Dr. J. De Sutter: what changed
Two fiscal 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. J. De Sutter
Largest movements
- Current investments -€116,898
down €116,898 (-18.3%), from €637,907 to €521,009
- Receivables within one year +€87,243
up €87,243 (+39.3%), from €221,927 to €309,170
- Cash -€31,705
down €31,705 (-46.9%), from €67,550 to €35,845
mainly Contributions, distributions and other (-€413,825) and Receivables within one year (-€87,243)
- Receivables after one year -€20,000
down €20,000 (-100.0%), from €20,000 to €0
- Reserves -€134,077
down €134,077 (-14.4%), from €928,719 to €794,642
- Tax, wage and social debts +€52,877
up €52,877 (+114.9%), from €46,034 to €98,911
- Gross operating margin +€104,821
up €104,821 (+33.4%), from €314,289 to €419,110
- Taxes +€27,481
up €27,481 (+28.0%), from €98,196 to €125,677
- Financial income -€12,971
down €12,971 (-53.2%), from €24,361 to €11,389
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.
Cash bridge derived
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 | €990,789 | €907,648 | -€83,141 | -8.4% |
| Fixed assets | 21/28 | €40,079 | €39,652 | -€426 | -1.1% |
| Intangible fixed assets | 21 | €560 | €267 | -€293 | -52.4% |
| Tangible fixed assets | 22/27 | €39,519 | €39,386 | -€133 | -0.3% |
| Plant, machinery and equipment | 23 | €25,753 | €35,055 | +€9,302 | +36.1% |
| Furniture and vehicles | 24 | €13,766 | €4,331 | -€9,436 | -68.5% |
| Current assets | 29/58 | €950,710 | €867,996 | -€82,714 | -8.7% |
| Amounts receivable after more than one year | 29 | €20,000 | €0 | -€20,000 | -100.0% |
| Trade receivables | 290 | €20,000 | €0 | -€20,000 | -100.0% |
| Amounts receivable within one year | 40/41 | €221,927 | €309,170 | +€87,243 | +39.3% |
| Other amounts receivable | 41 | €221,927 | €309,170 | +€87,243 | +39.3% |
| Current investments | 50/53 | €637,907 | €521,009 | -€116,898 | -18.3% |
| Cash at bank and in hand | 54/58 | €67,550 | €35,845 | -€31,705 | -46.9% |
| Deferred charges and accrued income | 490/1 | €3,326 | €1,972 | -€1,354 | -40.7% |
| Total equity and liabilities | 10/49 | €990,789 | €907,648 | -€83,141 | -8.4% |
| Equity | 10/15 | €941,119 | €807,042 | -€134,077 | -14.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €928,719 | €794,642 | -€134,077 | -14.4% |
| Distributable reserves | 133 | €928,719 | €794,642 | -€134,077 | -14.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €49,670 | €100,606 | +€50,936 | +102.5% |
| Amounts payable within one year | 42/48 | €49,670 | €100,606 | +€50,936 | +102.5% |
| Trade debts | 44 | €1,648 | €1,695 | +€47 | +2.9% |
| Suppliers | 440/4 | €1,648 | €1,695 | +€47 | +2.9% |
| Taxes, remuneration and social security | 45 | €46,034 | €98,911 | +€52,877 | +114.9% |
| Taxes | 450/3 | €46,034 | €98,911 | +€52,877 | +114.9% |
| Other amounts payable | 47/48 | €1,988 | €0 | -€1,988 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,009 | €21,816 | +€2,807 | +14.8% |
| Other operating charges | 640/8 | €1,475 | €1,397 | -€78 | -5.3% |
| Gross operating margin | 9900 | €314,289 | €419,110 | +€104,821 | +33.4% |
| Operating profit (loss) | 9901 | €293,805 | €395,896 | +€102,092 | +34.7% |
| Financial income | 75/76B | €24,361 | €11,389 | -€12,971 | -53.2% |
| Recurring financial income | 75 | €24,361 | €11,389 | -€12,971 | -53.2% |
| Financial charges | 65/66B | €991 | €1,861 | +€869 | +87.7% |
| Recurring financial charges | 65 | €991 | €1,861 | +€869 | +87.7% |
| Profit (loss) for the period before taxes | 9903 | €317,174 | €405,425 | +€88,251 | +27.8% |
| Income taxes | 67/77 | €98,196 | €125,677 | +€27,481 | +28.0% |
| Profit (loss) for the period | 9904 | €218,978 | €279,748 | +€60,770 | +27.8% |
| Profit (loss) for the period to be appropriated | 9905 | €218,978 | €279,748 | +€60,770 | +27.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.