Dr. Jo DE SADELEER: 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. Jo DE SADELEER
Largest movements
- Current investments -€75,000
down €75,000 (-50.0%), from €150,000 to €75,000
- Cash -€56,189
down €56,189 (-34.6%), from €162,548 to €106,358
mainly Investment in fixed assets (net) (-€70,249) and Other debts (-€50,826)
- Tangible fixed assets +€33,006
up €33,006 (+4.8%), from €683,879 to €716,885
of which Furniture and vehicles: +€68,606
- Receivables within one year +€17,838
up €17,838 (+274.1%), from €6,509 to €24,347
- Other debts -€50,826
down €50,826 (-47.0%), from €108,105 to €57,279
- Debts after one year -€31,219
down €31,219 (-47.6%), from €65,597 to €34,378
- Gross operating margin -€68,121
down €68,121 (-32.2%), from €211,228 to €143,107
- Taxes -€21,861
down €21,861 (-49.5%), from €44,171 to €22,310
- Financial income +€3,098
up €3,098 (+231.3%), from €1,340 to €4,437
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 | €1,008,445 | €926,456 | -€81,989 | -8.1% |
| Fixed assets | 21/28 | €686,250 | €719,256 | +€33,006 | +4.8% |
| Tangible fixed assets | 22/27 | €683,879 | €716,885 | +€33,006 | +4.8% |
| Land and buildings | 22 | €674,282 | €638,682 | -€35,600 | -5.3% |
| Plant, machinery and equipment | 23 | €9,494 | €9,494 | = | 0.0% |
| Furniture and vehicles | 24 | €103 | €68,709 | +€68,606 | +66414.3% |
| Financial fixed assets | 28 | €2,371 | €2,371 | = | 0.0% |
| Current assets | 29/58 | €322,195 | €207,200 | -€114,995 | -35.7% |
| Amounts receivable within one year | 40/41 | €6,509 | €24,347 | +€17,838 | +274.1% |
| Other amounts receivable | 41 | €6,509 | €24,347 | +€17,838 | +274.1% |
| Current investments | 50/53 | €150,000 | €75,000 | -€75,000 | -50.0% |
| Cash at bank and in hand | 54/58 | €162,548 | €106,358 | -€56,189 | -34.6% |
| Deferred charges and accrued income | 490/1 | €3,139 | €1,495 | -€1,644 | -52.4% |
| Total equity and liabilities | 10/49 | €1,008,445 | €926,456 | -€81,989 | -8.1% |
| Equity | 10/15 | €761,186 | €769,579 | +€8,393 | +1.1% |
| Contributions | 10/11 | €45,908 | €45,908 | = | 0.0% |
| Reserves | 13 | €715,278 | €723,671 | +€8,393 | +1.2% |
| Non-distributable reserves | 130/1 | €30,210 | €30,210 | = | 0.0% |
| Reserves not available under the articles | 1311 | €30,210 | €30,210 | = | 0.0% |
| Tax-exempt reserves | 132 | €46,606 | €44,506 | -€2,100 | -4.5% |
| Distributable reserves | 133 | €638,462 | €648,955 | +€10,493 | +1.6% |
| Provisions and deferred taxes | 16 | €22,878 | €21,796 | -€1,081 | -4.7% |
| Deferred taxes | 168 | €22,878 | €21,796 | -€1,081 | -4.7% |
| Amounts payable | 17/49 | €224,382 | €135,081 | -€89,301 | -39.8% |
| Amounts payable after more than one year | 17 | €65,597 | €34,378 | -€31,219 | -47.6% |
| Financial debts | 170/4 | €65,597 | €34,378 | -€31,219 | -47.6% |
| Amounts payable within one year | 42/48 | €158,785 | €100,703 | -€58,082 | -36.6% |
| Current portion of amounts payable after more than one year | 42 | €30,732 | €31,219 | +€486 | +1.6% |
| Trade debts | 44 | €6,022 | €4,432 | -€1,589 | -26.4% |
| Suppliers | 440/4 | €6,022 | €4,432 | -€1,589 | -26.4% |
| Taxes, remuneration and social security | 45 | €13,925 | €7,772 | -€6,153 | -44.2% |
| Taxes | 450/3 | €7,432 | €2,272 | -€5,160 | -69.4% |
| Remuneration and social security | 454/9 | €6,493 | €5,500 | -€993 | -15.3% |
| Other amounts payable | 47/48 | €108,105 | €57,279 | -€50,826 | -47.0% |
| Remuneration, social security and pensions | 62 | €27,671 | €27,320 | -€350 | -1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,007 | €37,243 | +€1,236 | +3.4% |
| Other operating charges | 640/8 | €4,384 | €6,406 | +€2,022 | +46.1% |
| Gross operating margin | 9900 | €211,228 | €143,107 | -€68,121 | -32.2% |
| Operating profit (loss) | 9901 | €143,167 | €72,138 | -€71,029 | -49.6% |
| Financial income | 75/76B | €1,340 | €4,437 | +€3,098 | +231.3% |
| Recurring financial income | 75 | €1,340 | €4,437 | +€3,098 | +231.3% |
| Financial charges | 65/66B | €2,100 | €1,512 | -€588 | -28.0% |
| Recurring financial charges | 65 | €2,100 | €1,512 | -€588 | -28.0% |
| Profit (loss) for the period before taxes | 9903 | €142,406 | €75,064 | -€67,343 | -47.3% |
| Transfer from deferred taxes | 780 | €1,081 | €1,081 | = | 0.0% |
| Income taxes | 67/77 | €44,171 | €22,310 | -€21,861 | -49.5% |
| Profit (loss) for the period | 9904 | €99,316 | €53,835 | -€45,482 | -45.8% |
| Transfer from tax-exempt reserves | 789 | €2,100 | €2,100 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €101,416 | €55,935 | -€45,482 | -44.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.