Michiel Dedeyne: what changed
Michiel Dedeyne
Largest movements
- Cash +€43,420
up €43,420 (+114%), from €37,945 to €81,365
mainly Net result for the year (+€19,150) and Current portion of long-term debt (+€14,378)
- Tangible fixed assets +€13,176
up €13,176 (+52.6%), from €25,033 to €38,209
of which Land and buildings: +€15,370
- Receivables within one year -€7,201
down €7,201 (-48.7%), from €14,799 to €7,598
of which Trade receivables: -€7,242
- Reserves +€19,150
up €19,150 (+42.8%), from €44,725 to €63,875
- Current portion of long-term debt +€14,378
up €14,378 (+1,135%), from €1,267 to €15,644
- Debts after one year +€10,656
up €10,656 (+240%), from €4,433 to €15,089
- Tax, wage and social debts +€5,619
up €5,619 (+40.6%), from €13,835 to €19,454
- Trade debts +€5,406
up €5,406 (+182%), from €2,975 to €8,382
- Depreciation +€7,064
up €7,064 (+249%), from €2,840 to €9,904
- Gross operating margin -€1,936
down €1,936 (-4.7%), from €41,248 to €39,312
- Taxes -€1,403
down €1,403 (-19.1%), from €7,362 to €5,959
- Financial charges +€739
up €739 (+44.3%), from €1,670 to €2,409
- Other operating charges +€479
up €479 (+34.0%), from €1,409 to €1,888
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €77,777 | €127,444 | +€49,667 | +63.9% |
| Fixed assets | 21/28 | €25,033 | €38,209 | +€13,176 | +52.6% |
| Tangible fixed assets | 22/27 | €25,033 | €38,209 | +€13,176 | +52.6% |
| Land and buildings | 22 | €16,778 | €32,148 | +€15,370 | +91.6% |
| Plant, machinery and equipment | 23 | €8,255 | €4,900 | -€3,356 | -40.6% |
| Furniture and vehicles | 24 | - | €1,161 | +€1,161 | |
| Current assets | 29/58 | €52,744 | €89,235 | +€36,491 | +69.2% |
| Amounts receivable within one year | 40/41 | €14,799 | €7,598 | -€7,201 | -48.7% |
| Trade receivables | 40 | €14,799 | €7,557 | -€7,242 | -48.9% |
| Other amounts receivable | 41 | - | €41 | +€41 | |
| Cash at bank and in hand | 54/58 | €37,945 | €81,365 | +€43,420 | +114% |
| Deferred charges and accrued income | 490/1 | €0 | €272 | +€272 | |
| Total equity and liabilities | 10/49 | €77,777 | €127,444 | +€49,667 | +63.9% |
| Equity | 10/15 | €49,725 | €68,875 | +€19,150 | +38.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €44,725 | €63,875 | +€19,150 | +42.8% |
| Distributable reserves | 133 | €44,725 | €63,875 | +€19,150 | +42.8% |
| Amounts payable | 17/49 | €28,052 | €58,569 | +€30,516 | +109% |
| Amounts payable after more than one year | 17 | €4,433 | €15,089 | +€10,656 | +240% |
| Financial debts | 170/4 | €4,433 | €15,089 | +€10,656 | +240% |
| Amounts payable within one year | 42/48 | €23,217 | €43,480 | +€20,263 | +87.3% |
| Current portion of amounts payable after more than one year | 42 | €1,267 | €15,644 | +€14,378 | +1,135% |
| Trade debts | 44 | €2,975 | €8,382 | +€5,406 | +182% |
| Suppliers | 440/4 | €2,975 | €8,382 | +€5,406 | +182% |
| Taxes, remuneration and social security | 45 | €13,835 | €19,454 | +€5,619 | +40.6% |
| Taxes | 450/3 | €13,835 | €19,454 | +€5,619 | +40.6% |
| Other amounts payable | 47/48 | €5,140 | €0 | -€5,140 | -100% |
| Accrued charges and deferred income | 492/3 | €402 | €0 | -€402 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,840 | €9,904 | +€7,064 | +249% |
| Other operating charges | 640/8 | €1,409 | €1,888 | +€479 | +34.0% |
| Gross operating margin | 9900 | €41,248 | €39,312 | -€1,936 | -4.7% |
| Operating profit (loss) | 9901 | €36,999 | €27,519 | -€9,480 | -25.6% |
| Financial income | 75/76B | €21 | €0 | -€21 | -100% |
| Recurring financial income | 75 | €21 | €0 | -€21 | -100% |
| Financial charges | 65/66B | €1,670 | €2,409 | +€739 | +44.3% |
| Recurring financial charges | 65 | €1,670 | €2,409 | +€739 | +44.3% |
| Profit (loss) for the period before taxes | 9903 | €35,350 | €25,109 | -€10,240 | -29.0% |
| Income taxes | 67/77 | €7,362 | €5,959 | -€1,403 | -19.1% |
| Profit (loss) for the period | 9904 | €27,987 | €19,150 | -€8,837 | -31.6% |
| Profit (loss) for the period to be appropriated | 9905 | €27,987 | €19,150 | -€8,837 | -31.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.