Dr. M. Denis: 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. M. Denis
Largest movements
- Cash +€67,524
up €67,524 (+84.7%), from €79,744 to €147,268
mainly Net result for the year (+€76,148) and Receivables within one year (+€734)
- Profit (loss) carried forward +€76,148
up €76,148 (+62.8%), from €121,176 to €197,325
- Trade debts -€7,005
down €7,005 (-70.6%), from €9,919 to €2,914
- Gross operating margin -€57,875
down €57,875 (-36.7%), from €157,906 to €100,031
- Taxes -€15,422
down €15,422 (-42.9%), from €35,925 to €20,503
- Financial charges +€2,520
up €2,520 (+1059.2%), from €238 to €2,758
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 | €134,192 | €203,838 | +€69,646 | +51.9% |
| Fixed assets | 21/28 | - | €1,934 | +€1,934 | |
| Tangible fixed assets | 22/27 | - | €1,934 | +€1,934 | |
| Furniture and vehicles | 24 | - | €1,934 | +€1,934 | |
| Current assets | 29/58 | €134,192 | €201,904 | +€67,711 | +50.5% |
| Amounts receivable within one year | 40/41 | €2,709 | €1,975 | -€734 | -27.1% |
| Trade receivables | 40 | €734 | - | -€734 | |
| Other amounts receivable | 41 | €1,975 | €1,975 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €79,744 | €147,268 | +€67,524 | +84.7% |
| Deferred charges and accrued income | 490/1 | €51,739 | €52,660 | +€921 | +1.8% |
| Total equity and liabilities | 10/49 | €134,192 | €203,838 | +€69,646 | +51.9% |
| Equity | 10/15 | €123,676 | €199,825 | +€76,148 | +61.6% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €121,176 | €197,325 | +€76,148 | +62.8% |
| Amounts payable | 17/49 | €10,516 | €4,013 | -€6,502 | -61.8% |
| Amounts payable within one year | 42/48 | €10,153 | €3,650 | -€6,502 | -64.0% |
| Trade debts | 44 | €9,919 | €2,914 | -€7,005 | -70.6% |
| Suppliers | 440/4 | €9,919 | €2,914 | -€7,005 | -70.6% |
| Taxes, remuneration and social security | 45 | - | €503 | +€503 | |
| Taxes | 450/3 | - | €503 | +€503 | |
| Other amounts payable | 47/48 | €234 | €234 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €363 | €363 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €437 | +€437 | |
| Other operating charges | 640/8 | €589 | €186 | -€403 | -68.4% |
| Gross operating margin | 9900 | €157,906 | €100,031 | -€57,875 | -36.7% |
| Operating profit (loss) | 9901 | €157,317 | €99,409 | -€57,908 | -36.8% |
| Financial income | 75/76B | €22 | - | -€22 | |
| Recurring financial income | 75 | €22 | - | -€22 | |
| Financial charges | 65/66B | €238 | €2,758 | +€2,520 | +1059.2% |
| Recurring financial charges | 65 | €238 | €2,758 | +€2,520 | +1059.2% |
| Profit (loss) for the period before taxes | 9903 | €157,101 | €96,651 | -€60,450 | -38.5% |
| Income taxes | 67/77 | €35,925 | €20,503 | -€15,422 | -42.9% |
| Profit (loss) for the period | 9904 | €121,176 | €76,148 | -€45,028 | -37.2% |
| Profit (loss) for the period to be appropriated | 9905 | €121,176 | €76,148 | -€45,028 | -37.2% |
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 5 October 2026 via checked.be.