Dr. S. Deprez: 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. S. Deprez
Largest movements
- Current investments -€295,632
down €295,632 (-18.4%), from €1.6m to €1.3m
- Cash +€155,042
up €155,042 (+120%), from €129,692 to €284,734
mainly Other debts (+€344,280) and Current investments (+€295,632)
- Reserves -€508,482
down €508,482 (-30.8%), from €1.6m to €1.1m
- Other debts +€344,280
up €344,280 (+269%), from €128,064 to €472,344
- Financial income -€249,424
down €249,424 (-89.1%), from €279,979 to €30,554
- Taxes -€58,601
down €58,601 (-36.0%), from €162,868 to €104,268
- Gross operating margin -€10,909
down €10,909 (-3.3%), from €331,711 to €320,802
- Financial charges +€9,035
up €9,035 (+306%), from €2,950 to €11,985
- Depreciation +€5,252
up €5,252 (+48.0%), from €10,944 to €16,196
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 | €1,902,465 | €1,730,602 | -€171,863 | -9.0% |
| Fixed assets | 21/28 | €54,645 | €38,449 | -€16,196 | -29.6% |
| Tangible fixed assets | 22/27 | €54,645 | €38,449 | -€16,196 | -29.6% |
| Plant, machinery and equipment | 23 | €2,450 | €1,923 | -€527 | -21.5% |
| Furniture and vehicles | 24 | €47,632 | €35,267 | -€12,365 | -26.0% |
| Other tangible fixed assets | 26 | €4,563 | €1,259 | -€3,304 | -72.4% |
| Current assets | 29/58 | €1,847,820 | €1,692,153 | -€155,667 | -8.4% |
| Amounts receivable within one year | 40/41 | €109,233 | €94,400 | -€14,833 | -13.6% |
| Trade receivables | 40 | €103,363 | €94,400 | -€8,963 | -8.7% |
| Other amounts receivable | 41 | €5,870 | €0 | -€5,870 | -100% |
| Current investments | 50/53 | €1,607,531 | €1,311,899 | -€295,632 | -18.4% |
| Cash at bank and in hand | 54/58 | €129,692 | €284,734 | +€155,042 | +120% |
| Deferred charges and accrued income | 490/1 | €1,364 | €1,120 | -€244 | -17.9% |
| Total equity and liabilities | 10/49 | €1,902,465 | €1,730,602 | -€171,863 | -9.0% |
| Equity | 10/15 | €1,667,535 | €1,159,053 | -€508,482 | -30.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,648,985 | €1,140,503 | -€508,482 | -30.8% |
| Distributable reserves | 133 | €1,648,985 | €1,140,503 | -€508,482 | -30.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €234,930 | €571,549 | +€336,619 | +143% |
| Amounts payable within one year | 42/48 | €231,288 | €564,238 | +€332,949 | +144% |
| Trade debts | 44 | €0 | €5,629 | +€5,629 | |
| Suppliers | 440/4 | €0 | €5,629 | +€5,629 | |
| Taxes, remuneration and social security | 45 | €103,224 | €86,265 | -€16,960 | -16.4% |
| Taxes | 450/3 | €103,224 | €86,265 | -€16,960 | -16.4% |
| Other amounts payable | 47/48 | €128,064 | €472,344 | +€344,280 | +269% |
| Accrued charges and deferred income | 492/3 | €3,642 | €7,312 | +€3,670 | +101% |
| Non-recurring operating income | 76A | €22,000 | €0 | -€22,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,944 | €16,196 | +€5,252 | +48.0% |
| Other operating charges | 640/8 | €3,309 | €3,351 | +€42 | +1.3% |
| Non-recurring operating charges | 66A | €1,814 | €0 | -€1,814 | -100% |
| Gross operating margin | 9900 | €331,711 | €320,802 | -€10,909 | -3.3% |
| Operating profit (loss) | 9901 | €315,644 | €301,256 | -€14,389 | -4.6% |
| Financial income | 75/76B | €279,979 | €30,554 | -€249,424 | -89.1% |
| Recurring financial income | 75 | €279,979 | €30,554 | -€249,424 | -89.1% |
| Financial charges | 65/66B | €2,950 | €11,985 | +€9,035 | +306% |
| Recurring financial charges | 65 | €2,950 | €11,985 | +€9,035 | +306% |
| Profit (loss) for the period before taxes | 9903 | €592,673 | €319,825 | -€272,848 | -46.0% |
| Income taxes | 67/77 | €162,868 | €104,268 | -€58,601 | -36.0% |
| Profit (loss) for the period | 9904 | €429,804 | €215,557 | -€214,247 | -49.8% |
| Profit (loss) for the period to be appropriated | 9905 | €429,804 | €215,557 | -€214,247 | -49.8% |
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 17 October 2026 via checked.be.