Dr. Philip Debruyne: 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. Philip Debruyne
Largest movements
- Current investments +€204,642
up €204,642 (+13.4%), from €1.5m to €1.7m
- Cash +€93,104
up €93,104 (+44.1%), from €211,238 to €304,342
mainly Net result for the year (+€410,263) and Depreciation (+€11,764)
- Reserves +€282,864
up €282,864 (+16.3%), from €1.7m to €2.0m
- Gross operating margin +€85,430
up €85,430 (+17.4%), from €492,313 to €577,743
- Financial income -€65,246
down €65,246 (-63.7%), from €102,369 to €37,123
- Taxes +€21,308
up €21,308 (+12.6%), from €169,080 to €190,388
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 | €1,778,274 | €2,063,262 | +€284,988 | +16.0% |
| Fixed assets | 21/28 | €38,748 | €26,984 | -€11,764 | -30.4% |
| Tangible fixed assets | 22/27 | €38,748 | €26,984 | -€11,764 | -30.4% |
| Land and buildings | 22 | €1,464 | €1,292 | -€172 | -11.7% |
| Plant, machinery and equipment | 23 | €1,549 | €613 | -€936 | -60.4% |
| Furniture and vehicles | 24 | €35,735 | €25,079 | -€10,656 | -29.8% |
| Current assets | 29/58 | €1,739,526 | €2,036,278 | +€296,752 | +17.1% |
| Amounts receivable within one year | 40/41 | - | €285 | +€285 | |
| Trade receivables | 40 | - | €285 | +€285 | |
| Current investments | 50/53 | €1,522,815 | €1,727,457 | +€204,642 | +13.4% |
| Cash at bank and in hand | 54/58 | €211,238 | €304,342 | +€93,104 | +44.1% |
| Deferred charges and accrued income | 490/1 | €5,473 | €4,194 | -€1,279 | -23.4% |
| Total equity and liabilities | 10/49 | €1,778,274 | €2,063,262 | +€284,988 | +16.0% |
| Equity | 10/15 | €1,742,551 | €2,025,415 | +€282,864 | +16.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,730,151 | €2,013,015 | +€282,864 | +16.3% |
| Distributable reserves | 133 | €1,730,151 | €2,013,015 | +€282,864 | +16.3% |
| Amounts payable | 17/49 | €35,723 | €37,846 | +€2,124 | +5.9% |
| Amounts payable within one year | 42/48 | €33,069 | €35,528 | +€2,459 | +7.4% |
| Trade debts | 44 | €209 | €274 | +€65 | +31.4% |
| Suppliers | 440/4 | €209 | €274 | +€65 | +31.4% |
| Taxes, remuneration and social security | 45 | €27,222 | €30,299 | +€3,077 | +11.3% |
| Taxes | 450/3 | €27,222 | €30,299 | +€3,077 | +11.3% |
| Other amounts payable | 47/48 | €5,638 | €4,955 | -€683 | -12.1% |
| Accrued charges and deferred income | 492/3 | €2,654 | €2,318 | -€336 | -12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,764 | €11,764 | = | 0.0% |
| Other operating charges | 640/8 | €126 | €128 | +€2 | +1.6% |
| Gross operating margin | 9900 | €492,313 | €577,743 | +€85,430 | +17.4% |
| Operating profit (loss) | 9901 | €480,423 | €565,851 | +€85,428 | +17.8% |
| Financial income | 75/76B | €102,369 | €37,123 | -€65,246 | -63.7% |
| Recurring financial income | 75 | €102,369 | €37,123 | -€65,246 | -63.7% |
| Financial charges | 65/66B | €5,357 | €2,323 | -€3,034 | -56.6% |
| Recurring financial charges | 65 | €5,357 | €2,323 | -€3,034 | -56.6% |
| Profit (loss) for the period before taxes | 9903 | €577,435 | €600,651 | +€23,216 | +4.0% |
| Income taxes | 67/77 | €169,080 | €190,388 | +€21,308 | +12.6% |
| Profit (loss) for the period | 9904 | €408,355 | €410,263 | +€1,908 | +0.5% |
| Profit (loss) for the period to be appropriated | 9905 | €408,355 | €410,263 | +€1,908 | +0.5% |
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.