Dr. Gertjan De Meyer: 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. Gertjan De Meyer
Largest movements
- Cash -€61,019
down €61,019 (-61.7%), from €98,942 to €37,923
mainly Other debts (-€83,468) and Tax, wage and social debts (-€16,252)
- Intangible fixed assets -€23,600
down €23,600 (-11.8%), from €200,067 to €176,467
- Receivables within one year +€5,386
new in 2025: €5,386
of which Trade receivables: +€3,000
- Tangible fixed assets -€4,206
down €4,206 (-67.8%), from €6,206 to €2,000
of which Furniture and vehicles: -€6,206
- Other debts -€83,468
down €83,468 (-46.6%), from €179,246 to €95,778
- Reserves +€27,929
up €27,929 (+65.2%), from €42,846 to €70,775
- Tax, wage and social debts -€16,252
down €16,252 (-84.7%), from €19,184 to €2,932
- Debts after one year -€13,883
down €13,883 (-30.4%), from €45,665 to €31,782
- Current portion of long-term debt +€6,809
up €6,809 (+96.3%), from €7,074 to €13,883
- Gross operating margin +€15,312
up €15,312 (+32.1%), from €47,695 to €63,007
- Depreciation -€12,837
down €12,837 (-34.8%), from €36,880 to €24,043
- Taxes +€4,682
up €4,682 (+160%), from €2,932 to €7,614
- Financial charges -€2,774
down €2,774 (-56.6%), from €4,899 to €2,125
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 | €305,770 | €221,775 | -€83,995 | -27.5% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €206,273 | €178,467 | -€27,806 | -13.5% |
| Intangible fixed assets | 21 | €200,067 | €176,467 | -€23,600 | -11.8% |
| Tangible fixed assets | 22/27 | €6,206 | €2,000 | -€4,206 | -67.8% |
| Plant, machinery and equipment | 23 | - | €2,000 | +€2,000 | |
| Furniture and vehicles | 24 | €6,206 | €0 | -€6,206 | -100% |
| Current assets | 29/58 | €99,497 | €43,309 | -€56,189 | -56.5% |
| Amounts receivable within one year | 40/41 | - | €5,386 | +€5,386 | |
| Trade receivables | 40 | - | €3,000 | +€3,000 | |
| Other amounts receivable | 41 | - | €2,386 | +€2,386 | |
| Cash at bank and in hand | 54/58 | €98,942 | €37,923 | -€61,019 | -61.7% |
| Deferred charges and accrued income | 490/1 | €556 | €0 | -€556 | -100% |
| Total equity and liabilities | 10/49 | €305,770 | €221,775 | -€83,995 | -27.5% |
| Equity | 10/15 | €47,846 | €75,775 | +€27,929 | +58.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €42,846 | €70,775 | +€27,929 | +65.2% |
| Distributable reserves | 133 | €42,846 | €70,775 | +€27,929 | +65.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €257,924 | €146,000 | -€111,924 | -43.4% |
| Amounts payable after more than one year | 17 | €45,665 | €31,782 | -€13,883 | -30.4% |
| Financial debts | 170/4 | €45,665 | €31,782 | -€13,883 | -30.4% |
| Amounts payable within one year | 42/48 | €206,783 | €113,638 | -€93,145 | -45.0% |
| Current portion of amounts payable after more than one year | 42 | €7,074 | €13,883 | +€6,809 | +96.3% |
| Trade debts | 44 | €1,278 | €1,044 | -€235 | -18.4% |
| Suppliers | 440/4 | €1,278 | €1,044 | -€235 | -18.4% |
| Taxes, remuneration and social security | 45 | €19,184 | €2,932 | -€16,252 | -84.7% |
| Taxes | 450/3 | €19,184 | €2,932 | -€16,252 | -84.7% |
| Other amounts payable | 47/48 | €179,246 | €95,778 | -€83,468 | -46.6% |
| Accrued charges and deferred income | 492/3 | €5,476 | €581 | -€4,895 | -89.4% |
| Non-recurring operating income | 76A | - | €8,794 | +€8,794 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,880 | €24,043 | -€12,837 | -34.8% |
| Other operating charges | 640/8 | €1,083 | €621 | -€462 | -42.6% |
| Gross operating margin | 9900 | €47,695 | €63,007 | +€15,312 | +32.1% |
| Operating profit (loss) | 9901 | €9,732 | €38,343 | +€28,611 | +294% |
| Financial income | 75/76B | - | €158 | +€158 | |
| Recurring financial income | 75 | - | €158 | +€158 | |
| Financial charges | 65/66B | €4,899 | €2,125 | -€2,774 | -56.6% |
| Recurring financial charges | 65 | €4,899 | €2,125 | -€2,774 | -56.6% |
| Profit (loss) for the period before taxes | 9903 | €4,833 | €36,376 | +€31,543 | +653% |
| Income taxes | 67/77 | €2,932 | €7,614 | +€4,682 | +160% |
| Profit (loss) for the period | 9904 | €1,901 | €28,762 | +€26,861 | +1,413% |
| Profit (loss) for the period to be appropriated | 9905 | €1,901 | €28,762 | +€26,861 | +1,413% |
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 20 October 2026 via checked.be.