DR. PH DASNOY: 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. PH DASNOY
Largest movements
- Receivables within one year -€224,359
down €224,359 (-74.7%), from €300,158 to €75,799
of which Other amounts receivable: -€223,745
- Cash -€161,517
down €161,517 (-49.8%), from €324,379 to €162,863
mainly Other debts (-€270,695) and Investment in fixed assets (net) (-€164,214)
- Tangible fixed assets +€135,674
up €135,674 (+104%), from €130,965 to €266,639
of which Furniture and vehicles: +€89,420
- Current investments +€27,590
up €27,590 (+49.1%), from €56,153 to €83,744
- Other debts -€270,695
no longer reported in 2025 (was €270,695)
- Reserves +€42,886
up €42,886 (+7.7%), from €556,486 to €599,371
- Gross operating margin -€36,736
down €36,736 (-10.3%), from €355,689 to €318,953
- Depreciation +€19,191
up €19,191 (+205%), from €9,349 to €28,540
- Financial income -€10,514
down €10,514 (-82.4%), from €12,753 to €2,239
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 | €861,725 | €640,028 | -€221,698 | -25.7% |
| Fixed assets | 21/28 | €130,965 | €266,639 | +€135,674 | +104% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €130,965 | €266,639 | +€135,674 | +104% |
| Land and buildings | 22 | €117,395 | €112,045 | -€5,350 | -4.6% |
| Plant, machinery and equipment | 23 | €2,150 | €53,754 | +€51,604 | +2,400% |
| Furniture and vehicles | 24 | €11,420 | €100,840 | +€89,420 | +783% |
| Current assets | 29/58 | €730,760 | €373,389 | -€357,372 | -48.9% |
| Amounts receivable within one year | 40/41 | €300,158 | €75,799 | -€224,359 | -74.7% |
| Trade receivables | 40 | €819 | €205 | -€614 | -75.0% |
| Other amounts receivable | 41 | €299,339 | €75,594 | -€223,745 | -74.7% |
| Current investments | 50/53 | €56,153 | €83,744 | +€27,590 | +49.1% |
| Cash at bank and in hand | 54/58 | €324,379 | €162,863 | -€161,517 | -49.8% |
| Deferred charges and accrued income | 490/1 | €50,070 | €50,983 | +€914 | +1.8% |
| Total equity and liabilities | 10/49 | €861,725 | €640,028 | -€221,698 | -25.7% |
| Equity | 10/15 | €569,359 | €612,245 | +€42,886 | +7.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €556,486 | €599,371 | +€42,886 | +7.7% |
| Distributable reserves | 133 | €556,486 | €599,371 | +€42,886 | +7.7% |
| Profit (loss) carried forward | 14 | €473 | €473 | = | 0.0% |
| Amounts payable | 17/49 | €292,366 | €27,783 | -€264,583 | -90.5% |
| Amounts payable within one year | 42/48 | €292,366 | €27,783 | -€264,583 | -90.5% |
| Trade debts | 44 | €2,315 | €355 | -€1,960 | -84.7% |
| Suppliers | 440/4 | €2,315 | €355 | -€1,960 | -84.7% |
| Taxes, remuneration and social security | 45 | €19,357 | €27,428 | +€8,071 | +41.7% |
| Taxes | 450/3 | €19,357 | €27,428 | +€8,071 | +41.7% |
| Other amounts payable | 47/48 | €270,695 | - | -€270,695 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,349 | €28,540 | +€19,191 | +205% |
| Other operating charges | 640/8 | €1,823 | €2,538 | +€715 | +39.2% |
| Gross operating margin | 9900 | €355,689 | €318,953 | -€36,736 | -10.3% |
| Operating profit (loss) | 9901 | €344,517 | €287,875 | -€56,642 | -16.4% |
| Financial income | 75/76B | €12,753 | €2,239 | -€10,514 | -82.4% |
| Recurring financial income | 75 | €12,753 | €2,239 | -€10,514 | -82.4% |
| Financial charges | 65/66B | €1,799 | €810 | -€989 | -55.0% |
| Recurring financial charges | 65 | €1,799 | €810 | -€989 | -55.0% |
| Profit (loss) for the period before taxes | 9903 | €355,471 | €289,304 | -€66,167 | -18.6% |
| Income taxes | 67/77 | €84,777 | €86,895 | +€2,119 | +2.5% |
| Profit (loss) for the period | 9904 | €270,695 | €202,409 | -€68,286 | -25.2% |
| Profit (loss) for the period to be appropriated | 9905 | €270,695 | €202,409 | -€68,286 | -25.2% |
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 26 October 2026 via checked.be.