S. De Decker: what changed
Two fiscal 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.
S. De Decker
Largest movements
- Current investments +€21,000
up €21,000 (+16.3%), from €128,526 to €149,526
- Tangible fixed assets +€18,392
up €18,392 (+289.9%), from €6,345 to €24,737
of which Plant, machinery and equipment: +€19,488
- Cash -€5,395
down €5,395 (-5.0%), from €108,916 to €103,521
mainly Current investments (-€21,000) and Investment in fixed assets (net) (-€19,663)
- Receivables within one year +€3,228
up €3,228 (+29.2%), from €11,069 to €14,297
of which Trade receivables: +€2,867
- Reserves +€34,878
up €34,878 (+16.9%), from €206,727 to €241,604
- Current portion of long-term debt -€6,790
down €6,790 (-67.2%), from €10,102 to €3,312
- Debts after one year +€6,336
up €6,336 (+83.7%), from €7,570 to €13,907
- Tax, wage and social debts -€3,910
down €3,910 (-45.2%), from €8,655 to €4,745
of which Remuneration and social security: -€2,650
- Trade debts +€2,968
up €2,968 (+62.6%), from €4,742 to €7,710
- Gross operating margin -€21,229
down €21,229 (-28.7%), from €74,056 to €52,827
- Taxes -€6,125
down €6,125 (-31.3%), from €19,577 to €13,452
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.
Cash bridge derived
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 | €256,796 | €292,391 | +€35,594 | +13.9% |
| Fixed assets | 21/28 | €7,845 | €24,737 | +€16,892 | +215.3% |
| Tangible fixed assets | 22/27 | €6,345 | €24,737 | +€18,392 | +289.9% |
| Plant, machinery and equipment | 23 | €2,553 | €22,041 | +€19,488 | +763.4% |
| Furniture and vehicles | 24 | €2,050 | €1,825 | -€225 | -11.0% |
| Other tangible fixed assets | 26 | €1,742 | €871 | -€871 | -50.0% |
| Financial fixed assets | 28 | €1,500 | €0 | -€1,500 | -100.0% |
| Current assets | 29/58 | €248,951 | €267,653 | +€18,702 | +7.5% |
| Amounts receivable within one year | 40/41 | €11,069 | €14,297 | +€3,228 | +29.2% |
| Trade receivables | 40 | €6,882 | €9,749 | +€2,867 | +41.7% |
| Other amounts receivable | 41 | €4,187 | €4,548 | +€362 | +8.6% |
| Current investments | 50/53 | €128,526 | €149,526 | +€21,000 | +16.3% |
| Cash at bank and in hand | 54/58 | €108,916 | €103,521 | -€5,395 | -5.0% |
| Deferred charges and accrued income | 490/1 | €440 | €309 | -€131 | -29.8% |
| Total equity and liabilities | 10/49 | €256,796 | €292,391 | +€35,594 | +13.9% |
| Equity | 10/15 | €225,727 | €260,604 | +€34,878 | +15.5% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €206,727 | €241,604 | +€34,878 | +16.9% |
| Distributable reserves | 133 | €206,727 | €241,604 | +€34,878 | +16.9% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €31,070 | €31,786 | +€716 | +2.3% |
| Amounts payable after more than one year | 17 | €7,570 | €13,907 | +€6,336 | +83.7% |
| Financial debts | 170/4 | €7,570 | €13,907 | +€6,336 | +83.7% |
| Amounts payable within one year | 42/48 | €23,499 | €17,880 | -€5,620 | -23.9% |
| Current portion of amounts payable after more than one year | 42 | €10,102 | €3,312 | -€6,790 | -67.2% |
| Trade debts | 44 | €4,742 | €7,710 | +€2,968 | +62.6% |
| Suppliers | 440/4 | €4,742 | €7,710 | +€2,968 | +62.6% |
| Taxes, remuneration and social security | 45 | €8,655 | €4,745 | -€3,910 | -45.2% |
| Taxes | 450/3 | €6,005 | €4,745 | -€1,260 | -21.0% |
| Remuneration and social security | 454/9 | €2,650 | €0 | -€2,650 | -100.0% |
| Other amounts payable | 47/48 | - | €2,112 | +€2,112 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,386 | €2,771 | +€385 | +16.1% |
| Other operating charges | 640/8 | €843 | €724 | -€119 | -14.1% |
| Gross operating margin | 9900 | €74,056 | €52,827 | -€21,229 | -28.7% |
| Operating profit (loss) | 9901 | €70,827 | €49,333 | -€21,494 | -30.3% |
| Financial income | 75/76B | €360 | €0 | -€360 | -100.0% |
| Recurring financial income | 75 | €360 | €0 | -€360 | -100.0% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €1,187 | €1,003 | -€184 | -15.5% |
| Recurring financial charges | 65 | €1,187 | €1,003 | -€184 | -15.5% |
| Profit (loss) for the period before taxes | 9903 | €70,000 | €48,330 | -€21,671 | -31.0% |
| Income taxes | 67/77 | €19,577 | €13,452 | -€6,125 | -31.3% |
| Profit (loss) for the period | 9904 | €50,423 | €34,878 | -€15,546 | -30.8% |
| Profit (loss) for the period to be appropriated | 9905 | €50,423 | €34,878 | -€15,546 | -30.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.