DR.T.DEVOGELAERE: 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.T.DEVOGELAERE
Largest movements
- Receivables within one year +€190,261
up €190,261 (+504%), from €37,772 to €228,033
of which Other amounts receivable: +€182,449
- Cash -€97,767
down €97,767 (-48.2%), from €203,000 to €105,233
mainly Receivables within one year (-€190,261) and Investment in fixed assets (net) (-€30,841)
- Reserves +€90,167
up €90,167 (+51.5%), from €175,118 to €265,285
- Other debts +€44,219
up €44,219 (+83.5%), from €52,955 to €97,175
- Tax, wage and social debts -€15,853
down €15,853 (-22.2%), from €71,480 to €55,627
of which Remuneration and social security: -€16,729
- Debts after one year -€10,181
down €10,181 (-18.2%), from €55,955 to €45,774
- Trade debts -€7,946
down €7,946 (-23.1%), from €34,376 to €26,430
- Taxes +€13,306
up €13,306 (+33.5%), from €39,765 to €53,072
- Depreciation -€12,645
down €12,645 (-30.0%), from €42,209 to €29,565
- Gross operating margin -€12,058
down €12,058 (-2.7%), from €440,009 to €427,951
- Financial charges -€5,859
down €5,859 (-53.0%), from €11,058 to €5,198
- Staff costs -€5,700
down €5,700 (-2.5%), from €227,838 to €222,138
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 | €430,729 | €525,641 | +€94,912 | +22.0% |
| Fixed assets | 21/28 | €118,058 | €119,334 | +€1,277 | +1.1% |
| Intangible fixed assets | 21 | €2,859 | €1,348 | -€1,510 | -52.8% |
| Tangible fixed assets | 22/27 | €115,199 | €117,986 | +€2,787 | +2.4% |
| Plant, machinery and equipment | 23 | €59,463 | €67,215 | +€7,752 | +13.0% |
| Furniture and vehicles | 24 | €785 | €445 | -€341 | -43.4% |
| Other tangible fixed assets | 26 | €54,951 | €50,327 | -€4,625 | -8.4% |
| Current assets | 29/58 | €312,671 | €406,306 | +€93,636 | +29.9% |
| Stocks and contracts in progress | 3 | €7,125 | €4,275 | -€2,850 | -40.0% |
| Stocks | 30/36 | €7,125 | €4,275 | -€2,850 | -40.0% |
| Amounts receivable within one year | 40/41 | €37,772 | €228,033 | +€190,261 | +504% |
| Trade receivables | 40 | €16,381 | €24,193 | +€7,812 | +47.7% |
| Other amounts receivable | 41 | €21,392 | €203,840 | +€182,449 | +853% |
| Current investments | 50/53 | €60,387 | €60,387 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €203,000 | €105,233 | -€97,767 | -48.2% |
| Deferred charges and accrued income | 490/1 | €4,386 | €8,379 | +€3,992 | +91.0% |
| Total equity and liabilities | 10/49 | €430,729 | €525,641 | +€94,912 | +22.0% |
| Equity | 10/15 | €200,118 | €290,285 | +€90,167 | +45.1% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €175,118 | €265,285 | +€90,167 | +51.5% |
| Distributable reserves | 133 | €175,118 | €265,285 | +€90,167 | +51.5% |
| Amounts payable | 17/49 | €230,611 | €235,356 | +€4,745 | +2.1% |
| Amounts payable after more than one year | 17 | €55,955 | €45,774 | -€10,181 | -18.2% |
| Financial debts | 170/4 | €55,955 | €45,774 | -€10,181 | -18.2% |
| Amounts payable within one year | 42/48 | €167,127 | €188,643 | +€21,515 | +12.9% |
| Current portion of amounts payable after more than one year | 42 | €8,316 | €9,412 | +€1,095 | +13.2% |
| Trade debts | 44 | €34,376 | €26,430 | -€7,946 | -23.1% |
| Suppliers | 440/4 | €34,376 | €26,430 | -€7,946 | -23.1% |
| Taxes, remuneration and social security | 45 | €71,480 | €55,627 | -€15,853 | -22.2% |
| Taxes | 450/3 | €29,507 | €30,383 | +€876 | +3.0% |
| Remuneration and social security | 454/9 | €41,973 | €25,244 | -€16,729 | -39.9% |
| Other amounts payable | 47/48 | €52,955 | €97,175 | +€44,219 | +83.5% |
| Accrued charges and deferred income | 492/3 | €7,528 | €940 | -€6,589 | -87.5% |
| Remuneration, social security and pensions | 62 | €227,838 | €222,138 | -€5,700 | -2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,209 | €29,565 | -€12,645 | -30.0% |
| Other operating charges | 640/8 | €1,605 | €1,668 | +€63 | +3.9% |
| Gross operating margin | 9900 | €440,009 | €427,951 | -€12,058 | -2.7% |
| Operating profit (loss) | 9901 | €168,357 | €174,581 | +€6,224 | +3.7% |
| Financial income | 75/76B | €861 | €1,338 | +€477 | +55.4% |
| Recurring financial income | 75 | €861 | €1,338 | +€477 | +55.4% |
| Financial charges | 65/66B | €11,058 | €5,198 | -€5,859 | -53.0% |
| Recurring financial charges | 65 | €11,058 | €5,198 | -€5,859 | -53.0% |
| Profit (loss) for the period before taxes | 9903 | €158,160 | €170,721 | +€12,560 | +7.9% |
| Income taxes | 67/77 | €39,765 | €53,072 | +€13,306 | +33.5% |
| Profit (loss) for the period | 9904 | €118,395 | €117,649 | -€746 | -0.6% |
| Profit (loss) for the period to be appropriated | 9905 | €118,395 | €117,649 | -€746 | -0.6% |
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 19 October 2026 via checked.be.