Dr. N. DE VOS: 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. N. DE VOS
Largest movements
- Cash -€75,500
down €75,500 (-20.9%), from €361,092 to €285,592
mainly Contributions, distributions and other (-€875,000) and Receivables within one year (-€67,333)
- Receivables within one year +€67,333
up €67,333 (+43.9%), from €153,344 to €220,677
of which Trade receivables: +€62,725
- Tangible fixed assets +€6,595
new in 2025: €6,595
of which Plant, machinery and equipment: +€5,640
- Other debts +€459,071
up €459,071 (+2,234%), from €20,547 to €479,618
- Reserves -€437,515
down €437,515 (-94.0%), from €465,452 to €27,938
- Tax, wage and social debts -€23,485
down €23,485 (-95.5%), from €24,584 to €1,099
- Gross operating margin +€35,150
up €35,150 (+6.5%), from €543,727 to €578,878
- Taxes +€8,080
up €8,080 (+6.1%), from €132,923 to €141,003
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 | €515,966 | €512,865 | -€3,101 | -0.6% |
| Fixed assets | 21/28 | - | €6,595 | +€6,595 | |
| Tangible fixed assets | 22/27 | - | €6,595 | +€6,595 | |
| Plant, machinery and equipment | 23 | - | €5,640 | +€5,640 | |
| Furniture and vehicles | 24 | - | €955 | +€955 | |
| Current assets | 29/58 | €515,966 | €506,269 | -€9,696 | -1.9% |
| Amounts receivable within one year | 40/41 | €153,344 | €220,677 | +€67,333 | +43.9% |
| Trade receivables | 40 | €153,344 | €216,069 | +€62,725 | +40.9% |
| Other amounts receivable | 41 | - | €4,608 | +€4,608 | |
| Cash at bank and in hand | 54/58 | €361,092 | €285,592 | -€75,500 | -20.9% |
| Deferred charges and accrued income | 490/1 | €1,529 | €0 | -€1,529 | -100% |
| Total equity and liabilities | 10/49 | €515,966 | €512,865 | -€3,101 | -0.6% |
| Equity | 10/15 | €468,452 | €30,938 | -€437,515 | -93.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €465,452 | €27,938 | -€437,515 | -94.0% |
| Distributable reserves | 133 | €465,452 | €27,938 | -€437,515 | -94.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €47,513 | €481,927 | +€434,414 | +914% |
| Amounts payable within one year | 42/48 | €47,513 | €481,927 | +€434,414 | +914% |
| Trade debts | 44 | €2,382 | €1,210 | -€1,171 | -49.2% |
| Suppliers | 440/4 | €2,382 | €1,210 | -€1,171 | -49.2% |
| Taxes, remuneration and social security | 45 | €24,584 | €1,099 | -€23,485 | -95.5% |
| Taxes | 450/3 | €24,584 | €1,099 | -€23,485 | -95.5% |
| Other amounts payable | 47/48 | €20,547 | €479,618 | +€459,071 | +2,234% |
| Remuneration, social security and pensions | 62 | €2,188 | €0 | -€2,188 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,153 | €1,466 | -€3,686 | -71.5% |
| Other operating charges | 640/8 | €722 | €3,099 | +€2,377 | +329% |
| Gross operating margin | 9900 | €543,727 | €578,878 | +€35,150 | +6.5% |
| Operating profit (loss) | 9901 | €535,665 | €574,312 | +€38,648 | +7.2% |
| Financial income | 75/76B | - | €4,831 | +€4,831 | |
| Recurring financial income | 75 | - | €4,831 | +€4,831 | |
| Financial charges | 65/66B | €190 | €655 | +€465 | +245% |
| Recurring financial charges | 65 | €190 | €655 | +€465 | +245% |
| Profit (loss) for the period before taxes | 9903 | €535,475 | €578,488 | +€43,014 | +8.0% |
| Income taxes | 67/77 | €132,923 | €141,003 | +€8,080 | +6.1% |
| Profit (loss) for the period | 9904 | €402,552 | €437,485 | +€34,933 | +8.7% |
| Profit (loss) for the period to be appropriated | 9905 | €402,552 | €437,485 | +€34,933 | +8.7% |
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.