Dr. Tim Dewyn: 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. Tim Dewyn
Largest movements
- Tangible fixed assets +€933,708
up €933,708 (+54.5%), from €1.7m to €2.6m
of which Land and buildings: +€925,857
- Cash -€295,746
down €295,746 (-72.3%), from €409,279 to €113,532
mainly Investment in fixed assets (net) (-€1.1m) and Receivables within one year (-€44,047)
- Receivables within one year +€44,047
up €44,047 (+123%), from €35,906 to €79,954
of which Other amounts receivable: +€39,938
- Debts after one year +€539,500
up €539,500 (+32.0%), from €1.7m to €2.2m
- Reserves +€80,674
up €80,674 (+14.7%), from €547,470 to €628,144
- Profit (loss) carried forward +€56,753
no longer reported in 2025 (was -€56,753)
- Depreciation -€146,521
down €146,521 (-46.5%), from €314,873 to €168,352
- Gross operating margin +€97,639
up €97,639 (+33.9%), from €288,047 to €385,686
- Financial charges +€41,697
up €41,697 (+160%), from €26,053 to €67,750
- Taxes +€8,054
up €8,054 (+3,904%), from €206 to €8,260
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 | €2,299,219 | €2,986,538 | +€687,319 | +29.9% |
| Fixed assets | 21/28 | €1,714,755 | €2,648,463 | +€933,708 | +54.5% |
| Tangible fixed assets | 22/27 | €1,714,755 | €2,648,463 | +€933,708 | +54.5% |
| Land and buildings | 22 | €1,671,897 | €2,597,754 | +€925,857 | +55.4% |
| Plant, machinery and equipment | 23 | €13,328 | €23,404 | +€10,075 | +75.6% |
| Furniture and vehicles | 24 | €2,962 | €10,573 | +€7,611 | +257% |
| Leasing and similar rights | 25 | €26,567 | €16,732 | -€9,835 | -37.0% |
| Current assets | 29/58 | €584,464 | €338,075 | -€246,389 | -42.2% |
| Amounts receivable within one year | 40/41 | €35,906 | €79,954 | +€44,047 | +123% |
| Trade receivables | 40 | €696 | €4,806 | +€4,110 | +591% |
| Other amounts receivable | 41 | €35,211 | €75,148 | +€39,938 | +113% |
| Cash at bank and in hand | 54/58 | €409,279 | €113,532 | -€295,746 | -72.3% |
| Deferred charges and accrued income | 490/1 | €139,279 | €144,589 | +€5,310 | +3.8% |
| Total equity and liabilities | 10/49 | €2,299,219 | €2,986,538 | +€687,319 | +29.9% |
| Equity | 10/15 | €492,718 | €630,144 | +€137,427 | +27.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €547,470 | €628,144 | +€80,674 | +14.7% |
| Distributable reserves | 133 | €547,470 | €628,144 | +€80,674 | +14.7% |
| Profit (loss) carried forward | 14 | -€56,753 | - | +€56,753 | |
| Amounts payable | 17/49 | €1,806,501 | €2,356,394 | +€549,893 | +30.4% |
| Amounts payable after more than one year | 17 | €1,686,430 | €2,225,930 | +€539,500 | +32.0% |
| Financial debts | 170/4 | €1,686,430 | €2,225,930 | +€539,500 | +32.0% |
| Amounts payable within one year | 42/48 | €119,679 | €130,464 | +€10,785 | +9.0% |
| Current portion of amounts payable after more than one year | 42 | €95,123 | €111,719 | +€16,596 | +17.4% |
| Financial debts | 43 | €222 | €2,291 | +€2,069 | +934% |
| Credit institutions | 430/8 | €222 | €2,291 | +€2,069 | +934% |
| Trade debts | 44 | €24,064 | €15,608 | -€8,457 | -35.1% |
| Suppliers | 440/4 | €24,064 | €15,608 | -€8,457 | -35.1% |
| Taxes, remuneration and social security | 45 | €270 | €14 | -€257 | -94.9% |
| Taxes | 450/3 | €270 | €14 | -€257 | -94.9% |
| Other amounts payable | 47/48 | - | €833 | +€833 | |
| Accrued charges and deferred income | 492/3 | €392 | - | -€392 | |
| Non-recurring operating income | 76A | - | €149,329 | +€149,329 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €314,873 | €168,352 | -€146,521 | -46.5% |
| Other operating charges | 640/8 | €3,669 | €3,588 | -€81 | -2.2% |
| Gross operating margin | 9900 | €288,047 | €385,686 | +€97,639 | +33.9% |
| Operating profit (loss) | 9901 | -€30,495 | €213,745 | +€244,240 | |
| Financial income | 75/76B | €1 | €524 | +€523 | +47,972% |
| Recurring financial income | 75 | €1 | €524 | +€523 | +47,972% |
| Financial charges | 65/66B | €26,053 | €67,750 | +€41,697 | +160% |
| Recurring financial charges | 65 | €26,053 | €67,750 | +€41,697 | +160% |
| Profit (loss) for the period before taxes | 9903 | -€56,547 | €146,520 | +€203,066 | |
| Income taxes | 67/77 | €206 | €8,260 | +€8,054 | +3,904% |
| Profit (loss) for the period | 9904 | -€56,753 | €138,260 | +€195,013 | |
| Profit (loss) for the period to be appropriated | 9905 | -€56,753 | €138,260 | +€195,013 |
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 14 October 2026 via checked.be.