Dr. Frederik Daems: 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. Frederik Daems
Largest movements
- Current investments +€118,223
up €118,223 (+81.5%), from €145,030 to €263,253
- Deferred charges and accrued income +€18,830
up €18,830 (+35.9%), from €52,520 to €71,350
- Receivables within one year +€14,663
new in 2025: €14,663
- Cash -€12,848
down €12,848 (-43.2%), from €29,726 to €16,878
mainly Current investments (-€118,223) and Deferred charges and accrued income (-€18,830)
- Reserves +€146,131
up €146,131 (+72.3%), from €202,194 to €348,325
- Gross operating margin +€58,015
up €58,015 (+42.1%), from €137,780 to €195,795
- Taxes +€14,127
up €14,127 (+46.9%), from €30,107 to €44,234
- Depreciation +€2,176
up €2,176 (+72.0%), from €3,025 to €5,201
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 | €239,854 | €380,559 | +€140,704 | +58.7% |
| Fixed assets | 21/28 | €12,578 | €14,415 | +€1,837 | +14.6% |
| Tangible fixed assets | 22/27 | €12,578 | €14,415 | +€1,837 | +14.6% |
| Furniture and vehicles | 24 | €12,578 | €7,377 | -€5,201 | -41.3% |
| Other tangible fixed assets | 26 | - | €7,038 | +€7,038 | |
| Current assets | 29/58 | €227,276 | €366,144 | +€138,867 | +61.1% |
| Amounts receivable within one year | 40/41 | - | €14,663 | +€14,663 | |
| Trade receivables | 40 | - | €14,663 | +€14,663 | |
| Current investments | 50/53 | €145,030 | €263,253 | +€118,223 | +81.5% |
| Cash at bank and in hand | 54/58 | €29,726 | €16,878 | -€12,848 | -43.2% |
| Deferred charges and accrued income | 490/1 | €52,520 | €71,350 | +€18,830 | +35.9% |
| Total equity and liabilities | 10/49 | €239,854 | €380,559 | +€140,704 | +58.7% |
| Equity | 10/15 | €203,694 | €349,825 | +€146,131 | +71.7% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €202,194 | €348,325 | +€146,131 | +72.3% |
| Distributable reserves | 133 | €202,194 | €348,325 | +€146,131 | +72.3% |
| Amounts payable | 17/49 | €36,161 | €30,734 | -€5,427 | -15.0% |
| Amounts payable within one year | 42/48 | €36,161 | €30,734 | -€5,427 | -15.0% |
| Trade debts | 44 | €2,170 | €1,030 | -€1,140 | -52.5% |
| Suppliers | 440/4 | €2,170 | €1,030 | -€1,140 | -52.5% |
| Taxes, remuneration and social security | 45 | €30,044 | €29,054 | -€991 | -3.3% |
| Taxes | 450/3 | €30,044 | €29,054 | -€991 | -3.3% |
| Other amounts payable | 47/48 | €3,946 | €650 | -€3,296 | -83.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,025 | €5,201 | +€2,176 | +72.0% |
| Other operating charges | 640/8 | €503 | €1,003 | +€501 | +99.6% |
| Gross operating margin | 9900 | €137,780 | €195,795 | +€58,015 | +42.1% |
| Operating profit (loss) | 9901 | €134,253 | €189,590 | +€55,338 | +41.2% |
| Financial income | 75/76B | €980 | €934 | -€46 | -4.7% |
| Recurring financial income | 75 | €980 | €934 | -€46 | -4.7% |
| Financial charges | 65/66B | €45 | €159 | +€113 | +250% |
| Recurring financial charges | 65 | €45 | €159 | +€113 | +250% |
| Profit (loss) for the period before taxes | 9903 | €135,187 | €190,366 | +€55,179 | +40.8% |
| Income taxes | 67/77 | €30,107 | €44,234 | +€14,127 | +46.9% |
| Profit (loss) for the period | 9904 | €105,080 | €146,131 | +€41,052 | +39.1% |
| Profit (loss) for the period to be appropriated | 9905 | €105,080 | €146,131 | +€41,052 | +39.1% |
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 26 October 2026 via checked.be.