DR. JOOST DEWAELE: 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. JOOST DEWAELE
Largest movements
- Deferred charges and accrued income +€25,351
up €25,351 (+21.3%), from €118,941 to €144,291
- Receivables within one year -€22,255
down €22,255 (-77.6%), from €28,672 to €6,417
- Tangible fixed assets -€20,728
down €20,728 (-23.2%), from €89,460 to €68,732
of which Furniture and vehicles: -€16,785
- Current investments +€18,120
up €18,120 (+60.6%), from €29,916 to €48,036
- Cash +€4,432
up €4,432 (+4.4%), from €100,735 to €105,167
mainly Net result for the year (+€78,250) and Depreciation (+€22,662)
- Reserves +€52,193
up €52,193 (+19.1%), from €273,083 to €325,277
of which Distributable reserves: +€31,143
- Other debts -€27,478
down €27,478 (-45.5%), from €60,430 to €32,953
- Tax, wage and social debts -€19,233
down €19,233 (-93.7%), from €20,536 to €1,303
- Gross operating margin +€28,787
up €28,787 (+27.9%), from €103,254 to €132,042
- Taxes +€10,457
up €10,457 (+42.7%), from €24,467 to €34,924
- Financial income +€3,278
up €3,278 (+210%), from €1,557 to €4,835
- Other operating charges -€3,080
down €3,080 (-83.6%), from €3,683 to €603
- Depreciation +€2,871
up €2,871 (+14.5%), from €19,791 to €22,662
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 | €367,724 | €372,644 | +€4,920 | +1.3% |
| Fixed assets | 21/28 | €89,460 | €68,732 | -€20,728 | -23.2% |
| Tangible fixed assets | 22/27 | €89,460 | €68,732 | -€20,728 | -23.2% |
| Plant, machinery and equipment | 23 | €1,377 | €717 | -€660 | -47.9% |
| Furniture and vehicles | 24 | €62,129 | €45,345 | -€16,785 | -27.0% |
| Other tangible fixed assets | 26 | €25,953 | €22,669 | -€3,284 | -12.7% |
| Current assets | 29/58 | €278,264 | €303,912 | +€25,648 | +9.2% |
| Amounts receivable within one year | 40/41 | €28,672 | €6,417 | -€22,255 | -77.6% |
| Other amounts receivable | 41 | €28,672 | €6,417 | -€22,255 | -77.6% |
| Current investments | 50/53 | €29,916 | €48,036 | +€18,120 | +60.6% |
| Cash at bank and in hand | 54/58 | €100,735 | €105,167 | +€4,432 | +4.4% |
| Deferred charges and accrued income | 490/1 | €118,941 | €144,291 | +€25,351 | +21.3% |
| Total equity and liabilities | 10/49 | €367,724 | €372,644 | +€4,920 | +1.3% |
| Equity | 10/15 | €285,483 | €337,677 | +€52,193 | +18.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €273,083 | €325,277 | +€52,193 | +19.1% |
| Tax-exempt reserves | 132 | - | €21,050 | +€21,050 | |
| Distributable reserves | 133 | €273,083 | €304,227 | +€31,143 | +11.4% |
| Amounts payable | 17/49 | €82,240 | €34,967 | -€47,273 | -57.5% |
| Amounts payable within one year | 42/48 | €82,240 | €34,967 | -€47,273 | -57.5% |
| Trade debts | 44 | €1,274 | €711 | -€563 | -44.2% |
| Suppliers | 440/4 | €1,274 | €711 | -€563 | -44.2% |
| Taxes, remuneration and social security | 45 | €20,536 | €1,303 | -€19,233 | -93.7% |
| Taxes | 450/3 | €20,536 | €1,303 | -€19,233 | -93.7% |
| Other amounts payable | 47/48 | €60,430 | €32,953 | -€27,478 | -45.5% |
| Non-recurring operating income | 76A | €6,000 | - | -€6,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,791 | €22,662 | +€2,871 | +14.5% |
| Other operating charges | 640/8 | €3,683 | €603 | -€3,080 | -83.6% |
| Gross operating margin | 9900 | €103,254 | €132,042 | +€28,787 | +27.9% |
| Operating profit (loss) | 9901 | €79,781 | €108,776 | +€28,996 | +36.3% |
| Financial income | 75/76B | €1,557 | €4,835 | +€3,278 | +210% |
| Recurring financial income | 75 | €1,557 | €4,835 | +€3,278 | +210% |
| Financial charges | 65/66B | €747 | €438 | -€309 | -41.4% |
| Recurring financial charges | 65 | €747 | €438 | -€309 | -41.4% |
| Profit (loss) for the period before taxes | 9903 | €80,591 | €113,174 | +€32,583 | +40.4% |
| Income taxes | 67/77 | €24,467 | €34,924 | +€10,457 | +42.7% |
| Profit (loss) for the period | 9904 | €56,124 | €78,250 | +€22,125 | +39.4% |
| Transfer to tax-exempt reserves | 689 | - | €21,050 | +€21,050 | |
| Profit (loss) for the period to be appropriated | 9905 | €56,124 | €57,200 | +€1,075 | +1.9% |
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 17 October 2026 via checked.be.