Dr. Pieter Daelemans: 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. Pieter Daelemans
Largest movements
- Current investments +€110,000
up €110,000 (+274%), from €40,201 to €150,201
- Cash -€58,528
down €58,528 (-31.0%), from €188,990 to €130,462
mainly Contributions, distributions and other (-€233,647) and Current investments (-€110,000)
- Deferred charges and accrued income +€26,304
up €26,304 (+204%), from €12,908 to €39,213
- Other debts +€182,778
up €182,778 (+16,720%), from €1,093 to €183,872
- Profit (loss) carried forward -€117,597
down €117,597 (-50.4%), from €233,381 to €115,784
- Tax, wage and social debts +€13,083
up €13,083 (+927%), from €1,411 to €14,493
- Accrued charges and deferred income -€6,305
down €6,305 (-45.7%), from €13,783 to €7,478
- Gross operating margin +€48,459
up €48,459 (+46.9%), from €103,230 to €151,689
- Taxes +€13,280
up €13,280 (+66.2%), from €20,072 to €33,352
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 | €254,900 | €327,149 | +€72,249 | +28.3% |
| Fixed assets | 21/28 | €10,478 | €7,273 | -€3,205 | -30.6% |
| Tangible fixed assets | 22/27 | €10,478 | €7,273 | -€3,205 | -30.6% |
| Plant, machinery and equipment | 23 | €5,994 | €4,604 | -€1,389 | -23.2% |
| Furniture and vehicles | 24 | €4,484 | €2,669 | -€1,816 | -40.5% |
| Current assets | 29/58 | €244,422 | €319,876 | +€75,454 | +30.9% |
| Amounts receivable within one year | 40/41 | €2,322 | - | -€2,322 | |
| Other amounts receivable | 41 | €2,322 | - | -€2,322 | |
| Current investments | 50/53 | €40,201 | €150,201 | +€110,000 | +274% |
| Cash at bank and in hand | 54/58 | €188,990 | €130,462 | -€58,528 | -31.0% |
| Deferred charges and accrued income | 490/1 | €12,908 | €39,213 | +€26,304 | +204% |
| Total equity and liabilities | 10/49 | €254,900 | €327,149 | +€72,249 | +28.3% |
| Equity | 10/15 | €238,381 | €120,784 | -€117,597 | -49.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €233,381 | €115,784 | -€117,597 | -50.4% |
| Amounts payable | 17/49 | €16,518 | €206,365 | +€189,847 | +1,149% |
| Amounts payable within one year | 42/48 | €2,735 | €198,887 | +€196,151 | +7,172% |
| Trade debts | 44 | €231 | €521 | +€291 | +126% |
| Suppliers | 440/4 | €231 | €521 | +€291 | +126% |
| Taxes, remuneration and social security | 45 | €1,411 | €14,493 | +€13,083 | +927% |
| Taxes | 450/3 | €1,411 | €14,493 | +€13,083 | +927% |
| Other amounts payable | 47/48 | €1,093 | €183,872 | +€182,778 | +16,720% |
| Accrued charges and deferred income | 492/3 | €13,783 | €7,478 | -€6,305 | -45.7% |
| Non-recurring operating income | 76A | €7,304 | - | -€7,304 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,845 | €3,205 | +€360 | +12.7% |
| Other operating charges | 640/8 | €640 | €358 | -€283 | -44.1% |
| Gross operating margin | 9900 | €103,230 | €151,689 | +€48,459 | +46.9% |
| Operating profit (loss) | 9901 | €99,745 | €148,127 | +€48,382 | +48.5% |
| Financial income | 75/76B | €1,851 | €1,558 | -€293 | -15.8% |
| Recurring financial income | 75 | €1,851 | €1,558 | -€293 | -15.8% |
| Financial charges | 65/66B | €428 | €283 | -€145 | -33.8% |
| Recurring financial charges | 65 | €428 | €283 | -€145 | -33.8% |
| Profit (loss) for the period before taxes | 9903 | €101,168 | €149,402 | +€48,233 | +47.7% |
| Income taxes | 67/77 | €20,072 | €33,352 | +€13,280 | +66.2% |
| Profit (loss) for the period | 9904 | €81,096 | €116,050 | +€34,953 | +43.1% |
| Profit (loss) for the period to be appropriated | 9905 | €81,096 | €116,050 | +€34,953 | +43.1% |
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 15 October 2026 via checked.be.