DR. PETER DIELEMAN: 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. PETER DIELEMAN
Largest movements
- Cash +€40,296
up €40,296 (+37.1%), from €108,684 to €148,980
mainly Net result for the year (+€37,796) and Receivables within one year (+€12,216)
- Current investments +€18,716
up €18,716 (+12.1%), from €154,774 to €173,490
- Receivables within one year -€12,216
down €12,216 (-94.2%), from €12,966 to €750
of which Other amounts receivable: -€12,231
- Tangible fixed assets +€5,094
up €5,094 (+26.8%), from €19,024 to €24,118
of which Plant, machinery and equipment: +€5,269
- Reserves +€37,796
up €37,796 (+17.6%), from €215,220 to €253,017
of which Distributable reserves: +€37,796
- Tax, wage and social debts +€10,180
up €10,180 (+51.2%), from €19,870 to €30,050
of which Taxes: +€10,180
- Other debts +€5,446
up €5,446 (+11.5%), from €47,266 to €52,712
- Gross operating margin -€24,540
down €24,540 (-28.2%), from €87,155 to €62,615
- Taxes -€10,251
down €10,251 (-34.8%), from €29,431 to €19,180
- Financial charges +€2,075
up €2,075 (+1,313%), from €158 to €2,233
- Depreciation +€1,352
up €1,352 (+51.4%), from €2,630 to €3,982
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 | €298,090 | €350,865 | +€52,774 | +17.7% |
| Fixed assets | 21/28 | €19,024 | €24,118 | +€5,094 | +26.8% |
| Tangible fixed assets | 22/27 | €19,024 | €24,118 | +€5,094 | +26.8% |
| Land and buildings | 22 | €8,675 | €8,300 | -€375 | -4.3% |
| Plant, machinery and equipment | 23 | €1,908 | €7,177 | +€5,269 | +276% |
| Furniture and vehicles | 24 | €8,441 | €8,641 | +€200 | +2.4% |
| Current assets | 29/58 | €279,066 | €326,747 | +€47,680 | +17.1% |
| Amounts receivable within one year | 40/41 | €12,966 | €750 | -€12,216 | -94.2% |
| Trade receivables | 40 | €736 | €750 | +€14 | +2.0% |
| Other amounts receivable | 41 | €12,231 | €0 | -€12,231 | -100% |
| Current investments | 50/53 | €154,774 | €173,490 | +€18,716 | +12.1% |
| Cash at bank and in hand | 54/58 | €108,684 | €148,980 | +€40,296 | +37.1% |
| Deferred charges and accrued income | 490/1 | €2,642 | €3,526 | +€884 | +33.5% |
| Total equity and liabilities | 10/49 | €298,090 | €350,865 | +€52,774 | +17.7% |
| Equity | 10/15 | €227,620 | €265,417 | +€37,796 | +16.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €215,220 | €253,017 | +€37,796 | +17.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,250 | €1,250 | = | 0.0% |
| Distributable reserves | 133 | €212,110 | €249,907 | +€37,796 | +17.8% |
| Amounts payable | 17/49 | €70,470 | €85,448 | +€14,978 | +21.3% |
| Amounts payable within one year | 42/48 | €70,470 | €85,448 | +€14,978 | +21.3% |
| Trade debts | 44 | €3,335 | €2,686 | -€649 | -19.5% |
| Suppliers | 440/4 | €3,335 | €2,686 | -€649 | -19.5% |
| Taxes, remuneration and social security | 45 | €19,870 | €30,050 | +€10,180 | +51.2% |
| Taxes | 450/3 | €19,392 | €29,573 | +€10,180 | +52.5% |
| Remuneration and social security | 454/9 | €477 | €477 | = | 0.0% |
| Other amounts payable | 47/48 | €47,266 | €52,712 | +€5,446 | +11.5% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,630 | €3,982 | +€1,352 | +51.4% |
| Other operating charges | 640/8 | €1,201 | €1,150 | -€51 | -4.2% |
| Gross operating margin | 9900 | €87,155 | €62,615 | -€24,540 | -28.2% |
| Operating profit (loss) | 9901 | €83,323 | €57,482 | -€25,841 | -31.0% |
| Financial income | 75/76B | €2,126 | €1,727 | -€398 | -18.7% |
| Recurring financial income | 75 | €2,126 | €1,727 | -€398 | -18.7% |
| Financial charges | 65/66B | €158 | €2,233 | +€2,075 | +1,313% |
| Recurring financial charges | 65 | €158 | €2,233 | +€2,075 | +1,313% |
| Profit (loss) for the period before taxes | 9903 | €85,291 | €56,976 | -€28,315 | -33.2% |
| Income taxes | 67/77 | €29,431 | €19,180 | -€10,251 | -34.8% |
| Profit (loss) for the period | 9904 | €55,860 | €37,796 | -€18,064 | -32.3% |
| Profit (loss) for the period to be appropriated | 9905 | €55,860 | €37,796 | -€18,064 | -32.3% |
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 24 October 2026 via checked.be.