Dr. Sarah Dauwe: 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. Sarah Dauwe
Largest movements
- Cash +€69,480
up €69,480 (+39.2%), from €177,039 to €246,519
mainly Net result for the year (+€86,368) and Trade debts (+€8,926)
- Reserves +€86,368
up €86,368 (+21.0%), from €411,492 to €497,860
- Accrued charges and deferred income -€18,249
down €18,249 (-79.2%), from €23,049 to €4,800
- Tax, wage and social debts -€9,468
down €9,468 (-41.1%), from €23,018 to €13,550
- Trade debts +€8,926
up €8,926 (+72.7%), from €12,272 to €21,198
- Depreciation -€34,830
down €34,830 (-91.4%), from €38,097 to €3,267
- Taxes +€17,595
up €17,595 (+75.4%), from €23,339 to €40,934
- Gross operating margin +€17,113
up €17,113 (+14.9%), from €115,152 to €132,265
- Other operating charges -€2,842
down €2,842 (-63.0%), from €4,513 to €1,670
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 | €496,169 | €566,360 | +€70,191 | +14.1% |
| Fixed assets | 21/28 | €305,903 | €302,637 | -€3,267 | -1.1% |
| Tangible fixed assets | 22/27 | €305,903 | €302,637 | -€3,267 | -1.1% |
| Land and buildings | 22 | €298,543 | €296,877 | -€1,667 | -0.6% |
| Furniture and vehicles | 24 | €7,360 | €5,760 | -€1,600 | -21.7% |
| Current assets | 29/58 | €190,265 | €263,723 | +€73,458 | +38.6% |
| Amounts receivable within one year | 40/41 | €11,574 | €16,777 | +€5,203 | +45.0% |
| Other amounts receivable | 41 | €11,574 | €16,777 | +€5,203 | +45.0% |
| Cash at bank and in hand | 54/58 | €177,039 | €246,519 | +€69,480 | +39.2% |
| Deferred charges and accrued income | 490/1 | €1,652 | €427 | -€1,225 | -74.1% |
| Total equity and liabilities | 10/49 | €496,169 | €566,360 | +€70,191 | +14.1% |
| Equity | 10/15 | €430,092 | €516,460 | +€86,368 | +20.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €411,492 | €497,860 | +€86,368 | +21.0% |
| Distributable reserves | 133 | €411,492 | €497,860 | +€86,368 | +21.0% |
| Amounts payable | 17/49 | €66,077 | €49,900 | -€16,177 | -24.5% |
| Amounts payable within one year | 42/48 | €43,028 | €45,100 | +€2,072 | +4.8% |
| Trade debts | 44 | €12,272 | €21,198 | +€8,926 | +72.7% |
| Suppliers | 440/4 | €12,272 | €21,198 | +€8,926 | +72.7% |
| Taxes, remuneration and social security | 45 | €23,018 | €13,550 | -€9,468 | -41.1% |
| Taxes | 450/3 | €23,018 | €13,550 | -€9,468 | -41.1% |
| Other amounts payable | 47/48 | €7,738 | €10,353 | +€2,614 | +33.8% |
| Accrued charges and deferred income | 492/3 | €23,049 | €4,800 | -€18,249 | -79.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,097 | €3,267 | -€34,830 | -91.4% |
| Other operating charges | 640/8 | €4,513 | €1,670 | -€2,842 | -63.0% |
| Gross operating margin | 9900 | €115,152 | €132,265 | +€17,113 | +14.9% |
| Operating profit (loss) | 9901 | €72,543 | €127,328 | +€54,785 | +75.5% |
| Financial charges | 65/66B | €77 | €26 | -€51 | -65.7% |
| Recurring financial charges | 65 | €77 | €26 | -€51 | -65.7% |
| Profit (loss) for the period before taxes | 9903 | €72,466 | €127,302 | +€54,836 | +75.7% |
| Income taxes | 67/77 | €23,339 | €40,934 | +€17,595 | +75.4% |
| Profit (loss) for the period | 9904 | €49,127 | €86,368 | +€37,241 | +75.8% |
| Profit (loss) for the period to be appropriated | 9905 | €49,127 | €86,368 | +€37,241 | +75.8% |
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 31 October 2026 via checked.be.