DR. THOMAS DECLERCK: 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. THOMAS DECLERCK
Largest movements
- Cash -€166,813
down €166,813 (-70.1%), from €238,008 to €71,195
mainly Contributions, distributions and other (-€650,294) and Receivables after one year (-€21,522)
- Current investments -€94,113
down €94,113 (-85.6%), from €109,941 to €15,827
- Receivables after one year +€21,522
up €21,522 (+86.1%), from €25,000 to €46,522
of which Other amounts receivable: +€46,522
- Receivables within one year -€8,852
down €8,852 (-36.1%), from €24,541 to €15,690
- Reserves -€267,847
down €267,847 (-68.0%), from €393,790 to €125,943
- Tax, wage and social debts +€22,118
up €22,118 (+655%), from €3,375 to €25,493
- Gross operating margin +€103,758
up €103,758 (+25.2%), from €411,192 to €514,950
- Taxes +€20,700
up €20,700 (+20.4%), from €101,418 to €122,118
- Financial income -€8,096
down €8,096 (-100%), from €8,096 to €0
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 | €418,137 | €170,234 | -€247,903 | -59.3% |
| Fixed assets | 21/28 | €13,495 | €10,895 | -€2,600 | -19.3% |
| Tangible fixed assets | 22/27 | €13,495 | €10,895 | -€2,600 | -19.3% |
| Plant, machinery and equipment | 23 | €2,065 | €1,468 | -€597 | -28.9% |
| Furniture and vehicles | 24 | €3,548 | €2,427 | -€1,121 | -31.6% |
| Other tangible fixed assets | 26 | €7,883 | €7,001 | -€882 | -11.2% |
| Current assets | 29/58 | €404,642 | €159,339 | -€245,303 | -60.6% |
| Amounts receivable after more than one year | 29 | €25,000 | €46,522 | +€21,522 | +86.1% |
| Trade receivables | 290 | €25,000 | €0 | -€25,000 | -100% |
| Other amounts receivable | 291 | €0 | €46,522 | +€46,522 | |
| Amounts receivable within one year | 40/41 | €24,541 | €15,690 | -€8,852 | -36.1% |
| Other amounts receivable | 41 | €24,541 | €15,690 | -€8,852 | -36.1% |
| Current investments | 50/53 | €109,941 | €15,827 | -€94,113 | -85.6% |
| Cash at bank and in hand | 54/58 | €238,008 | €71,195 | -€166,813 | -70.1% |
| Deferred charges and accrued income | 490/1 | €7,153 | €10,105 | +€2,952 | +41.3% |
| Total equity and liabilities | 10/49 | €418,137 | €170,234 | -€247,903 | -59.3% |
| Equity | 10/15 | €403,790 | €135,943 | -€267,847 | -66.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €393,790 | €125,943 | -€267,847 | -68.0% |
| Distributable reserves | 133 | €393,790 | €125,943 | -€267,847 | -68.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €14,347 | €34,291 | +€19,944 | +139% |
| Amounts payable within one year | 42/48 | €8,926 | €29,829 | +€20,903 | +234% |
| Trade debts | 44 | €2,118 | €393 | -€1,724 | -81.4% |
| Suppliers | 440/4 | €2,118 | €393 | -€1,724 | -81.4% |
| Taxes, remuneration and social security | 45 | €3,375 | €25,493 | +€22,118 | +655% |
| Taxes | 450/3 | €3,375 | €25,493 | +€22,118 | +655% |
| Other amounts payable | 47/48 | €3,434 | €3,943 | +€510 | +14.8% |
| Accrued charges and deferred income | 492/3 | €5,421 | €4,461 | -€959 | -17.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,460 | €2,600 | +€140 | +5.7% |
| Other operating charges | 640/8 | €2,569 | €1,466 | -€1,103 | -42.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €411,192 | €514,950 | +€103,758 | +25.2% |
| Operating profit (loss) | 9901 | €406,163 | €510,884 | +€104,720 | +25.8% |
| Financial income | 75/76B | €8,096 | €0 | -€8,096 | -100% |
| Recurring financial income | 75 | €8,096 | €0 | -€8,096 | -100% |
| Financial charges | 65/66B | €6,435 | €6,319 | -€117 | -1.8% |
| Recurring financial charges | 65 | €6,435 | €6,319 | -€117 | -1.8% |
| Profit (loss) for the period before taxes | 9903 | €407,824 | €504,565 | +€96,741 | +23.7% |
| Income taxes | 67/77 | €101,418 | €122,118 | +€20,700 | +20.4% |
| Profit (loss) for the period | 9904 | €306,406 | €382,447 | +€76,041 | +24.8% |
| Profit (loss) for the period to be appropriated | 9905 | €306,406 | €382,447 | +€76,041 | +24.8% |
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 26 October 2026 via checked.be.