Sandrine DEVOS: 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.
Sandrine DEVOS
Largest movements
- Cash -€26,009
down €26,009 (-85.0%), from €30,602 to €4,593
mainly Contributions, distributions and other (-€28,330) and Investment in fixed assets (net) (-€13,177)
- Receivables within one year +€7,379
up €7,379 (+55.6%), from €13,267 to €20,646
of which Other amounts receivable: +€11,121
- Current investments +€6,601
up €6,601 (+3.7%), from €179,000 to €185,601
- Reserves -€22,782
down €22,782 (-13.7%), from €166,757 to €143,975
- Other debts +€18,745
up €18,745 (+196%), from €9,585 to €28,330
- Gross operating margin -€91,126
down €91,126 (-67.2%), from €135,517 to €44,391
- Taxes -€24,940
down €24,940 (-87.5%), from €28,503 to €3,563
- Staff costs -€3,241
down €3,241 (-12.3%), from €26,276 to €23,035
- Depreciation +€1,776
up €1,776 (+19.3%), from €9,178 to €10,954
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 | €284,936 | €276,743 | -€8,193 | -2.9% |
| Fixed assets | 21/28 | €48,815 | €51,037 | +€2,223 | +4.6% |
| Tangible fixed assets | 22/27 | €48,815 | €51,037 | +€2,223 | +4.6% |
| Furniture and vehicles | 24 | €6,376 | €12,874 | +€6,498 | +102% |
| Other tangible fixed assets | 26 | €42,438 | €38,163 | -€4,275 | -10.1% |
| Current assets | 29/58 | €236,121 | €225,706 | -€10,415 | -4.4% |
| Stocks and contracts in progress | 3 | €9,887 | €9,887 | = | 0.0% |
| Stocks | 30/36 | €9,887 | €9,887 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €13,267 | €20,646 | +€7,379 | +55.6% |
| Trade receivables | 40 | €11,201 | €7,459 | -€3,742 | -33.4% |
| Other amounts receivable | 41 | €2,066 | €13,186 | +€11,121 | +538% |
| Current investments | 50/53 | €179,000 | €185,601 | +€6,601 | +3.7% |
| Cash at bank and in hand | 54/58 | €30,602 | €4,593 | -€26,009 | -85.0% |
| Deferred charges and accrued income | 490/1 | €3,365 | €4,979 | +€1,614 | +48.0% |
| Total equity and liabilities | 10/49 | €284,936 | €276,743 | -€8,193 | -2.9% |
| Equity | 10/15 | €232,567 | €209,785 | -€22,782 | -9.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €166,757 | €143,975 | -€22,782 | -13.7% |
| Distributable reserves | 133 | €166,757 | €143,975 | -€22,782 | -13.7% |
| Profit (loss) carried forward | 14 | €64,810 | €64,810 | = | 0.0% |
| Amounts payable | 17/49 | €52,369 | €66,958 | +€14,589 | +27.9% |
| Amounts payable after more than one year | 17 | €11,857 | €9,233 | -€2,624 | -22.1% |
| Financial debts | 170/4 | €11,857 | €9,233 | -€2,624 | -22.1% |
| Amounts payable within one year | 42/48 | €40,512 | €57,725 | +€17,213 | +42.5% |
| Current portion of amounts payable after more than one year | 42 | €2,589 | €2,624 | +€35 | +1.3% |
| Financial debts | 43 | - | €518 | +€518 | |
| Credit institutions | 430/8 | - | €518 | +€518 | |
| Trade debts | 44 | €11,111 | €9,173 | -€1,938 | -17.4% |
| Suppliers | 440/4 | €11,111 | €9,173 | -€1,938 | -17.4% |
| Taxes, remuneration and social security | 45 | €17,226 | €17,080 | -€146 | -0.8% |
| Taxes | 450/3 | €13,940 | €13,005 | -€935 | -6.7% |
| Remuneration and social security | 454/9 | €3,286 | €4,075 | +€789 | +24.0% |
| Other amounts payable | 47/48 | €9,585 | €28,330 | +€18,745 | +196% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €26,276 | €23,035 | -€3,241 | -12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,178 | €10,954 | +€1,776 | +19.3% |
| Other operating charges | 640/8 | €787 | €2,115 | +€1,328 | +169% |
| Gross operating margin | 9900 | €135,517 | €44,391 | -€91,126 | -67.2% |
| Operating profit (loss) | 9901 | €99,276 | €8,287 | -€90,989 | -91.7% |
| Financial income | 75/76B | €1,650 | €1,835 | +€185 | +11.2% |
| Recurring financial income | 75 | €1,650 | €1,835 | +€185 | +11.2% |
| Financial charges | 65/66B | €1,054 | €1,011 | -€44 | -4.1% |
| Recurring financial charges | 65 | €1,054 | €1,011 | -€44 | -4.1% |
| Profit (loss) for the period before taxes | 9903 | €99,871 | €9,111 | -€90,761 | -90.9% |
| Income taxes | 67/77 | €28,503 | €3,563 | -€24,940 | -87.5% |
| Profit (loss) for the period | 9904 | €71,368 | €5,548 | -€65,820 | -92.2% |
| Profit (loss) for the period to be appropriated | 9905 | €71,368 | €5,548 | -€65,820 | -92.2% |
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 16 October 2026 via checked.be.