DR. LODE SELS: 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. LODE SELS
Largest movements
- Current investments -€350,405
down €350,405 (-45.3%), from €772,911 to €422,506
- Cash +€134,306
up €134,306 (+359.7%), from €37,333 to €171,639
mainly Current investments (+€350,405) and Net result for the year (+€129,169)
- Receivables within one year -€66,447
down €66,447 (-28.5%), from €232,757 to €166,310
of which Other amounts receivable: -€69,062
- Tangible fixed assets +€21,189
up €21,189 (+28.4%), from €74,692 to €95,882
of which Other tangible fixed assets: +€12,959
- Reserves -€272,399
down €272,399 (-26.2%), from €1.0m to €769,019
- Current portion of long-term debt +€12,995
up €12,995 (+138.1%), from €9,409 to €22,404
- Gross operating margin -€92,612
down €92,612 (-30.7%), from €301,225 to €208,613
- Taxes -€30,868
down €30,868 (-32.4%), from €95,396 to €64,528
- Financial income -€26,734
down €26,734 (-64.1%), from €41,679 to €14,946
- Depreciation +€5,101
up €5,101 (+31.7%), from €16,117 to €21,218
- Financial charges +€3,774
up €3,774 (+111.4%), from €3,389 to €7,163
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 | €1,121,246 | €856,338 | -€264,909 | -23.6% |
| Fixed assets | 21/28 | €74,692 | €95,882 | +€21,189 | +28.4% |
| Tangible fixed assets | 22/27 | €74,692 | €95,882 | +€21,189 | +28.4% |
| Plant, machinery and equipment | 23 | €935 | €0 | -€935 | -100.0% |
| Furniture and vehicles | 24 | €64,954 | €74,119 | +€9,165 | +14.1% |
| Other tangible fixed assets | 26 | €8,804 | €21,763 | +€12,959 | +147.2% |
| Current assets | 29/58 | €1,046,554 | €760,456 | -€286,098 | -27.3% |
| Amounts receivable within one year | 40/41 | €232,757 | €166,310 | -€66,447 | -28.5% |
| Trade receivables | 40 | €937 | €3,552 | +€2,615 | +278.9% |
| Other amounts receivable | 41 | €231,820 | €162,758 | -€69,062 | -29.8% |
| Current investments | 50/53 | €772,911 | €422,506 | -€350,405 | -45.3% |
| Cash at bank and in hand | 54/58 | €37,333 | €171,639 | +€134,306 | +359.7% |
| Deferred charges and accrued income | 490/1 | €3,552 | €0 | -€3,552 | -100.0% |
| Total equity and liabilities | 10/49 | €1,121,246 | €856,338 | -€264,909 | -23.6% |
| Equity | 10/15 | €1,053,818 | €781,419 | -€272,399 | -25.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,041,418 | €769,019 | -€272,399 | -26.2% |
| Distributable reserves | 133 | €1,041,418 | €769,019 | -€272,399 | -26.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €67,428 | €74,919 | +€7,490 | +11.1% |
| Amounts payable after more than one year | 17 | €22,669 | €16,065 | -€6,605 | -29.1% |
| Financial debts | 170/4 | €22,669 | €16,065 | -€6,605 | -29.1% |
| Amounts payable within one year | 42/48 | €44,759 | €58,854 | +€14,095 | +31.5% |
| Current portion of amounts payable after more than one year | 42 | €9,409 | €22,404 | +€12,995 | +138.1% |
| Financial debts | 43 | €23,875 | €23,709 | -€166 | -0.7% |
| Credit institutions | 430/8 | €23,875 | €23,709 | -€166 | -0.7% |
| Trade debts | 44 | €1,705 | €2,971 | +€1,266 | +74.2% |
| Suppliers | 440/4 | €1,705 | €2,971 | +€1,266 | +74.2% |
| Taxes, remuneration and social security | 45 | €9,770 | €9,770 | = | 0.0% |
| Taxes | 450/3 | €9,770 | €9,770 | = | 0.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,117 | €21,218 | +€5,101 | +31.7% |
| Other operating charges | 640/8 | €2,635 | €1,481 | -€1,155 | -43.8% |
| Gross operating margin | 9900 | €301,225 | €208,613 | -€92,612 | -30.7% |
| Operating profit (loss) | 9901 | €282,472 | €185,914 | -€96,558 | -34.2% |
| Financial income | 75/76B | €41,679 | €14,946 | -€26,734 | -64.1% |
| Recurring financial income | 75 | €41,679 | €14,946 | -€26,734 | -64.1% |
| Financial charges | 65/66B | €3,389 | €7,163 | +€3,774 | +111.4% |
| Recurring financial charges | 65 | €3,389 | €7,163 | +€3,774 | +111.4% |
| Profit (loss) for the period before taxes | 9903 | €320,763 | €193,697 | -€127,066 | -39.6% |
| Income taxes | 67/77 | €95,396 | €64,528 | -€30,868 | -32.4% |
| Profit (loss) for the period | 9904 | €225,367 | €129,169 | -€96,198 | -42.7% |
| Profit (loss) for the period to be appropriated | 9905 | €225,367 | €129,169 | -€96,198 | -42.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.