DR. PHEBE DEBOUVER: 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. PHEBE DEBOUVER
Largest movements
- Receivables after one year +€80,000
new in 2025: €80,000
- Cash +€13,540
up €13,540 (+21.8%), from €62,177 to €75,717
mainly Net result for the year (+€94,477) and Depreciation (+€1,721)
- Tangible fixed assets +€1,764
up €1,764 (+25.9%), from €6,819 to €8,583
- Reserves +€94,477
up €94,477 (+140.9%), from €67,071 to €161,548
- Gross operating margin +€33,228
up €33,228 (+37.5%), from €88,709 to €121,937
- Taxes +€7,772
up €7,772 (+43.1%), from €18,018 to €25,791
- Depreciation -€1,706
down €1,706 (-49.8%), from €3,427 to €1,721
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 | €70,730 | €166,035 | +€95,305 | +134.7% |
| Fixed assets | 21/28 | €6,819 | €8,583 | +€1,764 | +25.9% |
| Tangible fixed assets | 22/27 | €6,819 | €8,583 | +€1,764 | +25.9% |
| Furniture and vehicles | 24 | €6,819 | €8,583 | +€1,764 | +25.9% |
| Current assets | 29/58 | €63,912 | €157,452 | +€93,540 | +146.4% |
| Amounts receivable after more than one year | 29 | - | €80,000 | +€80,000 | |
| Other amounts receivable | 291 | - | €80,000 | +€80,000 | |
| Amounts receivable within one year | 40/41 | €1,735 | €1,735 | = | 0.0% |
| Trade receivables | 40 | €1,735 | €1,735 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €62,177 | €75,717 | +€13,540 | +21.8% |
| Total equity and liabilities | 10/49 | €70,730 | €166,035 | +€95,305 | +134.7% |
| Equity | 10/15 | €69,571 | €164,048 | +€94,477 | +135.8% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €67,071 | €161,548 | +€94,477 | +140.9% |
| Distributable reserves | 133 | €67,071 | €161,548 | +€94,477 | +140.9% |
| Amounts payable | 17/49 | €1,160 | €1,987 | +€828 | +71.4% |
| Amounts payable within one year | 42/48 | €1,160 | €1,987 | +€828 | +71.4% |
| Trade debts | 44 | €1,025 | €1,026 | +€1 | +0.1% |
| Suppliers | 440/4 | €1,025 | €1,026 | +€1 | +0.1% |
| Taxes, remuneration and social security | 45 | €18 | €791 | +€772 | +4186.7% |
| Taxes | 450/3 | €18 | €791 | +€772 | +4186.7% |
| Other amounts payable | 47/48 | €116 | €170 | +€54 | +46.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,427 | €1,721 | -€1,706 | -49.8% |
| Other operating charges | 640/8 | €126 | €128 | +€2 | +1.6% |
| Gross operating margin | 9900 | €88,709 | €121,937 | +€33,228 | +37.5% |
| Operating profit (loss) | 9901 | €85,156 | €120,089 | +€34,933 | +41.0% |
| Financial income | 75/76B | - | €284 | +€284 | |
| Recurring financial income | 75 | - | €284 | +€284 | |
| Financial charges | 65/66B | €67 | €104 | +€38 | +56.1% |
| Recurring financial charges | 65 | €67 | €104 | +€38 | +56.1% |
| Profit (loss) for the period before taxes | 9903 | €85,089 | €120,268 | +€35,179 | +41.3% |
| Income taxes | 67/77 | €18,018 | €25,791 | +€7,772 | +43.1% |
| Profit (loss) for the period | 9904 | €67,071 | €94,477 | +€27,406 | +40.9% |
| Profit (loss) for the period to be appropriated | 9905 | €67,071 | €94,477 | +€27,406 | +40.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.