DR. RALF VEYS: 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. RALF VEYS
Largest movements
- Receivables within one year +€100,032
up €100,032 (+3,150%), from €3,175 to €103,207
of which Trade receivables: +€96,248
- Cash -€51,387
down €51,387 (-64.1%), from €80,200 to €28,813
mainly Contributions, distributions and other (-€253,000) and Receivables within one year (-€100,032)
- Deferred charges and accrued income +€3,787
up €3,787 (+2.0%), from €186,956 to €190,743
- Profit (loss) carried forward -€253,699
no longer reported in 2025 (was €253,699)
- Reserves +€222,966
new in 2025: €222,966
- Other debts +€70,997
new in 2025: €70,997
- Trade debts +€7,382
up €7,382 (+495%), from €1,490 to €8,872
- Gross operating margin -€29,282
down €29,282 (-8.8%), from €333,832 to €304,551
- Financial charges +€4,114
up €4,114 (+2,285%), from €180 to €4,294
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 | €277,205 | €327,503 | +€50,297 | +18.1% |
| Fixed assets | 21/28 | €6,874 | €4,739 | -€2,134 | -31.1% |
| Tangible fixed assets | 22/27 | €6,874 | €4,739 | -€2,134 | -31.1% |
| Plant, machinery and equipment | 23 | €431 | €291 | -€140 | -32.4% |
| Furniture and vehicles | 24 | €6,443 | €4,448 | -€1,995 | -31.0% |
| Current assets | 29/58 | €270,331 | €322,763 | +€52,432 | +19.4% |
| Amounts receivable within one year | 40/41 | €3,175 | €103,207 | +€100,032 | +3,150% |
| Trade receivables | 40 | - | €96,248 | +€96,248 | |
| Other amounts receivable | 41 | €3,175 | €6,959 | +€3,783 | +119% |
| Cash at bank and in hand | 54/58 | €80,200 | €28,813 | -€51,387 | -64.1% |
| Deferred charges and accrued income | 490/1 | €186,956 | €190,743 | +€3,787 | +2.0% |
| Total equity and liabilities | 10/49 | €277,205 | €327,503 | +€50,297 | +18.1% |
| Equity | 10/15 | €259,699 | €228,966 | -€30,732 | -11.8% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | - | €222,966 | +€222,966 | |
| Distributable reserves | 133 | - | €222,966 | +€222,966 | |
| Profit (loss) carried forward | 14 | €253,699 | - | -€253,699 | |
| Amounts payable | 17/49 | €17,507 | €98,536 | +€81,030 | +463% |
| Amounts payable within one year | 42/48 | €17,507 | €95,899 | +€78,392 | +448% |
| Trade debts | 44 | €1,490 | €8,872 | +€7,382 | +495% |
| Suppliers | 440/4 | €1,490 | €8,872 | +€7,382 | +495% |
| Taxes, remuneration and social security | 45 | €16,016 | €16,030 | +€14 | +0.1% |
| Taxes | 450/3 | €16,016 | €16,030 | +€14 | +0.1% |
| Other amounts payable | 47/48 | - | €70,997 | +€70,997 | |
| Accrued charges and deferred income | 492/3 | - | €2,637 | +€2,637 | |
| Remuneration, social security and pensions | 62 | €1,882 | - | -€1,882 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,636 | €2,017 | +€382 | +23.3% |
| Other operating charges | 640/8 | €1,165 | €128 | -€1,037 | -89.0% |
| Gross operating margin | 9900 | €333,832 | €304,551 | -€29,282 | -8.8% |
| Operating profit (loss) | 9901 | €329,150 | €302,405 | -€26,744 | -8.1% |
| Financial income | 75/76B | €5,515 | €2,565 | -€2,949 | -53.5% |
| Recurring financial income | 75 | €5,515 | €2,565 | -€2,949 | -53.5% |
| Financial charges | 65/66B | €180 | €4,294 | +€4,114 | +2,285% |
| Recurring financial charges | 65 | €180 | €4,294 | +€4,114 | +2,285% |
| Profit (loss) for the period before taxes | 9903 | €334,484 | €300,677 | -€33,807 | -10.1% |
| Income taxes | 67/77 | €81,555 | €78,409 | -€3,145 | -3.9% |
| Profit (loss) for the period | 9904 | €252,930 | €222,268 | -€30,662 | -12.1% |
| Profit (loss) for the period to be appropriated | 9905 | €252,930 | €222,268 | -€30,662 | -12.1% |
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 25 October 2026 via checked.be.