Michael De Roeck: 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.
Michael De Roeck
Largest movements
- Cash +€39,295
up €39,295 (+39.0%), from €100,647 to €139,942
mainly Net result for the year (+€58,520) and Trade debts (+€621)
- Current investments +€10,235
up €10,235 (+17.9%), from €57,044 to €67,279
- Tangible fixed assets +€5,363
new in 2025: €5,363
- Reserves +€58,520
up €58,520 (+57.8%), from €101,311 to €159,831
- Gross operating margin +€4,479
up €4,479 (+6.5%), from €69,384 to €73,863
- Other operating charges -€1,779
down €1,779 (-75.2%), from €2,365 to €585
- Financial income +€1,557
up €1,557 (+414%), from €376 to €1,933
- Taxes +€904
up €904 (+6.3%), from €14,374 to €15,279
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 | €159,243 | €215,928 | +€56,684 | +35.6% |
| Fixed assets | 21/28 | - | €5,363 | +€5,363 | |
| Tangible fixed assets | 22/27 | - | €5,363 | +€5,363 | |
| Furniture and vehicles | 24 | - | €5,363 | +€5,363 | |
| Current assets | 29/58 | €159,243 | €210,565 | +€51,322 | +32.2% |
| Amounts receivable within one year | 40/41 | €204 | €1,997 | +€1,793 | +879% |
| Trade receivables | 40 | €187 | €121 | -€66 | -35.2% |
| Other amounts receivable | 41 | €17 | €1,876 | +€1,859 | +10,806% |
| Current investments | 50/53 | €57,044 | €67,279 | +€10,235 | +17.9% |
| Cash at bank and in hand | 54/58 | €100,647 | €139,942 | +€39,295 | +39.0% |
| Deferred charges and accrued income | 490/1 | €1,348 | €1,348 | -€0 | 0.0% |
| Total equity and liabilities | 10/49 | €159,243 | €215,928 | +€56,684 | +35.6% |
| Equity | 10/15 | €116,311 | €174,831 | +€58,520 | +50.3% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €101,311 | €159,831 | +€58,520 | +57.8% |
| Distributable reserves | 133 | €101,311 | €159,831 | +€58,520 | +57.8% |
| Amounts payable | 17/49 | €42,933 | €41,097 | -€1,836 | -4.3% |
| Amounts payable within one year | 42/48 | €42,933 | €41,097 | -€1,836 | -4.3% |
| Trade debts | 44 | €2,509 | €3,130 | +€621 | +24.8% |
| Suppliers | 440/4 | €2,509 | €3,130 | +€621 | +24.8% |
| Taxes, remuneration and social security | 45 | €38,832 | €37,966 | -€866 | -2.2% |
| Taxes | 450/3 | €38,832 | €37,966 | -€866 | -2.2% |
| Other amounts payable | 47/48 | €1,592 | - | -€1,592 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €230 | +€230 | |
| Other operating charges | 640/8 | €2,365 | €585 | -€1,779 | -75.2% |
| Gross operating margin | 9900 | €69,384 | €73,863 | +€4,479 | +6.5% |
| Operating profit (loss) | 9901 | €67,020 | €73,048 | +€6,028 | +9.0% |
| Financial income | 75/76B | €376 | €1,933 | +€1,557 | +414% |
| Recurring financial income | 75 | €376 | €1,933 | +€1,557 | +414% |
| Financial charges | 65/66B | €1,687 | €1,182 | -€505 | -29.9% |
| Recurring financial charges | 65 | €1,687 | €1,182 | -€505 | -29.9% |
| Profit (loss) for the period before taxes | 9903 | €65,709 | €73,799 | +€8,090 | +12.3% |
| Income taxes | 67/77 | €14,374 | €15,279 | +€904 | +6.3% |
| Profit (loss) for the period | 9904 | €51,334 | €58,520 | +€7,186 | +14.0% |
| Profit (loss) for the period to be appropriated | 9905 | €51,334 | €58,520 | +€7,186 | +14.0% |
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.