DR. G. DONDERS: 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. G. DONDERS
Largest movements
- Cash +€62,514
up €62,514 (+316%), from €19,770 to €82,284
mainly Net result for the year (+€87,293) and Deferred charges and accrued income (+€44,577)
- Deferred charges and accrued income -€44,577
down €44,577 (-29.4%), from €151,451 to €106,873
- Tangible fixed assets -€28,358
down €28,358 (-4.7%), from €604,483 to €576,125
of which Land and buildings: -€22,744
- Reserves +€87,293
up €87,293 (+16.7%), from €522,888 to €610,180
- Short-term financial debts -€70,000
no longer reported in 2025 (was €70,000)
- Other debts +€29,134
up €29,134 (+2,216%), from €1,315 to €30,449
- Current portion of long-term debt -€22,801
down €22,801 (-54.5%), from €41,857 to €19,055
- Tax, wage and social debts -€18,328
down €18,328 (-31.8%), from €57,597 to €39,269
- Gross operating margin -€124,151
down €124,151 (-43.1%), from €288,146 to €163,995
- Taxes -€22,868
down €22,868 (-36.7%), from €62,319 to €39,451
- Depreciation -€16,777
down €16,777 (-37.2%), from €45,135 to €28,358
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 | €1,134,252 | €1,124,102 | -€10,151 | -0.9% |
| Fixed assets | 21/28 | €604,483 | €576,125 | -€28,358 | -4.7% |
| Tangible fixed assets | 22/27 | €604,483 | €576,125 | -€28,358 | -4.7% |
| Land and buildings | 22 | €555,606 | €532,863 | -€22,744 | -4.1% |
| Plant, machinery and equipment | 23 | €23,051 | €19,863 | -€3,188 | -13.8% |
| Furniture and vehicles | 24 | €7,953 | €5,681 | -€2,272 | -28.6% |
| Other tangible fixed assets | 26 | €17,872 | €17,718 | -€154 | -0.9% |
| Current assets | 29/58 | €529,770 | €547,977 | +€18,207 | +3.4% |
| Amounts receivable after more than one year | 29 | €250,000 | €250,000 | = | 0.0% |
| Other amounts receivable | 291 | €250,000 | €250,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €103,190 | €103,461 | +€271 | +0.3% |
| Other amounts receivable | 41 | €103,190 | €103,461 | +€271 | +0.3% |
| Current investments | 50/53 | €5,359 | €5,359 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €19,770 | €82,284 | +€62,514 | +316% |
| Deferred charges and accrued income | 490/1 | €151,451 | €106,873 | -€44,577 | -29.4% |
| Total equity and liabilities | 10/49 | €1,134,252 | €1,124,102 | -€10,151 | -0.9% |
| Equity | 10/15 | €932,882 | €1,020,175 | +€87,293 | +9.4% |
| Contributions | 10/11 | €406,449 | €406,449 | = | 0.0% |
| Reserves | 13 | €522,888 | €610,180 | +€87,293 | +16.7% |
| Distributable reserves | 133 | €522,888 | €610,180 | +€87,293 | +16.7% |
| Profit (loss) carried forward | 14 | €3,546 | €3,546 | = | 0.0% |
| Amounts payable | 17/49 | €201,370 | €103,927 | -€97,443 | -48.4% |
| Amounts payable after more than one year | 17 | €26,352 | €10,751 | -€15,600 | -59.2% |
| Financial debts | 170/4 | €26,352 | €10,751 | -€15,600 | -59.2% |
| Amounts payable within one year | 42/48 | €170,768 | €88,926 | -€81,843 | -47.9% |
| Current portion of amounts payable after more than one year | 42 | €41,857 | €19,055 | -€22,801 | -54.5% |
| Financial debts | 43 | €70,000 | - | -€70,000 | |
| Credit institutions | 430/8 | €70,000 | - | -€70,000 | |
| Trade debts | 44 | - | €153 | +€153 | |
| Suppliers | 440/4 | - | €153 | +€153 | |
| Taxes, remuneration and social security | 45 | €57,597 | €39,269 | -€18,328 | -31.8% |
| Taxes | 450/3 | €57,597 | €39,269 | -€18,328 | -31.8% |
| Other amounts payable | 47/48 | €1,315 | €30,449 | +€29,134 | +2,216% |
| Accrued charges and deferred income | 492/3 | €4,250 | €4,250 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,135 | €28,358 | -€16,777 | -37.2% |
| Other operating charges | 640/8 | €2,900 | €4,393 | +€1,493 | +51.5% |
| Non-recurring operating charges | 66A | €18,577 | - | -€18,577 | |
| Gross operating margin | 9900 | €288,146 | €163,995 | -€124,151 | -43.1% |
| Operating profit (loss) | 9901 | €221,534 | €131,244 | -€90,290 | -40.8% |
| Financial income | 75/76B | €84 | - | -€84 | |
| Recurring financial income | 75 | €84 | - | -€84 | |
| Financial charges | 65/66B | €4,529 | €4,501 | -€28 | -0.6% |
| Recurring financial charges | 65 | €4,529 | €4,501 | -€28 | -0.6% |
| Profit (loss) for the period before taxes | 9903 | €217,089 | €126,744 | -€90,345 | -41.6% |
| Income taxes | 67/77 | €62,319 | €39,451 | -€22,868 | -36.7% |
| Profit (loss) for the period | 9904 | €154,770 | €87,293 | -€67,478 | -43.6% |
| Profit (loss) for the period to be appropriated | 9905 | €154,770 | €87,293 | -€67,478 | -43.6% |
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.