Dr. Jo DUCHATEAU: 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. Jo DUCHATEAU
Largest movements
- Tangible fixed assets -€56,821
down €56,821 (-22.0%), from €258,696 to €201,875
of which Land and buildings: -€36,574
- Cash -€56,057
down €56,057 (-75.9%), from €73,840 to €17,783
mainly Contributions, distributions and other (-€122,982) and Debts after one year (-€57,515)
- Receivables after one year -€50,700
down €50,700 (-25.6%), from €198,320 to €147,620
- Current investments +€36,000
up €36,000 (+28.9%), from €124,531 to €160,531
- Debts after one year -€57,515
down €57,515 (-51.8%), from €111,134 to €53,619
- Tax, wage and social debts -€27,599
down €27,599 (-59.4%), from €46,427 to €18,828
- Short-term financial debts -€26,000
no longer reported in 2025 (was €26,000)
- Gross operating margin -€36,975
down €36,975 (-14.0%), from €264,394 to €227,419
- Taxes -€11,011
down €11,011 (-17.6%), from €62,419 to €51,408
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 | €811,370 | €690,292 | -€121,078 | -14.9% |
| Fixed assets | 21/28 | €258,696 | €201,875 | -€56,821 | -22.0% |
| Tangible fixed assets | 22/27 | €258,696 | €201,875 | -€56,821 | -22.0% |
| Land and buildings | 22 | €225,249 | €188,675 | -€36,574 | -16.2% |
| Plant, machinery and equipment | 23 | €4,883 | €2,111 | -€2,772 | -56.8% |
| Furniture and vehicles | 24 | €28,564 | €11,089 | -€17,475 | -61.2% |
| Current assets | 29/58 | €552,675 | €488,417 | -€64,257 | -11.6% |
| Amounts receivable after more than one year | 29 | €198,320 | €147,620 | -€50,700 | -25.6% |
| Trade receivables | 290 | €198,320 | €147,620 | -€50,700 | -25.6% |
| Amounts receivable within one year | 40/41 | €133,008 | €138,375 | +€5,367 | +4.0% |
| Trade receivables | 40 | €7,411 | €6,996 | -€415 | -5.6% |
| Other amounts receivable | 41 | €125,597 | €131,379 | +€5,782 | +4.6% |
| Current investments | 50/53 | €124,531 | €160,531 | +€36,000 | +28.9% |
| Cash at bank and in hand | 54/58 | €73,840 | €17,783 | -€56,057 | -75.9% |
| Deferred charges and accrued income | 490/1 | €22,975 | €24,108 | +€1,134 | +4.9% |
| Total equity and liabilities | 10/49 | €811,370 | €690,292 | -€121,078 | -14.9% |
| Equity | 10/15 | €562,902 | €555,898 | -€7,004 | -1.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €544,302 | €537,298 | -€7,004 | -1.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €542,442 | €535,438 | -€7,004 | -1.3% |
| Amounts payable | 17/49 | €248,469 | €134,394 | -€114,074 | -45.9% |
| Amounts payable after more than one year | 17 | €111,134 | €53,619 | -€57,515 | -51.8% |
| Financial debts | 170/4 | €111,134 | €53,619 | -€57,515 | -51.8% |
| Amounts payable within one year | 42/48 | €137,335 | €80,776 | -€56,559 | -41.2% |
| Current portion of amounts payable after more than one year | 42 | €60,409 | €57,515 | -€2,894 | -4.8% |
| Financial debts | 43 | €26,000 | - | -€26,000 | |
| Credit institutions | 430/8 | €26,000 | - | -€26,000 | |
| Trade debts | 44 | €4,499 | €4,433 | -€66 | -1.5% |
| Suppliers | 440/4 | €4,499 | €4,433 | -€66 | -1.5% |
| Taxes, remuneration and social security | 45 | €46,427 | €18,828 | -€27,599 | -59.4% |
| Taxes | 450/3 | €46,427 | €18,828 | -€27,599 | -59.4% |
| Non-recurring operating income | 76A | €34,821 | €15,397 | -€19,424 | -55.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,305 | €60,110 | -€1,195 | -1.9% |
| Other operating charges | 640/8 | €4,600 | €4,726 | +€126 | +2.7% |
| Gross operating margin | 9900 | €264,394 | €227,419 | -€36,975 | -14.0% |
| Operating profit (loss) | 9901 | €198,489 | €162,583 | -€35,906 | -18.1% |
| Financial income | 75/76B | €10,342 | €11,745 | +€1,403 | +13.6% |
| Recurring financial income | 75 | €10,342 | €11,745 | +€1,403 | +13.6% |
| Financial charges | 65/66B | €8,676 | €6,941 | -€1,735 | -20.0% |
| Recurring financial charges | 65 | €8,676 | €6,941 | -€1,735 | -20.0% |
| Profit (loss) for the period before taxes | 9903 | €200,155 | €167,387 | -€32,768 | -16.4% |
| Income taxes | 67/77 | €62,419 | €51,408 | -€11,011 | -17.6% |
| Profit (loss) for the period | 9904 | €137,735 | €115,979 | -€21,757 | -15.8% |
| Profit (loss) for the period to be appropriated | 9905 | €137,735 | €115,979 | -€21,757 | -15.8% |
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 27 October 2026 via checked.be.