
- Taxes -€98,226
down €98,226 (-87.2%), from €112,592 to €14,366
- Provisions -€34,014
no longer reported in 2025 (was €34,014)
- Financial income -€26,266
down €26,266 (-57.1%), from €45,997 to €19,732
- Depreciation +€4,919
up €4,919 (+102.2%), from €4,813 to €9,732
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 | €2,033,552 | €1,989,015 | -€44,537 | -2.2% |
| Fixed assets | 21/28 | €45,095 | €34,114 | -€10,982 | -24.4% |
| Tangible fixed assets | 22/27 | €43,845 | €34,114 | -€9,732 | -22.2% |
| Furniture and vehicles | 24 | €43,845 | €34,114 | -€9,732 | -22.2% |
| Financial fixed assets | 28 | €1,250 | - | -€1,250 | |
| Current assets | 29/58 | €1,988,457 | €1,954,902 | -€33,556 | -1.7% |
| Amounts receivable within one year | 40/41 | €3,009 | €2,802 | -€208 | -6.9% |
| Other amounts receivable | 41 | €3,009 | €2,802 | -€208 | -6.9% |
| Current investments | 50/53 | €1,804,131 | €1,816,724 | +€12,593 | +0.7% |
| Cash at bank and in hand | 54/58 | €178,938 | €133,064 | -€45,874 | -25.6% |
| Deferred charges and accrued income | 490/1 | €2,379 | €2,312 | -€67 | -2.8% |
| Total equity and liabilities | 10/49 | €2,033,552 | €1,989,015 | -€44,537 | -2.2% |
| Equity | 10/15 | €1,951,791 | €1,987,842 | +€36,051 | +1.8% |
| Contributions | 10/11 | €13,200 | €13,200 | = | 0.0% |
| Reserves | 13 | €1,938,591 | €1,974,642 | +€36,051 | +1.9% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €1,936,591 | €1,972,642 | +€36,051 | +1.9% |
| Provisions and deferred taxes | 16 | €34,014 | - | -€34,014 | |
| Provisions for liabilities and charges | 160/5 | €34,014 | - | -€34,014 | |
| Pensions and similar obligations | 160 | €34,014 | - | -€34,014 | |
| Amounts payable | 17/49 | €47,747 | €1,173 | -€46,574 | -97.5% |
| Amounts payable within one year | 42/48 | €47,747 | €1,173 | -€46,574 | -97.5% |
| Trade debts | 44 | €883 | €756 | -€127 | -14.4% |
| Suppliers | 440/4 | €883 | €756 | -€127 | -14.4% |
| Taxes, remuneration and social security | 45 | €46,864 | €417 | -€46,447 | -99.1% |
| Taxes | 450/3 | €46,864 | €417 | -€46,447 | -99.1% |
| Non-recurring operating income | 76A | €5,301 | - | -€5,301 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,813 | €9,732 | +€4,919 | +102.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €34,014 | - | -€34,014 | |
| Other operating charges | 640/8 | €181 | €1,835 | +€1,654 | +914.1% |
| Gross operating margin | 9900 | €375,436 | €42,298 | -€333,138 | -88.7% |
| Operating profit (loss) | 9901 | €336,428 | €30,731 | -€305,698 | -90.9% |
| Financial income | 75/76B | €45,997 | €19,732 | -€26,266 | -57.1% |
| Recurring financial income | 75 | €45,997 | €19,732 | -€26,266 | -57.1% |
| Financial charges | 65/66B | €45 | €45 | = | 0.0% |
| Recurring financial charges | 65 | €45 | €45 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €382,381 | €50,417 | -€331,963 | -86.8% |
| Income taxes | 67/77 | €112,592 | €14,366 | -€98,226 | -87.2% |
| Profit (loss) for the period | 9904 | €269,789 | €36,051 | -€233,738 | -86.6% |
| Profit (loss) for the period to be appropriated | 9905 | €269,789 | €36,051 | -€233,738 | -86.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.