DR. H. DELRUE: 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. H. DELRUE
Largest movements
- Cash +€13,587
up €13,587 (+11.4%), from €118,985 to €132,571
mainly Net result for the year (+€150,206) and Other debts (+€23,896)
- Tangible fixed assets -€5,922
down €5,922 (-4.9%), from €121,560 to €115,638
of which Land and buildings: -€4,643
- Deferred charges and accrued income +€4,589
up €4,589 (+14.9%), from €30,724 to €35,314
- Other debts +€23,896
up €23,896 (+18.2%), from €131,342 to €155,237
- Debts after one year -€5,995
down €5,995 (-5.1%), from €117,178 to €111,183
- Tax, wage and social debts -€2,982
down €2,982 (-72.4%), from €4,116 to €1,134
- Gross operating margin +€27,723
up €27,723 (+15.4%), from €180,360 to €208,083
- Taxes +€7,206
up €7,206 (+18.4%), from €39,116 to €46,322
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 | €280,396 | €292,650 | +€12,254 | +4.4% |
| Fixed assets | 21/28 | €121,560 | €115,638 | -€5,922 | -4.9% |
| Tangible fixed assets | 22/27 | €121,560 | €115,638 | -€5,922 | -4.9% |
| Land and buildings | 22 | €119,205 | €114,562 | -€4,643 | -3.9% |
| Furniture and vehicles | 24 | €2,355 | €1,076 | -€1,279 | -54.3% |
| Current assets | 29/58 | €158,836 | €177,012 | +€18,176 | +11.4% |
| Current investments | 50/53 | €9,127 | €9,127 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €118,985 | €132,571 | +€13,587 | +11.4% |
| Deferred charges and accrued income | 490/1 | €30,724 | €35,314 | +€4,589 | +14.9% |
| Total equity and liabilities | 10/49 | €280,396 | €292,650 | +€12,254 | +4.4% |
| Equity | 10/15 | €19,100 | €19,100 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €500 | €500 | = | 0.0% |
| Distributable reserves | 133 | €500 | €500 | = | 0.0% |
| Amounts payable | 17/49 | €261,296 | €273,550 | +€12,254 | +4.7% |
| Amounts payable after more than one year | 17 | €117,178 | €111,183 | -€5,995 | -5.1% |
| Financial debts | 170/4 | €117,178 | €111,183 | -€5,995 | -5.1% |
| Amounts payable within one year | 42/48 | €144,118 | €162,367 | +€18,249 | +12.7% |
| Current portion of amounts payable after more than one year | 42 | €5,890 | €5,995 | +€105 | +1.8% |
| Trade debts | 44 | €2,770 | - | -€2,770 | |
| Suppliers | 440/4 | €2,770 | - | -€2,770 | |
| Taxes, remuneration and social security | 45 | €4,116 | €1,134 | -€2,982 | -72.4% |
| Taxes | 450/3 | €4,116 | €1,134 | -€2,982 | -72.4% |
| Other amounts payable | 47/48 | €131,342 | €155,237 | +€23,896 | +18.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,962 | €8,066 | +€105 | +1.3% |
| Other operating charges | 640/8 | €1,368 | €1,846 | +€478 | +34.9% |
| Gross operating margin | 9900 | €180,360 | €208,083 | +€27,723 | +15.4% |
| Operating profit (loss) | 9901 | €171,030 | €198,171 | +€27,141 | +15.9% |
| Financial income | 75/76B | €3 | €627 | +€624 | +23,826% |
| Recurring financial income | 75 | €3 | €627 | +€624 | +23,826% |
| Financial charges | 65/66B | €2,371 | €2,269 | -€102 | -4.3% |
| Recurring financial charges | 65 | €2,371 | €2,269 | -€102 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | €168,662 | €196,528 | +€27,867 | +16.5% |
| Income taxes | 67/77 | €39,116 | €46,322 | +€7,206 | +18.4% |
| Profit (loss) for the period | 9904 | €129,545 | €150,206 | +€20,661 | +15.9% |
| Profit (loss) for the period to be appropriated | 9905 | €129,545 | €150,206 | +€20,661 | +15.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.