Dr. H. Duchene: 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. Duchene
Largest movements
- Cash -€63,879
down €63,879 (-35.5%), from €180,062 to €116,183
mainly Contributions, distributions and other (-€55,530) and Current investments (-€50,000)
- Current investments +€50,000
up €50,000 (+17.3%), from €288,750 to €338,750
- Tax, wage and social debts -€25,019
down €25,019 (-66.1%), from €37,851 to €12,831
- Reserves +€7,390
up €7,390 (+2.0%), from €374,428 to €381,818
of which Distributable reserves: +€7,390
- Gross operating margin -€24,632
down €24,632 (-23.7%), from €104,121 to €79,489
- Financial income +€12,938
up €12,938 (+905%), from €1,430 to €14,368
of which Non-recurring financial income: +€12,000
- Taxes -€5,801
down €5,801 (-19.2%), from €30,250 to €24,449
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 | €496,410 | €479,143 | -€17,267 | -3.5% |
| Fixed assets | 21/28 | €6,967 | €5,417 | -€1,550 | -22.2% |
| Tangible fixed assets | 22/27 | €4,717 | €3,167 | -€1,550 | -32.9% |
| Plant, machinery and equipment | 23 | €2,722 | €1,674 | -€1,048 | -38.5% |
| Other tangible fixed assets | 26 | €1,995 | €1,493 | -€502 | -25.1% |
| Financial fixed assets | 28 | €2,250 | €2,250 | = | 0.0% |
| Current assets | 29/58 | €489,444 | €473,726 | -€15,718 | -3.2% |
| Amounts receivable within one year | 40/41 | €2,150 | €1,463 | -€687 | -31.9% |
| Trade receivables | 40 | €2,150 | €1,463 | -€687 | -31.9% |
| Current investments | 50/53 | €288,750 | €338,750 | +€50,000 | +17.3% |
| Cash at bank and in hand | 54/58 | €180,062 | €116,183 | -€63,879 | -35.5% |
| Deferred charges and accrued income | 490/1 | €18,482 | €17,330 | -€1,152 | -6.2% |
| Total equity and liabilities | 10/49 | €496,410 | €479,143 | -€17,267 | -3.5% |
| Equity | 10/15 | €386,828 | €394,218 | +€7,390 | +1.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €374,428 | €381,818 | +€7,390 | +2.0% |
| Tax-exempt reserves | 132 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €369,428 | €376,818 | +€7,390 | +2.0% |
| Amounts payable | 17/49 | €109,582 | €84,925 | -€24,657 | -22.5% |
| Amounts payable within one year | 42/48 | €108,587 | €83,864 | -€24,722 | -22.8% |
| Trade debts | 44 | €2,013 | €2,308 | +€295 | +14.7% |
| Suppliers | 440/4 | €2,013 | €2,308 | +€295 | +14.7% |
| Taxes, remuneration and social security | 45 | €37,851 | €12,831 | -€25,019 | -66.1% |
| Taxes | 450/3 | €37,851 | €12,831 | -€25,019 | -66.1% |
| Other amounts payable | 47/48 | €68,723 | €68,725 | +€2 | 0.0% |
| Accrued charges and deferred income | 492/3 | €996 | €1,061 | +€65 | +6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,378 | €1,550 | +€172 | +12.5% |
| Other operating charges | 640/8 | €3,014 | €3,413 | +€399 | +13.2% |
| Gross operating margin | 9900 | €104,121 | €79,489 | -€24,632 | -23.7% |
| Operating profit (loss) | 9901 | €99,729 | €74,527 | -€25,203 | -25.3% |
| Financial income | 75/76B | €1,430 | €14,368 | +€12,938 | +905% |
| Recurring financial income | 75 | €1,430 | €2,368 | +€938 | +65.6% |
| Non-recurring financial income | 76B | - | €12,000 | +€12,000 | |
| Financial charges | 65/66B | €1,286 | €1,525 | +€239 | +18.6% |
| Recurring financial charges | 65 | €1,286 | €1,525 | +€239 | +18.6% |
| Profit (loss) for the period before taxes | 9903 | €99,873 | €87,369 | -€12,504 | -12.5% |
| Income taxes | 67/77 | €30,250 | €24,449 | -€5,801 | -19.2% |
| Profit (loss) for the period | 9904 | €69,623 | €62,920 | -€6,703 | -9.6% |
| Profit (loss) for the period to be appropriated | 9905 | €69,623 | €62,920 | -€6,703 | -9.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.