Dr. Pascal De Smet: 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. Pascal De Smet
Largest movements
- Tangible fixed assets +€79,621
up €79,621 (+32.4%), from €246,014 to €325,634
of which Other tangible fixed assets: +€88,997
- Receivables within one year +€56,594
up €56,594 (+5.6%), from €1.0m to €1.1m
of which Other amounts receivable: +€70,541
- Financial fixed assets +€20,160
up €20,160 (+14,878%), from €136 to €20,296
- Reserves +€121,499
up €121,499 (+15.6%), from €779,346 to €900,845
- Debts after one year -€29,412
down €29,412 (-61.4%), from €47,902 to €18,490
- Trade debts +€17,818
up €17,818 (+450%), from €3,962 to €21,780
- Tax, wage and social debts +€16,843
up €16,843 (+101%), from €16,659 to €33,503
of which Taxes: +€16,843
- Gross operating margin +€53,225
up €53,225 (+42.3%), from €125,716 to €178,942
- Taxes +€21,843
up €21,843 (+68.4%), from €31,942 to €53,785
- Staff costs -€13,981
down €13,981 (-59.2%), from €23,633 to €9,652
- Depreciation +€5,852
up €5,852 (+35.3%), from €16,571 to €22,423
- Financial income +€3,146
up €3,146 (+9.8%), from €32,221 to €35,367
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 | €1,289,453 | €1,429,926 | +€140,473 | +10.9% |
| Fixed assets | 21/28 | €246,149 | €345,930 | +€99,781 | +40.5% |
| Tangible fixed assets | 22/27 | €246,014 | €325,634 | +€79,621 | +32.4% |
| Land and buildings | 22 | €166,512 | €156,851 | -€9,662 | -5.8% |
| Plant, machinery and equipment | 23 | €19,899 | €21,569 | +€1,670 | +8.4% |
| Furniture and vehicles | 24 | €14,099 | €12,714 | -€1,384 | -9.8% |
| Other tangible fixed assets | 26 | €45,504 | €134,501 | +€88,997 | +196% |
| Financial fixed assets | 28 | €136 | €20,296 | +€20,160 | +14,878% |
| Current assets | 29/58 | €1,043,304 | €1,083,996 | +€40,692 | +3.9% |
| Amounts receivable within one year | 40/41 | €1,014,471 | €1,071,065 | +€56,594 | +5.6% |
| Trade receivables | 40 | €14,139 | €192 | -€13,947 | -98.6% |
| Other amounts receivable | 41 | €1,000,332 | €1,070,873 | +€70,541 | +7.1% |
| Cash at bank and in hand | 54/58 | €7,769 | - | -€7,769 | |
| Deferred charges and accrued income | 490/1 | €21,065 | €12,931 | -€8,134 | -38.6% |
| Total equity and liabilities | 10/49 | €1,289,453 | €1,429,926 | +€140,473 | +10.9% |
| Equity | 10/15 | €1,166,061 | €1,287,560 | +€121,499 | +10.4% |
| Contributions | 10/11 | €186,205 | €186,205 | = | 0.0% |
| Contributions outside capital | 11 | €186,205 | €186,205 | = | 0.0% |
| Other | 1109/19 | €186,205 | €186,205 | = | 0.0% |
| Reserves | 13 | €779,346 | €900,845 | +€121,499 | +15.6% |
| Distributable reserves | 133 | €779,346 | €900,845 | +€121,499 | +15.6% |
| Profit (loss) carried forward | 14 | €200,510 | €200,510 | = | 0.0% |
| Amounts payable | 17/49 | €123,392 | €142,366 | +€18,973 | +15.4% |
| Amounts payable after more than one year | 17 | €47,902 | €18,490 | -€29,412 | -61.4% |
| Financial debts | 170/4 | €47,902 | €18,490 | -€29,412 | -61.4% |
| Amounts payable within one year | 42/48 | €75,490 | €123,876 | +€48,386 | +64.1% |
| Current portion of amounts payable after more than one year | 42 | €54,868 | €55,770 | +€902 | +1.6% |
| Financial debts | 43 | - | €12,823 | +€12,823 | |
| Credit institutions | 430/8 | - | €12,823 | +€12,823 | |
| Trade debts | 44 | €3,962 | €21,780 | +€17,818 | +450% |
| Suppliers | 440/4 | €3,962 | €21,780 | +€17,818 | +450% |
| Taxes, remuneration and social security | 45 | €16,659 | €33,503 | +€16,843 | +101% |
| Taxes | 450/3 | €13,542 | €30,385 | +€16,843 | +124% |
| Remuneration and social security | 454/9 | €3,118 | €3,118 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €23,633 | €9,652 | -€13,981 | -59.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,571 | €22,423 | +€5,852 | +35.3% |
| Other operating charges | 640/8 | €4,888 | €4,271 | -€617 | -12.6% |
| Gross operating margin | 9900 | €125,716 | €178,942 | +€53,225 | +42.3% |
| Operating profit (loss) | 9901 | €80,624 | €142,596 | +€61,971 | +76.9% |
| Financial income | 75/76B | €32,221 | €35,367 | +€3,146 | +9.8% |
| Recurring financial income | 75 | €32,221 | €35,367 | +€3,146 | +9.8% |
| Financial charges | 65/66B | €4,786 | €2,679 | -€2,107 | -44.0% |
| Recurring financial charges | 65 | €4,786 | €2,679 | -€2,107 | -44.0% |
| Profit (loss) for the period before taxes | 9903 | €108,060 | €175,284 | +€67,224 | +62.2% |
| Income taxes | 67/77 | €31,942 | €53,785 | +€21,843 | +68.4% |
| Profit (loss) for the period | 9904 | €76,118 | €121,499 | +€45,381 | +59.6% |
| Profit (loss) for the period to be appropriated | 9905 | €76,118 | €121,499 | +€45,381 | +59.6% |
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 13 October 2026 via checked.be.