Dr. Frédéric Guffens: 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. Frédéric Guffens
Largest movements
- Cash +€270,503
up €270,503 (+983%), from €27,527 to €298,030
mainly Net result for the year (+€270,134) and Tax, wage and social debts (+€16,340)
- Receivables within one year +€13,337
up €13,337 (+134%), from €9,935 to €23,272
- Tangible fixed assets -€8,511
down €8,511 (-24.8%), from €34,279 to €25,768
of which Furniture and vehicles: -€9,602
- Reserves +€270,134
up €270,134 (+837%), from €32,280 to €302,415
- Tax, wage and social debts +€16,340
up €16,340 (+244%), from €6,685 to €23,025
of which Taxes: +€14,675
- Debts after one year -€11,469
down €11,469 (-61.6%), from €18,631 to €7,162
- Gross operating margin +€317,322
up €317,322 (+610%), from €52,052 to €369,374
- Taxes +€75,943
up €75,943 (+983%), from €7,726 to €83,669
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 | €71,740 | €347,070 | +€275,330 | +384% |
| Fixed assets | 21/28 | €34,279 | €25,768 | -€8,511 | -24.8% |
| Tangible fixed assets | 22/27 | €34,279 | €25,768 | -€8,511 | -24.8% |
| Land and buildings | 22 | - | €2,607 | +€2,607 | |
| Plant, machinery and equipment | 23 | €3,218 | €1,703 | -€1,515 | -47.1% |
| Furniture and vehicles | 24 | €31,061 | €21,458 | -€9,602 | -30.9% |
| Current assets | 29/58 | €37,462 | €321,302 | +€283,841 | +758% |
| Amounts receivable within one year | 40/41 | €9,935 | €23,272 | +€13,337 | +134% |
| Other amounts receivable | 41 | €9,935 | €23,272 | +€13,337 | +134% |
| Cash at bank and in hand | 54/58 | €27,527 | €298,030 | +€270,503 | +983% |
| Total equity and liabilities | 10/49 | €71,740 | €347,070 | +€275,330 | +384% |
| Equity | 10/15 | €35,280 | €305,415 | +€270,134 | +766% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €32,280 | €302,415 | +€270,134 | +837% |
| Distributable reserves | 133 | €32,280 | €302,415 | +€270,134 | +837% |
| Amounts payable | 17/49 | €36,460 | €41,656 | +€5,196 | +14.3% |
| Amounts payable after more than one year | 17 | €18,631 | €7,162 | -€11,469 | -61.6% |
| Financial debts | 170/4 | €18,631 | €7,162 | -€11,469 | -61.6% |
| Amounts payable within one year | 42/48 | €17,829 | €34,494 | +€16,665 | +93.5% |
| Current portion of amounts payable after more than one year | 42 | €11,144 | €11,469 | +€325 | +2.9% |
| Taxes, remuneration and social security | 45 | €6,685 | €23,025 | +€16,340 | +244% |
| Taxes | 450/3 | €4,762 | €19,437 | +€14,675 | +308% |
| Remuneration and social security | 454/9 | €1,923 | €3,588 | +€1,665 | +86.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,316 | €14,663 | +€346 | +2.4% |
| Other operating charges | 640/8 | €118 | €120 | +€2 | +1.7% |
| Gross operating margin | 9900 | €52,052 | €369,374 | +€317,322 | +610% |
| Operating profit (loss) | 9901 | €37,618 | €354,591 | +€316,973 | +843% |
| Financial charges | 65/66B | €264 | €788 | +€524 | +199% |
| Recurring financial charges | 65 | €264 | €788 | +€524 | +199% |
| Profit (loss) for the period before taxes | 9903 | €37,354 | €353,803 | +€316,449 | +847% |
| Income taxes | 67/77 | €7,726 | €83,669 | +€75,943 | +983% |
| Profit (loss) for the period | 9904 | €29,628 | €270,134 | +€240,506 | +812% |
| Profit (loss) for the period to be appropriated | 9905 | €29,628 | €270,134 | +€240,506 | +812% |
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 15 October 2026 via checked.be.