Dr. S. De Raedt: what changed
Dr. S. De Raedt
Largest movements
- Cash +€87,597
up €87,597 (+171%), from €51,088 to €138,684
mainly Net result for the year (+€163,966) and Tax, wage and social debts (+€10,845)
- Tangible fixed assets +€81,721
up €81,721 (+283%), from €28,861 to €110,583
of which Furniture and vehicles: +€67,280
- Deferred charges and accrued income +€4,274
up €4,274 (+4.5%), from €94,206 to €98,480
- Reserves +€163,966
up €163,966 (+125%), from €130,846 to €294,812
- Tax, wage and social debts +€10,845
up €10,845 (+28.2%), from €38,401 to €49,246
- Gross operating margin +€45,780
up €45,780 (+26.0%), from €176,377 to €222,157
- Taxes +€10,845
up €10,845 (+28.2%), from €38,401 to €49,246
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €174,155 | €347,747 | +€173,592 | +99.7% |
| Fixed assets | 21/28 | €28,861 | €110,583 | +€81,721 | +283% |
| Tangible fixed assets | 22/27 | €28,861 | €110,583 | +€81,721 | +283% |
| Land and buildings | 22 | €21,188 | €20,321 | -€866 | -4.1% |
| Plant, machinery and equipment | 23 | - | €15,308 | +€15,308 | |
| Furniture and vehicles | 24 | €7,674 | €74,954 | +€67,280 | +877% |
| Current assets | 29/58 | €145,293 | €237,164 | +€91,871 | +63.2% |
| Cash at bank and in hand | 54/58 | €51,088 | €138,684 | +€87,597 | +171% |
| Deferred charges and accrued income | 490/1 | €94,206 | €98,480 | +€4,274 | +4.5% |
| Total equity and liabilities | 10/49 | €174,155 | €347,747 | +€173,592 | +99.7% |
| Equity | 10/15 | €134,346 | €298,312 | +€163,966 | +122% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €130,846 | €294,812 | +€163,966 | +125% |
| Distributable reserves | 133 | €130,846 | €294,812 | +€163,966 | +125% |
| Amounts payable | 17/49 | €39,809 | €49,435 | +€9,626 | +24.2% |
| Amounts payable within one year | 42/48 | €39,809 | €49,435 | +€9,626 | +24.2% |
| Trade debts | 44 | €596 | €111 | -€485 | -81.4% |
| Suppliers | 440/4 | €596 | €111 | -€485 | -81.4% |
| Taxes, remuneration and social security | 45 | €38,401 | €49,246 | +€10,845 | +28.2% |
| Taxes | 450/3 | €38,401 | €49,246 | +€10,845 | +28.2% |
| Other amounts payable | 47/48 | €812 | €79 | -€734 | -90.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,371 | €7,714 | +€1,343 | +21.1% |
| Other operating charges | 640/8 | €759 | €1,118 | +€359 | +47.3% |
| Gross operating margin | 9900 | €176,377 | €222,157 | +€45,780 | +26.0% |
| Operating profit (loss) | 9901 | €169,247 | €213,324 | +€44,077 | +26.0% |
| Financial charges | 65/66B | - | €113 | +€113 | |
| Recurring financial charges | 65 | - | €113 | +€113 | |
| Profit (loss) for the period before taxes | 9903 | €169,247 | €213,212 | +€43,965 | +26.0% |
| Income taxes | 67/77 | €38,401 | €49,246 | +€10,845 | +28.2% |
| Profit (loss) for the period | 9904 | €130,846 | €163,966 | +€33,120 | +25.3% |
| Profit (loss) for the period to be appropriated | 9905 | €130,846 | €163,966 | +€33,120 | +25.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.