Olivier Daenen: 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.
Olivier Daenen
Largest movements
- Cash -€111,563
down €111,563 (-86.5%), from €128,936 to €17,373
mainly Other debts (-€69,406) and Tax, wage and social debts (-€54,496)
- Stocks and contracts -€41,270
down €41,270 (-22.8%), from €180,789 to €139,519
- Tangible fixed assets -€18,420
down €18,420 (-3.2%), from €581,786 to €563,366
of which Plant, machinery and equipment: -€11,260
- Receivables within one year +€14,767
up €14,767 (+108%), from €13,701 to €28,468
of which Other amounts receivable: +€21,499
- Other debts -€69,406
down €69,406 (-33.7%), from €206,105 to €136,699
- Tax, wage and social debts -€54,496
down €54,496 (-83.7%), from €65,115 to €10,619
of which Taxes: -€34,669
- Reserves -€14,892
down €14,892 (-7.5%), from €197,338 to €182,447
- Trade debts -€12,253
down €12,253 (-77.1%), from €15,884 to €3,631
- Debts after one year -€10,958
down €10,958 (-2.8%), from €395,989 to €385,030
of which Financial debts: -€30,958
- Gross operating margin -€362,744
down €362,744 (-90.1%), from €402,661 to €39,917
- Staff costs -€217,766
down €217,766 (-98.5%), from €220,992 to €3,226
- Taxes -€28,219
down €28,219 (-100%), from €28,219 to €0
- Financial charges -€17,131
down €17,131 (-64.1%), from €26,707 to €9,576
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 | €923,824 | €761,093 | -€162,731 | -17.6% |
| Fixed assets | 21/28 | €598,893 | €575,598 | -€23,295 | -3.9% |
| Intangible fixed assets | 21 | €17,108 | €12,233 | -€4,875 | -28.5% |
| Tangible fixed assets | 22/27 | €581,786 | €563,366 | -€18,420 | -3.2% |
| Land and buildings | 22 | €540,341 | €536,162 | -€4,179 | -0.8% |
| Plant, machinery and equipment | 23 | €37,083 | €25,824 | -€11,260 | -30.4% |
| Furniture and vehicles | 24 | €4,361 | €1,380 | -€2,981 | -68.4% |
| Current assets | 29/58 | €324,931 | €185,494 | -€139,437 | -42.9% |
| Stocks and contracts in progress | 3 | €180,789 | €139,519 | -€41,270 | -22.8% |
| Stocks | 30/36 | €180,789 | €139,519 | -€41,270 | -22.8% |
| Amounts receivable within one year | 40/41 | €13,701 | €28,468 | +€14,767 | +108% |
| Trade receivables | 40 | €12,614 | €5,882 | -€6,732 | -53.4% |
| Other amounts receivable | 41 | €1,087 | €22,585 | +€21,499 | +1,979% |
| Cash at bank and in hand | 54/58 | €128,936 | €17,373 | -€111,563 | -86.5% |
| Deferred charges and accrued income | 490/1 | €1,505 | €134 | -€1,371 | -91.1% |
| Total equity and liabilities | 10/49 | €923,824 | €761,093 | -€162,731 | -17.6% |
| Equity | 10/15 | €200,338 | €185,447 | -€14,892 | -7.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €197,338 | €182,447 | -€14,892 | -7.5% |
| Distributable reserves | 133 | €197,338 | €182,447 | -€14,892 | -7.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €723,486 | €575,646 | -€147,840 | -20.4% |
| Amounts payable after more than one year | 17 | €395,989 | €385,030 | -€10,958 | -2.8% |
| Financial debts | 170/4 | €395,989 | €365,030 | -€30,958 | -7.8% |
| Other amounts payable | 178/9 | - | €20,000 | +€20,000 | |
| Amounts payable within one year | 42/48 | €324,198 | €181,906 | -€142,292 | -43.9% |
| Current portion of amounts payable after more than one year | 42 | €30,305 | €30,958 | +€653 | +2.2% |
| Financial debts | 43 | €6,789 | €0 | -€6,789 | -100% |
| Credit institutions | 430/8 | €6,789 | €0 | -€6,789 | -100% |
| Trade debts | 44 | €15,884 | €3,631 | -€12,253 | -77.1% |
| Suppliers | 440/4 | €15,884 | €3,631 | -€12,253 | -77.1% |
| Taxes, remuneration and social security | 45 | €65,115 | €10,619 | -€54,496 | -83.7% |
| Taxes | 450/3 | €45,288 | €10,619 | -€34,669 | -76.6% |
| Remuneration and social security | 454/9 | €19,828 | €0 | -€19,828 | -100% |
| Other amounts payable | 47/48 | €206,105 | €136,699 | -€69,406 | -33.7% |
| Accrued charges and deferred income | 492/3 | €3,299 | €8,710 | +€5,410 | +164% |
| Non-recurring operating income | 76A | - | €6,492 | +€6,492 | |
| Remuneration, social security and pensions | 62 | €220,992 | €3,226 | -€217,766 | -98.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,370 | €41,331 | +€962 | +2.4% |
| Other operating charges | 640/8 | €3,756 | €1,131 | -€2,625 | -69.9% |
| Gross operating margin | 9900 | €402,661 | €39,917 | -€362,744 | -90.1% |
| Operating profit (loss) | 9901 | €137,544 | -€5,771 | -€143,315 | |
| Financial income | 75/76B | €103 | €455 | +€352 | +341% |
| Recurring financial income | 75 | €103 | €455 | +€352 | +341% |
| Financial charges | 65/66B | €26,707 | €9,576 | -€17,131 | -64.1% |
| Recurring financial charges | 65 | €26,707 | €9,576 | -€17,131 | -64.1% |
| Profit (loss) for the period before taxes | 9903 | €110,941 | -€14,892 | -€125,832 | |
| Income taxes | 67/77 | €28,219 | €0 | -€28,219 | -100% |
| Profit (loss) for the period | 9904 | €82,721 | -€14,892 | -€97,613 | |
| Profit (loss) for the period to be appropriated | 9905 | €82,721 | -€14,892 | -€97,613 |
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 31 October 2026 via checked.be.