Dr. Ewoud Deboever: 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. Ewoud Deboever
Largest movements
- Current investments +€125,000
new in 2025: €125,000
- Receivables within one year +€17,050
up €17,050 (+39.2%), from €43,532 to €60,582
of which Other amounts receivable: +€22,492
- Cash -€16,314
down €16,314 (-19.9%), from €81,925 to €65,611
mainly Current investments (-€125,000) and Other debts (-€23,768)
- Deferred charges and accrued income +€5,633
up €5,633 (+71.3%), from €7,905 to €13,537
- Reserves +€134,089
up €134,089 (+169%), from €79,151 to €213,239
- Other debts -€23,768
down €23,768 (-76.6%), from €31,047 to €7,278
- Tax, wage and social debts +€18,456
up €18,456 (+80.9%), from €22,816 to €41,272
- Gross operating margin +€72,825
up €72,825 (+70.1%), from €103,840 to €176,664
- Taxes +€18,332
up €18,332 (+81.1%), from €22,606 to €40,938
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 | €136,157 | €266,548 | +€130,391 | +95.8% |
| Fixed assets | 21/28 | €2,796 | €1,818 | -€978 | -35.0% |
| Tangible fixed assets | 22/27 | €2,796 | €1,818 | -€978 | -35.0% |
| Plant, machinery and equipment | 23 | €1,277 | €639 | -€639 | -50.0% |
| Furniture and vehicles | 24 | €1,519 | €1,179 | -€340 | -22.4% |
| Current assets | 29/58 | €133,361 | €264,730 | +€131,369 | +98.5% |
| Amounts receivable within one year | 40/41 | €43,532 | €60,582 | +€17,050 | +39.2% |
| Trade receivables | 40 | €43,532 | €38,090 | -€5,441 | -12.5% |
| Other amounts receivable | 41 | - | €22,492 | +€22,492 | |
| Current investments | 50/53 | - | €125,000 | +€125,000 | |
| Cash at bank and in hand | 54/58 | €81,925 | €65,611 | -€16,314 | -19.9% |
| Deferred charges and accrued income | 490/1 | €7,905 | €13,537 | +€5,633 | +71.3% |
| Total equity and liabilities | 10/49 | €136,157 | €266,548 | +€130,391 | +95.8% |
| Equity | 10/15 | €80,151 | €214,239 | +€134,089 | +167% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €79,151 | €213,239 | +€134,089 | +169% |
| Distributable reserves | 133 | €79,151 | €213,239 | +€134,089 | +169% |
| Amounts payable | 17/49 | €56,006 | €52,308 | -€3,698 | -6.6% |
| Amounts payable within one year | 42/48 | €54,494 | €49,556 | -€4,937 | -9.1% |
| Trade debts | 44 | €631 | €1,006 | +€375 | +59.5% |
| Suppliers | 440/4 | €631 | €1,006 | +€375 | +59.5% |
| Taxes, remuneration and social security | 45 | €22,816 | €41,272 | +€18,456 | +80.9% |
| Taxes | 450/3 | €22,816 | €41,272 | +€18,456 | +80.9% |
| Other amounts payable | 47/48 | €31,047 | €7,278 | -€23,768 | -76.6% |
| Accrued charges and deferred income | 492/3 | €1,513 | €2,752 | +€1,240 | +82.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,939 | €978 | -€961 | -49.5% |
| Other operating charges | 640/8 | - | €80 | +€80 | |
| Gross operating margin | 9900 | €103,840 | €176,664 | +€72,825 | +70.1% |
| Operating profit (loss) | 9901 | €101,900 | €175,605 | +€73,705 | +72.3% |
| Financial income | 75/76B | €0 | €965 | +€965 | +9,654,100% |
| Recurring financial income | 75 | €0 | €965 | +€965 | +9,654,100% |
| Financial charges | 65/66B | €144 | €1,544 | +€1,400 | +975% |
| Recurring financial charges | 65 | €144 | €1,544 | +€1,400 | +975% |
| Profit (loss) for the period before taxes | 9903 | €101,757 | €175,027 | +€73,270 | +72.0% |
| Income taxes | 67/77 | €22,606 | €40,938 | +€18,332 | +81.1% |
| Profit (loss) for the period | 9904 | €79,151 | €134,089 | +€54,938 | +69.4% |
| Profit (loss) for the period to be appropriated | 9905 | €79,151 | €134,089 | +€54,938 | +69.4% |
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 21 October 2026 via checked.be.