Dr. Jens Demanet: 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. Jens Demanet
Largest movements
- Tangible fixed assets -€31,071
down €31,071 (-10.1%), from €307,327 to €276,256
of which Land and buildings: -€18,475
- Intangible fixed assets -€21,500
down €21,500 (-33.3%), from €64,500 to €43,000
- Cash +€20,855
up €20,855 (+58.0%), from €35,935 to €56,790
mainly Depreciation (+€67,979) and Net result for the year (+€37,153)
- Receivables within one year -€10,114
down €10,114 (-45.7%), from €22,117 to €12,003
of which Trade receivables: -€7,395
- Current investments +€4,650
up €4,650 (+42.9%), from €10,850 to €15,500
- Debts after one year -€56,434
down €56,434 (-17.6%), from €320,387 to €263,953
- Reserves +€17,153
up €17,153 (+52.1%), from €32,949 to €50,102
- Accrued charges and deferred income +€7,145
up €7,145 (+2,042%), from €350 to €7,495
- Current portion of long-term debt -€7,074
down €7,074 (-11.1%), from €63,509 to €56,434
- Gross operating margin +€21,644
up €21,644 (+21.7%), from €99,879 to €121,524
- Taxes +€6,471
up €6,471 (+295%), from €2,191 to €8,662
- Financial charges -€2,192
down €2,192 (-23.8%), from €9,227 to €7,035
- Depreciation +€1,674
up €1,674 (+2.5%), from €66,305 to €67,979
- Other operating charges -€1,526
down €1,526 (-68.7%), from €2,221 to €694
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 | €440,729 | €403,549 | -€37,180 | -8.4% |
| Fixed assets | 21/28 | €371,827 | €319,256 | -€52,571 | -14.1% |
| Intangible fixed assets | 21 | €64,500 | €43,000 | -€21,500 | -33.3% |
| Tangible fixed assets | 22/27 | €307,327 | €276,256 | -€31,071 | -10.1% |
| Land and buildings | 22 | €241,358 | €222,883 | -€18,475 | -7.7% |
| Plant, machinery and equipment | 23 | €17,463 | €11,862 | -€5,601 | -32.1% |
| Furniture and vehicles | 24 | €48,506 | €40,002 | -€8,505 | -17.5% |
| Other tangible fixed assets | 26 | - | €1,510 | +€1,510 | |
| Current assets | 29/58 | €68,902 | €84,293 | +€15,391 | +22.3% |
| Amounts receivable within one year | 40/41 | €22,117 | €12,003 | -€10,114 | -45.7% |
| Trade receivables | 40 | €11,954 | €4,559 | -€7,395 | -61.9% |
| Other amounts receivable | 41 | €10,163 | €7,445 | -€2,719 | -26.7% |
| Current investments | 50/53 | €10,850 | €15,500 | +€4,650 | +42.9% |
| Cash at bank and in hand | 54/58 | €35,935 | €56,790 | +€20,855 | +58.0% |
| Total equity and liabilities | 10/49 | €440,729 | €403,549 | -€37,180 | -8.4% |
| Equity | 10/15 | €51,549 | €68,702 | +€17,153 | +33.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €32,949 | €50,102 | +€17,153 | +52.1% |
| Distributable reserves | 133 | €32,949 | €50,102 | +€17,153 | +52.1% |
| Amounts payable | 17/49 | €389,180 | €334,847 | -€54,332 | -14.0% |
| Amounts payable after more than one year | 17 | €320,387 | €263,953 | -€56,434 | -17.6% |
| Financial debts | 170/4 | €320,387 | €263,953 | -€56,434 | -17.6% |
| Amounts payable within one year | 42/48 | €68,442 | €63,399 | -€5,043 | -7.4% |
| Current portion of amounts payable after more than one year | 42 | €63,509 | €56,434 | -€7,074 | -11.1% |
| Trade debts | 44 | €422 | €3,975 | +€3,553 | +841% |
| Suppliers | 440/4 | €422 | €3,975 | +€3,553 | +841% |
| Taxes, remuneration and social security | 45 | €1,993 | €2,662 | +€669 | +33.6% |
| Taxes | 450/3 | €1,993 | €2,662 | +€669 | +33.6% |
| Other amounts payable | 47/48 | €2,518 | €327 | -€2,191 | -87.0% |
| Accrued charges and deferred income | 492/3 | €350 | €7,495 | +€7,145 | +2,042% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,305 | €67,979 | +€1,674 | +2.5% |
| Other operating charges | 640/8 | €2,221 | €694 | -€1,526 | -68.7% |
| Gross operating margin | 9900 | €99,879 | €121,524 | +€21,644 | +21.7% |
| Operating profit (loss) | 9901 | €31,354 | €52,850 | +€21,497 | +68.6% |
| Financial charges | 65/66B | €9,227 | €7,035 | -€2,192 | -23.8% |
| Recurring financial charges | 65 | €9,227 | €7,035 | -€2,192 | -23.8% |
| Profit (loss) for the period before taxes | 9903 | €22,126 | €45,815 | +€23,689 | +107% |
| Income taxes | 67/77 | €2,191 | €8,662 | +€6,471 | +295% |
| Profit (loss) for the period | 9904 | €19,935 | €37,153 | +€17,218 | +86.4% |
| Profit (loss) for the period to be appropriated | 9905 | €19,935 | €37,153 | +€17,218 | +86.4% |
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 31 October 2026 via checked.be.