Dr Philippe 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 Philippe Debruyne
Largest movements
- Receivables after one year -€335,889
down €335,889 (-17.2%), from €2.0m to €1.6m
- Cash +€22,480
up €22,480 (+37.0%), from €60,758 to €83,238
mainly Net result for the year (+€406,779) and Receivables after one year (+€335,889)
- Reserves -€234,045
down €234,045 (-15.0%), from €1.6m to €1.3m
- Tax, wage and social debts -€59,755
down €59,755 (-64.7%), from €92,427 to €32,672
of which Taxes: -€59,706
- Debts after one year -€25,000
down €25,000 (-50.0%), from €50,000 to €25,000
- Gross operating margin +€141,502
up €141,502 (+32.0%), from €442,321 to €583,823
- Turnover +€122,648
up €122,648 (+16.8%), from €728,455 to €851,103
- Taxes +€44,986
up €44,986 (+32.0%), from €140,775 to €185,761
- Purchases and services -€18,474
down €18,474 (-6.1%), from €300,718 to €282,245
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 | €2,045,085 | €1,733,237 | -€311,848 | -15.2% |
| Fixed assets | 21/28 | €25,238 | €24,536 | -€702 | -2.8% |
| Tangible fixed assets | 22/27 | €25,238 | €24,536 | -€702 | -2.8% |
| Furniture and vehicles | 24 | €16,186 | €14,366 | -€1,820 | -11.2% |
| Other tangible fixed assets | 26 | €9,053 | €10,170 | +€1,118 | +12.3% |
| Current assets | 29/58 | €2,019,846 | €1,708,700 | -€311,146 | -15.4% |
| Amounts receivable after more than one year | 29 | €1,953,471 | €1,617,582 | -€335,889 | -17.2% |
| Other amounts receivable | 291 | €1,953,471 | €1,617,582 | -€335,889 | -17.2% |
| Amounts receivable within one year | 40/41 | €762 | €2,559 | +€1,797 | +236% |
| Trade receivables | 40 | €762 | €2,559 | +€1,797 | +236% |
| Cash at bank and in hand | 54/58 | €60,758 | €83,238 | +€22,480 | +37.0% |
| Deferred charges and accrued income | 490/1 | €4,855 | €5,321 | +€467 | +9.6% |
| Total equity and liabilities | 10/49 | €2,045,085 | €1,733,237 | -€311,848 | -15.2% |
| Equity | 10/15 | €1,882,419 | €1,648,374 | -€234,045 | -12.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,563,981 | €1,329,936 | -€234,045 | -15.0% |
| Distributable reserves | 133 | €1,563,981 | €1,329,936 | -€234,045 | -15.0% |
| Profit (loss) carried forward | 14 | €299,838 | €299,838 | = | 0.0% |
| Amounts payable | 17/49 | €162,666 | €84,863 | -€77,803 | -47.8% |
| Amounts payable after more than one year | 17 | €50,000 | €25,000 | -€25,000 | -50.0% |
| Financial debts | 170/4 | €50,000 | €25,000 | -€25,000 | -50.0% |
| Amounts payable within one year | 42/48 | €100,666 | €45,963 | -€54,703 | -54.3% |
| Trade debts | 44 | €7,936 | €13,291 | +€5,355 | +67.5% |
| Suppliers | 440/4 | €7,936 | €13,291 | +€5,355 | +67.5% |
| Taxes, remuneration and social security | 45 | €92,427 | €32,672 | -€59,755 | -64.7% |
| Taxes | 450/3 | €85,587 | €25,882 | -€59,706 | -69.8% |
| Remuneration and social security | 454/9 | €6,840 | €6,791 | -€49 | -0.7% |
| Other amounts payable | 47/48 | €302 | - | -€302 | |
| Accrued charges and deferred income | 492/3 | €12,000 | €13,900 | +€1,900 | +15.8% |
| Turnover | 70 | €728,455 | €851,103 | +€122,648 | +16.8% |
| Goods, raw materials, services and sundry goods | 60/61 | €300,718 | €282,245 | -€18,474 | -6.1% |
| Remuneration, social security and pensions | 62 | €37,112 | €36,386 | -€726 | -2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,248 | €6,556 | +€308 | +4.9% |
| Other operating charges | 640/8 | €6,990 | €4,128 | -€2,862 | -40.9% |
| Gross operating margin | 9900 | €442,321 | €583,823 | +€141,502 | +32.0% |
| Operating profit (loss) | 9901 | €391,971 | €536,754 | +€144,783 | +36.9% |
| Financial income | 75/76B | €60,352 | €58,554 | -€1,797 | -3.0% |
| Recurring financial income | 75 | €60,352 | €58,554 | -€1,797 | -3.0% |
| Financial charges | 65/66B | €4,701 | €2,768 | -€1,933 | -41.1% |
| Recurring financial charges | 65 | €4,701 | €2,768 | -€1,933 | -41.1% |
| Profit (loss) for the period before taxes | 9903 | €447,622 | €592,540 | +€144,919 | +32.4% |
| Income taxes | 67/77 | €140,775 | €185,761 | +€44,986 | +32.0% |
| Profit (loss) for the period | 9904 | €306,846 | €406,779 | +€99,933 | +32.6% |
| Profit (loss) for the period to be appropriated | 9905 | €306,846 | €406,779 | +€99,933 | +32.6% |
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 16 October 2026 via checked.be.