EMMANUEL DUMEZ: 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.
EMMANUEL DUMEZ
Largest movements
- Tangible fixed assets -€37,370
down €37,370 (-31.7%), from €117,815 to €80,445
of which Furniture and vehicles: -€31,602
- Receivables within one year +€19,588
up €19,588 (+41.7%), from €46,939 to €66,527
of which Trade receivables: +€20,181
- Stocks and contracts -€13,777
down €13,777 (-33.9%), from €40,594 to €26,817
- Cash +€5,264
up €5,264 (+56,423%), from €9 to €5,274
mainly Other debts (+€77,678) and Depreciation (+€41,717)
- Reserves -€82,683
down €82,683 (-70.7%), from €116,897 to €34,213
of which Distributable reserves: -€82,683
- Other debts +€77,678
up €77,678 (+62,735%), from €124 to €77,802
- Debts after one year -€29,145
down €29,145 (-27.4%), from €106,253 to €77,108
- Tax, wage and social debts +€11,896
up €11,896 (+74.5%), from €15,965 to €27,861
of which Taxes: +€11,369
- Current portion of long-term debt -€4,591
down €4,591 (-13.6%), from €33,736 to €29,145
- Gross operating margin +€39,572
up €39,572 (+32.2%), from €123,072 to €162,645
- Staff costs +€9,815
up €9,815 (+9.5%), from €102,818 to €112,633
- Depreciation -€3,413
down €3,413 (-7.6%), from €45,130 to €41,717
- Financial charges -€2,011
down €2,011 (-25.4%), from €7,926 to €5,915
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 | €278,437 | €253,419 | -€25,018 | -9.0% |
| Fixed assets | 21/28 | €118,100 | €80,730 | -€37,370 | -31.6% |
| Tangible fixed assets | 22/27 | €117,815 | €80,445 | -€37,370 | -31.7% |
| Plant, machinery and equipment | 23 | €24,350 | €18,700 | -€5,650 | -23.2% |
| Furniture and vehicles | 24 | €92,758 | €61,156 | -€31,602 | -34.1% |
| Other tangible fixed assets | 26 | €707 | €589 | -€118 | -16.7% |
| Financial fixed assets | 28 | €285 | €285 | = | 0.0% |
| Current assets | 29/58 | €160,338 | €172,689 | +€12,351 | +7.7% |
| Amounts receivable after more than one year | 29 | €70,000 | €70,000 | = | 0.0% |
| Trade receivables | 290 | €70,000 | €70,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €40,594 | €26,817 | -€13,777 | -33.9% |
| Stocks | 30/36 | €40,594 | €26,817 | -€13,777 | -33.9% |
| Amounts receivable within one year | 40/41 | €46,939 | €66,527 | +€19,588 | +41.7% |
| Trade receivables | 40 | €14,753 | €34,933 | +€20,181 | +137% |
| Other amounts receivable | 41 | €32,186 | €31,593 | -€593 | -1.8% |
| Cash at bank and in hand | 54/58 | €9 | €5,274 | +€5,264 | +56,423% |
| Deferred charges and accrued income | 490/1 | €2,796 | €4,072 | +€1,276 | +45.6% |
| Total equity and liabilities | 10/49 | €278,437 | €253,419 | -€25,018 | -9.0% |
| Equity | 10/15 | €107,660 | €29,164 | -€78,496 | -72.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €116,897 | €34,213 | -€82,683 | -70.7% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €114,897 | €32,213 | -€82,683 | -72.0% |
| Profit (loss) carried forward | 14 | -€15,437 | -€11,249 | +€4,188 | +27.1% |
| Amounts payable | 17/49 | €170,777 | €224,254 | +€53,477 | +31.3% |
| Amounts payable after more than one year | 17 | €106,253 | €77,108 | -€29,145 | -27.4% |
| Financial debts | 170/4 | €106,253 | €77,108 | -€29,145 | -27.4% |
| Amounts payable within one year | 42/48 | €64,524 | €147,135 | +€82,611 | +128% |
| Current portion of amounts payable after more than one year | 42 | €33,736 | €29,145 | -€4,591 | -13.6% |
| Financial debts | 43 | €2,093 | €0 | -€2,093 | -100% |
| Credit institutions | 430/8 | €2,093 | €0 | -€2,093 | -100% |
| Trade debts | 44 | €12,606 | €12,327 | -€279 | -2.2% |
| Suppliers | 440/4 | €12,606 | €12,327 | -€279 | -2.2% |
| Taxes, remuneration and social security | 45 | €15,965 | €27,861 | +€11,896 | +74.5% |
| Taxes | 450/3 | €1,447 | €12,816 | +€11,369 | +786% |
| Remuneration and social security | 454/9 | €14,518 | €15,045 | +€527 | +3.6% |
| Other amounts payable | 47/48 | €124 | €77,802 | +€77,678 | +62,735% |
| Accrued charges and deferred income | 492/3 | €0 | €11 | +€11 | |
| Remuneration, social security and pensions | 62 | €102,818 | €112,633 | +€9,815 | +9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,130 | €41,717 | -€3,413 | -7.6% |
| Other operating charges | 640/8 | €563 | €621 | +€58 | +10.2% |
| Gross operating margin | 9900 | €123,072 | €162,645 | +€39,572 | +32.2% |
| Operating profit (loss) | 9901 | -€25,439 | €7,674 | +€33,113 | |
| Financial income | 75/76B | €2,395 | €2,429 | +€34 | +1.4% |
| Recurring financial income | 75 | €2,395 | €2,429 | +€34 | +1.4% |
| Financial charges | 65/66B | €7,926 | €5,915 | -€2,011 | -25.4% |
| Recurring financial charges | 65 | €7,926 | €5,915 | -€2,011 | -25.4% |
| Profit (loss) for the period before taxes | 9903 | -€30,970 | €4,188 | +€35,157 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€30,970 | €4,188 | +€35,157 | |
| Profit (loss) for the period to be appropriated | 9905 | -€30,970 | €4,188 | +€35,157 |
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 30 October 2026 via checked.be.