DR. JARI DELBAERE: 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. JARI DELBAERE
Largest movements
- Current investments +€89,965
new in 2025: €89,965
- Cash +€8,933
up €8,933 (+12.6%), from €70,720 to €79,653
mainly Net result for the year (+€99,006) and Deferred charges and accrued income (+€7,454)
- Deferred charges and accrued income -€7,454
down €7,454 (-32.1%), from €23,242 to €15,789
- Receivables within one year -€3,963
down €3,963 (-11.4%), from €34,826 to €30,863
- Intangible fixed assets -€2,900
down €2,900 (-10.1%), from €28,685 to €25,785
- Reserves +€99,006
up €99,006 (+99.4%), from €99,586 to €198,592
- Other debts -€13,997
down €13,997 (-50.1%), from €27,952 to €13,955
- Trade debts -€2,772
down €2,772 (-52.1%), from €5,315 to €2,544
- Gross operating margin +€5,194
up €5,194 (+4.0%), from €130,518 to €135,711
- Depreciation +€3,090
up €3,090 (+234%), from €1,322 to €4,412
- Financial charges +€2,642
up €2,642 (+171%), from €1,545 to €4,188
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 | €162,676 | €245,745 | +€83,069 | +51.1% |
| Fixed assets | 21/28 | €33,888 | €29,476 | -€4,412 | -13.0% |
| Intangible fixed assets | 21 | €28,685 | €25,785 | -€2,900 | -10.1% |
| Tangible fixed assets | 22/27 | €5,203 | €3,690 | -€1,512 | -29.1% |
| Plant, machinery and equipment | 23 | €2,793 | €1,785 | -€1,008 | -36.1% |
| Furniture and vehicles | 24 | €2,410 | €1,905 | -€505 | -21.0% |
| Current assets | 29/58 | €128,788 | €216,270 | +€87,481 | +67.9% |
| Amounts receivable within one year | 40/41 | €34,826 | €30,863 | -€3,963 | -11.4% |
| Trade receivables | 40 | €34,826 | €30,863 | -€3,963 | -11.4% |
| Current investments | 50/53 | - | €89,965 | +€89,965 | |
| Cash at bank and in hand | 54/58 | €70,720 | €79,653 | +€8,933 | +12.6% |
| Deferred charges and accrued income | 490/1 | €23,242 | €15,789 | -€7,454 | -32.1% |
| Total equity and liabilities | 10/49 | €162,676 | €245,745 | +€83,069 | +51.1% |
| Equity | 10/15 | €100,586 | €199,592 | +€99,006 | +98.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €99,586 | €198,592 | +€99,006 | +99.4% |
| Distributable reserves | 133 | €99,586 | €198,592 | +€99,006 | +99.4% |
| Amounts payable | 17/49 | €62,090 | €46,153 | -€15,937 | -25.7% |
| Amounts payable within one year | 42/48 | €61,273 | €45,023 | -€16,250 | -26.5% |
| Trade debts | 44 | €5,315 | €2,544 | -€2,772 | -52.1% |
| Suppliers | 440/4 | €5,315 | €2,544 | -€2,772 | -52.1% |
| Taxes, remuneration and social security | 45 | €28,006 | €28,525 | +€519 | +1.9% |
| Taxes | 450/3 | €28,006 | €28,525 | +€519 | +1.9% |
| Other amounts payable | 47/48 | €27,952 | €13,955 | -€13,997 | -50.1% |
| Accrued charges and deferred income | 492/3 | €817 | €1,130 | +€313 | +38.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,322 | €4,412 | +€3,090 | +234% |
| Other operating charges | 640/8 | €59 | €187 | +€128 | +218% |
| Gross operating margin | 9900 | €130,518 | €135,711 | +€5,194 | +4.0% |
| Operating profit (loss) | 9901 | €129,137 | €131,112 | +€1,975 | +1.5% |
| Financial income | 75/76B | €1 | €175 | +€174 | +19,289% |
| Recurring financial income | 75 | €1 | €175 | +€174 | +19,289% |
| Financial charges | 65/66B | €1,545 | €4,188 | +€2,642 | +171% |
| Recurring financial charges | 65 | €1,545 | €4,188 | +€2,642 | +171% |
| Profit (loss) for the period before taxes | 9903 | €127,593 | €127,099 | -€493 | -0.4% |
| Income taxes | 67/77 | €28,006 | €28,093 | +€87 | +0.3% |
| Profit (loss) for the period | 9904 | €99,586 | €99,006 | -€581 | -0.6% |
| Profit (loss) for the period to be appropriated | 9905 | €99,586 | €99,006 | -€581 | -0.6% |
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 20 October 2026 via checked.be.