Dr. G.Caluwé: what changed
Dr. G.Caluwé
Largest movements
- Deferred charges and accrued income +€127,406
up €127,406 (+95.2%), from €133,808 to €261,214
- Tangible fixed assets -€49,150
down €49,150 (-8.5%), from €578,571 to €529,422
of which Furniture and vehicles: -€52,361
- Receivables within one year +€21,917
up €21,917 (+72.2%), from €30,372 to €52,289
of which Trade receivables: +€48,774
- Cash -€20,794
down €20,794 (-22.6%), from €92,077 to €71,283
mainly Deferred charges and accrued income (-€127,406) and Other debts (-€63,076)
- Reserves +€171,238
up €171,238 (+23.7%), from €722,216 to €893,454
of which Distributable reserves: +€171,238
- Other debts -€63,076
down €63,076 (-85.6%), from €73,685 to €10,609
- Debts after one year -€60,902
down €60,902 (-100%), from €60,902 to €0
- Trade debts +€58,643
up €58,643 (+560%), from €10,478 to €69,121
- Current portion of long-term debt -€26,581
down €26,581 (-100%), from €26,581 to €0
- Depreciation -€38,174
down €38,174 (-54.4%), from €70,175 to €32,001
- Taxes +€13,612
up €13,612 (+21.8%), from €62,571 to €76,183
- Gross operating margin +€7,748
up €7,748 (+2.8%), from €280,783 to €288,532
- Other operating charges +€3,585
up €3,585 (+168%), from €2,133 to €5,718
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €914,829 | €994,208 | +€79,379 | +8.7% |
| Fixed assets | 21/28 | €578,571 | €529,422 | -€49,150 | -8.5% |
| Tangible fixed assets | 22/27 | €578,571 | €529,422 | -€49,150 | -8.5% |
| Land and buildings | 22 | €325,365 | €300,703 | -€24,661 | -7.6% |
| Plant, machinery and equipment | 23 | €192,382 | €220,254 | +€27,872 | +14.5% |
| Furniture and vehicles | 24 | €60,825 | €8,465 | -€52,361 | -86.1% |
| Current assets | 29/58 | €336,258 | €464,786 | +€128,529 | +38.2% |
| Amounts receivable after more than one year | 29 | €80,000 | €80,000 | = | 0.0% |
| Other amounts receivable | 291 | €80,000 | €80,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €30,372 | €52,289 | +€21,917 | +72.2% |
| Trade receivables | 40 | €427 | €49,200 | +€48,774 | +11,430% |
| Other amounts receivable | 41 | €29,946 | €3,089 | -€26,857 | -89.7% |
| Cash at bank and in hand | 54/58 | €92,077 | €71,283 | -€20,794 | -22.6% |
| Deferred charges and accrued income | 490/1 | €133,808 | €261,214 | +€127,406 | +95.2% |
| Total equity and liabilities | 10/49 | €914,829 | €994,208 | +€79,379 | +8.7% |
| Equity | 10/15 | €740,816 | €912,054 | +€171,238 | +23.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €722,216 | €893,454 | +€171,238 | +23.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €11,449 | €11,449 | = | 0.0% |
| Distributable reserves | 133 | €708,906 | €880,145 | +€171,238 | +24.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €174,014 | €82,154 | -€91,860 | -52.8% |
| Amounts payable after more than one year | 17 | €60,902 | €0 | -€60,902 | -100% |
| Financial debts | 170/4 | €60,902 | €0 | -€60,902 | -100% |
| Amounts payable within one year | 42/48 | €111,512 | €80,519 | -€30,993 | -27.8% |
| Current portion of amounts payable after more than one year | 42 | €26,581 | €0 | -€26,581 | -100% |
| Trade debts | 44 | €10,478 | €69,121 | +€58,643 | +560% |
| Suppliers | 440/4 | €10,478 | €69,121 | +€58,643 | +560% |
| Taxes, remuneration and social security | 45 | €767 | €789 | +€21 | +2.8% |
| Taxes | 450/3 | €767 | €789 | +€21 | +2.8% |
| Other amounts payable | 47/48 | €73,685 | €10,609 | -€63,076 | -85.6% |
| Accrued charges and deferred income | 492/3 | €1,599 | €1,635 | +€36 | +2.3% |
| Non-recurring operating income | 76A | €0 | €2,058 | +€2,058 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,175 | €32,001 | -€38,174 | -54.4% |
| Other operating charges | 640/8 | €2,133 | €5,718 | +€3,585 | +168% |
| Non-recurring operating charges | 66A | - | €399 | +€399 | |
| Gross operating margin | 9900 | €280,783 | €288,532 | +€7,748 | +2.8% |
| Operating profit (loss) | 9901 | €208,475 | €250,414 | +€41,938 | +20.1% |
| Financial income | 75/76B | €3,198 | €2,499 | -€699 | -21.9% |
| Recurring financial income | 75 | €3,198 | €2,499 | -€699 | -21.9% |
| Financial charges | 65/66B | €6,414 | €5,491 | -€923 | -14.4% |
| Recurring financial charges | 65 | €6,414 | €5,491 | -€923 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | €205,259 | €247,421 | +€42,162 | +20.5% |
| Income taxes | 67/77 | €62,571 | €76,183 | +€13,612 | +21.8% |
| Profit (loss) for the period | 9904 | €142,688 | €171,238 | +€28,550 | +20.0% |
| Profit (loss) for the period to be appropriated | 9905 | €142,688 | €171,238 | +€28,550 | +20.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.