MATHIEU DEBUCKE: 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.
MATHIEU DEBUCKE
Largest movements
- Tangible fixed assets -€38,679
down €38,679 (-3.9%), from €1.0m to €963,828
of which Land and buildings: -€26,179
- Debts after one year -€54,242
down €54,242 (-7.7%), from €704,190 to €649,948
- Gross operating margin +€58,323
up €58,323 (+54.4%), from €107,237 to €165,561
- Depreciation +€12,592
up €12,592 (+40.7%), from €30,901 to €43,493
- Taxes +€11,273
up €11,273 (+59.3%), from €19,015 to €30,288
- Financial charges +€10,572
up €10,572 (+135.5%), from €7,804 to €18,376
- Other operating charges -€5,263
down €5,263 (-60.8%), from €8,652 to €3,389
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 | €1,057,341 | €1,016,634 | -€40,707 | -3.8% |
| Fixed assets | 21/28 | €1,002,772 | €969,093 | -€33,679 | -3.4% |
| Tangible fixed assets | 22/27 | €1,002,507 | €963,828 | -€38,679 | -3.9% |
| Land and buildings | 22 | €687,219 | €661,040 | -€26,179 | -3.8% |
| Furniture and vehicles | 24 | €3,369 | €6,179 | +€2,809 | +83.4% |
| Other tangible fixed assets | 26 | €311,918 | €296,609 | -€15,309 | -4.9% |
| Financial fixed assets | 28 | €265 | €5,265 | +€5,000 | +1886.8% |
| Current assets | 29/58 | €54,569 | €47,541 | -€7,028 | -12.9% |
| Amounts receivable within one year | 40/41 | €17,645 | €14,236 | -€3,409 | -19.3% |
| Trade receivables | 40 | €15,182 | €6,292 | -€8,890 | -58.6% |
| Other amounts receivable | 41 | €2,463 | €7,944 | +€5,481 | +222.5% |
| Cash at bank and in hand | 54/58 | €36,906 | €29,898 | -€7,008 | -19.0% |
| Deferred charges and accrued income | 490/1 | €18 | €3,407 | +€3,389 | +18825.3% |
| Total equity and liabilities | 10/49 | €1,057,341 | €1,016,634 | -€40,707 | -3.8% |
| Equity | 10/15 | €257,728 | €266,821 | +€9,093 | +3.5% |
| Contributions | 10/11 | €74,400 | €74,400 | = | 0.0% |
| Reserves | 13 | €183,328 | €192,421 | +€9,093 | +5.0% |
| Distributable reserves | 133 | €183,328 | €192,421 | +€9,093 | +5.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €799,613 | €749,813 | -€49,800 | -6.2% |
| Amounts payable after more than one year | 17 | €704,190 | €649,948 | -€54,242 | -7.7% |
| Financial debts | 170/4 | €704,190 | €649,948 | -€54,242 | -7.7% |
| Amounts payable within one year | 42/48 | €95,102 | €99,864 | +€4,762 | +5.0% |
| Current portion of amounts payable after more than one year | 42 | €53,448 | €54,423 | +€975 | +1.8% |
| Trade debts | 44 | €17,491 | €11,417 | -€6,074 | -34.7% |
| Suppliers | 440/4 | €17,491 | €11,417 | -€6,074 | -34.7% |
| Taxes, remuneration and social security | 45 | €24,163 | €34,025 | +€9,862 | +40.8% |
| Taxes | 450/3 | €24,163 | €34,025 | +€9,862 | +40.8% |
| Accrued charges and deferred income | 492/3 | €320 | €0 | -€320 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,901 | €43,493 | +€12,592 | +40.7% |
| Other operating charges | 640/8 | €8,652 | €3,389 | -€5,263 | -60.8% |
| Gross operating margin | 9900 | €107,237 | €165,561 | +€58,323 | +54.4% |
| Operating profit (loss) | 9901 | €67,685 | €118,679 | +€50,995 | +75.3% |
| Financial income | 75/76B | €445 | €582 | +€137 | +30.8% |
| Recurring financial income | 75 | €445 | €582 | +€137 | +30.8% |
| Financial charges | 65/66B | €7,804 | €18,376 | +€10,572 | +135.5% |
| Recurring financial charges | 65 | €7,804 | €18,376 | +€10,572 | +135.5% |
| Profit (loss) for the period before taxes | 9903 | €60,326 | €100,886 | +€40,560 | +67.2% |
| Income taxes | 67/77 | €19,015 | €30,288 | +€11,273 | +59.3% |
| Profit (loss) for the period | 9904 | €41,311 | €70,598 | +€29,287 | +70.9% |
| Profit (loss) for the period to be appropriated | 9905 | €41,311 | €70,598 | +€29,287 | +70.9% |
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 4 October 2026 via checked.be.