Dr. F.M.: 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.M.
Largest movements
- Cash +€153,574
up €153,574 (+59.6%), from €257,515 to €411,089
mainly Net result for the year (+€190,363) and Depreciation (+€1,081)
- Deferred charges and accrued income +€16,687
up €16,687 (+21.7%), from €76,825 to €93,512
- Profit (loss) carried forward +€190,363
up €190,363 (+61.6%), from €309,181 to €499,544
- Tax, wage and social debts -€17,307
down €17,307 (-78.7%), from €22,000 to €4,692
- Gross operating margin +€36,585
up €36,585 (+17.3%), from €211,153 to €247,738
- Taxes +€4,314
up €4,314 (+8.2%), from €52,795 to €57,109
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 | €339,272 | €508,452 | +€169,180 | +49.9% |
| Fixed assets | 21/28 | €4,933 | €3,852 | -€1,081 | -21.9% |
| Tangible fixed assets | 22/27 | €4,933 | €3,852 | -€1,081 | -21.9% |
| Plant, machinery and equipment | 23 | €1,158 | €509 | -€649 | -56.1% |
| Furniture and vehicles | 24 | €3,776 | €3,343 | -€432 | -11.5% |
| Current assets | 29/58 | €334,339 | €504,601 | +€170,261 | +50.9% |
| Cash at bank and in hand | 54/58 | €257,515 | €411,089 | +€153,574 | +59.6% |
| Deferred charges and accrued income | 490/1 | €76,825 | €93,512 | +€16,687 | +21.7% |
| Total equity and liabilities | 10/49 | €339,272 | €508,452 | +€169,180 | +49.9% |
| Equity | 10/15 | €311,681 | €502,044 | +€190,363 | +61.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €309,181 | €499,544 | +€190,363 | +61.6% |
| Amounts payable | 17/49 | €27,591 | €6,408 | -€21,183 | -76.8% |
| Amounts payable within one year | 42/48 | €26,502 | €5,308 | -€21,194 | -80.0% |
| Trade debts | 44 | €624 | €38 | -€586 | -93.9% |
| Suppliers | 440/4 | €624 | €38 | -€586 | -93.9% |
| Taxes, remuneration and social security | 45 | €22,000 | €4,692 | -€17,307 | -78.7% |
| Taxes | 450/3 | €22,000 | €4,692 | -€17,307 | -78.7% |
| Other amounts payable | 47/48 | €3,878 | €578 | -€3,300 | -85.1% |
| Accrued charges and deferred income | 492/3 | €1,089 | €1,100 | +€11 | +1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €943 | €1,081 | +€139 | +14.7% |
| Other operating charges | 640/8 | €146 | €527 | +€382 | +262% |
| Gross operating margin | 9900 | €211,153 | €247,738 | +€36,585 | +17.3% |
| Operating profit (loss) | 9901 | €210,064 | €246,129 | +€36,065 | +17.2% |
| Financial income | 75/76B | €133 | €1,388 | +€1,254 | +940% |
| Recurring financial income | 75 | €133 | €1,388 | +€1,254 | +940% |
| Financial charges | 65/66B | €44 | €45 | +€2 | +3.4% |
| Recurring financial charges | 65 | €44 | €45 | +€2 | +3.4% |
| Profit (loss) for the period before taxes | 9903 | €210,154 | €247,472 | +€37,318 | +17.8% |
| Income taxes | 67/77 | €52,795 | €57,109 | +€4,314 | +8.2% |
| Profit (loss) for the period | 9904 | €157,359 | €190,363 | +€33,004 | +21.0% |
| Profit (loss) for the period to be appropriated | 9905 | €157,359 | €190,363 | +€33,004 | +21.0% |
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 24 October 2026 via checked.be.