DR. MIEKE DEVOS: 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. MIEKE DEVOS
Largest movements
- Cash +€79,205
up €79,205 (+49.7%), from €159,298 to €238,504
mainly Net result for the year (+€115,232) and Other debts (+€45,139)
- Tangible fixed assets +€14,152
up €14,152 (+31.7%), from €44,637 to €58,789
of which Other tangible fixed assets: +€12,851
- Receivables within one year +€14,114
up €14,114, from €0 to €14,114
of which Other amounts receivable: +€12,714
- Reserves +€76,701
up €76,701 (+15.6%), from €490,692 to €567,393
of which Distributable reserves: +€76,701
- Other debts +€45,139
up €45,139 (+28.8%), from €156,588 to €201,727
- Gross operating margin -€53,763
down €53,763 (-23.0%), from €234,115 to €180,352
- Taxes -€14,011
down €14,011 (-22.7%), from €61,635 to €47,624
- Financial income +€12,717
up €12,717 (+127172700.0%), from €0 to €12,717
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 | €758,738 | €871,376 | +€112,639 | +14.8% |
| Fixed assets | 21/28 | €47,547 | €61,699 | +€14,152 | +29.8% |
| Tangible fixed assets | 22/27 | €44,637 | €58,789 | +€14,152 | +31.7% |
| Plant, machinery and equipment | 23 | €12,119 | €16,096 | +€3,977 | +32.8% |
| Furniture and vehicles | 24 | €32,518 | €29,842 | -€2,676 | -8.2% |
| Other tangible fixed assets | 26 | - | €12,851 | +€12,851 | |
| Financial fixed assets | 28 | €2,910 | €2,910 | = | 0.0% |
| Current assets | 29/58 | €711,191 | €809,677 | +€98,487 | +13.8% |
| Amounts receivable within one year | 40/41 | €0 | €14,114 | +€14,114 | |
| Trade receivables | 40 | - | €1,400 | +€1,400 | |
| Other amounts receivable | 41 | €0 | €12,714 | +€12,714 | |
| Current investments | 50/53 | €548,820 | €552,972 | +€4,152 | +0.8% |
| Cash at bank and in hand | 54/58 | €159,298 | €238,504 | +€79,205 | +49.7% |
| Deferred charges and accrued income | 490/1 | €3,072 | €4,088 | +€1,016 | +33.1% |
| Total equity and liabilities | 10/49 | €758,738 | €871,376 | +€112,639 | +14.8% |
| Equity | 10/15 | €558,113 | €634,814 | +€76,701 | +13.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €490,692 | €567,393 | +€76,701 | +15.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €490,692 | €567,393 | +€76,701 | +15.6% |
| Profit (loss) carried forward | 14 | €48,820 | €48,820 | = | 0.0% |
| Amounts payable | 17/49 | €200,625 | €236,563 | +€35,937 | +17.9% |
| Amounts payable within one year | 42/48 | €200,389 | €235,658 | +€35,269 | +17.6% |
| Trade debts | 44 | €8,373 | €1,260 | -€7,113 | -84.9% |
| Suppliers | 440/4 | €8,373 | €1,260 | -€7,113 | -84.9% |
| Taxes, remuneration and social security | 45 | €35,428 | €32,671 | -€2,756 | -7.8% |
| Taxes | 450/3 | €24,702 | €21,904 | -€2,798 | -11.3% |
| Remuneration and social security | 454/9 | €10,726 | €10,767 | +€41 | +0.4% |
| Other amounts payable | 47/48 | €156,588 | €201,727 | +€45,139 | +28.8% |
| Accrued charges and deferred income | 492/3 | €236 | €904 | +€668 | +283.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,083 | €15,916 | -€2,167 | -12.0% |
| Other operating charges | 640/8 | €296 | €1,128 | +€832 | +281.0% |
| Gross operating margin | 9900 | €234,115 | €180,352 | -€53,763 | -23.0% |
| Operating profit (loss) | 9901 | €215,736 | €163,308 | -€52,428 | -24.3% |
| Financial income | 75/76B | €0 | €12,717 | +€12,717 | +127172700.0% |
| Recurring financial income | 75 | €0 | €12,717 | +€12,717 | +127172700.0% |
| Financial charges | 65/66B | €12,085 | €13,169 | +€1,083 | +9.0% |
| Recurring financial charges | 65 | €12,085 | €13,169 | +€1,083 | +9.0% |
| Profit (loss) for the period before taxes | 9903 | €203,650 | €162,856 | -€40,794 | -20.0% |
| Income taxes | 67/77 | €61,635 | €47,624 | -€14,011 | -22.7% |
| Profit (loss) for the period | 9904 | €142,015 | €115,232 | -€26,783 | -18.9% |
| Profit (loss) for the period to be appropriated | 9905 | €142,015 | €115,232 | -€26,783 | -18.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.