Dr. S. Devuyst: 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. Devuyst
Largest movements
- Cash -€744,749
down €744,749 (-81.5%), from €914,154 to €169,405
mainly Contributions, distributions and other (-€1.1m) and Receivables within one year (-€52,845)
- Receivables within one year +€52,845
up €52,845 (+51.2%), from €103,298 to €156,143
of which Trade receivables: +€59,805
- Reserves -€855,195
down €855,195 (-86.7%), from €986,798 to €131,603
- Other debts +€169,083
up €169,083 (+622.1%), from €27,179 to €196,262
- Gross operating margin -€50,186
down €50,186 (-12.2%), from €411,450 to €361,263
- Taxes -€12,636
down €12,636 (-12.3%), from €102,330 to €89,694
- Financial income +€7,420
up €7,420 (+605.7%), from €1,225 to €8,645
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 | €1,021,777 | €332,865 | -€688,912 | -67.4% |
| Fixed assets | 21/28 | €2,500 | €7,317 | +€4,817 | +192.7% |
| Tangible fixed assets | 22/27 | - | €2,317 | +€2,317 | |
| Furniture and vehicles | 24 | - | €2,317 | +€2,317 | |
| Financial fixed assets | 28 | €2,500 | €5,000 | +€2,500 | +100.0% |
| Current assets | 29/58 | €1,019,277 | €325,548 | -€693,729 | -68.1% |
| Amounts receivable within one year | 40/41 | €103,298 | €156,143 | +€52,845 | +51.2% |
| Trade receivables | 40 | €88,532 | €148,337 | +€59,805 | +67.6% |
| Other amounts receivable | 41 | €14,766 | €7,806 | -€6,960 | -47.1% |
| Cash at bank and in hand | 54/58 | €914,154 | €169,405 | -€744,749 | -81.5% |
| Deferred charges and accrued income | 490/1 | €1,826 | - | -€1,826 | |
| Total equity and liabilities | 10/49 | €1,021,777 | €332,865 | -€688,912 | -67.4% |
| Equity | 10/15 | €991,798 | €136,603 | -€855,195 | -86.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €986,798 | €131,603 | -€855,195 | -86.7% |
| Distributable reserves | 133 | €986,798 | €131,603 | -€855,195 | -86.7% |
| Amounts payable | 17/49 | €29,979 | €196,262 | +€166,283 | +554.7% |
| Amounts payable within one year | 42/48 | €27,179 | €196,262 | +€169,083 | +622.1% |
| Other amounts payable | 47/48 | €27,179 | €196,262 | +€169,083 | +622.1% |
| Accrued charges and deferred income | 492/3 | €2,800 | - | -€2,800 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,080 | +€1,080 | |
| Gross operating margin | 9900 | €411,450 | €361,263 | -€50,186 | -12.2% |
| Operating profit (loss) | 9901 | €411,450 | €360,184 | -€51,266 | -12.5% |
| Financial income | 75/76B | €1,225 | €8,645 | +€7,420 | +605.7% |
| Recurring financial income | 75 | €1,225 | €8,645 | +€7,420 | +605.7% |
| Financial charges | 65/66B | €104 | €330 | +€225 | +215.6% |
| Recurring financial charges | 65 | €104 | €330 | +€225 | +215.6% |
| Profit (loss) for the period before taxes | 9903 | €412,570 | €368,499 | -€44,071 | -10.7% |
| Income taxes | 67/77 | €102,330 | €89,694 | -€12,636 | -12.3% |
| Profit (loss) for the period | 9904 | €310,240 | €278,805 | -€31,435 | -10.1% |
| Profit (loss) for the period to be appropriated | 9905 | €310,240 | €278,805 | -€31,435 | -10.1% |
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 6 October 2026 via checked.be.