MIGUEL DEVOS: 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.
MIGUEL DEVOS
Largest movements
- Cash +€168,696
up €168,696 (+174%), from €96,680 to €265,375
mainly Net result for the year (+€195,217) and Receivables within one year (+€137,866)
- Receivables within one year -€137,866
down €137,866 (-70.3%), from €196,046 to €58,180
of which Other amounts receivable: -€131,094
- Current investments +€73,076
up €73,076 (+128%), from €57,012 to €130,088
- Tangible fixed assets -€37,872
down €37,872 (-4.2%), from €895,289 to €857,417
of which Land and buildings: -€32,945
- Reserves +€93,432
up €93,432 (+8.7%), from €1.1m to €1.2m
of which Distributable reserves: +€93,432
- Debts after one year -€17,762
down €17,762 (-12.7%), from €139,940 to €122,178
- Staff costs +€19,705
up €19,705 (+38.0%), from €51,881 to €71,586
- Financial charges -€7,877
down €7,877 (-56.0%), from €14,057 to €6,180
- Gross operating margin -€7,572
down €7,572 (-1.9%), from €406,379 to €398,807
- Depreciation -€6,609
down €6,609 (-14.2%), from €46,487 to €39,879
- Financial income +€5,061
up €5,061 (+153%), from €3,316 to €8,377
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 | €1,301,710 | €1,364,904 | +€63,194 | +4.9% |
| Fixed assets | 21/28 | €895,414 | €857,542 | -€37,872 | -4.2% |
| Tangible fixed assets | 22/27 | €895,289 | €857,417 | -€37,872 | -4.2% |
| Land and buildings | 22 | €876,283 | €843,338 | -€32,945 | -3.8% |
| Plant, machinery and equipment | 23 | €14,126 | €9,438 | -€4,688 | -33.2% |
| Furniture and vehicles | 24 | €4,880 | €4,641 | -€239 | -4.9% |
| Financial fixed assets | 28 | €125 | €125 | = | 0.0% |
| Current assets | 29/58 | €406,296 | €507,361 | +€101,065 | +24.9% |
| Stocks and contracts in progress | 3 | €46,032 | €42,334 | -€3,698 | -8.0% |
| Stocks | 30/36 | €46,032 | €42,334 | -€3,698 | -8.0% |
| Amounts receivable within one year | 40/41 | €196,046 | €58,180 | -€137,866 | -70.3% |
| Trade receivables | 40 | €41,826 | €35,054 | -€6,772 | -16.2% |
| Other amounts receivable | 41 | €154,220 | €23,126 | -€131,094 | -85.0% |
| Current investments | 50/53 | €57,012 | €130,088 | +€73,076 | +128% |
| Cash at bank and in hand | 54/58 | €96,680 | €265,375 | +€168,696 | +174% |
| Deferred charges and accrued income | 490/1 | €10,526 | €11,384 | +€858 | +8.2% |
| Total equity and liabilities | 10/49 | €1,301,710 | €1,364,904 | +€63,194 | +4.9% |
| Equity | 10/15 | €1,094,301 | €1,187,733 | +€93,432 | +8.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,075,701 | €1,169,133 | +€93,432 | +8.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,075,701 | €1,169,133 | +€93,432 | +8.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €207,409 | €177,170 | -€30,238 | -14.6% |
| Amounts payable after more than one year | 17 | €139,940 | €122,178 | -€17,762 | -12.7% |
| Financial debts | 170/4 | €139,940 | €122,178 | -€17,762 | -12.7% |
| Amounts payable within one year | 42/48 | €66,611 | €53,823 | -€12,788 | -19.2% |
| Current portion of amounts payable after more than one year | 42 | €17,498 | €17,762 | +€264 | +1.5% |
| Trade debts | 44 | €17,498 | €18,830 | +€1,332 | +7.6% |
| Suppliers | 440/4 | €17,498 | €18,830 | +€1,332 | +7.6% |
| Taxes, remuneration and social security | 45 | €25,561 | €16,205 | -€9,357 | -36.6% |
| Taxes | 450/3 | €20,409 | €16,205 | -€4,204 | -20.6% |
| Remuneration and social security | 454/9 | €5,153 | €0 | -€5,153 | -100% |
| Other amounts payable | 47/48 | €6,053 | €1,026 | -€5,027 | -83.1% |
| Accrued charges and deferred income | 492/3 | €857 | €1,170 | +€312 | +36.4% |
| Remuneration, social security and pensions | 62 | €51,881 | €71,586 | +€19,705 | +38.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,487 | €39,879 | -€6,609 | -14.2% |
| Other operating charges | 640/8 | €8,517 | €7,741 | -€776 | -9.1% |
| Non-recurring operating charges | 66A | €618 | €901 | +€283 | +45.9% |
| Gross operating margin | 9900 | €406,379 | €398,807 | -€7,572 | -1.9% |
| Operating profit (loss) | 9901 | €298,876 | €278,701 | -€20,175 | -6.8% |
| Financial income | 75/76B | €3,316 | €8,377 | +€5,061 | +153% |
| Recurring financial income | 75 | €3,316 | €8,377 | +€5,061 | +153% |
| Financial charges | 65/66B | €14,057 | €6,180 | -€7,877 | -56.0% |
| Recurring financial charges | 65 | €14,057 | €6,180 | -€7,877 | -56.0% |
| Profit (loss) for the period before taxes | 9903 | €288,135 | €280,898 | -€7,237 | -2.5% |
| Income taxes | 67/77 | €87,928 | €85,681 | -€2,247 | -2.6% |
| Profit (loss) for the period | 9904 | €200,207 | €195,217 | -€4,990 | -2.5% |
| Profit (loss) for the period to be appropriated | 9905 | €200,207 | €195,217 | -€4,990 | -2.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.