Dr. H. De Cauwer: what changed
Dr. H. De Cauwer
Largest movements
- Receivables after one year -€25,000
down €25,000 (-50.0%), from €50,000 to €25,000
- Current investments +€22,963
up €22,963 (+20.9%), from €109,694 to €132,657
- Receivables within one year +€16,476
up €16,476 (+26.7%), from €61,708 to €78,184
of which Trade receivables: +€16,032
- Cash -€4,797
down €4,797 (-6.4%), from €74,834 to €70,037
mainly Contributions, distributions and other (-€47,560) and Current investments (-€22,963)
- Tangible fixed assets -€3,526
down €3,526 (-28.7%), from €12,303 to €8,777
of which Furniture and vehicles: -€2,843
- Other debts -€14,732
down €14,732 (-97.7%), from €15,071 to €339
- Reserves +€12,167
up €12,167 (+4.4%), from €278,134 to €290,301
of which Distributable reserves: +€12,167
- Tax, wage and social debts +€8,331
up €8,331 (+1,395%), from €597 to €8,928
- Gross operating margin +€30,643
up €30,643 (+52.2%), from €58,719 to €89,362
- Taxes +€10,634
up €10,634 (+74.8%), from €14,208 to €24,842
- Depreciation -€6,367
down €6,367 (-57.7%), from €11,042 to €4,675
- Financial charges -€2,020
down €2,020 (-39.7%), from €5,089 to €3,069
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 | €308,539 | €314,655 | +€6,117 | +2.0% |
| Fixed assets | 21/28 | €12,303 | €8,777 | -€3,526 | -28.7% |
| Tangible fixed assets | 22/27 | €12,303 | €8,777 | -€3,526 | -28.7% |
| Furniture and vehicles | 24 | €8,311 | €5,468 | -€2,843 | -34.2% |
| Other tangible fixed assets | 26 | €3,992 | €3,309 | -€683 | -17.1% |
| Current assets | 29/58 | €296,236 | €305,878 | +€9,642 | +3.3% |
| Amounts receivable after more than one year | 29 | €50,000 | €25,000 | -€25,000 | -50.0% |
| Other amounts receivable | 291 | €50,000 | €25,000 | -€25,000 | -50.0% |
| Amounts receivable within one year | 40/41 | €61,708 | €78,184 | +€16,476 | +26.7% |
| Trade receivables | 40 | €56,328 | €72,360 | +€16,032 | +28.5% |
| Other amounts receivable | 41 | €5,380 | €5,824 | +€444 | +8.2% |
| Current investments | 50/53 | €109,694 | €132,657 | +€22,963 | +20.9% |
| Cash at bank and in hand | 54/58 | €74,834 | €70,037 | -€4,797 | -6.4% |
| Total equity and liabilities | 10/49 | €308,539 | €314,655 | +€6,117 | +2.0% |
| Equity | 10/15 | €290,534 | €302,701 | +€12,167 | +4.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €278,134 | €290,301 | +€12,167 | +4.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €276,274 | €288,441 | +€12,167 | +4.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €18,005 | €11,954 | -€6,051 | -33.6% |
| Amounts payable within one year | 42/48 | €18,005 | €11,954 | -€6,051 | -33.6% |
| Trade debts | 44 | €2,336 | €2,686 | +€350 | +15.0% |
| Suppliers | 440/4 | €2,336 | €2,686 | +€350 | +15.0% |
| Taxes, remuneration and social security | 45 | €597 | €8,928 | +€8,331 | +1,395% |
| Taxes | 450/3 | €597 | €8,928 | +€8,331 | +1,395% |
| Other amounts payable | 47/48 | €15,071 | €339 | -€14,732 | -97.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,042 | €4,675 | -€6,367 | -57.7% |
| Other operating charges | 640/8 | €1,539 | €1,268 | -€271 | -17.6% |
| Gross operating margin | 9900 | €58,719 | €89,362 | +€30,643 | +52.2% |
| Operating profit (loss) | 9901 | €46,138 | €83,420 | +€37,281 | +80.8% |
| Financial income | 75/76B | €3,990 | €4,218 | +€228 | +5.7% |
| Recurring financial income | 75 | €3,990 | €4,218 | +€228 | +5.7% |
| Financial charges | 65/66B | €5,089 | €3,069 | -€2,020 | -39.7% |
| Recurring financial charges | 65 | €5,089 | €3,069 | -€2,020 | -39.7% |
| Profit (loss) for the period before taxes | 9903 | €45,040 | €84,569 | +€39,530 | +87.8% |
| Income taxes | 67/77 | €14,208 | €24,842 | +€10,634 | +74.8% |
| Profit (loss) for the period | 9904 | €30,832 | €59,727 | +€28,896 | +93.7% |
| Profit (loss) for the period to be appropriated | 9905 | €30,832 | €59,727 | +€28,896 | +93.7% |
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 4 November 2026 via checked.be.