SABINE DUTHOIT: 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.
SABINE DUTHOIT
Largest movements
- Receivables within one year -€27,133
down €27,133 (-76.9%), from €35,270 to €8,137
of which Trade receivables: -€32,076
- Current investments +€23,590
up €23,590 (+42.3%), from €55,802 to €79,392
- Cash +€14,349
up €14,349 (+59.6%), from €24,085 to €38,434
mainly Receivables within one year (+€27,133) and Depreciation (+€7,371)
- Deferred charges and accrued income -€7,192
down €7,192 (-26.6%), from €27,024 to €19,832
- Reserves +€5,442
up €5,442 (+3.6%), from €150,112 to €155,554
- Trade debts +€2,860
up €2,860 (+1,336%), from €214 to €3,074
- Accrued charges and deferred income -€2,364
down €2,364 (-99.2%), from €2,383 to €19
- Gross operating margin -€26,208
down €26,208 (-57.4%), from €45,657 to €19,448
- Taxes -€7,269
down €7,269 (-63.6%), from €11,429 to €4,159
- Financial charges +€1,549
up €1,549 (+109%), from €1,415 to €2,964
- Financial income +€969
up €969 (+165%), from €587 to €1,556
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 | €160,608 | €165,264 | +€4,656 | +2.9% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €18,427 | €19,469 | +€1,042 | +5.7% |
| Tangible fixed assets | 22/27 | €18,427 | €19,469 | +€1,042 | +5.7% |
| Plant, machinery and equipment | 23 | €2,424 | €4,039 | +€1,615 | +66.6% |
| Furniture and vehicles | 24 | €4,401 | €5,984 | +€1,582 | +36.0% |
| Other tangible fixed assets | 26 | €11,602 | €9,446 | -€2,156 | -18.6% |
| Current assets | 29/58 | €142,180 | €145,795 | +€3,614 | +2.5% |
| Amounts receivable within one year | 40/41 | €35,270 | €8,137 | -€27,133 | -76.9% |
| Trade receivables | 40 | €34,260 | €2,184 | -€32,076 | -93.6% |
| Other amounts receivable | 41 | €1,010 | €5,954 | +€4,943 | +489% |
| Current investments | 50/53 | €55,802 | €79,392 | +€23,590 | +42.3% |
| Cash at bank and in hand | 54/58 | €24,085 | €38,434 | +€14,349 | +59.6% |
| Deferred charges and accrued income | 490/1 | €27,024 | €19,832 | -€7,192 | -26.6% |
| Total equity and liabilities | 10/49 | €160,608 | €165,264 | +€4,656 | +2.9% |
| Equity | 10/15 | €156,312 | €161,754 | +€5,442 | +3.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €150,112 | €155,554 | +€5,442 | +3.6% |
| Distributable reserves | 133 | €150,112 | €155,554 | +€5,442 | +3.6% |
| Amounts payable | 17/49 | €4,296 | €3,510 | -€786 | -18.3% |
| Amounts payable within one year | 42/48 | €1,912 | €3,491 | +€1,578 | +82.5% |
| Trade debts | 44 | €214 | €3,074 | +€2,860 | +1,336% |
| Suppliers | 440/4 | €214 | €3,074 | +€2,860 | +1,336% |
| Taxes, remuneration and social security | 45 | €1,074 | - | -€1,074 | |
| Taxes | 450/3 | €1,074 | - | -€1,074 | |
| Other amounts payable | 47/48 | €625 | €416 | -€208 | -33.3% |
| Accrued charges and deferred income | 492/3 | €2,383 | €19 | -€2,364 | -99.2% |
| Non-recurring operating income | 76A | €6,805 | - | -€6,805 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,079 | €7,371 | +€292 | +4.1% |
| Other operating charges | 640/8 | €737 | €1,069 | +€333 | +45.2% |
| Gross operating margin | 9900 | €45,657 | €19,448 | -€26,208 | -57.4% |
| Operating profit (loss) | 9901 | €37,841 | €11,008 | -€26,832 | -70.9% |
| Financial income | 75/76B | €587 | €1,556 | +€969 | +165% |
| Recurring financial income | 75 | €587 | €1,556 | +€969 | +165% |
| Financial charges | 65/66B | €1,415 | €2,964 | +€1,549 | +109% |
| Recurring financial charges | 65 | €1,415 | €2,964 | +€1,549 | +109% |
| Profit (loss) for the period before taxes | 9903 | €37,014 | €9,601 | -€27,412 | -74.1% |
| Income taxes | 67/77 | €11,429 | €4,159 | -€7,269 | -63.6% |
| Profit (loss) for the period | 9904 | €25,585 | €5,442 | -€20,143 | -78.7% |
| Profit (loss) for the period to be appropriated | 9905 | €25,585 | €5,442 | -€20,143 | -78.7% |
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 14 October 2026 via checked.be.