Dr. Tom Debergh: 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. Tom Debergh
Largest movements
- Cash +€209,914
up €209,914 (+352%), from €59,581 to €269,495
mainly Net result for the year (+€118,889) and Current investments (+€99,945)
- Current investments -€99,945
down €99,945 (-100%), from €99,945 to €0
- Receivables within one year -€7,055
down €7,055 (-39.0%), from €18,103 to €11,048
of which Other amounts receivable: -€5,201
- Reserves +€118,889
up €118,889 (+77.6%), from €153,295 to €272,184
- Other debts -€7,339
down €7,339 (-82.4%), from €8,909 to €1,570
- Tax, wage and social debts -€6,303
down €6,303 (-62.0%), from €10,168 to €3,864
- Accrued charges and deferred income -€4,489
down €4,489 (-83.5%), from €5,378 to €888
- Gross operating margin +€4,862
up €4,862 (+3.3%), from €147,629 to €152,492
- Taxes +€2,713
up €2,713 (+8.4%), from €32,293 to €35,006
- Depreciation -€1,772
down €1,772 (-85.2%), from €2,080 to €308
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 | €180,058 | €280,815 | +€100,757 | +56.0% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €580 | €272 | -€308 | -53.1% |
| Tangible fixed assets | 22/27 | €580 | €272 | -€308 | -53.1% |
| Furniture and vehicles | 24 | €580 | €272 | -€308 | -53.1% |
| Current assets | 29/58 | €179,478 | €280,543 | +€101,065 | +56.3% |
| Amounts receivable within one year | 40/41 | €18,103 | €11,048 | -€7,055 | -39.0% |
| Trade receivables | 40 | €1,854 | €0 | -€1,854 | -100% |
| Other amounts receivable | 41 | €16,249 | €11,048 | -€5,201 | -32.0% |
| Current investments | 50/53 | €99,945 | €0 | -€99,945 | -100% |
| Cash at bank and in hand | 54/58 | €59,581 | €269,495 | +€209,914 | +352% |
| Deferred charges and accrued income | 490/1 | €1,849 | €0 | -€1,849 | -100% |
| Total equity and liabilities | 10/49 | €180,058 | €280,815 | +€100,757 | +56.0% |
| Equity | 10/15 | €154,295 | €273,184 | +€118,889 | +77.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €153,295 | €272,184 | +€118,889 | +77.6% |
| Distributable reserves | 133 | €153,295 | €272,184 | +€118,889 | +77.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €25,763 | €7,631 | -€18,132 | -70.4% |
| Amounts payable within one year | 42/48 | €20,385 | €6,743 | -€13,643 | -66.9% |
| Trade debts | 44 | €1,309 | €1,309 | = | 0.0% |
| Suppliers | 440/4 | €1,309 | €1,309 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €10,168 | €3,864 | -€6,303 | -62.0% |
| Taxes | 450/3 | €10,168 | €3,864 | -€6,303 | -62.0% |
| Other amounts payable | 47/48 | €8,909 | €1,570 | -€7,339 | -82.4% |
| Accrued charges and deferred income | 492/3 | €5,378 | €888 | -€4,489 | -83.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,080 | €308 | -€1,772 | -85.2% |
| Other operating charges | 640/8 | €118 | €210 | +€92 | +78.0% |
| Gross operating margin | 9900 | €147,629 | €152,492 | +€4,862 | +3.3% |
| Operating profit (loss) | 9901 | €145,432 | €151,974 | +€6,542 | +4.5% |
| Financial income | 75/76B | €1,975 | €2,025 | +€50 | +2.5% |
| Recurring financial income | 75 | €1,975 | €2,025 | +€50 | +2.5% |
| Financial charges | 65/66B | €31 | €104 | +€73 | +236% |
| Recurring financial charges | 65 | €31 | €104 | +€73 | +236% |
| Profit (loss) for the period before taxes | 9903 | €147,376 | €153,895 | +€6,519 | +4.4% |
| Income taxes | 67/77 | €32,293 | €35,006 | +€2,713 | +8.4% |
| Profit (loss) for the period | 9904 | €115,083 | €118,889 | +€3,806 | +3.3% |
| Profit (loss) for the period to be appropriated | 9905 | €115,083 | €118,889 | +€3,806 | +3.3% |
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 14 October 2026 via checked.be.