DR. KATIA DAUWE: 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. KATIA DAUWE
Largest movements
- Current investments -€182,000
down €182,000 (-89.2%), from €204,000 to €22,000
- Receivables within one year -€85,000
down €85,000 (-99.9%), from €85,093 to €93
of which Trade receivables: -€59,014
- Tangible fixed assets +€67,448
up €67,448 (+7.1%), from €948,764 to €1.0m
of which Land and buildings: +€79,927
- Cash +€31,900
up €31,900 (+66.4%), from €48,070 to €79,970
mainly Other debts (+€240,493) and Net result for the year (+€221,036)
- Other debts +€240,493
up €240,493 (+1,846%), from €13,029 to €253,522
- Debts after one year -€201,262
down €201,262 (-31.7%), from €635,022 to €433,760
- Reserves -€148,884
down €148,884 (-31.0%), from €480,517 to €331,632
- Trade debts -€26,397
down €26,397 (-44.6%), from €59,154 to €32,757
- Current portion of long-term debt -€16,277
down €16,277 (-28.8%), from €56,432 to €40,156
- Gross operating margin +€91,575
up €91,575 (+35.3%), from €259,579 to €351,154
- Taxes +€23,297
up €23,297 (+51.2%), from €45,458 to €68,755
- Depreciation +€5,650
up €5,650 (+19.1%), from €29,518 to €35,167
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 | €1,289,529 | €1,122,624 | -€166,905 | -12.9% |
| Fixed assets | 21/28 | €948,764 | €1,016,211 | +€67,448 | +7.1% |
| Tangible fixed assets | 22/27 | €948,764 | €1,016,211 | +€67,448 | +7.1% |
| Land and buildings | 22 | €925,601 | €1,005,528 | +€79,927 | +8.6% |
| Furniture and vehicles | 24 | €14,788 | €3,593 | -€11,195 | -75.7% |
| Other tangible fixed assets | 26 | €8,375 | €7,090 | -€1,284 | -15.3% |
| Current assets | 29/58 | €340,765 | €106,412 | -€234,353 | -68.8% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €85,093 | €93 | -€85,000 | -99.9% |
| Trade receivables | 40 | €59,014 | €0 | -€59,014 | -100% |
| Other amounts receivable | 41 | €26,079 | €93 | -€25,986 | -99.6% |
| Current investments | 50/53 | €204,000 | €22,000 | -€182,000 | -89.2% |
| Cash at bank and in hand | 54/58 | €48,070 | €79,970 | +€31,900 | +66.4% |
| Deferred charges and accrued income | 490/1 | €3,603 | €4,350 | +€747 | +20.7% |
| Total equity and liabilities | 10/49 | €1,289,529 | €1,122,624 | -€166,905 | -12.9% |
| Equity | 10/15 | €499,117 | €350,232 | -€148,884 | -29.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €480,517 | €331,632 | -€148,884 | -31.0% |
| Distributable reserves | 133 | €480,517 | €331,632 | -€148,884 | -31.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €790,412 | €772,391 | -€18,021 | -2.3% |
| Amounts payable after more than one year | 17 | €635,022 | €433,760 | -€201,262 | -31.7% |
| Financial debts | 170/4 | €635,022 | €433,760 | -€201,262 | -31.7% |
| Amounts payable within one year | 42/48 | €155,120 | €337,719 | +€182,599 | +118% |
| Current portion of amounts payable after more than one year | 42 | €56,432 | €40,156 | -€16,277 | -28.8% |
| Trade debts | 44 | €59,154 | €32,757 | -€26,397 | -44.6% |
| Suppliers | 440/4 | €59,154 | €32,757 | -€26,397 | -44.6% |
| Taxes, remuneration and social security | 45 | €26,505 | €11,285 | -€15,220 | -57.4% |
| Taxes | 450/3 | €23,505 | €11,285 | -€12,220 | -52.0% |
| Remuneration and social security | 454/9 | €3,000 | €0 | -€3,000 | -100% |
| Other amounts payable | 47/48 | €13,029 | €253,522 | +€240,493 | +1,846% |
| Accrued charges and deferred income | 492/3 | €270 | €912 | +€642 | +238% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,518 | €35,167 | +€5,650 | +19.1% |
| Other operating charges | 640/8 | €2,282 | €4,067 | +€1,785 | +78.2% |
| Gross operating margin | 9900 | €259,579 | €351,154 | +€91,575 | +35.3% |
| Operating profit (loss) | 9901 | €227,779 | €311,920 | +€84,141 | +36.9% |
| Financial income | 75/76B | €1,028 | €1,833 | +€805 | +78.4% |
| Recurring financial income | 75 | €1,028 | €1,833 | +€805 | +78.4% |
| Financial charges | 65/66B | €24,451 | €23,963 | -€488 | -2.0% |
| Recurring financial charges | 65 | €24,451 | €23,963 | -€488 | -2.0% |
| Profit (loss) for the period before taxes | 9903 | €204,356 | €289,791 | +€85,435 | +41.8% |
| Income taxes | 67/77 | €45,458 | €68,755 | +€23,297 | +51.2% |
| Profit (loss) for the period | 9904 | €158,898 | €221,036 | +€62,138 | +39.1% |
| Profit (loss) for the period to be appropriated | 9905 | €158,898 | €221,036 | +€62,138 | +39.1% |
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 20 October 2026 via checked.be.