Dr. Sam Delvaux: what changed
Dr. Sam Delvaux
Largest movements
- Cash -€66,664
down €66,664 (-64.0%), from €104,135 to €37,471
mainly Contributions, distributions and other (-€217,362) and Receivables within one year (-€20,888)
- Current investments -€60,000
down €60,000 (-100%), from €60,000 to €0
- Receivables after one year -€32,524
down €32,524 (-100%), from €32,524 to €0
- Receivables within one year +€20,888
up €20,888 (+1,234%), from €1,693 to €22,581
of which Other amounts receivable: +€20,888
- Tangible fixed assets -€12,649
down €12,649 (-28.5%), from €44,320 to €31,671
of which Furniture and vehicles: -€16,032
- Reserves -€132,164
down €132,164 (-60.8%), from €217,362 to €85,198
- Tax, wage and social debts -€19,405
down €19,405 (-42.8%), from €45,349 to €25,944
- Debts after one year -€8,549
down €8,549 (-100%), from €8,549 to €0
- Gross operating margin -€10,711
down €10,711 (-7.8%), from €136,819 to €126,108
- Taxes -€3,112
down €3,112 (-12.1%), from €25,809 to €22,697
- Financial income -€1,960
down €1,960 (-59.3%), from €3,308 to €1,348
- Depreciation +€1,440
up €1,440 (+9.1%), from €15,821 to €17,261
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 | €284,271 | €125,425 | -€158,846 | -55.9% |
| Fixed assets | 21/28 | €44,320 | €31,671 | -€12,649 | -28.5% |
| Tangible fixed assets | 22/27 | €44,320 | €31,671 | -€12,649 | -28.5% |
| Plant, machinery and equipment | 23 | €1,375 | €4,758 | +€3,383 | +246% |
| Furniture and vehicles | 24 | €42,946 | €26,914 | -€16,032 | -37.3% |
| Current assets | 29/58 | €239,951 | €93,754 | -€146,197 | -60.9% |
| Amounts receivable after more than one year | 29 | €32,524 | €0 | -€32,524 | -100% |
| Other amounts receivable | 291 | €32,524 | €0 | -€32,524 | -100% |
| Amounts receivable within one year | 40/41 | €1,693 | €22,581 | +€20,888 | +1,234% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €1,693 | €22,581 | +€20,888 | +1,234% |
| Current investments | 50/53 | €60,000 | €0 | -€60,000 | -100% |
| Cash at bank and in hand | 54/58 | €104,135 | €37,471 | -€66,664 | -64.0% |
| Deferred charges and accrued income | 490/1 | €41,598 | €33,702 | -€7,897 | -19.0% |
| Total equity and liabilities | 10/49 | €284,271 | €125,425 | -€158,846 | -55.9% |
| Equity | 10/15 | €220,362 | €88,198 | -€132,164 | -60.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €217,362 | €85,198 | -€132,164 | -60.8% |
| Distributable reserves | 133 | €217,362 | €85,198 | -€132,164 | -60.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €63,909 | €37,227 | -€26,682 | -41.8% |
| Amounts payable after more than one year | 17 | €8,549 | €0 | -€8,549 | -100% |
| Financial debts | 170/4 | €8,549 | €0 | -€8,549 | -100% |
| Amounts payable within one year | 42/48 | €54,963 | €37,227 | -€17,736 | -32.3% |
| Current portion of amounts payable after more than one year | 42 | €7,361 | €8,549 | +€1,188 | +16.1% |
| Trade debts | 44 | €2,253 | €2,734 | +€481 | +21.4% |
| Suppliers | 440/4 | €2,253 | €2,734 | +€481 | +21.4% |
| Taxes, remuneration and social security | 45 | €45,349 | €25,944 | -€19,405 | -42.8% |
| Taxes | 450/3 | €45,349 | €25,944 | -€19,405 | -42.8% |
| Accrued charges and deferred income | 492/3 | €397 | €0 | -€397 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,821 | €17,261 | +€1,440 | +9.1% |
| Other operating charges | 640/8 | €1,411 | €1,383 | -€28 | -2.0% |
| Gross operating margin | 9900 | €136,819 | €126,108 | -€10,711 | -7.8% |
| Operating profit (loss) | 9901 | €119,587 | €107,464 | -€12,123 | -10.1% |
| Financial income | 75/76B | €3,308 | €1,348 | -€1,960 | -59.3% |
| Recurring financial income | 75 | €3,308 | €1,348 | -€1,960 | -59.3% |
| Financial charges | 65/66B | €1,398 | €916 | -€481 | -34.4% |
| Recurring financial charges | 65 | €1,398 | €916 | -€481 | -34.4% |
| Profit (loss) for the period before taxes | 9903 | €121,497 | €107,896 | -€13,602 | -11.2% |
| Income taxes | 67/77 | €25,809 | €22,697 | -€3,112 | -12.1% |
| Profit (loss) for the period | 9904 | €95,688 | €85,198 | -€10,489 | -11.0% |
| Profit (loss) for the period to be appropriated | 9905 | €95,688 | €85,198 | -€10,489 | -11.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.