Dr. Manu Dewulf: 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. Manu Dewulf
Largest movements
- Cash -€212,956
down €212,956 (-84.8%), from €251,221 to €38,266
mainly Contributions, distributions and other (-€205,737) and Other debts (-€88,423)
- Receivables within one year -€15,304
down €15,304 (-34.1%), from €44,944 to €29,640
of which Trade receivables: -€19,670
- Tangible fixed assets -€7,238
down €7,238 (-28.6%), from €25,326 to €18,088
- Reserves -€145,899
down €145,899 (-98.8%), from €147,737 to €1,837
- Other debts -€88,423
down €88,423 (-51.7%), from €170,947 to €82,523
- Gross operating margin -€20,693
down €20,693 (-19.8%), from €104,764 to €84,071
- Taxes -€4,366
down €4,366 (-21.9%), from €19,974 to €15,608
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 | €322,791 | €88,783 | -€234,007 | -72.5% |
| Fixed assets | 21/28 | €25,326 | €18,088 | -€7,238 | -28.6% |
| Tangible fixed assets | 22/27 | €25,326 | €18,088 | -€7,238 | -28.6% |
| Furniture and vehicles | 24 | €25,326 | €18,088 | -€7,238 | -28.6% |
| Current assets | 29/58 | €297,465 | €70,695 | -€226,769 | -76.2% |
| Amounts receivable within one year | 40/41 | €44,944 | €29,640 | -€15,304 | -34.1% |
| Trade receivables | 40 | €44,918 | €25,248 | -€19,670 | -43.8% |
| Other amounts receivable | 41 | €26 | €4,392 | +€4,366 | +16,512% |
| Cash at bank and in hand | 54/58 | €251,221 | €38,266 | -€212,956 | -84.8% |
| Deferred charges and accrued income | 490/1 | €1,299 | €2,790 | +€1,490 | +115% |
| Total equity and liabilities | 10/49 | €322,791 | €88,783 | -€234,007 | -72.5% |
| Equity | 10/15 | €150,237 | €4,337 | -€145,899 | -97.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €147,737 | €1,837 | -€145,899 | -98.8% |
| Distributable reserves | 133 | €147,737 | €1,837 | -€145,899 | -98.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €172,554 | €84,446 | -€88,108 | -51.1% |
| Amounts payable within one year | 42/48 | €172,554 | €84,446 | -€88,108 | -51.1% |
| Trade debts | 44 | €1,607 | €1,923 | +€315 | +19.6% |
| Suppliers | 440/4 | €1,607 | €1,923 | +€315 | +19.6% |
| Other amounts payable | 47/48 | €170,947 | €82,523 | -€88,423 | -51.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,597 | €7,768 | +€171 | +2.2% |
| Other operating charges | 640/8 | €613 | €774 | +€161 | +26.2% |
| Gross operating margin | 9900 | €104,764 | €84,071 | -€20,693 | -19.8% |
| Operating profit (loss) | 9901 | €96,554 | €75,530 | -€21,025 | -21.8% |
| Financial charges | 65/66B | €91 | €85 | -€6 | -6.5% |
| Recurring financial charges | 65 | €91 | €85 | -€6 | -6.5% |
| Profit (loss) for the period before taxes | 9903 | €96,464 | €75,445 | -€21,019 | -21.8% |
| Income taxes | 67/77 | €19,974 | €15,608 | -€4,366 | -21.9% |
| Profit (loss) for the period | 9904 | €76,490 | €59,837 | -€16,653 | -21.8% |
| Profit (loss) for the period to be appropriated | 9905 | €76,490 | €59,837 | -€16,653 | -21.8% |
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 23 October 2026 via checked.be.