Dr. Johan Dehem: 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. Johan Dehem
Largest movements
- Financial fixed assets -€349,000
down €349,000 (-60.2%), from €579,430 to €230,430
- Receivables after one year -€287,500
down €287,500 (-100.0%), from €287,500 to €0
- Deferred charges and accrued income +€161,411
up €161,411 (+12850.0%), from €1,256 to €162,668
- Current investments -€141,614
down €141,614 (-26.2%), from €540,078 to €398,464
- Receivables within one year +€86,358
up €86,358 (+381.3%), from €22,646 to €109,003
- Reserves -€653,652
down €653,652 (-44.9%), from €1.5m to €802,377
- Other debts +€271,188
new in 2025: €271,188
- Current portion of long-term debt -€78,591
down €78,591 (-53.2%), from €147,678 to €69,087
- Debts after one year -€30,416
down €30,416 (-100.0%), from €30,416 to €0
- Gross operating margin +€230,375
up €230,375 (+45.2%), from €509,402 to €739,777
- Financial income -€134,101
down €134,101 (-87.2%), from €153,724 to €19,624
- Taxes -€96,586
down €96,586 (-89.4%), from €108,070 to €11,484
- Financial charges +€26,155
up €26,155 (+188.8%), from €13,852 to €40,007
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 | €1,654,225 | €1,165,556 | -€488,669 | -29.5% |
| Fixed assets | 21/28 | €606,645 | €276,488 | -€330,158 | -54.4% |
| Tangible fixed assets | 22/27 | €27,215 | €46,058 | +€18,842 | +69.2% |
| Plant, machinery and equipment | 23 | €601 | €269 | -€332 | -55.3% |
| Furniture and vehicles | 24 | €26,614 | €45,789 | +€19,175 | +72.0% |
| Financial fixed assets | 28 | €579,430 | €230,430 | -€349,000 | -60.2% |
| Current assets | 29/58 | €1,047,580 | €889,068 | -€158,511 | -15.1% |
| Amounts receivable after more than one year | 29 | €287,500 | €0 | -€287,500 | -100.0% |
| Other amounts receivable | 291 | €287,500 | €0 | -€287,500 | -100.0% |
| Amounts receivable within one year | 40/41 | €22,646 | €109,003 | +€86,358 | +381.3% |
| Other amounts receivable | 41 | €22,646 | €109,003 | +€86,358 | +381.3% |
| Current investments | 50/53 | €540,078 | €398,464 | -€141,614 | -26.2% |
| Cash at bank and in hand | 54/58 | €196,100 | €218,933 | +€22,834 | +11.6% |
| Deferred charges and accrued income | 490/1 | €1,256 | €162,668 | +€161,411 | +12850.0% |
| Total equity and liabilities | 10/49 | €1,654,225 | €1,165,556 | -€488,669 | -29.5% |
| Equity | 10/15 | €1,475,589 | €821,937 | -€653,652 | -44.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,456,028 | €802,377 | -€653,652 | -44.9% |
| Distributable reserves | 133 | €1,456,028 | €802,377 | -€653,652 | -44.9% |
| Profit (loss) carried forward | 14 | €961 | €961 | = | 0.0% |
| Amounts payable | 17/49 | €178,636 | €343,619 | +€164,983 | +92.4% |
| Amounts payable after more than one year | 17 | €30,416 | €0 | -€30,416 | -100.0% |
| Financial debts | 170/4 | €30,416 | €0 | -€30,416 | -100.0% |
| Amounts payable within one year | 42/48 | €148,220 | €343,619 | +€195,399 | +131.8% |
| Current portion of amounts payable after more than one year | 42 | €147,678 | €69,087 | -€78,591 | -53.2% |
| Trade debts | 44 | €542 | €3,344 | +€2,803 | +517.4% |
| Suppliers | 440/4 | €542 | €3,344 | +€2,803 | +517.4% |
| Other amounts payable | 47/48 | - | €271,188 | +€271,188 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,043 | €8,357 | +€314 | +3.9% |
| Other operating charges | 640/8 | €100 | €354 | +€254 | +254.0% |
| Non-recurring operating charges | 66A | €302,500 | €677,500 | +€375,000 | +124.0% |
| Gross operating margin | 9900 | €509,402 | €739,777 | +€230,375 | +45.2% |
| Operating profit (loss) | 9901 | €198,759 | €53,565 | -€145,193 | -73.1% |
| Financial income | 75/76B | €153,724 | €19,624 | -€134,101 | -87.2% |
| Recurring financial income | 75 | €153,724 | €19,624 | -€134,101 | -87.2% |
| Financial charges | 65/66B | €13,852 | €40,007 | +€26,155 | +188.8% |
| Recurring financial charges | 65 | €13,852 | €40,007 | +€26,155 | +188.8% |
| Profit (loss) for the period before taxes | 9903 | €338,631 | €33,182 | -€305,449 | -90.2% |
| Income taxes | 67/77 | €108,070 | €11,484 | -€96,586 | -89.4% |
| Profit (loss) for the period | 9904 | €230,561 | €21,698 | -€208,863 | -90.6% |
| Profit (loss) for the period to be appropriated | 9905 | €230,561 | €21,698 | -€208,863 | -90.6% |
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 10 October 2026 via checked.be.