Sarah Dewulf: 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.
Sarah Dewulf
Largest movements
- Cash +€18,083
up €18,083 (+94.1%), from €19,211 to €37,294
mainly Net result for the year (+€24,193) and Trade debts (+€4,285)
- Receivables within one year +€10,247
up €10,247 (+54.1%), from €18,951 to €29,197
of which Other amounts receivable: +€13,830
- Tangible fixed assets -€2,505
down €2,505 (-28.8%), from €8,686 to €6,181
of which Furniture and vehicles: -€2,175
- Intangible fixed assets +€2,317
new in 2025: €2,317
- Reserves +€23,360
up €23,360 (+98.3%), from €23,761 to €47,121
- Trade debts +€4,285
up €4,285 (+106%), from €4,061 to €8,346
- Other debts +€1,867
up €1,867 (+34.2%), from €5,450 to €7,317
- Tax, wage and social debts -€1,148
down €1,148 (-9.8%), from €11,695 to €10,547
- Financial charges +€2,524
up €2,524 (+1,955%), from €129 to €2,654
- Depreciation +€1,502
up €1,502 (+127%), from €1,185 to €2,687
- Taxes -€1,148
down €1,148 (-9.8%), from €11,709 to €10,560
- Gross operating margin +€924
up €924 (+2.2%), from €41,492 to €42,416
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 | €47,467 | €75,830 | +€28,364 | +59.8% |
| Fixed assets | 21/28 | €8,686 | €8,498 | -€187 | -2.2% |
| Intangible fixed assets | 21 | - | €2,317 | +€2,317 | |
| Tangible fixed assets | 22/27 | €8,686 | €6,181 | -€2,505 | -28.8% |
| Furniture and vehicles | 24 | €7,136 | €4,961 | -€2,175 | -30.5% |
| Other tangible fixed assets | 26 | €1,550 | €1,220 | -€330 | -21.3% |
| Current assets | 29/58 | €38,781 | €67,332 | +€28,551 | +73.6% |
| Amounts receivable within one year | 40/41 | €18,951 | €29,197 | +€10,247 | +54.1% |
| Trade receivables | 40 | €12,796 | €9,212 | -€3,583 | -28.0% |
| Other amounts receivable | 41 | €6,155 | €19,985 | +€13,830 | +225% |
| Cash at bank and in hand | 54/58 | €19,211 | €37,294 | +€18,083 | +94.1% |
| Deferred charges and accrued income | 490/1 | €619 | €841 | +€221 | +35.7% |
| Total equity and liabilities | 10/49 | €47,467 | €75,830 | +€28,364 | +59.8% |
| Equity | 10/15 | €26,261 | €49,621 | +€23,360 | +89.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €23,761 | €47,121 | +€23,360 | +98.3% |
| Distributable reserves | 133 | €23,761 | €47,121 | +€23,360 | +98.3% |
| Amounts payable | 17/49 | €21,206 | €26,209 | +€5,003 | +23.6% |
| Amounts payable within one year | 42/48 | €21,206 | €26,209 | +€5,003 | +23.6% |
| Trade debts | 44 | €4,061 | €8,346 | +€4,285 | +106% |
| Suppliers | 440/4 | €4,061 | €8,346 | +€4,285 | +106% |
| Taxes, remuneration and social security | 45 | €11,695 | €10,547 | -€1,148 | -9.8% |
| Taxes | 450/3 | €11,695 | €10,547 | -€1,148 | -9.8% |
| Other amounts payable | 47/48 | €5,450 | €7,317 | +€1,867 | +34.2% |
| Remuneration, social security and pensions | 62 | €1,838 | €1,878 | +€40 | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,185 | €2,687 | +€1,502 | +127% |
| Other operating charges | 640/8 | €433 | €444 | +€10 | +2.4% |
| Gross operating margin | 9900 | €41,492 | €42,416 | +€924 | +2.2% |
| Operating profit (loss) | 9901 | €38,036 | €37,407 | -€629 | -1.7% |
| Financial charges | 65/66B | €129 | €2,654 | +€2,524 | +1,955% |
| Recurring financial charges | 65 | €129 | €2,654 | +€2,524 | +1,955% |
| Profit (loss) for the period before taxes | 9903 | €37,906 | €34,753 | -€3,153 | -8.3% |
| Income taxes | 67/77 | €11,709 | €10,560 | -€1,148 | -9.8% |
| Profit (loss) for the period | 9904 | €26,198 | €24,193 | -€2,005 | -7.7% |
| Profit (loss) for the period to be appropriated | 9905 | €26,198 | €24,193 | -€2,005 | -7.7% |
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 27 October 2026 via checked.be.