Dr. E. Fiévez: 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. Fiévez
Largest movements
- Receivables after one year -€108,767
down €108,767 (-100%), from €108,767 to €0
- Tangible fixed assets +€68,683
up €68,683 (+368%), from €18,672 to €87,355
of which Other tangible fixed assets: +€54,196
- Cash +€52,686
up €52,686 (+70.5%), from €74,780 to €127,466
mainly Net result for the year (+€198,739) and Other debts (+€181,718)
- Reserves -€183,091
down €183,091 (-100%), from €183,091 to €0
- Other debts +€181,718
up €181,718, from €0 to €181,718
- Tax, wage and social debts +€16,807
up €16,807 (+72.5%), from €23,173 to €39,980
- Gross operating margin +€158,647
up €158,647 (+136%), from €116,572 to €275,219
- Taxes +€40,121
up €40,121 (+186%), from €21,608 to €61,729
- Depreciation +€4,590
up €4,590 (+47.5%), from €9,666 to €14,255
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 | €212,331 | €225,856 | +€13,525 | +6.4% |
| Fixed assets | 21/28 | €18,672 | €87,355 | +€68,683 | +368% |
| Tangible fixed assets | 22/27 | €18,672 | €87,355 | +€68,683 | +368% |
| Land and buildings | 22 | - | €17,763 | +€17,763 | |
| Furniture and vehicles | 24 | €18,672 | €15,396 | -€3,276 | -17.5% |
| Other tangible fixed assets | 26 | - | €54,196 | +€54,196 | |
| Current assets | 29/58 | €193,659 | €138,501 | -€55,158 | -28.5% |
| Amounts receivable after more than one year | 29 | €108,767 | €0 | -€108,767 | -100% |
| Other amounts receivable | 291 | €108,767 | €0 | -€108,767 | -100% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Trade receivables | 40 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €74,780 | €127,466 | +€52,686 | +70.5% |
| Deferred charges and accrued income | 490/1 | €10,111 | €11,034 | +€923 | +9.1% |
| Total equity and liabilities | 10/49 | €212,331 | €225,856 | +€13,525 | +6.4% |
| Equity | 10/15 | €184,091 | €1,000 | -€183,091 | -99.5% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €183,091 | €0 | -€183,091 | -100% |
| Distributable reserves | 133 | €183,091 | €0 | -€183,091 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €28,240 | €224,856 | +€196,616 | +696% |
| Amounts payable within one year | 42/48 | €28,240 | €224,856 | +€196,616 | +696% |
| Trade debts | 44 | €5,067 | €3,158 | -€1,909 | -37.7% |
| Suppliers | 440/4 | €5,067 | €3,158 | -€1,909 | -37.7% |
| Taxes, remuneration and social security | 45 | €23,173 | €39,980 | +€16,807 | +72.5% |
| Taxes | 450/3 | €23,173 | €39,980 | +€16,807 | +72.5% |
| Other amounts payable | 47/48 | €0 | €181,718 | +€181,718 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,666 | €14,255 | +€4,590 | +47.5% |
| Other operating charges | 640/8 | €64 | €463 | +€399 | +624% |
| Gross operating margin | 9900 | €116,572 | €275,219 | +€158,647 | +136% |
| Operating profit (loss) | 9901 | €106,842 | €260,500 | +€153,658 | +144% |
| Financial income | 75/76B | - | €275 | +€275 | |
| Recurring financial income | 75 | - | €275 | +€275 | |
| Financial charges | 65/66B | €149 | €307 | +€158 | +106% |
| Recurring financial charges | 65 | €149 | €307 | +€158 | +106% |
| Profit (loss) for the period before taxes | 9903 | €106,693 | €260,468 | +€153,775 | +144% |
| Income taxes | 67/77 | €21,608 | €61,729 | +€40,121 | +186% |
| Profit (loss) for the period | 9904 | €85,085 | €198,739 | +€113,654 | +134% |
| Profit (loss) for the period to be appropriated | 9905 | €85,085 | €198,739 | +€113,654 | +134% |
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 30 October 2026 via checked.be.