Inge Demuynck: 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.
Inge Demuynck
Largest movements
- Cash +€41,016
up €41,016 (+11.1%), from €371,106 to €412,122
mainly Net result for the year (+€61,675) and Depreciation (+€622)
- Reserves +€42,037
up €42,037 (+13.4%), from €314,122 to €356,159
of which Distributable reserves: +€42,037
- Gross operating margin +€9,309
up €9,309 (+12.5%), from €74,618 to €83,927
- Taxes +€3,110
up €3,110 (+15.2%), from €20,497 to €23,607
- Financial income +€1,542
up €1,542 (+120%), from €1,284 to €2,826
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 | €415,110 | €458,532 | +€43,422 | +10.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €1,556 | €934 | -€622 | -40.0% |
| Tangible fixed assets | 22/27 | €1,556 | €934 | -€622 | -40.0% |
| Plant, machinery and equipment | 23 | €1,556 | €934 | -€622 | -40.0% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Current assets | 29/58 | €413,554 | €457,598 | +€44,044 | +10.7% |
| Amounts receivable within one year | 40/41 | €39,752 | €42,483 | +€2,731 | +6.9% |
| Trade receivables | 40 | €34,147 | €36,336 | +€2,189 | +6.4% |
| Other amounts receivable | 41 | €5,606 | €6,147 | +€541 | +9.7% |
| Current investments | 50/53 | €2,695 | €2,695 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €371,106 | €412,122 | +€41,016 | +11.1% |
| Deferred charges and accrued income | 490/1 | - | €298 | +€298 | |
| Total equity and liabilities | 10/49 | €415,110 | €458,532 | +€43,422 | +10.5% |
| Equity | 10/15 | €396,982 | €440,694 | +€43,712 | +11.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €314,122 | €356,159 | +€42,037 | +13.4% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €312,263 | €354,300 | +€42,037 | +13.5% |
| Profit (loss) carried forward | 14 | €76,660 | €78,335 | +€1,675 | +2.2% |
| Amounts payable | 17/49 | €18,127 | €17,838 | -€289 | -1.6% |
| Amounts payable within one year | 42/48 | €18,127 | €17,838 | -€289 | -1.6% |
| Trade debts | 44 | €3,080 | €2,811 | -€269 | -8.7% |
| Suppliers | 440/4 | €3,080 | €2,811 | -€269 | -8.7% |
| Taxes, remuneration and social security | 45 | €15,047 | €15,027 | -€20 | -0.1% |
| Taxes | 450/3 | €9,714 | €9,693 | -€20 | -0.2% |
| Remuneration and social security | 454/9 | €5,333 | €5,333 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €309 | €622 | +€313 | +101% |
| Other operating charges | 640/8 | €904 | €528 | -€376 | -41.6% |
| Gross operating margin | 9900 | €74,618 | €83,927 | +€9,309 | +12.5% |
| Operating profit (loss) | 9901 | €73,404 | €82,777 | +€9,373 | +12.8% |
| Financial income | 75/76B | €1,284 | €2,826 | +€1,542 | +120% |
| Recurring financial income | 75 | €1,284 | €2,826 | +€1,542 | +120% |
| Financial charges | 65/66B | €193 | €321 | +€129 | +66.6% |
| Recurring financial charges | 65 | €193 | €321 | +€129 | +66.6% |
| Profit (loss) for the period before taxes | 9903 | €74,496 | €85,282 | +€10,786 | +14.5% |
| Income taxes | 67/77 | €20,497 | €23,607 | +€3,110 | +15.2% |
| Profit (loss) for the period | 9904 | €53,998 | €61,675 | +€7,676 | +14.2% |
| Profit (loss) for the period to be appropriated | 9905 | €53,998 | €61,675 | +€7,676 | +14.2% |
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 15 October 2026 via checked.be.