DR. E. DESMEDT: 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. E. DESMEDT
Largest movements
- Tangible fixed assets -€29,303
down €29,303 (-26.6%), from €110,349 to €81,046
of which Furniture and vehicles: -€15,809
- Cash -€17,265
down €17,265 (-17.1%), from €100,713 to €83,448
mainly Contributions, distributions and other (-€79,087) and Current portion of long-term debt (-€50,528)
- Deferred charges and accrued income -€6,492
down €6,492 (-85.8%), from €7,569 to €1,078
- Receivables within one year -€3,428
no longer reported in 2025 (was €3,428)
- Contributions -€79,087
down €79,087 (-39.4%), from €200,664 to €121,576
- Current portion of long-term debt -€50,528
down €50,528 (-72.4%), from €69,827 to €19,299
- Profit (loss) carried forward +€43,622
up €43,622 (+55.6%), from -€78,478 to -€34,856
- Debts after one year +€31,826
new in 2025: €31,826
- Accrued charges and deferred income -€6,426
no longer reported in 2025 (was €6,426)
- Staff costs -€44,499
down €44,499 (-46.6%), from €95,518 to €51,019
- Gross operating margin +€13,592
up €13,592 (+10.6%), from €127,643 to €141,235
- Taxes +€9,893
up €9,893 (+1226.2%), from €807 to €10,700
- Depreciation +€8,086
up €8,086 (+38.6%), from €20,943 to €29,029
- Financial charges +€4,028
up €4,028 (+315.4%), from €1,277 to €5,305
of which Non-recurring financial charges: +€2,907
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 | €222,058 | €165,571 | -€56,487 | -25.4% |
| Fixed assets | 21/28 | €110,349 | €81,046 | -€29,303 | -26.6% |
| Tangible fixed assets | 22/27 | €110,349 | €81,046 | -€29,303 | -26.6% |
| Land and buildings | 22 | €1,860 | €930 | -€930 | -50.0% |
| Plant, machinery and equipment | 23 | €20,662 | €14,935 | -€5,727 | -27.7% |
| Furniture and vehicles | 24 | €70,911 | €55,102 | -€15,809 | -22.3% |
| Other tangible fixed assets | 26 | €16,916 | €10,079 | -€6,837 | -40.4% |
| Current assets | 29/58 | €111,710 | €84,525 | -€27,184 | -24.3% |
| Amounts receivable within one year | 40/41 | €3,428 | - | -€3,428 | |
| Other amounts receivable | 41 | €3,428 | - | -€3,428 | |
| Cash at bank and in hand | 54/58 | €100,713 | €83,448 | -€17,265 | -17.1% |
| Deferred charges and accrued income | 490/1 | €7,569 | €1,078 | -€6,492 | -85.8% |
| Total equity and liabilities | 10/49 | €222,058 | €165,571 | -€56,487 | -25.4% |
| Equity | 10/15 | €122,185 | €86,720 | -€35,466 | -29.0% |
| Contributions | 10/11 | €200,664 | €121,576 | -€79,087 | -39.4% |
| Profit (loss) carried forward | 14 | -€78,478 | -€34,856 | +€43,622 | +55.6% |
| Amounts payable | 17/49 | €99,873 | €78,851 | -€21,022 | -21.0% |
| Amounts payable after more than one year | 17 | - | €31,826 | +€31,826 | |
| Financial debts | 170/4 | - | €31,826 | +€31,826 | |
| Amounts payable within one year | 42/48 | €93,447 | €47,025 | -€46,422 | -49.7% |
| Current portion of amounts payable after more than one year | 42 | €69,827 | €19,299 | -€50,528 | -72.4% |
| Trade debts | 44 | €12,567 | €10,370 | -€2,198 | -17.5% |
| Suppliers | 440/4 | €12,567 | €10,370 | -€2,198 | -17.5% |
| Taxes, remuneration and social security | 45 | €11,053 | €17,357 | +€6,304 | +57.0% |
| Taxes | 450/3 | €807 | €10,700 | +€9,893 | +1226.1% |
| Remuneration and social security | 454/9 | €10,246 | €6,657 | -€3,589 | -35.0% |
| Accrued charges and deferred income | 492/3 | €6,426 | - | -€6,426 | |
| Non-recurring operating income | 76A | - | €1,500 | +€1,500 | |
| Remuneration, social security and pensions | 62 | €95,518 | €51,019 | -€44,499 | -46.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,943 | €29,029 | +€8,086 | +38.6% |
| Other operating charges | 640/8 | €991 | €1,567 | +€576 | +58.1% |
| Gross operating margin | 9900 | €127,643 | €141,235 | +€13,592 | +10.6% |
| Operating profit (loss) | 9901 | €10,190 | €59,621 | +€49,430 | +485.1% |
| Financial income | 75/76B | €5 | €6 | +€1 | +25.6% |
| Recurring financial income | 75 | €5 | €6 | +€1 | +25.6% |
| Financial charges | 65/66B | €1,277 | €5,305 | +€4,028 | +315.4% |
| Recurring financial charges | 65 | €1,277 | €2,398 | +€1,121 | +87.8% |
| Non-recurring financial charges | 66B | - | €2,907 | +€2,907 | |
| Profit (loss) for the period before taxes | 9903 | €8,919 | €54,322 | +€45,403 | +509.1% |
| Income taxes | 67/77 | €807 | €10,700 | +€9,893 | +1226.2% |
| Profit (loss) for the period | 9904 | €8,112 | €43,622 | +€35,510 | +437.8% |
| Profit (loss) for the period to be appropriated | 9905 | €8,112 | €43,622 | +€35,510 | +437.8% |
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 12 October 2026 via checked.be.