Dr. Els Deklerck: 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. Els Deklerck
Largest movements
- Cash +€55,909
up €55,909 (+54.5%), from €102,529 to €158,437
mainly Net result for the year (+€202,392) and Other debts (+€15,400)
- Deferred charges and accrued income -€14,428
down €14,428 (-35.2%), from €40,992 to €26,564
- Receivables within one year -€5,721
down €5,721 (-12.4%), from €46,105 to €40,384
of which Trade receivables: -€8,164
- Reserves +€27,250
up €27,250 (+13.9%), from €195,342 to €222,592
- Other debts +€15,400
new in 2025: €15,400
- Tax, wage and social debts -€4,130
down €4,130 (-58.9%), from €7,009 to €2,879
of which Taxes: -€4,130
- Accrued charges and deferred income -€2,874
no longer reported in 2025 (was €2,874)
- Gross operating margin +€38,560
up €38,560 (+16.6%), from €232,032 to €270,591
- Taxes +€8,889
up €8,889 (+16.4%), from €54,054 to €62,943
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 | €209,950 | €245,697 | +€35,747 | +17.0% |
| Fixed assets | 21/28 | €10,224 | €10,212 | -€13 | -0.1% |
| Tangible fixed assets | 22/27 | €10,224 | €10,212 | -€13 | -0.1% |
| Plant, machinery and equipment | 23 | - | €3,466 | +€3,466 | |
| Furniture and vehicles | 24 | €10,224 | €6,746 | -€3,479 | -34.0% |
| Current assets | 29/58 | €199,726 | €235,485 | +€35,760 | +17.9% |
| Amounts receivable within one year | 40/41 | €46,105 | €40,384 | -€5,721 | -12.4% |
| Trade receivables | 40 | €41,491 | €33,327 | -€8,164 | -19.7% |
| Other amounts receivable | 41 | €4,614 | €7,057 | +€2,443 | +52.9% |
| Current investments | 50/53 | €10,100 | €10,100 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €102,529 | €158,437 | +€55,909 | +54.5% |
| Deferred charges and accrued income | 490/1 | €40,992 | €26,564 | -€14,428 | -35.2% |
| Total equity and liabilities | 10/49 | €209,950 | €245,697 | +€35,747 | +17.0% |
| Equity | 10/15 | €196,342 | €223,592 | +€27,250 | +13.9% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €195,342 | €222,592 | +€27,250 | +13.9% |
| Distributable reserves | 133 | €195,342 | €222,592 | +€27,250 | +13.9% |
| Amounts payable | 17/49 | €13,608 | €22,105 | +€8,497 | +62.4% |
| Amounts payable within one year | 42/48 | €10,734 | €22,105 | +€11,371 | +106% |
| Trade debts | 44 | €3,725 | €3,826 | +€101 | +2.7% |
| Suppliers | 440/4 | €3,725 | €3,826 | +€101 | +2.7% |
| Taxes, remuneration and social security | 45 | €7,009 | €2,879 | -€4,130 | -58.9% |
| Taxes | 450/3 | €4,282 | €152 | -€4,130 | -96.4% |
| Remuneration and social security | 454/9 | €2,727 | €2,727 | = | 0.0% |
| Other amounts payable | 47/48 | - | €15,400 | +€15,400 | |
| Accrued charges and deferred income | 492/3 | €2,874 | - | -€2,874 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,091 | €3,899 | +€808 | +26.1% |
| Other operating charges | 640/8 | €533 | €683 | +€151 | +28.3% |
| Gross operating margin | 9900 | €232,032 | €270,591 | +€38,560 | +16.6% |
| Operating profit (loss) | 9901 | €228,408 | €266,009 | +€37,602 | +16.5% |
| Financial income | 75/76B | €936 | - | -€936 | |
| Recurring financial income | 75 | €936 | - | -€936 | |
| Financial charges | 65/66B | €148 | €675 | +€527 | +356% |
| Recurring financial charges | 65 | €148 | €675 | +€527 | +356% |
| Profit (loss) for the period before taxes | 9903 | €229,196 | €265,334 | +€36,138 | +15.8% |
| Income taxes | 67/77 | €54,054 | €62,943 | +€8,889 | +16.4% |
| Profit (loss) for the period | 9904 | €175,142 | €202,392 | +€27,250 | +15.6% |
| Profit (loss) for the period to be appropriated | 9905 | €175,142 | €202,392 | +€27,250 | +15.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.