Dr. G. Declercq: what changed
Two fiscal 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. G. Declercq
Largest movements
- Current investments +€713,636
up €713,636 (+41.2%), from €1.7m to €2.4m
- Cash -€187,202
down €187,202 (-28.5%), from €656,099 to €468,896
mainly Current investments (-€713,636) and Other debts (-€64,891)
- Reserves +€607,230
up €607,230 (+23.9%), from €2.5m to €3.2m
- Other debts -€64,891
down €64,891 (-31.2%), from €208,005 to €143,114
- Financial income +€143,806
up €143,806 (+365.7%), from €39,326 to €183,132
- Gross operating margin +€37,648
up €37,648 (+5.6%), from €671,912 to €709,560
- Financial charges +€37,494
up €37,494, from -€22,176 to €15,317
- Taxes +€31,380
up €31,380 (+14.7%), from €213,906 to €245,286
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.
Cash bridge derived
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 | €2,882,086 | €3,408,898 | +€526,812 | +18.3% |
| Fixed assets | 21/28 | €387,189 | €363,827 | -€23,363 | -6.0% |
| Tangible fixed assets | 22/27 | €387,189 | €363,827 | -€23,363 | -6.0% |
| Land and buildings | 22 | €335,601 | €326,612 | -€8,989 | -2.7% |
| Furniture and vehicles | 24 | €51,588 | €37,214 | -€14,374 | -27.9% |
| Current assets | 29/58 | €2,494,897 | €3,045,071 | +€550,174 | +22.1% |
| Amounts receivable within one year | 40/41 | €103,458 | €131,715 | +€28,257 | +27.3% |
| Trade receivables | 40 | €103,458 | €131,715 | +€28,257 | +27.3% |
| Current investments | 50/53 | €1,730,824 | €2,444,460 | +€713,636 | +41.2% |
| Cash at bank and in hand | 54/58 | €656,099 | €468,896 | -€187,202 | -28.5% |
| Deferred charges and accrued income | 490/1 | €4,516 | - | -€4,516 | |
| Total equity and liabilities | 10/49 | €2,882,086 | €3,408,898 | +€526,812 | +18.3% |
| Equity | 10/15 | €2,563,891 | €3,171,121 | +€607,230 | +23.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,543,891 | €3,151,121 | +€607,230 | +23.9% |
| Distributable reserves | 133 | €2,543,891 | €3,151,121 | +€607,230 | +23.9% |
| Amounts payable | 17/49 | €318,195 | €237,777 | -€80,418 | -25.3% |
| Amounts payable within one year | 42/48 | €318,195 | €237,777 | -€80,418 | -25.3% |
| Trade debts | 44 | €204 | €193 | -€12 | -5.7% |
| Suppliers | 440/4 | €204 | €193 | -€12 | -5.7% |
| Taxes, remuneration and social security | 45 | €109,986 | €94,470 | -€15,516 | -14.1% |
| Taxes | 450/3 | €109,986 | €94,470 | -€15,516 | -14.1% |
| Other amounts payable | 47/48 | €208,005 | €143,114 | -€64,891 | -31.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,363 | €23,363 | = | 0.0% |
| Other operating charges | 640/8 | €1,416 | €1,496 | +€81 | +5.7% |
| Gross operating margin | 9900 | €671,912 | €709,560 | +€37,648 | +5.6% |
| Operating profit (loss) | 9901 | €647,133 | €684,700 | +€37,567 | +5.8% |
| Financial income | 75/76B | €39,326 | €183,132 | +€143,806 | +365.7% |
| Recurring financial income | 75 | €39,326 | €183,132 | +€143,806 | +365.7% |
| Financial charges | 65/66B | -€22,176 | €15,317 | +€37,494 | |
| Recurring financial charges | 65 | -€22,176 | €15,317 | +€37,494 | |
| Profit (loss) for the period before taxes | 9903 | €708,636 | €852,515 | +€143,879 | +20.3% |
| Income taxes | 67/77 | €213,906 | €245,286 | +€31,380 | +14.7% |
| Profit (loss) for the period | 9904 | €494,730 | €607,230 | +€112,499 | +22.7% |
| Profit (loss) for the period to be appropriated | 9905 | €494,730 | €607,230 | +€112,499 | +22.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.