Dr. Steven Dekeye: 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. Steven Dekeye
Largest movements
- Current investments +€39,145
up €39,145 (+15.7%), from €250,000 to €289,145
- Cash +€22,256
up €22,256 (+27.7%), from €80,253 to €102,509
mainly Net result for the year (+€95,123) and Other debts (+€80,849)
- Receivables within one year -€12,898
down €12,898 (-82.3%), from €15,669 to €2,772
of which Other amounts receivable: -€11,429
- Other debts +€80,849
up €80,849 (+28,440%), from €284 to €81,133
- Reserves -€36,010
down €36,010 (-10.0%), from €361,297 to €325,287
- Tax, wage and social debts +€7,388
new in 2025: €7,388
- Debts after one year -€6,103
down €6,103 (-92.3%), from €6,614 to €511
- Gross operating margin +€33,047
up €33,047 (+32.1%), from €102,846 to €135,893
- Taxes +€8,050
up €8,050 (+26.9%), from €29,968 to €38,018
- Financial income -€3,290
down €3,290 (-20.9%), from €15,768 to €12,477
- Depreciation +€2,777
up €2,777 (+25.3%), from €10,956 to €13,732
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 | €376,326 | €425,824 | +€49,498 | +13.2% |
| Fixed assets | 21/28 | €28,556 | €29,004 | +€448 | +1.6% |
| Tangible fixed assets | 22/27 | €28,556 | €29,004 | +€448 | +1.6% |
| Land and buildings | 22 | €3,810 | €3,329 | -€482 | -12.6% |
| Plant, machinery and equipment | 23 | €4,795 | €3,111 | -€1,684 | -35.1% |
| Furniture and vehicles | 24 | €19,951 | €22,564 | +€2,613 | +13.1% |
| Current assets | 29/58 | €347,770 | €396,820 | +€49,051 | +14.1% |
| Amounts receivable within one year | 40/41 | €15,669 | €2,772 | -€12,898 | -82.3% |
| Trade receivables | 40 | €1,942 | €473 | -€1,469 | -75.6% |
| Other amounts receivable | 41 | €13,727 | €2,298 | -€11,429 | -83.3% |
| Current investments | 50/53 | €250,000 | €289,145 | +€39,145 | +15.7% |
| Cash at bank and in hand | 54/58 | €80,253 | €102,509 | +€22,256 | +27.7% |
| Deferred charges and accrued income | 490/1 | €1,847 | €2,395 | +€548 | +29.6% |
| Total equity and liabilities | 10/49 | €376,326 | €425,824 | +€49,498 | +13.2% |
| Equity | 10/15 | €361,397 | €325,387 | -€36,010 | -10.0% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €361,297 | €325,287 | -€36,010 | -10.0% |
| Distributable reserves | 133 | €361,297 | €325,287 | -€36,010 | -10.0% |
| Amounts payable | 17/49 | €14,929 | €100,437 | +€85,509 | +573% |
| Amounts payable after more than one year | 17 | €6,614 | €511 | -€6,103 | -92.3% |
| Financial debts | 170/4 | €6,614 | €511 | -€6,103 | -92.3% |
| Amounts payable within one year | 42/48 | €8,315 | €99,926 | +€91,611 | +1,102% |
| Current portion of amounts payable after more than one year | 42 | €6,049 | €6,103 | +€54 | +0.9% |
| Trade debts | 44 | €424 | €4,408 | +€3,984 | +940% |
| Suppliers | 440/4 | €424 | €4,408 | +€3,984 | +940% |
| Advances received on contracts in progress | 46 | €1,558 | €894 | -€664 | -42.6% |
| Taxes, remuneration and social security | 45 | - | €7,388 | +€7,388 | |
| Taxes | 450/3 | - | €7,388 | +€7,388 | |
| Other amounts payable | 47/48 | €284 | €81,133 | +€80,849 | +28,440% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,956 | €13,732 | +€2,777 | +25.3% |
| Other operating charges | 640/8 | €180 | - | -€180 | |
| Gross operating margin | 9900 | €102,846 | €135,893 | +€33,047 | +32.1% |
| Operating profit (loss) | 9901 | €91,710 | €122,160 | +€30,450 | +33.2% |
| Financial income | 75/76B | €15,768 | €12,477 | -€3,290 | -20.9% |
| Recurring financial income | 75 | €15,768 | €12,477 | -€3,290 | -20.9% |
| Financial charges | 65/66B | €391 | €1,497 | +€1,106 | +282% |
| Recurring financial charges | 65 | €391 | €1,497 | +€1,106 | +282% |
| Profit (loss) for the period before taxes | 9903 | €107,086 | €133,140 | +€26,054 | +24.3% |
| Income taxes | 67/77 | €29,968 | €38,018 | +€8,050 | +26.9% |
| Profit (loss) for the period | 9904 | €77,118 | €95,123 | +€18,005 | +23.3% |
| Profit (loss) for the period to be appropriated | 9905 | €77,118 | €95,123 | +€18,005 | +23.3% |
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 24 October 2026 via checked.be.