MICHEL DOTHEY: 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.
MICHEL DOTHEY
Largest movements
- Cash +€44,409
up €44,409 (+47.2%), from €93,993 to €138,402
mainly Net result for the year (+€63,692) and Depreciation (+€29,493)
- Tangible fixed assets -€29,493
down €29,493 (-51.9%), from €56,853 to €27,360
of which Land and buildings: -€28,709
- Receivables within one year +€11,139
up €11,139 (+86.7%), from €12,852 to €23,991
of which Trade receivables: +€7,570
- Reserves +€63,063
up €63,063 (+111%), from €57,000 to €120,063
- Other debts -€27,379
down €27,379 (-97.0%), from €28,212 to €833
- Advances received -€13,068
no longer reported in 2025 (was €13,068)
- Tax, wage and social debts +€9,271
up €9,271 (+63.7%), from €14,547 to €23,818
- Debts after one year -€4,394
down €4,394 (-13.6%), from €32,251 to €27,857
- Depreciation -€9,290
down €9,290 (-24.0%), from €38,783 to €29,493
- Gross operating margin -€3,559
down €3,559 (-2.7%), from €131,231 to €127,672
- Taxes +€1,835
up €1,835 (+6.6%), from €27,958 to €29,793
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 | €163,698 | €189,872 | +€26,174 | +16.0% |
| Fixed assets | 21/28 | €56,853 | €27,360 | -€29,493 | -51.9% |
| Tangible fixed assets | 22/27 | €56,853 | €27,360 | -€29,493 | -51.9% |
| Land and buildings | 22 | €55,210 | €26,501 | -€28,709 | -52.0% |
| Furniture and vehicles | 24 | €1,643 | €858 | -€784 | -47.7% |
| Current assets | 29/58 | €106,845 | €162,512 | +€55,667 | +52.1% |
| Amounts receivable within one year | 40/41 | €12,852 | €23,991 | +€11,139 | +86.7% |
| Trade receivables | 40 | €12,137 | €19,708 | +€7,570 | +62.4% |
| Other amounts receivable | 41 | €715 | €4,283 | +€3,568 | +499% |
| Cash at bank and in hand | 54/58 | €93,993 | €138,402 | +€44,409 | +47.2% |
| Deferred charges and accrued income | 490/1 | - | €119 | +€119 | |
| Total equity and liabilities | 10/49 | €163,698 | €189,872 | +€26,174 | +16.0% |
| Equity | 10/15 | €69,604 | €132,463 | +€62,859 | +90.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €57,000 | €120,063 | +€63,063 | +111% |
| Distributable reserves | 133 | €57,000 | €120,063 | +€63,063 | +111% |
| Profit (loss) carried forward | 14 | €204 | €0 | -€204 | -100.0% |
| Amounts payable | 17/49 | €94,094 | €57,409 | -€36,685 | -39.0% |
| Amounts payable after more than one year | 17 | €32,251 | €27,857 | -€4,394 | -13.6% |
| Financial debts | 170/4 | €32,251 | €27,857 | -€4,394 | -13.6% |
| Amounts payable within one year | 42/48 | €61,677 | €29,402 | -€32,275 | -52.3% |
| Current portion of amounts payable after more than one year | 42 | €4,527 | €4,751 | +€224 | +4.9% |
| Trade debts | 44 | €1,322 | - | -€1,322 | |
| Suppliers | 440/4 | €1,322 | - | -€1,322 | |
| Advances received on contracts in progress | 46 | €13,068 | - | -€13,068 | |
| Taxes, remuneration and social security | 45 | €14,547 | €23,818 | +€9,271 | +63.7% |
| Taxes | 450/3 | €14,547 | €23,818 | +€9,271 | +63.7% |
| Other amounts payable | 47/48 | €28,212 | €833 | -€27,379 | -97.0% |
| Accrued charges and deferred income | 492/3 | €165 | €150 | -€16 | -9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,783 | €29,493 | -€9,290 | -24.0% |
| Other operating charges | 640/8 | €2,977 | €3,065 | +€89 | +3.0% |
| Gross operating margin | 9900 | €131,231 | €127,672 | -€3,559 | -2.7% |
| Operating profit (loss) | 9901 | €89,471 | €95,114 | +€5,642 | +6.3% |
| Financial income | 75/76B | - | €279 | +€279 | |
| Recurring financial income | 75 | - | €279 | +€279 | |
| Financial charges | 65/66B | €2,063 | €1,907 | -€156 | -7.6% |
| Recurring financial charges | 65 | €2,063 | €1,907 | -€156 | -7.6% |
| Profit (loss) for the period before taxes | 9903 | €87,408 | €93,485 | +€6,078 | +7.0% |
| Income taxes | 67/77 | €27,958 | €29,793 | +€1,835 | +6.6% |
| Profit (loss) for the period | 9904 | €59,450 | €63,692 | +€4,242 | +7.1% |
| Profit (loss) for the period to be appropriated | 9905 | €59,450 | €63,692 | +€4,242 | +7.1% |
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 14 October 2026 via checked.be.