Dr Lily DENEFFE: 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 Lily DENEFFE
Largest movements
- Cash +€28,592
up €28,592 (+47.9%), from €59,649 to €88,241
mainly Net result for the year (+€32,968) and Depreciation (+€9,968)
- Reserves +€32,968
up €32,968 (+24.0%), from €137,330 to €170,298
of which Distributable reserves: +€32,968
- Debts after one year -€8,121
down €8,121 (-8.9%), from €91,297 to €83,176
- Trade debts +€3,117
up €3,117 (+2,479%), from €126 to €3,243
- Gross operating margin -€3,799
down €3,799 (-4.1%), from €93,624 to €89,825
- Taxes -€1,106
down €1,106 (-7.6%), from €14,591 to €13,485
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 | €260,787 | €290,538 | +€29,752 | +11.4% |
| Fixed assets | 21/28 | €196,710 | €197,770 | +€1,059 | +0.5% |
| Tangible fixed assets | 22/27 | €196,710 | €197,770 | +€1,059 | +0.5% |
| Land and buildings | 22 | €187,101 | €180,819 | -€6,283 | -3.4% |
| Plant, machinery and equipment | 23 | €5,326 | €3,519 | -€1,807 | -33.9% |
| Furniture and vehicles | 24 | €4,284 | €13,432 | +€9,149 | +214% |
| Current assets | 29/58 | €64,076 | €92,769 | +€28,692 | +44.8% |
| Amounts receivable within one year | 40/41 | €4,428 | €4,528 | +€100 | +2.3% |
| Trade receivables | 40 | €4,428 | €4,528 | +€100 | +2.3% |
| Cash at bank and in hand | 54/58 | €59,649 | €88,241 | +€28,592 | +47.9% |
| Total equity and liabilities | 10/49 | €260,787 | €290,538 | +€29,752 | +11.4% |
| Equity | 10/15 | €149,730 | €182,698 | +€32,968 | +22.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €137,330 | €170,298 | +€32,968 | +24.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €135,470 | €168,438 | +€32,968 | +24.3% |
| Amounts payable | 17/49 | €111,056 | €107,841 | -€3,216 | -2.9% |
| Amounts payable after more than one year | 17 | €91,297 | €83,176 | -€8,121 | -8.9% |
| Financial debts | 170/4 | €91,297 | €83,176 | -€8,121 | -8.9% |
| Amounts payable within one year | 42/48 | €19,759 | €24,664 | +€4,905 | +24.8% |
| Current portion of amounts payable after more than one year | 42 | €8,715 | €8,795 | +€80 | +0.9% |
| Trade debts | 44 | €126 | €3,243 | +€3,117 | +2,479% |
| Suppliers | 440/4 | €126 | €3,243 | +€3,117 | +2,479% |
| Taxes, remuneration and social security | 45 | €8,049 | €8,671 | +€622 | +7.7% |
| Taxes | 450/3 | €4,591 | €5,076 | +€485 | +10.6% |
| Remuneration and social security | 454/9 | €3,458 | €3,594 | +€136 | +3.9% |
| Other amounts payable | 47/48 | €2,869 | €3,957 | +€1,087 | +37.9% |
| Remuneration, social security and pensions | 62 | €29,011 | €29,426 | +€415 | +1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,389 | €9,968 | -€422 | -4.1% |
| Other operating charges | 640/8 | €2,670 | €2,774 | +€104 | +3.9% |
| Gross operating margin | 9900 | €93,624 | €89,825 | -€3,799 | -4.1% |
| Operating profit (loss) | 9901 | €51,554 | €47,658 | -€3,897 | -7.6% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €1,198 | €1,205 | +€7 | +0.6% |
| Recurring financial charges | 65 | €1,198 | €1,205 | +€7 | +0.6% |
| Profit (loss) for the period before taxes | 9903 | €50,357 | €46,453 | -€3,904 | -7.8% |
| Income taxes | 67/77 | €14,591 | €13,485 | -€1,106 | -7.6% |
| Profit (loss) for the period | 9904 | €35,766 | €32,968 | -€2,799 | -7.8% |
| Profit (loss) for the period to be appropriated | 9905 | €35,766 | €32,968 | -€2,799 | -7.8% |
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 31 October 2026 via checked.be.