Dr. E. Deforche: 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. Deforche
Largest movements
- Current investments +€142,644
new in 2025: €142,644
- Cash -€49,795
down €49,795 (-26.5%), from €187,741 to €137,946
mainly Current investments (-€142,644) and Debts after one year (-€30,437)
- Intangible fixed assets -€29,500
down €29,500 (-15.7%), from €188,234 to €158,734
- Receivables within one year -€12,071
down €12,071 (-56.5%), from €21,368 to €9,297
of which Other amounts receivable: -€12,071
- Tangible fixed assets -€10,143
down €10,143 (-30.7%), from €32,996 to €22,853
of which Furniture and vehicles: -€9,040
- Reserves +€65,659
up €65,659 (+32.2%), from €203,983 to €269,642
- Debts after one year -€30,437
down €30,437 (-31.6%), from €96,333 to €65,896
- Other debts +€6,174
up €6,174 (+7.3%), from €84,978 to €91,152
- Gross operating margin -€8,130
down €8,130 (-5.1%), from €160,751 to €152,622
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 | €430,340 | €471,475 | +€41,135 | +9.6% |
| Fixed assets | 21/28 | €221,230 | €181,588 | -€39,643 | -17.9% |
| Intangible fixed assets | 21 | €188,234 | €158,734 | -€29,500 | -15.7% |
| Tangible fixed assets | 22/27 | €32,996 | €22,853 | -€10,143 | -30.7% |
| Plant, machinery and equipment | 23 | €6,371 | €5,269 | -€1,103 | -17.3% |
| Furniture and vehicles | 24 | €26,625 | €17,585 | -€9,040 | -34.0% |
| Current assets | 29/58 | €209,110 | €289,887 | +€80,778 | +38.6% |
| Amounts receivable within one year | 40/41 | €21,368 | €9,297 | -€12,071 | -56.5% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €21,368 | €9,297 | -€12,071 | -56.5% |
| Current investments | 50/53 | - | €142,644 | +€142,644 | |
| Cash at bank and in hand | 54/58 | €187,741 | €137,946 | -€49,795 | -26.5% |
| Total equity and liabilities | 10/49 | €430,340 | €471,475 | +€41,135 | +9.6% |
| Equity | 10/15 | €208,983 | €274,642 | +€65,659 | +31.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €203,983 | €269,642 | +€65,659 | +32.2% |
| Distributable reserves | 133 | €203,983 | €269,642 | +€65,659 | +32.2% |
| Amounts payable | 17/49 | €221,357 | €196,833 | -€24,524 | -11.1% |
| Amounts payable after more than one year | 17 | €96,333 | €65,896 | -€30,437 | -31.6% |
| Financial debts | 170/4 | €96,333 | €65,896 | -€30,437 | -31.6% |
| Amounts payable within one year | 42/48 | €125,024 | €130,938 | +€5,914 | +4.7% |
| Current portion of amounts payable after more than one year | 42 | €34,591 | €35,437 | +€846 | +2.4% |
| Trade debts | 44 | €977 | €1,082 | +€105 | +10.7% |
| Suppliers | 440/4 | €977 | €1,082 | +€105 | +10.7% |
| Taxes, remuneration and social security | 45 | €4,477 | €3,267 | -€1,210 | -27.0% |
| Taxes | 450/3 | €1,801 | €1,866 | +€65 | +3.6% |
| Remuneration and social security | 454/9 | €2,676 | €1,400 | -€1,275 | -47.7% |
| Other amounts payable | 47/48 | €84,978 | €91,152 | +€6,174 | +7.3% |
| Remuneration, social security and pensions | 62 | €19,706 | €18,897 | -€809 | -4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,842 | €40,482 | +€640 | +1.6% |
| Other operating charges | 640/8 | €474 | €1,240 | +€766 | +161.5% |
| Gross operating margin | 9900 | €160,751 | €152,622 | -€8,130 | -5.1% |
| Operating profit (loss) | 9901 | €100,730 | €92,003 | -€8,727 | -8.7% |
| Financial income | 75/76B | €412 | €664 | +€252 | +61.1% |
| Recurring financial income | 75 | €412 | €664 | +€252 | +61.1% |
| Financial charges | 65/66B | €10,978 | €10,007 | -€971 | -8.8% |
| Recurring financial charges | 65 | €10,978 | €10,007 | -€971 | -8.8% |
| Profit (loss) for the period before taxes | 9903 | €90,164 | €82,659 | -€7,505 | -8.3% |
| Income taxes | 67/77 | €18,565 | €17,001 | -€1,565 | -8.4% |
| Profit (loss) for the period | 9904 | €71,599 | €65,659 | -€5,940 | -8.3% |
| Profit (loss) for the period to be appropriated | 9905 | €71,599 | €65,659 | -€5,940 | -8.3% |
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 8 October 2026 via checked.be.