DR. SARAH DE DECKER: 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 DE DECKER
Largest movements
- Cash -€34,155
down €34,155 (-33.6%), from €101,621 to €67,466
mainly Contributions, distributions and other (-€197,523) and Current portion of long-term debt (-€6,040)
- Intangible fixed assets -€15,000
down €15,000 (-74.8%), from €20,055 to €5,055
- Receivables within one year -€3,337
down €3,337 (-10.3%), from €32,373 to €29,036
of which Other amounts receivable: -€3,501
- Deferred charges and accrued income -€2,016
down €2,016 (-10.9%), from €18,569 to €16,553
- Reserves -€127,635
down €127,635 (-100%), from €127,635 to €0
- Other debts +€82,302
up €82,302 (+661%), from €12,451 to €94,753
- Current portion of long-term debt -€6,040
down €6,040 (-58.0%), from €10,405 to €4,366
- Debts after one year -€4,366
down €4,366 (-100%), from €4,366 to €0
- Gross operating margin -€10,254
down €10,254 (-8.9%), from €115,742 to €105,488
- Financial income -€2,131
down €2,131 (-95.5%), from €2,231 to €100
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 | €176,112 | €120,376 | -€55,736 | -31.6% |
| Fixed assets | 21/28 | €23,549 | €7,320 | -€16,229 | -68.9% |
| Intangible fixed assets | 21 | €20,055 | €5,055 | -€15,000 | -74.8% |
| Tangible fixed assets | 22/27 | €3,494 | €2,265 | -€1,229 | -35.2% |
| Plant, machinery and equipment | 23 | €1,565 | €1,220 | -€345 | -22.0% |
| Furniture and vehicles | 24 | €1,930 | €1,045 | -€884 | -45.8% |
| Current assets | 29/58 | €152,563 | €113,055 | -€39,507 | -25.9% |
| Amounts receivable within one year | 40/41 | €32,373 | €29,036 | -€3,337 | -10.3% |
| Trade receivables | 40 | - | €164 | +€164 | |
| Other amounts receivable | 41 | €32,373 | €28,872 | -€3,501 | -10.8% |
| Cash at bank and in hand | 54/58 | €101,621 | €67,466 | -€34,155 | -33.6% |
| Deferred charges and accrued income | 490/1 | €18,569 | €16,553 | -€2,016 | -10.9% |
| Total equity and liabilities | 10/49 | €176,112 | €120,376 | -€55,736 | -31.6% |
| Equity | 10/15 | €146,235 | €18,600 | -€127,635 | -87.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €127,635 | €0 | -€127,635 | -100% |
| Distributable reserves | 133 | €127,635 | €0 | -€127,635 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €29,877 | €101,776 | +€71,899 | +241% |
| Amounts payable after more than one year | 17 | €4,366 | €0 | -€4,366 | -100% |
| Financial debts | 170/4 | €4,366 | €0 | -€4,366 | -100% |
| Amounts payable within one year | 42/48 | €25,511 | €101,776 | +€76,265 | +299% |
| Current portion of amounts payable after more than one year | 42 | €10,405 | €4,366 | -€6,040 | -58.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €1,150 | €1,435 | +€284 | +24.7% |
| Suppliers | 440/4 | €1,150 | €1,435 | +€284 | +24.7% |
| Taxes, remuneration and social security | 45 | €1,504 | €1,222 | -€282 | -18.8% |
| Taxes | 450/3 | €1,504 | €1,222 | -€282 | -18.8% |
| Other amounts payable | 47/48 | €12,451 | €94,753 | +€82,302 | +661% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,474 | €16,229 | -€245 | -1.5% |
| Other operating charges | 640/8 | €733 | €752 | +€19 | +2.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €115,742 | €105,488 | -€10,254 | -8.9% |
| Operating profit (loss) | 9901 | €98,535 | €88,506 | -€10,029 | -10.2% |
| Financial income | 75/76B | €2,231 | €100 | -€2,131 | -95.5% |
| Recurring financial income | 75 | €2,231 | €100 | -€2,131 | -95.5% |
| Financial charges | 65/66B | €560 | €474 | -€87 | -15.5% |
| Recurring financial charges | 65 | €560 | €474 | -€87 | -15.5% |
| Profit (loss) for the period before taxes | 9903 | €100,206 | €88,132 | -€12,073 | -12.0% |
| Income taxes | 67/77 | €17,396 | €18,245 | +€849 | +4.9% |
| Profit (loss) for the period | 9904 | €82,809 | €69,887 | -€12,922 | -15.6% |
| Profit (loss) for the period to be appropriated | 9905 | €82,809 | €69,887 | -€12,922 | -15.6% |
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 28 October 2026 via checked.be.