DR. JAMES D'HAESE: 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. JAMES D'HAESE
Largest movements
- Cash +€36,173
up €36,173 (+9.8%), from €370,174 to €406,347
mainly Net result for the year (+€57,172) and Depreciation (+€27,932)
- Tangible fixed assets -€27,932
down €27,932 (-10.9%), from €255,967 to €228,034
- Deferred charges and accrued income -€19,656
down €19,656 (-37.8%), from €52,018 to €32,362
- Receivables within one year +€18,477
new in 2025: €18,477
- Other debts +€13,051
up €13,051 (+7.5%), from €175,062 to €188,113
- Gross operating margin -€141,617
down €141,617 (-53.7%), from €263,637 to €122,020
- Taxes -€45,141
down €45,141 (-65.8%), from €68,607 to €23,466
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 | €716,159 | €723,220 | +€7,061 | +1.0% |
| Fixed assets | 21/28 | €255,967 | €228,034 | -€27,932 | -10.9% |
| Tangible fixed assets | 22/27 | €255,967 | €228,034 | -€27,932 | -10.9% |
| Land and buildings | 22 | €183,203 | €170,202 | -€13,001 | -7.1% |
| Plant, machinery and equipment | 23 | €2,846 | €1,711 | -€1,136 | -39.9% |
| Furniture and vehicles | 24 | €22,310 | €9,497 | -€12,813 | -57.4% |
| Other tangible fixed assets | 26 | €47,608 | €46,625 | -€983 | -2.1% |
| Current assets | 29/58 | €460,192 | €495,186 | +€34,993 | +7.6% |
| Amounts receivable within one year | 40/41 | - | €18,477 | +€18,477 | |
| Other amounts receivable | 41 | - | €18,477 | +€18,477 | |
| Current investments | 50/53 | €38,000 | €38,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €370,174 | €406,347 | +€36,173 | +9.8% |
| Deferred charges and accrued income | 490/1 | €52,018 | €32,362 | -€19,656 | -37.8% |
| Total equity and liabilities | 10/49 | €716,159 | €723,220 | +€7,061 | +1.0% |
| Equity | 10/15 | €516,389 | €512,576 | -€3,814 | -0.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €503,989 | €500,176 | -€3,814 | -0.8% |
| Distributable reserves | 133 | €503,989 | €500,176 | -€3,814 | -0.8% |
| Amounts payable | 17/49 | €199,770 | €210,644 | +€10,875 | +5.4% |
| Amounts payable within one year | 42/48 | €190,385 | €201,092 | +€10,706 | +5.6% |
| Trade debts | 44 | €8,562 | €6,126 | -€2,436 | -28.5% |
| Suppliers | 440/4 | €8,562 | €6,126 | -€2,436 | -28.5% |
| Taxes, remuneration and social security | 45 | €6,762 | €6,853 | +€92 | +1.4% |
| Taxes | 450/3 | €6,762 | €6,853 | +€92 | +1.4% |
| Other amounts payable | 47/48 | €175,062 | €188,113 | +€13,051 | +7.5% |
| Accrued charges and deferred income | 492/3 | €9,385 | €9,553 | +€168 | +1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,761 | €27,932 | -€1,829 | -6.1% |
| Other operating charges | 640/8 | €1,114 | €1,147 | +€33 | +2.9% |
| Gross operating margin | 9900 | €263,637 | €122,020 | -€141,617 | -53.7% |
| Operating profit (loss) | 9901 | €232,762 | €92,942 | -€139,820 | -60.1% |
| Financial income | 75/76B | €2,828 | €1,506 | -€1,321 | -46.7% |
| Recurring financial income | 75 | €2,828 | €1,506 | -€1,321 | -46.7% |
| Financial charges | 65/66B | €13,499 | €13,810 | +€310 | +2.3% |
| Recurring financial charges | 65 | €13,499 | €13,810 | +€310 | +2.3% |
| Profit (loss) for the period before taxes | 9903 | €222,090 | €80,638 | -€141,452 | -63.7% |
| Income taxes | 67/77 | €68,607 | €23,466 | -€45,141 | -65.8% |
| Profit (loss) for the period | 9904 | €153,483 | €57,172 | -€96,311 | -62.8% |
| Profit (loss) for the period to be appropriated | 9905 | €153,483 | €57,172 | -€96,311 | -62.8% |
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 29 October 2026 via checked.be.