Dr. F. DECLAU: 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. F. DECLAU
Largest movements
- Current investments +€129,925
up €129,925 (+37.0%), from €351,305 to €481,230
- Cash -€28,537
down €28,537 (-35.2%), from €81,128 to €52,592
mainly Current investments (-€129,925) and Tax, wage and social debts (-€59,878)
- Tangible fixed assets -€16,247
down €16,247 (-46.4%), from €34,982 to €18,735
of which Furniture and vehicles: -€14,899
- Reserves +€155,205
up €155,205 (+26.7%), from €582,189 to €737,394
of which Distributable reserves: +€155,205
- Tax, wage and social debts -€59,878
down €59,878 (-77.0%), from €77,778 to €17,900
of which Taxes: -€55,970
- Short-term financial debts +€17,003
new in 2025: €17,003
- Other debts -€14,449
no longer reported in 2025 (was €14,449)
- Turnover -€536,053
no longer reported in 2025 (was €536,053)
- Purchases and services -€250,597
no longer reported in 2025 (was €250,597)
- Gross operating margin -€34,369
down €34,369 (-11.5%), from €298,194 to €263,825
- Taxes -€9,768
down €9,768 (-12.6%), from €77,231 to €67,463
- Staff costs -€9,304
down €9,304 (-23.3%), from €39,892 to €30,588
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 | €827,456 | €919,444 | +€91,988 | +11.1% |
| Fixed assets | 21/28 | €34,982 | €18,735 | -€16,247 | -46.4% |
| Tangible fixed assets | 22/27 | €34,982 | €18,735 | -€16,247 | -46.4% |
| Land and buildings | 22 | €1,315 | €658 | -€658 | -50.0% |
| Plant, machinery and equipment | 23 | €6,466 | €5,776 | -€690 | -10.7% |
| Furniture and vehicles | 24 | €27,201 | €12,302 | -€14,899 | -54.8% |
| Current assets | 29/58 | €792,474 | €900,709 | +€108,235 | +13.7% |
| Amounts receivable after more than one year | 29 | €322,000 | €322,000 | = | 0.0% |
| Other amounts receivable | 291 | €322,000 | €322,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €35,981 | €41,354 | +€5,373 | +14.9% |
| Trade receivables | 40 | €35,436 | €39,218 | +€3,782 | +10.7% |
| Other amounts receivable | 41 | €546 | €2,137 | +€1,591 | +292% |
| Current investments | 50/53 | €351,305 | €481,230 | +€129,925 | +37.0% |
| Cash at bank and in hand | 54/58 | €81,128 | €52,592 | -€28,537 | -35.2% |
| Deferred charges and accrued income | 490/1 | €2,059 | €3,533 | +€1,473 | +71.5% |
| Total equity and liabilities | 10/49 | €827,456 | €919,444 | +€91,988 | +11.1% |
| Equity | 10/15 | €588,431 | €743,637 | +€155,205 | +26.4% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €582,189 | €737,394 | +€155,205 | +26.7% |
| Tax-exempt reserves | 132 | €25,417 | €25,417 | = | 0.0% |
| Distributable reserves | 133 | €556,772 | €711,977 | +€155,205 | +27.9% |
| Profit (loss) carried forward | 14 | €45 | €45 | = | 0.0% |
| Provisions and deferred taxes | 16 | €139,712 | €139,712 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €139,712 | €139,712 | = | 0.0% |
| Pensions and similar obligations | 160 | €139,712 | €139,712 | = | 0.0% |
| Amounts payable | 17/49 | €99,313 | €36,096 | -€63,218 | -63.7% |
| Amounts payable within one year | 42/48 | €98,977 | €35,755 | -€63,222 | -63.9% |
| Financial debts | 43 | - | €17,003 | +€17,003 | |
| Credit institutions | 430/8 | - | €17,003 | +€17,003 | |
| Trade debts | 44 | €6,750 | €852 | -€5,898 | -87.4% |
| Suppliers | 440/4 | €6,750 | €852 | -€5,898 | -87.4% |
| Taxes, remuneration and social security | 45 | €77,778 | €17,900 | -€59,878 | -77.0% |
| Taxes | 450/3 | €71,683 | €15,713 | -€55,970 | -78.1% |
| Remuneration and social security | 454/9 | €6,095 | €2,187 | -€3,908 | -64.1% |
| Other amounts payable | 47/48 | €14,449 | - | -€14,449 | |
| Accrued charges and deferred income | 492/3 | €336 | €340 | +€4 | +1.1% |
| Turnover | 70 | €536,053 | - | -€536,053 | |
| Non-recurring operating income | 76A | €301 | €5,547 | +€5,245 | +1,741% |
| Goods, raw materials, services and sundry goods | 60/61 | €250,597 | - | -€250,597 | |
| Remuneration, social security and pensions | 62 | €39,892 | €30,588 | -€9,304 | -23.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,934 | €8,564 | -€4,371 | -33.8% |
| Other operating charges | 640/8 | €4,591 | €5,279 | +€688 | +15.0% |
| Gross operating margin | 9900 | €298,194 | €263,825 | -€34,369 | -11.5% |
| Operating profit (loss) | 9901 | €240,777 | €219,394 | -€21,382 | -8.9% |
| Financial income | 75/76B | €8,741 | €7,625 | -€1,116 | -12.8% |
| Recurring financial income | 75 | €8,741 | €7,625 | -€1,116 | -12.8% |
| Financial charges | 65/66B | €2,575 | €4,350 | +€1,775 | +68.9% |
| Recurring financial charges | 65 | €2,575 | €4,350 | +€1,775 | +68.9% |
| Profit (loss) for the period before taxes | 9903 | €246,942 | €222,669 | -€24,274 | -9.8% |
| Income taxes | 67/77 | €77,231 | €67,463 | -€9,768 | -12.6% |
| Profit (loss) for the period | 9904 | €169,711 | €155,205 | -€14,506 | -8.5% |
| Profit (loss) for the period to be appropriated | 9905 | €169,711 | €155,205 | -€14,506 | -8.5% |
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 27 October 2026 via checked.be.