Michael DUCOMBLE: 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 DUCOMBLE
Largest movements
- Receivables within one year +€145,216
up €145,216 (+83.6%), from €173,789 to €319,005
of which Trade receivables: +€129,870
- Tangible fixed assets -€19,212
down €19,212 (-7.5%), from €254,947 to €235,736
of which Furniture and vehicles: -€47,249
- Deferred charges and accrued income -€10,275
down €10,275 (-38.0%), from €27,069 to €16,794
- Trade debts +€137,304
up €137,304 (+92.4%), from €148,577 to €285,881
- Debts after one year -€33,055
down €33,055 (-35.2%), from €93,851 to €60,796
- Short-term financial debts +€16,505
up €16,505 (+15.8%), from €104,783 to €121,288
- Tax, wage and social debts -€12,263
down €12,263 (-9.3%), from €131,682 to €119,419
of which Taxes: -€32,953
- Turnover -€1.6m
no longer reported in 2025 (was €1.6m)
- Purchases and services -€1.1m
no longer reported in 2025 (was €1.1m)
- Staff costs +€28,069
up €28,069 (+6.7%), from €420,322 to €448,392
- Gross operating margin +€16,374
up €16,374 (+3.0%), from €546,930 to €563,303
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 | €816,665 | €924,159 | +€107,494 | +13.2% |
| Fixed assets | 21/28 | €266,819 | €243,742 | -€23,077 | -8.6% |
| Intangible fixed assets | 21 | €11,871 | €8,006 | -€3,865 | -32.6% |
| Tangible fixed assets | 22/27 | €254,947 | €235,736 | -€19,212 | -7.5% |
| Plant, machinery and equipment | 23 | €96,859 | €135,368 | +€38,509 | +39.8% |
| Furniture and vehicles | 24 | €142,375 | €95,125 | -€47,249 | -33.2% |
| Leasing and similar rights | 25 | €15,714 | €5,243 | -€10,472 | -66.6% |
| Current assets | 29/58 | €549,847 | €680,417 | +€130,570 | +23.7% |
| Stocks and contracts in progress | 3 | €348,988 | €344,617 | -€4,371 | -1.3% |
| Stocks | 30/36 | €156,746 | €152,375 | -€4,371 | -2.8% |
| Contracts in progress | 37 | €192,242 | €192,242 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €173,789 | €319,005 | +€145,216 | +83.6% |
| Trade receivables | 40 | €91,849 | €221,719 | +€129,870 | +141.4% |
| Other amounts receivable | 41 | €81,940 | €97,287 | +€15,347 | +18.7% |
| Cash at bank and in hand | 54/58 | €0 | €0 | = | |
| Deferred charges and accrued income | 490/1 | €27,069 | €16,794 | -€10,275 | -38.0% |
| Total equity and liabilities | 10/49 | €816,665 | €924,159 | +€107,494 | +13.2% |
| Equity | 10/15 | €218,901 | €218,162 | -€739 | -0.3% |
| Contributions | 10/11 | €12,380 | €12,380 | = | 0.0% |
| Reserves | 13 | €21,650 | €21,650 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €19,790 | €19,790 | = | 0.0% |
| Profit (loss) carried forward | 14 | €184,871 | €184,132 | -€739 | -0.4% |
| Amounts payable | 17/49 | €597,764 | €705,997 | +€108,233 | +18.1% |
| Amounts payable after more than one year | 17 | €93,851 | €60,796 | -€33,055 | -35.2% |
| Financial debts | 170/4 | €93,851 | €60,796 | -€33,055 | -35.2% |
| Amounts payable within one year | 42/48 | €501,049 | €640,221 | +€139,172 | +27.8% |
| Current portion of amounts payable after more than one year | 42 | €65,447 | €62,886 | -€2,561 | -3.9% |
| Financial debts | 43 | €104,783 | €121,288 | +€16,505 | +15.8% |
| Credit institutions | 430/8 | €104,783 | €121,288 | +€16,505 | +15.8% |
| Trade debts | 44 | €148,577 | €285,881 | +€137,304 | +92.4% |
| Suppliers | 440/4 | €148,577 | €285,881 | +€137,304 | +92.4% |
| Advances received on contracts in progress | 46 | €0 | €0 | = | |
| Taxes, remuneration and social security | 45 | €131,682 | €119,419 | -€12,263 | -9.3% |
| Taxes | 450/3 | €60,458 | €27,505 | -€32,953 | -54.5% |
| Remuneration and social security | 454/9 | €71,224 | €91,915 | +€20,691 | +29.0% |
| Other amounts payable | 47/48 | €50,559 | €50,746 | +€187 | +0.4% |
| Accrued charges and deferred income | 492/3 | €2,865 | €4,981 | +€2,116 | +73.9% |
| Turnover | 70 | €1,579,197 | - | -€1.6m | |
| Goods, raw materials, services and sundry goods | 60/61 | €1,127,318 | - | -€1.1m | |
| Remuneration, social security and pensions | 62 | €420,322 | €448,392 | +€28,069 | +6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103,538 | €103,856 | +€318 | +0.3% |
| Other operating charges | 640/8 | €3,067 | €4,072 | +€1,005 | +32.8% |
| Non-recurring operating charges | 66A | €301 | €442 | +€141 | +46.7% |
| Gross operating margin | 9900 | €546,930 | €563,303 | +€16,374 | +3.0% |
| Operating profit (loss) | 9901 | €19,701 | €6,542 | -€13,159 | -66.8% |
| Financial income | 75/76B | €11,493 | €11,600 | +€107 | +0.9% |
| Recurring financial income | 75 | €11,493 | €11,600 | +€107 | +0.9% |
| Financial charges | 65/66B | €15,418 | €18,125 | +€2,707 | +17.6% |
| Recurring financial charges | 65 | €15,418 | €18,125 | +€2,707 | +17.6% |
| Profit (loss) for the period before taxes | 9903 | €15,776 | €17 | -€15,759 | -99.9% |
| Income taxes | 67/77 | €1,831 | €756 | -€1,075 | -58.7% |
| Profit (loss) for the period | 9904 | €13,946 | -€739 | -€14,685 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,946 | -€739 | -€14,685 |
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 12 October 2026 via checked.be.