DR. PIL DAVID: 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. PIL DAVID
Largest movements
- Cash +€102,607
up €102,607 (+66.6%), from €154,102 to €256,708
mainly Net result for the year (+€95,340) and Receivables within one year (+€3,256)
- Receivables within one year -€3,256
down €3,256 (-6.6%), from €49,350 to €46,094
of which Trade receivables: -€15,613
- Reserves +€95,340
up €95,340 (+53.8%), from €177,350 to €272,690
- Gross operating margin +€5,985
up €5,985 (+5.1%), from €117,722 to €123,707
- Taxes +€1,862
up €1,862 (+7.5%), from €24,986 to €26,848
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 | €205,955 | €305,289 | +€99,333 | +48.2% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €1,265 | €950 | -€315 | -24.9% |
| Tangible fixed assets | 22/27 | €1,265 | €950 | -€315 | -24.9% |
| Furniture and vehicles | 24 | €1,265 | €950 | -€315 | -24.9% |
| Current assets | 29/58 | €204,690 | €304,338 | +€99,648 | +48.7% |
| Amounts receivable within one year | 40/41 | €49,350 | €46,094 | -€3,256 | -6.6% |
| Trade receivables | 40 | €44,739 | €29,126 | -€15,613 | -34.9% |
| Other amounts receivable | 41 | €4,611 | €16,968 | +€12,357 | +268% |
| Cash at bank and in hand | 54/58 | €154,102 | €256,708 | +€102,607 | +66.6% |
| Deferred charges and accrued income | 490/1 | €1,238 | €1,536 | +€297 | +24.0% |
| Total equity and liabilities | 10/49 | €205,955 | €305,289 | +€99,333 | +48.2% |
| Equity | 10/15 | €180,350 | €275,691 | +€95,340 | +52.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €177,350 | €272,690 | +€95,340 | +53.8% |
| Distributable reserves | 133 | €177,350 | €272,690 | +€95,340 | +53.8% |
| Profit (loss) carried forward | 14 | €0 | €1 | +€0 | +45.5% |
| Amounts payable | 17/49 | €25,605 | €29,598 | +€3,993 | +15.6% |
| Amounts payable within one year | 42/48 | €25,605 | €29,598 | +€3,993 | +15.6% |
| Trade debts | 44 | €605 | €2,773 | +€2,168 | +358% |
| Suppliers | 440/4 | €605 | €2,773 | +€2,168 | +358% |
| Taxes, remuneration and social security | 45 | €25,000 | €26,825 | +€1,825 | +7.3% |
| Taxes | 450/3 | €25,000 | €26,825 | +€1,825 | +7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,232 | €1,214 | -€18 | -1.5% |
| Other operating charges | 640/8 | €387 | €845 | +€457 | +118% |
| Gross operating margin | 9900 | €117,722 | €123,707 | +€5,985 | +5.1% |
| Operating profit (loss) | 9901 | €116,102 | €121,648 | +€5,546 | +4.8% |
| Financial income | 75/76B | €1 | €585 | +€584 | +82,320% |
| Recurring financial income | 75 | €1 | €585 | +€584 | +82,320% |
| Financial charges | 65/66B | €44 | €45 | +€2 | +3.4% |
| Recurring financial charges | 65 | €44 | €45 | +€2 | +3.4% |
| Profit (loss) for the period before taxes | 9903 | €116,060 | €122,188 | +€6,129 | +5.3% |
| Income taxes | 67/77 | €24,986 | €26,848 | +€1,862 | +7.5% |
| Profit (loss) for the period | 9904 | €91,073 | €95,340 | +€4,267 | +4.7% |
| Profit (loss) for the period to be appropriated | 9905 | €91,073 | €95,340 | +€4,267 | +4.7% |
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 30 October 2026 via checked.be.