Grégory DETHIER: what changed
Two fiscal 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.
Grégory DETHIER
Largest movements
- Receivables within one year -€125,777
down €125,777 (-44.8%), from €280,543 to €154,767
of which Trade receivables: -€107,902
- Cash +€31,618
up €31,618 (+35.0%), from €90,455 to €122,073
mainly Receivables within one year (+€125,777) and Net result for the year (+€109,798)
- Tangible fixed assets -€22,494
down €22,494 (-12.0%), from €187,657 to €165,163
of which Leasing and similar rights: -€16,048
- Deferred charges and accrued income -€8,968
down €8,968 (-65.6%), from €13,678 to €4,711
- Short-term financial debts -€93,734
down €93,734 (-93.7%), from €100,000 to €6,266
- Trade debts -€78,227
down €78,227 (-46.7%), from €167,357 to €89,130
- Profit (loss) carried forward +€58,782
up €58,782, from -€58,782 to €0
- Reserves +€51,016
up €51,016 (+42.0%), from €121,384 to €172,400
- Tax, wage and social debts -€34,228
down €34,228 (-34.1%), from €100,313 to €66,085
of which Taxes: -€30,338
- Gross operating margin +€111,279
up €111,279 (+14.0%), from €797,687 to €908,966
- Staff costs -€46,302
down €46,302 (-5.9%), from €787,046 to €740,744
- Taxes +€20,391
up €20,391 (+4167.2%), from €489 to €20,880
- Other operating charges -€9,722
down €9,722 (-54.7%), from €17,780 to €8,058
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.
Cash bridge derived
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 | €580,853 | €452,596 | -€128,256 | -22.1% |
| Fixed assets | 21/28 | €188,014 | €166,595 | -€21,420 | -11.4% |
| Intangible fixed assets | 21 | €233 | €0 | -€233 | -100.0% |
| Tangible fixed assets | 22/27 | €187,657 | €165,163 | -€22,494 | -12.0% |
| Land and buildings | 22 | €150,845 | €138,182 | -€12,663 | -8.4% |
| Plant, machinery and equipment | 23 | €2,750 | €2,002 | -€748 | -27.2% |
| Furniture and vehicles | 24 | €2,408 | €9,374 | +€6,966 | +289.3% |
| Leasing and similar rights | 25 | €31,654 | €15,606 | -€16,048 | -50.7% |
| Financial fixed assets | 28 | €124 | €1,432 | +€1,308 | +1054.5% |
| Current assets | 29/58 | €392,838 | €286,002 | -€106,837 | -27.2% |
| Stocks and contracts in progress | 3 | €8,162 | €4,452 | -€3,710 | -45.5% |
| Stocks | 30/36 | €8,162 | €4,452 | -€3,710 | -45.5% |
| Amounts receivable within one year | 40/41 | €280,543 | €154,767 | -€125,777 | -44.8% |
| Trade receivables | 40 | €253,535 | €145,633 | -€107,902 | -42.6% |
| Other amounts receivable | 41 | €27,008 | €9,133 | -€17,875 | -66.2% |
| Cash at bank and in hand | 54/58 | €90,455 | €122,073 | +€31,618 | +35.0% |
| Deferred charges and accrued income | 490/1 | €13,678 | €4,711 | -€8,968 | -65.6% |
| Total equity and liabilities | 10/49 | €580,853 | €452,596 | -€128,256 | -22.1% |
| Equity | 10/15 | €85,127 | €193,800 | +€108,673 | +127.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €121,384 | €172,400 | +€51,016 | +42.0% |
| Distributable reserves | 133 | €121,384 | €172,400 | +€51,016 | +42.0% |
| Profit (loss) carried forward | 14 | -€58,782 | €0 | +€58,782 | |
| Investment grants | 15 | €10,125 | €9,000 | -€1,125 | -11.1% |
| Amounts payable | 17/49 | €495,725 | €258,796 | -€236,929 | -47.8% |
| Amounts payable after more than one year | 17 | €97,315 | €73,818 | -€23,497 | -24.1% |
| Financial debts | 170/4 | €97,315 | €73,818 | -€23,497 | -24.1% |
| Amounts payable within one year | 42/48 | €395,935 | €184,978 | -€210,957 | -53.3% |
| Current portion of amounts payable after more than one year | 42 | €27,298 | €23,497 | -€3,801 | -13.9% |
| Financial debts | 43 | €100,000 | €6,266 | -€93,734 | -93.7% |
| Credit institutions | 430/8 | €100,000 | €6,266 | -€93,734 | -93.7% |
| Trade debts | 44 | €167,357 | €89,130 | -€78,227 | -46.7% |
| Suppliers | 440/4 | €167,357 | €89,130 | -€78,227 | -46.7% |
| Advances received on contracts in progress | 46 | €968 | €0 | -€968 | -100.0% |
| Taxes, remuneration and social security | 45 | €100,313 | €66,085 | -€34,228 | -34.1% |
| Taxes | 450/3 | €54,726 | €24,388 | -€30,338 | -55.4% |
| Remuneration and social security | 454/9 | €45,587 | €41,696 | -€3,891 | -8.5% |
| Accrued charges and deferred income | 492/3 | €2,475 | €0 | -€2,475 | -100.0% |
| Remuneration, social security and pensions | 62 | €787,046 | €740,744 | -€46,302 | -5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,480 | €25,850 | -€1,630 | -5.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | -€80 | -€80 | |
| Other operating charges | 640/8 | €17,780 | €8,058 | -€9,722 | -54.7% |
| Gross operating margin | 9900 | €797,687 | €908,966 | +€111,279 | +14.0% |
| Operating profit (loss) | 9901 | -€34,620 | €134,394 | +€169,013 | |
| Financial income | 75/76B | €1,901 | €4,529 | +€2,628 | +138.3% |
| Recurring financial income | 75 | €1,901 | €4,529 | +€2,628 | +138.3% |
| Financial charges | 65/66B | €14,026 | €8,245 | -€5,781 | -41.2% |
| Recurring financial charges | 65 | €14,026 | €8,245 | -€5,781 | -41.2% |
| Profit (loss) for the period before taxes | 9903 | -€46,745 | €130,678 | +€177,423 | |
| Income taxes | 67/77 | €489 | €20,880 | +€20,391 | +4167.2% |
| Profit (loss) for the period | 9904 | -€47,234 | €109,798 | +€157,032 | |
| Profit (loss) for the period to be appropriated | 9905 | -€47,234 | €109,798 | +€157,032 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.