DR JUSTINE DEVOS: 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 JUSTINE DEVOS
Largest movements
- Cash +€20,830
up €20,830 (+1,402%), from €1,485 to €22,316
mainly Other debts (+€45,830) and Depreciation (+€9,579)
- Tangible fixed assets -€7,216
down €7,216 (-3.9%), from €184,596 to €177,380
of which Land and buildings: -€8,328
- Receivables within one year -€2,349
down €2,349 (-100%), from €2,349 to €0
- Other debts +€45,830
up €45,830 (+45.8%), from €100,137 to €145,968
- Reserves -€12,337
down €12,337 (-100%), from €12,337 to €0
- Profit (loss) carried forward -€11,805
new in 2025: -€11,805
- Debts after one year -€10,693
down €10,693 (-22.8%), from €46,862 to €36,169
- Gross operating margin -€28,759
down €28,759, from €19,329 to -€9,430
- Taxes -€1,914
down €1,914 (-72.2%), from €2,651 to €737
- Depreciation +€827
up €827 (+9.5%), from €8,751 to €9,579
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 | €188,431 | €199,696 | +€11,265 | +6.0% |
| Fixed assets | 21/28 | €184,596 | €177,380 | -€7,216 | -3.9% |
| Tangible fixed assets | 22/27 | €184,596 | €177,380 | -€7,216 | -3.9% |
| Land and buildings | 22 | €180,065 | €171,737 | -€8,328 | -4.6% |
| Plant, machinery and equipment | 23 | €386 | €2,356 | +€1,969 | +510% |
| Furniture and vehicles | 24 | €4,146 | €3,288 | -€858 | -20.7% |
| Current assets | 29/58 | €3,834 | €22,316 | +€18,481 | +482% |
| Amounts receivable within one year | 40/41 | €2,349 | €0 | -€2,349 | -100% |
| Other amounts receivable | 41 | €2,349 | €0 | -€2,349 | -100% |
| Cash at bank and in hand | 54/58 | €1,485 | €22,316 | +€20,830 | +1,402% |
| Total equity and liabilities | 10/49 | €188,431 | €199,696 | +€11,265 | +6.0% |
| Equity | 10/15 | €30,937 | €6,795 | -€24,142 | -78.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €12,337 | €0 | -€12,337 | -100% |
| Distributable reserves | 133 | €12,337 | €0 | -€12,337 | -100% |
| Profit (loss) carried forward | 14 | - | -€11,805 | -€11,805 | |
| Amounts payable | 17/49 | €157,494 | €192,901 | +€35,407 | +22.5% |
| Amounts payable after more than one year | 17 | €46,862 | €36,169 | -€10,693 | -22.8% |
| Financial debts | 170/4 | €46,862 | €36,169 | -€10,693 | -22.8% |
| Amounts payable within one year | 42/48 | €110,632 | €156,732 | +€46,100 | +41.7% |
| Current portion of amounts payable after more than one year | 42 | €10,495 | €10,693 | +€199 | +1.9% |
| Trade debts | 44 | - | €35 | +€35 | |
| Suppliers | 440/4 | - | €35 | +€35 | |
| Taxes, remuneration and social security | 45 | - | €37 | +€37 | |
| Taxes | 450/3 | - | €37 | +€37 | |
| Other amounts payable | 47/48 | €100,137 | €145,968 | +€45,830 | +45.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,751 | €9,579 | +€827 | +9.5% |
| Other operating charges | 640/8 | €2,801 | €2,879 | +€78 | +2.8% |
| Gross operating margin | 9900 | €19,329 | -€9,430 | -€28,759 | |
| Operating profit (loss) | 9901 | €7,777 | -€21,888 | -€29,665 | |
| Financial income | 75/76B | €3 | €0 | -€3 | -100% |
| Recurring financial income | 75 | €3 | €0 | -€3 | -100% |
| Financial charges | 65/66B | €1,428 | €1,518 | +€90 | +6.3% |
| Recurring financial charges | 65 | €1,428 | €1,518 | +€90 | +6.3% |
| Profit (loss) for the period before taxes | 9903 | €6,352 | -€23,406 | -€29,758 | |
| Income taxes | 67/77 | €2,651 | €737 | -€1,914 | -72.2% |
| Profit (loss) for the period | 9904 | €3,701 | -€24,142 | -€27,843 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,701 | -€24,142 | -€27,843 |
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 18 October 2026 via checked.be.