Dr. Frank-Robbrecht Dusar: 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. Frank-Robbrecht Dusar
Largest movements
- Current investments +€70,000
up €70,000 (+77.8%), from €90,000 to €160,000
- Deferred charges and accrued income +€25,125
up €25,125 (+47.6%), from €52,780 to €77,905
- Cash +€24,579
up €24,579 (+61.1%), from €40,245 to €64,824
mainly Net result for the year (+€119,517) and Depreciation (+€13,142)
- Tangible fixed assets -€11,323
down €11,323 (-21.5%), from €52,640 to €41,317
of which Furniture and vehicles: -€11,792
- Reserves +€119,517
up €119,517 (+81.0%), from €147,578 to €267,095
- Debts after one year -€11,170
down €11,170 (-29.5%), from €37,907 to €26,737
- Depreciation +€3,566
up €3,566 (+37.2%), from €9,576 to €13,142
- Financial income +€2,292
up €2,292 (+22,924,900%), from €0 to €2,293
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 | €235,665 | €344,046 | +€108,381 | +46.0% |
| Fixed assets | 21/28 | €52,640 | €41,317 | -€11,323 | -21.5% |
| Tangible fixed assets | 22/27 | €52,640 | €41,317 | -€11,323 | -21.5% |
| Plant, machinery and equipment | 23 | €2,925 | €3,394 | +€470 | +16.1% |
| Furniture and vehicles | 24 | €49,715 | €37,923 | -€11,792 | -23.7% |
| Current assets | 29/58 | €183,025 | €302,729 | +€119,704 | +65.4% |
| Current investments | 50/53 | €90,000 | €160,000 | +€70,000 | +77.8% |
| Cash at bank and in hand | 54/58 | €40,245 | €64,824 | +€24,579 | +61.1% |
| Deferred charges and accrued income | 490/1 | €52,780 | €77,905 | +€25,125 | +47.6% |
| Total equity and liabilities | 10/49 | €235,665 | €344,046 | +€108,381 | +46.0% |
| Equity | 10/15 | €150,078 | €269,595 | +€119,517 | +79.6% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €147,578 | €267,095 | +€119,517 | +81.0% |
| Distributable reserves | 133 | €147,578 | €267,095 | +€119,517 | +81.0% |
| Amounts payable | 17/49 | €85,587 | €74,451 | -€11,136 | -13.0% |
| Amounts payable after more than one year | 17 | €37,907 | €26,737 | -€11,170 | -29.5% |
| Financial debts | 170/4 | €37,907 | €26,737 | -€11,170 | -29.5% |
| Amounts payable within one year | 42/48 | €47,680 | €47,714 | +€34 | +0.1% |
| Current portion of amounts payable after more than one year | 42 | €10,754 | €11,170 | +€416 | +3.9% |
| Trade debts | 44 | €400 | €831 | +€431 | +108% |
| Suppliers | 440/4 | €400 | €831 | +€431 | +108% |
| Taxes, remuneration and social security | 45 | €35,098 | €33,817 | -€1,280 | -3.6% |
| Taxes | 450/3 | €35,098 | €33,817 | -€1,280 | -3.6% |
| Other amounts payable | 47/48 | €1,429 | €1,896 | +€468 | +32.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,576 | €13,142 | +€3,566 | +37.2% |
| Other operating charges | 640/8 | €316 | €333 | +€17 | +5.5% |
| Gross operating margin | 9900 | €168,336 | €166,933 | -€1,403 | -0.8% |
| Operating profit (loss) | 9901 | €158,444 | €153,458 | -€4,986 | -3.1% |
| Financial income | 75/76B | €0 | €2,293 | +€2,292 | +22,924,900% |
| Recurring financial income | 75 | €0 | €2,293 | +€2,292 | +22,924,900% |
| Financial charges | 65/66B | €1,541 | €1,728 | +€187 | +12.1% |
| Recurring financial charges | 65 | €1,541 | €1,728 | +€187 | +12.1% |
| Profit (loss) for the period before taxes | 9903 | €156,902 | €154,022 | -€2,880 | -1.8% |
| Income taxes | 67/77 | €35,098 | €34,505 | -€593 | -1.7% |
| Profit (loss) for the period | 9904 | €121,805 | €119,517 | -€2,288 | -1.9% |
| Profit (loss) for the period to be appropriated | 9905 | €121,805 | €119,517 | -€2,288 | -1.9% |
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 14 October 2026 via checked.be.