DR. L. MESTDAGH: what changed
Two fiscal 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. L. MESTDAGH
Largest movements
- Cash +€58,471
up €58,471 (+20.2%), from €289,318 to €347,789
mainly Net result for the year (+€74,104) and Debts after one year (+€27,481)
- Tangible fixed assets +€30,970
up €30,970 (+196.6%), from €15,750 to €46,719
of which Leasing and similar rights: +€36,642
- Deferred charges and accrued income +€13,572
up €13,572 (+67.9%), from €19,979 to €33,551
- Reserves +€72,384
up €72,384 (+26.7%), from €270,665 to €343,049
of which Distributable reserves: +€72,384
- Debts after one year +€27,481
new in 2025: €27,481
- Current portion of long-term debt +€9,160
new in 2025: €9,160
- Tax, wage and social debts -€5,749
down €5,749 (-29.1%), from €19,739 to €13,990
of which Taxes: -€5,749
- Other debts +€4,915
up €4,915 (+32.1%), from €15,332 to €20,247
- Gross operating margin -€2,848
down €2,848 (-2.3%), from €122,827 to €119,979
- Taxes -€1,242
down €1,242 (-4.0%), from €30,894 to €29,653
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 | €326,847 | €431,009 | +€104,162 | +31.9% |
| Fixed assets | 21/28 | €17,550 | €48,519 | +€30,970 | +176.5% |
| Tangible fixed assets | 22/27 | €15,750 | €46,719 | +€30,970 | +196.6% |
| Plant, machinery and equipment | 23 | €8,565 | €6,062 | -€2,503 | -29.2% |
| Furniture and vehicles | 24 | €7,184 | €4,015 | -€3,169 | -44.1% |
| Leasing and similar rights | 25 | - | €36,642 | +€36,642 | |
| Financial fixed assets | 28 | €1,800 | €1,800 | = | 0.0% |
| Current assets | 29/58 | €309,297 | €382,490 | +€73,193 | +23.7% |
| Amounts receivable within one year | 40/41 | €0 | €1,149 | +€1,149 | |
| Other amounts receivable | 41 | €0 | €1,149 | +€1,149 | |
| Cash at bank and in hand | 54/58 | €289,318 | €347,789 | +€58,471 | +20.2% |
| Deferred charges and accrued income | 490/1 | €19,979 | €33,551 | +€13,572 | +67.9% |
| Total equity and liabilities | 10/49 | €326,847 | €431,009 | +€104,162 | +31.9% |
| Equity | 10/15 | €283,065 | €355,449 | +€72,384 | +25.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €270,665 | €343,049 | +€72,384 | +26.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €3,585 | €3,585 | = | 0.0% |
| Distributable reserves | 133 | €267,080 | €339,464 | +€72,384 | +27.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €43,782 | €75,560 | +€31,778 | +72.6% |
| Amounts payable after more than one year | 17 | - | €27,481 | +€27,481 | |
| Financial debts | 170/4 | - | €27,481 | +€27,481 | |
| Amounts payable within one year | 42/48 | €43,782 | €48,079 | +€4,297 | +9.8% |
| Current portion of amounts payable after more than one year | 42 | - | €9,160 | +€9,160 | |
| Trade debts | 44 | €8,710 | €4,682 | -€4,029 | -46.3% |
| Suppliers | 440/4 | €8,710 | €4,682 | -€4,029 | -46.3% |
| Taxes, remuneration and social security | 45 | €19,739 | €13,990 | -€5,749 | -29.1% |
| Taxes | 450/3 | €13,793 | €8,044 | -€5,749 | -41.7% |
| Remuneration and social security | 454/9 | €5,946 | €5,946 | = | 0.0% |
| Other amounts payable | 47/48 | €15,332 | €20,247 | +€4,915 | +32.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,230 | €14,833 | +€603 | +4.2% |
| Other operating charges | 640/8 | €115 | €776 | +€661 | +574.9% |
| Gross operating margin | 9900 | €122,827 | €119,979 | -€2,848 | -2.3% |
| Operating profit (loss) | 9901 | €108,482 | €104,370 | -€4,112 | -3.8% |
| Financial income | 75/76B | €0 | €675 | +€675 | |
| Recurring financial income | 75 | €0 | €675 | +€675 | |
| Financial charges | 65/66B | €133 | €1,289 | +€1,157 | +872.3% |
| Recurring financial charges | 65 | €133 | €1,289 | +€1,157 | +872.3% |
| Profit (loss) for the period before taxes | 9903 | €108,350 | €103,756 | -€4,593 | -4.2% |
| Income taxes | 67/77 | €30,894 | €29,653 | -€1,242 | -4.0% |
| Profit (loss) for the period | 9904 | €77,456 | €74,104 | -€3,352 | -4.3% |
| Profit (loss) for the period to be appropriated | 9905 | €77,456 | €74,104 | -€3,352 | -4.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.