Dr. Elien Dewaele: 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. Elien Dewaele
Largest movements
- Cash -€144,527
down €144,527 (-66.3%), from €217,940 to €73,413
mainly Current investments (-€130,825) and Contributions, distributions and other (-€120,000)
- Current investments +€130,825
up €130,825 (+169%), from €77,600 to €208,425
- Tangible fixed assets -€8,313
down €8,313 (-16.7%), from €49,902 to €41,589
of which Land and buildings: -€4,402
- Receivables within one year +€7,665
up €7,665 (+9.3%), from €82,018 to €89,683
of which Trade receivables: +€9,526
- Reserves -€14,139
down €14,139 (-3.5%), from €403,172 to €389,033
- Depreciation +€2,504
up €2,504 (+43.1%), from €5,809 to €8,313
- Gross operating margin +€1,604
up €1,604 (+1.1%), from €141,803 to €143,407
- Financial charges +€1,527
up €1,527 (+420%), from €364 to €1,891
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 | €430,368 | €416,237 | -€14,131 | -3.3% |
| Fixed assets | 21/28 | €51,331 | €43,018 | -€8,313 | -16.2% |
| Tangible fixed assets | 22/27 | €49,902 | €41,589 | -€8,313 | -16.7% |
| Land and buildings | 22 | €39,110 | €34,709 | -€4,402 | -11.3% |
| Furniture and vehicles | 24 | €10,792 | €6,881 | -€3,911 | -36.2% |
| Financial fixed assets | 28 | €1,429 | €1,429 | = | 0.0% |
| Current assets | 29/58 | €379,037 | €373,219 | -€5,818 | -1.5% |
| Amounts receivable within one year | 40/41 | €82,018 | €89,683 | +€7,665 | +9.3% |
| Trade receivables | 40 | €78,631 | €88,157 | +€9,526 | +12.1% |
| Other amounts receivable | 41 | €3,387 | €1,526 | -€1,861 | -54.9% |
| Current investments | 50/53 | €77,600 | €208,425 | +€130,825 | +169% |
| Cash at bank and in hand | 54/58 | €217,940 | €73,413 | -€144,527 | -66.3% |
| Deferred charges and accrued income | 490/1 | €1,479 | €1,698 | +€219 | +14.8% |
| Total equity and liabilities | 10/49 | €430,368 | €416,237 | -€14,131 | -3.3% |
| Equity | 10/15 | €407,172 | €393,033 | -€14,139 | -3.5% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €403,172 | €389,033 | -€14,139 | -3.5% |
| Distributable reserves | 133 | €403,172 | €389,033 | -€14,139 | -3.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €23,196 | €23,204 | +€8 | 0.0% |
| Amounts payable within one year | 42/48 | €23,196 | €23,204 | +€8 | 0.0% |
| Trade debts | 44 | €1,504 | €1,665 | +€161 | +10.7% |
| Suppliers | 440/4 | €1,504 | €1,665 | +€161 | +10.7% |
| Other amounts payable | 47/48 | €21,692 | €21,540 | -€153 | -0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,809 | €8,313 | +€2,504 | +43.1% |
| Other operating charges | 640/8 | €596 | €524 | -€73 | -12.2% |
| Gross operating margin | 9900 | €141,803 | €143,407 | +€1,604 | +1.1% |
| Operating profit (loss) | 9901 | €135,398 | €134,570 | -€827 | -0.6% |
| Financial income | 75/76B | €1,627 | €2,127 | +€500 | +30.7% |
| Recurring financial income | 75 | €1,627 | €2,127 | +€500 | +30.7% |
| Financial charges | 65/66B | €364 | €1,891 | +€1,527 | +420% |
| Recurring financial charges | 65 | €364 | €1,891 | +€1,527 | +420% |
| Profit (loss) for the period before taxes | 9903 | €136,661 | €134,806 | -€1,855 | -1.4% |
| Income taxes | 67/77 | €29,601 | €28,945 | -€656 | -2.2% |
| Profit (loss) for the period | 9904 | €107,060 | €105,861 | -€1,199 | -1.1% |
| Profit (loss) for the period to be appropriated | 9905 | €107,060 | €105,861 | -€1,199 | -1.1% |
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 25 October 2026 via checked.be.