Dr. S. De Man: what changed
Two fiscal 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. S. De Man
Largest movements
- Tangible fixed assets -€12,032
down €12,032 (-4.9%), from €247,993 to €235,961
of which Land and buildings: -€8,933
- Cash +€10,364
up €10,364 (+31.6%), from €32,754 to €43,118
mainly Depreciation (+€12,032) and Net result for the year (+€10,168)
- Debts after one year -€12,584
down €12,584 (-6.7%), from €186,825 to €174,242
- Reserves +€10,168
up €10,168 (+13.0%), from €78,110 to €88,278
- Gross operating margin -€4,735
down €4,735 (-12.3%), from €38,481 to €33,746
- Taxes -€1,703
down €1,703 (-23.9%), from €7,119 to €5,417
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.
Cash bridge derived
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 | €289,127 | €287,346 | -€1,780 | -0.6% |
| Fixed assets | 21/28 | €247,993 | €235,961 | -€12,032 | -4.9% |
| Tangible fixed assets | 22/27 | €247,993 | €235,961 | -€12,032 | -4.9% |
| Land and buildings | 22 | €242,194 | €233,260 | -€8,933 | -3.7% |
| Plant, machinery and equipment | 23 | €5,799 | €2,701 | -€3,098 | -53.4% |
| Current assets | 29/58 | €41,134 | €51,385 | +€10,251 | +24.9% |
| Amounts receivable after more than one year | 29 | €8,093 | €8,093 | = | 0.0% |
| Other amounts receivable | 291 | €8,093 | €8,093 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €287 | €174 | -€112 | -39.2% |
| Trade receivables | 40 | €112 | - | -€112 | |
| Other amounts receivable | 41 | €174 | €174 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €32,754 | €43,118 | +€10,364 | +31.6% |
| Total equity and liabilities | 10/49 | €289,127 | €287,346 | -€1,780 | -0.6% |
| Equity | 10/15 | €89,203 | €99,370 | +€10,168 | +11.4% |
| Reserves | 13 | €78,110 | €88,278 | +€10,168 | +13.0% |
| Distributable reserves | 133 | €78,110 | €88,278 | +€10,168 | +13.0% |
| Profit (loss) carried forward | 14 | €11,093 | €11,093 | = | 0.0% |
| Amounts payable | 17/49 | €199,924 | €187,976 | -€11,948 | -6.0% |
| Amounts payable after more than one year | 17 | €186,825 | €174,242 | -€12,584 | -6.7% |
| Financial debts | 170/4 | €186,825 | €174,242 | -€12,584 | -6.7% |
| Amounts payable within one year | 42/48 | €13,099 | €13,322 | +€224 | +1.7% |
| Current portion of amounts payable after more than one year | 42 | €12,300 | €12,584 | +€283 | +2.3% |
| Trade debts | 44 | €789 | €292 | -€497 | -63.0% |
| Suppliers | 440/4 | €789 | €292 | -€497 | -63.0% |
| Taxes, remuneration and social security | 45 | - | €417 | +€417 | |
| Taxes | 450/3 | - | €417 | +€417 | |
| Other amounts payable | 47/48 | €9 | €30 | +€20 | +217.2% |
| Accrued charges and deferred income | 492/3 | - | €412 | +€412 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,969 | €12,032 | +€63 | +0.5% |
| Other operating charges | 640/8 | €2,001 | €1,638 | -€362 | -18.1% |
| Gross operating margin | 9900 | €38,481 | €33,746 | -€4,735 | -12.3% |
| Operating profit (loss) | 9901 | €24,512 | €20,076 | -€4,435 | -18.1% |
| Financial income | 75/76B | €8 | €35 | +€27 | +319.7% |
| Recurring financial income | 75 | €8 | €35 | +€27 | +319.7% |
| Financial charges | 65/66B | €4,861 | €4,527 | -€334 | -6.9% |
| Recurring financial charges | 65 | €4,861 | €4,527 | -€334 | -6.9% |
| Profit (loss) for the period before taxes | 9903 | €19,659 | €15,585 | -€4,074 | -20.7% |
| Income taxes | 67/77 | €7,119 | €5,417 | -€1,703 | -23.9% |
| Profit (loss) for the period | 9904 | €12,540 | €10,168 | -€2,372 | -18.9% |
| Profit (loss) for the period to be appropriated | 9905 | €12,540 | €10,168 | -€2,372 | -18.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.