Dr. I. Demeyer: what changed
Dr. I. Demeyer
Largest movements
- Cash -€115,745
down €115,745 (-76.8%), from €150,765 to €35,020
mainly Net result for the year (-€109,973) and Receivables within one year (-€26,689)
- Receivables within one year +€26,689
up €26,689 (+202%), from €13,189 to €39,878
of which Other amounts receivable: +€18,753
- Tangible fixed assets -€18,098
down €18,098 (-13.3%), from €135,986 to €117,888
of which Furniture and vehicles: -€19,177
- Profit (loss) carried forward -€109,973
down €109,973 (-29.3%), from €375,822 to €265,849
- Accrued charges and deferred income +€40,704
up €40,704 (+171%), from €23,829 to €64,533
- Debts after one year -€24,611
down €24,611 (-28.5%), from €86,278 to €61,668
- Tax, wage and social debts -€11,641
no longer reported in 2025 (was €11,641)
- Gross operating margin -€168,949
down €168,949, from €97,769 to -€71,180
- Taxes -€14,610
down €14,610 (-98.0%), from €14,904 to €294
- Depreciation +€6,752
up €6,752 (+24.6%), from €27,493 to €34,245
- Other operating charges -€3,312
down €3,312 (-68.5%), from €4,833 to €1,521
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 | €523,356 | €418,660 | -€104,695 | -20.0% |
| Fixed assets | 21/28 | €135,986 | €117,888 | -€18,098 | -13.3% |
| Tangible fixed assets | 22/27 | €135,986 | €117,888 | -€18,098 | -13.3% |
| Plant, machinery and equipment | 23 | €2,142 | €3,221 | +€1,080 | +50.4% |
| Furniture and vehicles | 24 | €133,844 | €114,667 | -€19,177 | -14.3% |
| Current assets | 29/58 | €387,370 | €300,772 | -€86,598 | -22.4% |
| Amounts receivable within one year | 40/41 | €13,189 | €39,878 | +€26,689 | +202% |
| Trade receivables | 40 | - | €7,936 | +€7,936 | |
| Other amounts receivable | 41 | €13,189 | €31,942 | +€18,753 | +142% |
| Current investments | 50/53 | €223,416 | €225,874 | +€2,458 | +1.1% |
| Cash at bank and in hand | 54/58 | €150,765 | €35,020 | -€115,745 | -76.8% |
| Total equity and liabilities | 10/49 | €523,356 | €418,660 | -€104,695 | -20.0% |
| Equity | 10/15 | €377,822 | €267,849 | -€109,973 | -29.1% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €375,822 | €265,849 | -€109,973 | -29.3% |
| Amounts payable | 17/49 | €145,533 | €150,811 | +€5,278 | +3.6% |
| Amounts payable after more than one year | 17 | €86,278 | €61,668 | -€24,611 | -28.5% |
| Financial debts | 170/4 | €86,278 | €61,668 | -€24,611 | -28.5% |
| Amounts payable within one year | 42/48 | €35,426 | €24,611 | -€10,816 | -30.5% |
| Financial debts | 43 | €23,785 | €24,611 | +€826 | +3.5% |
| Credit institutions | 430/8 | €23,785 | €24,611 | +€826 | +3.5% |
| Taxes, remuneration and social security | 45 | €11,641 | - | -€11,641 | |
| Taxes | 450/3 | €11,641 | - | -€11,641 | |
| Accrued charges and deferred income | 492/3 | €23,829 | €64,533 | +€40,704 | +171% |
| Non-recurring operating income | 76A | €2,432 | €9,143 | +€6,711 | +276% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,493 | €34,245 | +€6,752 | +24.6% |
| Other operating charges | 640/8 | €4,833 | €1,521 | -€3,312 | -68.5% |
| Gross operating margin | 9900 | €97,769 | -€71,180 | -€168,949 | |
| Operating profit (loss) | 9901 | €65,443 | -€106,946 | -€172,389 | |
| Financial income | 75/76B | €1,424 | €968 | -€456 | -32.0% |
| Recurring financial income | 75 | €1,424 | €968 | -€456 | -32.0% |
| Financial charges | 65/66B | €2,929 | €3,701 | +€772 | +26.3% |
| Recurring financial charges | 65 | €2,929 | €3,701 | +€772 | +26.3% |
| Profit (loss) for the period before taxes | 9903 | €63,938 | -€109,679 | -€173,617 | |
| Income taxes | 67/77 | €14,904 | €294 | -€14,610 | -98.0% |
| Profit (loss) for the period | 9904 | €49,034 | -€109,973 | -€159,007 | |
| Profit (loss) for the period to be appropriated | 9905 | €49,034 | -€109,973 | -€159,007 |
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 2 November 2026 via checked.be.