S. DEVOS: 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. DEVOS
Largest movements
- Deferred charges and accrued income +€23,046
up €23,046 (+107.5%), from €21,431 to €44,477
- Cash +€19,809
up €19,809 (+57.4%), from €34,497 to €54,306
mainly Net result for the year (+€73,661) and Depreciation (+€16,350)
- Tangible fixed assets -€16,350
down €16,350 (-6.3%), from €258,080 to €241,730
- Reserves +€53,600
up €53,600 (+21.8%), from €245,360 to €298,960
of which Distributable reserves: +€53,600
- Current portion of long-term debt -€24,311
down €24,311 (-77.8%), from €31,263 to €6,952
- Debts after one year -€5,829
down €5,829 (-68.2%), from €8,543 to €2,713
- Gross operating margin +€20,336
up €20,336 (+19.3%), from €105,453 to €125,789
- Taxes +€4,883
up €4,883 (+19.5%), from €25,100 to €29,983
- Financial charges +€2,496
up €2,496 (+317.5%), from €786 to €3,282
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 | €317,255 | €340,514 | +€23,259 | +7.3% |
| Fixed assets | 21/28 | €258,080 | €241,730 | -€16,350 | -6.3% |
| Tangible fixed assets | 22/27 | €258,080 | €241,730 | -€16,350 | -6.3% |
| Land and buildings | 22 | €223,472 | €216,242 | -€7,230 | -3.2% |
| Furniture and vehicles | 24 | €26,200 | €19,132 | -€7,068 | -27.0% |
| Other tangible fixed assets | 26 | €8,408 | €6,356 | -€2,052 | -24.4% |
| Current assets | 29/58 | €59,175 | €98,784 | +€39,609 | +66.9% |
| Amounts receivable within one year | 40/41 | €3,247 | €0 | -€3,247 | -100.0% |
| Other amounts receivable | 41 | €3,247 | €0 | -€3,247 | -100.0% |
| Cash at bank and in hand | 54/58 | €34,497 | €54,306 | +€19,809 | +57.4% |
| Deferred charges and accrued income | 490/1 | €21,431 | €44,477 | +€23,046 | +107.5% |
| Total equity and liabilities | 10/49 | €317,255 | €340,514 | +€23,259 | +7.3% |
| Equity | 10/15 | €263,471 | €317,132 | +€53,661 | +20.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €245,360 | €298,960 | +€53,600 | +21.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €245,360 | €298,960 | +€53,600 | +21.8% |
| Profit (loss) carried forward | 14 | €5,711 | €5,772 | +€61 | +1.1% |
| Amounts payable | 17/49 | €53,784 | €23,382 | -€30,402 | -56.5% |
| Amounts payable after more than one year | 17 | €8,543 | €2,713 | -€5,829 | -68.2% |
| Financial debts | 170/4 | €8,543 | €2,713 | -€5,829 | -68.2% |
| Amounts payable within one year | 42/48 | €45,242 | €19,451 | -€25,791 | -57.0% |
| Current portion of amounts payable after more than one year | 42 | €31,263 | €6,952 | -€24,311 | -77.8% |
| Trade debts | 44 | €1,446 | €1,847 | +€400 | +27.7% |
| Suppliers | 440/4 | €1,446 | €1,847 | +€400 | +27.7% |
| Taxes, remuneration and social security | 45 | €12,532 | €10,378 | -€2,154 | -17.2% |
| Taxes | 450/3 | €12,532 | €10,378 | -€2,154 | -17.2% |
| Other amounts payable | 47/48 | - | €274 | +€274 | |
| Accrued charges and deferred income | 492/3 | €0 | €1,218 | +€1,218 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,853 | €16,350 | +€497 | +3.1% |
| Other operating charges | 640/8 | €2,839 | €2,847 | +€7 | +0.3% |
| Gross operating margin | 9900 | €105,453 | €125,789 | +€20,336 | +19.3% |
| Operating profit (loss) | 9901 | €86,761 | €106,592 | +€19,831 | +22.9% |
| Financial income | 75/76B | €286 | €335 | +€49 | +17.1% |
| Recurring financial income | 75 | €286 | €335 | +€49 | +17.1% |
| Financial charges | 65/66B | €786 | €3,282 | +€2,496 | +317.5% |
| Recurring financial charges | 65 | €786 | €3,282 | +€2,496 | +317.5% |
| Profit (loss) for the period before taxes | 9903 | €86,261 | €103,644 | +€17,384 | +20.2% |
| Income taxes | 67/77 | €25,100 | €29,983 | +€4,883 | +19.5% |
| Profit (loss) for the period | 9904 | €61,161 | €73,661 | +€12,500 | +20.4% |
| Profit (loss) for the period to be appropriated | 9905 | €61,161 | €73,661 | +€12,500 | +20.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.