Dr. Luc Caveye: 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. Luc Caveye
Largest movements
- Current investments +€96,836
up €96,836 (+30.8%), from €314,895 to €411,731
- Cash -€14,801
down €14,801 (-24.5%), from €60,431 to €45,629
mainly Current investments (-€96,836) and Trade debts (-€1,054)
- Reserves +€75,170
up €75,170 (+20.4%), from €368,511 to €443,681
- Tax, wage and social debts +€5,094
up €5,094 (+1,643,284%), from €0 to €5,094
- Financial income +€11,080
up €11,080 (+495%), from €2,240 to €13,320
of which Non-recurring financial income: +€8,512
- Taxes +€5,094
up €5,094 (+19.4%), from €26,250 to €31,344
- Gross operating margin +€4,187
up €4,187 (+4.4%), from €94,409 to €98,597
- Financial charges +€3,747
up €3,747 (+1,585%), from €236 to €3,984
of which Financial charges: +€3,506
- Depreciation -€3,356
no longer reported in 2025 (was €3,356)
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 | €384,835 | €463,956 | +€79,121 | +20.6% |
| Fixed assets | 21/28 | €1,250 | €1,250 | = | 0.0% |
| Tangible fixed assets | 22/27 | €1,250 | €1,250 | = | 0.0% |
| Plant, machinery and equipment | 23 | €1,250 | €1,250 | = | 0.0% |
| Current assets | 29/58 | €383,585 | €462,706 | +€79,121 | +20.6% |
| Amounts receivable within one year | 40/41 | €7,277 | €4,734 | -€2,543 | -34.9% |
| Trade receivables | 40 | €5,715 | €4,734 | -€981 | -17.2% |
| Other amounts receivable | 41 | €1,562 | - | -€1,562 | |
| Current investments | 50/53 | €314,895 | €411,731 | +€96,836 | +30.8% |
| Cash at bank and in hand | 54/58 | €60,431 | €45,629 | -€14,801 | -24.5% |
| Deferred charges and accrued income | 490/1 | €982 | €611 | -€371 | -37.8% |
| Total equity and liabilities | 10/49 | €384,835 | €463,956 | +€79,121 | +20.6% |
| Equity | 10/15 | €380,911 | €456,081 | +€75,170 | +19.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €368,511 | €443,681 | +€75,170 | +20.4% |
| Distributable reserves | 133 | €368,511 | €443,681 | +€75,170 | +20.4% |
| Amounts payable | 17/49 | €3,924 | €7,875 | +€3,951 | +101% |
| Amounts payable within one year | 42/48 | €2,174 | €6,125 | +€3,951 | +182% |
| Trade debts | 44 | €1,938 | €883 | -€1,054 | -54.4% |
| Suppliers | 440/4 | €1,938 | €883 | -€1,054 | -54.4% |
| Taxes, remuneration and social security | 45 | €0 | €5,094 | +€5,094 | +1,643,284% |
| Taxes | 450/3 | €0 | €5,094 | +€5,094 | +1,643,284% |
| Other amounts payable | 47/48 | €236 | €147 | -€89 | -37.8% |
| Accrued charges and deferred income | 492/3 | €1,750 | €1,750 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,356 | - | -€3,356 | |
| Other operating charges | 640/8 | €1,328 | €1,419 | +€91 | +6.8% |
| Gross operating margin | 9900 | €94,409 | €98,597 | +€4,187 | +4.4% |
| Operating profit (loss) | 9901 | €89,725 | €97,178 | +€7,453 | +8.3% |
| Financial income | 75/76B | €2,240 | €13,320 | +€11,080 | +495% |
| Recurring financial income | 75 | €2,240 | €4,809 | +€2,569 | +115% |
| Non-recurring financial income | 76B | - | €8,512 | +€8,512 | |
| Financial charges | 65/66B | €236 | €3,984 | +€3,747 | +1,585% |
| Recurring financial charges | 65 | €236 | €3,742 | +€3,506 | +1,482% |
| Non-recurring financial charges | 66B | - | €241 | +€241 | |
| Profit (loss) for the period before taxes | 9903 | €91,728 | €106,514 | +€14,786 | +16.1% |
| Income taxes | 67/77 | €26,250 | €31,344 | +€5,094 | +19.4% |
| Profit (loss) for the period | 9904 | €65,478 | €75,170 | +€9,692 | +14.8% |
| Profit (loss) for the period to be appropriated | 9905 | €65,478 | €75,170 | +€9,692 | +14.8% |
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 14 October 2026 via checked.be.