P. DHAENE: 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.
P. DHAENE
Largest movements
- Current investments -€200,000
down €200,000 (-100%), from €200,000 to €0
- Cash +€101,428
up €101,428 (+464%), from €21,880 to €123,308
mainly Current investments (+€200,000) and Net result for the year (+€32,825)
- Receivables within one year -€28,145
down €28,145 (-57.5%), from €48,925 to €20,780
of which Trade receivables: -€28,182
- Tangible fixed assets -€14,823
down €14,823 (-16.8%), from €88,255 to €73,431
of which Furniture and vehicles: -€10,714
- Reserves -€140,198
down €140,198 (-43.6%), from €321,554 to €181,356
- Tax, wage and social debts +€10,820
up €10,820 (+137%), from €7,885 to €18,705
of which Taxes: +€12,183
- Other debts -€10,100
down €10,100 (-100%), from €10,100 to €0
- Trade debts -€4,914
down €4,914 (-99.7%), from €4,929 to €16
- Depreciation +€7,033
up €7,033 (+56.3%), from €12,496 to €19,529
- Taxes +€6,006
up €6,006 (+56.3%), from €10,673 to €16,679
- Financial income -€3,075
down €3,075 (-43.9%), from €7,007 to €3,932
- Gross operating margin -€1,644
down €1,644 (-2.4%), from €68,552 to €66,908
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 | €363,068 | €218,676 | -€144,392 | -39.8% |
| Fixed assets | 21/28 | €88,525 | €73,431 | -€15,093 | -17.0% |
| Tangible fixed assets | 22/27 | €88,255 | €73,431 | -€14,823 | -16.8% |
| Plant, machinery and equipment | 23 | €22,282 | €18,173 | -€4,109 | -18.4% |
| Furniture and vehicles | 24 | €65,972 | €55,258 | -€10,714 | -16.2% |
| Financial fixed assets | 28 | €270 | €0 | -€270 | -100% |
| Current assets | 29/58 | €274,544 | €145,245 | -€129,299 | -47.1% |
| Amounts receivable within one year | 40/41 | €48,925 | €20,780 | -€28,145 | -57.5% |
| Trade receivables | 40 | €44,601 | €16,420 | -€28,182 | -63.2% |
| Other amounts receivable | 41 | €4,324 | €4,360 | +€36 | +0.8% |
| Current investments | 50/53 | €200,000 | €0 | -€200,000 | -100% |
| Cash at bank and in hand | 54/58 | €21,880 | €123,308 | +€101,428 | +464% |
| Deferred charges and accrued income | 490/1 | €3,738 | €1,156 | -€2,582 | -69.1% |
| Total equity and liabilities | 10/49 | €363,068 | €218,676 | -€144,392 | -39.8% |
| Equity | 10/15 | €340,154 | €199,956 | -€140,198 | -41.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €321,554 | €181,356 | -€140,198 | -43.6% |
| Distributable reserves | 133 | €321,554 | €181,356 | -€140,198 | -43.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €22,914 | €18,720 | -€4,194 | -18.3% |
| Amounts payable within one year | 42/48 | €22,914 | €18,720 | -€4,194 | -18.3% |
| Trade debts | 44 | €4,929 | €16 | -€4,914 | -99.7% |
| Suppliers | 440/4 | €4,929 | €16 | -€4,914 | -99.7% |
| Taxes, remuneration and social security | 45 | €7,885 | €18,705 | +€10,820 | +137% |
| Taxes | 450/3 | €6,522 | €18,705 | +€12,183 | +187% |
| Remuneration and social security | 454/9 | €1,363 | €0 | -€1,363 | -100% |
| Other amounts payable | 47/48 | €10,100 | €0 | -€10,100 | -100% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €57 | +€57 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,496 | €19,529 | +€7,033 | +56.3% |
| Other operating charges | 640/8 | €1,371 | €1,084 | -€288 | -21.0% |
| Non-recurring operating charges | 66A | - | €270 | +€270 | |
| Gross operating margin | 9900 | €68,552 | €66,908 | -€1,644 | -2.4% |
| Operating profit (loss) | 9901 | €54,684 | €46,025 | -€8,659 | -15.8% |
| Financial income | 75/76B | €7,007 | €3,932 | -€3,075 | -43.9% |
| Recurring financial income | 75 | €7,007 | €3,932 | -€3,075 | -43.9% |
| Financial charges | 65/66B | €528 | €453 | -€74 | -14.1% |
| Recurring financial charges | 65 | €528 | €453 | -€74 | -14.1% |
| Profit (loss) for the period before taxes | 9903 | €61,163 | €49,504 | -€11,659 | -19.1% |
| Income taxes | 67/77 | €10,673 | €16,679 | +€6,006 | +56.3% |
| Profit (loss) for the period | 9904 | €50,490 | €32,825 | -€17,666 | -35.0% |
| Profit (loss) for the period to be appropriated | 9905 | €50,490 | €32,825 | -€17,666 | -35.0% |
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 21 October 2026 via checked.be.