Dr. Hugo Declercq: 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. Hugo Declercq
Largest movements
- Current investments +€423,841
up €423,841 (+32.5%), from €1.3m to €1.7m
- Cash +€247,680
up €247,680 (+97.6%), from €253,847 to €501,527
mainly Net result for the year (+€710,465) and Receivables within one year (+€242,604)
- Receivables within one year -€242,604
down €242,604 (-40.3%), from €601,927 to €359,323
of which Other amounts receivable: -€239,975
- Tangible fixed assets +€40,894
up €40,894 (+4.9%), from €827,171 to €868,064
of which Leasing and similar rights: +€84,860
- Reserves +€387,013
up €387,013 (+14.5%), from €2.7m to €3.1m
- Debts after one year +€41,510
up €41,510 (+85.7%), from €48,416 to €89,926
- Financial charges -€89,705
down €89,705 (-91.5%), from €98,007 to €8,303
- Gross operating margin +€78,597
up €78,597 (+8.9%), from €886,320 to €964,916
- Financial income +€48,879
up €48,879 (+62.3%), from €78,460 to €127,339
- Taxes +€44,460
up €44,460 (+16.0%), from €278,140 to €322,600
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 | €2,990,771 | €3,461,967 | +€471,196 | +15.8% |
| Fixed assets | 21/28 | €827,171 | €868,064 | +€40,894 | +4.9% |
| Tangible fixed assets | 22/27 | €827,171 | €868,064 | +€40,894 | +4.9% |
| Furniture and vehicles | 24 | €27,858 | €21,988 | -€5,870 | -21.1% |
| Leasing and similar rights | 25 | - | €84,860 | +€84,860 | |
| Other tangible fixed assets | 26 | €799,312 | €761,216 | -€38,096 | -4.8% |
| Current assets | 29/58 | €2,163,601 | €2,593,903 | +€430,302 | +19.9% |
| Amounts receivable within one year | 40/41 | €601,927 | €359,323 | -€242,604 | -40.3% |
| Trade receivables | 40 | €341,621 | €338,993 | -€2,629 | -0.8% |
| Other amounts receivable | 41 | €260,306 | €20,330 | -€239,975 | -92.2% |
| Current investments | 50/53 | €1,303,439 | €1,727,280 | +€423,841 | +32.5% |
| Cash at bank and in hand | 54/58 | €253,847 | €501,527 | +€247,680 | +97.6% |
| Deferred charges and accrued income | 490/1 | €4,388 | €5,773 | +€1,385 | +31.6% |
| Total equity and liabilities | 10/49 | €2,990,771 | €3,461,967 | +€471,196 | +15.8% |
| Equity | 10/15 | €2,689,789 | €3,076,802 | +€387,013 | +14.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,677,389 | €3,064,402 | +€387,013 | +14.5% |
| Distributable reserves | 133 | €2,677,389 | €3,064,402 | +€387,013 | +14.5% |
| Provisions and deferred taxes | 16 | €19,574 | €19,574 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €19,574 | €19,574 | = | 0.0% |
| Pensions and similar obligations | 160 | €19,574 | €19,574 | = | 0.0% |
| Amounts payable | 17/49 | €281,409 | €365,592 | +€84,183 | +29.9% |
| Amounts payable after more than one year | 17 | €48,416 | €89,926 | +€41,510 | +85.7% |
| Financial debts | 170/4 | €48,416 | €89,926 | +€41,510 | +85.7% |
| Amounts payable within one year | 42/48 | €231,480 | €273,797 | +€42,316 | +18.3% |
| Current portion of amounts payable after more than one year | 42 | €24,439 | €44,212 | +€19,773 | +80.9% |
| Trade debts | 44 | €5,488 | €2,584 | -€2,905 | -52.9% |
| Suppliers | 440/4 | €5,488 | €2,584 | -€2,905 | -52.9% |
| Taxes, remuneration and social security | 45 | €201,553 | €227,002 | +€25,448 | +12.6% |
| Taxes | 450/3 | €198,953 | €224,402 | +€25,448 | +12.8% |
| Remuneration and social security | 454/9 | €2,600 | €2,600 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,512 | €1,869 | +€357 | +23.6% |
| Non-recurring operating income | 76A | - | €2,551 | +€2,551 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,792 | €44,743 | -€2,049 | -4.4% |
| Other operating charges | 640/8 | €5,197 | €6,144 | +€947 | +18.2% |
| Gross operating margin | 9900 | €886,320 | €964,916 | +€78,597 | +8.9% |
| Operating profit (loss) | 9901 | €834,330 | €914,029 | +€79,699 | +9.6% |
| Financial income | 75/76B | €78,460 | €127,339 | +€48,879 | +62.3% |
| Recurring financial income | 75 | €78,460 | €127,339 | +€48,879 | +62.3% |
| Financial charges | 65/66B | €98,007 | €8,303 | -€89,705 | -91.5% |
| Recurring financial charges | 65 | €98,007 | €8,303 | -€89,705 | -91.5% |
| Profit (loss) for the period before taxes | 9903 | €814,783 | €1,033,065 | +€218,282 | +26.8% |
| Income taxes | 67/77 | €278,140 | €322,600 | +€44,460 | +16.0% |
| Profit (loss) for the period | 9904 | €536,643 | €710,465 | +€173,822 | +32.4% |
| Profit (loss) for the period to be appropriated | 9905 | €536,643 | €710,465 | +€173,822 | +32.4% |
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 16 October 2026 via checked.be.