DR M. DEBELS: 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 M. DEBELS
Largest movements
- Cash +€128,881
up €128,881 (+111%), from €115,834 to €244,715
mainly Net result for the year (+€124,639) and Depreciation (+€14,825)
- Tangible fixed assets -€13,320
down €13,320 (-30.0%), from €44,336 to €31,016
of which Furniture and vehicles: -€11,942
- Reserves +€124,639
up €124,639 (+17.3%), from €720,987 to €845,626
- Tax, wage and social debts -€12,797
down €12,797 (-44.4%), from €28,805 to €16,008
of which Taxes: -€13,556
- Gross operating margin -€13,936
down €13,936 (-6.4%), from €217,146 to €203,210
- Financial income -€9,933
down €9,933 (-91.2%), from €10,895 to €962
- Taxes -€2,636
down €2,636 (-4.0%), from €65,119 to €62,483
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 | €765,278 | €881,069 | +€115,791 | +15.1% |
| Fixed assets | 21/28 | €47,683 | €34,363 | -€13,320 | -27.9% |
| Tangible fixed assets | 22/27 | €44,336 | €31,016 | -€13,320 | -30.0% |
| Plant, machinery and equipment | 23 | €4,270 | €3,688 | -€582 | -13.6% |
| Furniture and vehicles | 24 | €32,325 | €20,383 | -€11,942 | -36.9% |
| Other tangible fixed assets | 26 | €7,741 | €6,945 | -€796 | -10.3% |
| Financial fixed assets | 28 | €3,347 | €3,347 | = | 0.0% |
| Current assets | 29/58 | €717,595 | €846,706 | +€129,111 | +18.0% |
| Current investments | 50/53 | €598,514 | €598,514 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €115,834 | €244,715 | +€128,881 | +111% |
| Deferred charges and accrued income | 490/1 | €3,247 | €3,477 | +€230 | +7.1% |
| Total equity and liabilities | 10/49 | €765,278 | €881,069 | +€115,791 | +15.1% |
| Equity | 10/15 | €733,387 | €858,026 | +€124,639 | +17.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €720,987 | €845,626 | +€124,639 | +17.3% |
| Distributable reserves | 133 | €720,987 | €845,626 | +€124,639 | +17.3% |
| Amounts payable | 17/49 | €31,891 | €23,043 | -€8,848 | -27.7% |
| Amounts payable within one year | 42/48 | €31,891 | €23,043 | -€8,848 | -27.7% |
| Trade debts | 44 | €979 | €1,562 | +€583 | +59.6% |
| Suppliers | 440/4 | €979 | €1,562 | +€583 | +59.6% |
| Taxes, remuneration and social security | 45 | €28,805 | €16,008 | -€12,797 | -44.4% |
| Taxes | 450/3 | €26,850 | €13,294 | -€13,556 | -50.5% |
| Remuneration and social security | 454/9 | €1,955 | €2,714 | +€759 | +38.8% |
| Other amounts payable | 47/48 | €2,107 | €5,473 | +€3,366 | +160% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,899 | €14,825 | -€74 | -0.5% |
| Other operating charges | 640/8 | €1,494 | €1,590 | +€96 | +6.4% |
| Gross operating margin | 9900 | €217,146 | €203,210 | -€13,936 | -6.4% |
| Operating profit (loss) | 9901 | €200,753 | €186,795 | -€13,958 | -7.0% |
| Financial income | 75/76B | €10,895 | €962 | -€9,933 | -91.2% |
| Recurring financial income | 75 | €10,895 | €962 | -€9,933 | -91.2% |
| Financial charges | 65/66B | €639 | €635 | -€4 | -0.6% |
| Recurring financial charges | 65 | €639 | €635 | -€4 | -0.6% |
| Profit (loss) for the period before taxes | 9903 | €211,009 | €187,122 | -€23,887 | -11.3% |
| Income taxes | 67/77 | €65,119 | €62,483 | -€2,636 | -4.0% |
| Profit (loss) for the period | 9904 | €145,890 | €124,639 | -€21,251 | -14.6% |
| Profit (loss) for the period to be appropriated | 9905 | €145,890 | €124,639 | -€21,251 | -14.6% |
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 25 October 2026 via checked.be.