Sylvie Devloo: 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.
Sylvie Devloo
Largest movements
- Tangible fixed assets -€382,757
down €382,757 (-18.1%), from €2.1m to €1.7m
of which Land and buildings: -€373,896
- Cash -€43,978
down €43,978 (-22.8%), from €193,076 to €149,098
mainly Debts after one year (-€354,235) and Contributions, distributions and other (-€350,000)
- Deferred charges and accrued income -€30,580
no longer reported in 2025 (was €30,580)
- Debts after one year -€354,235
down €354,235 (-32.9%), from €1.1m to €720,872
- Contributions -€350,000
down €350,000 (-96.1%), from €364,200 to €14,200
- Reserves +€194,581
up €194,581 (+25.1%), from €774,011 to €968,592
- Tax, wage and social debts +€62,970
up €62,970 (+178.5%), from €35,282 to €98,252
of which Taxes: +€52,170
- Current portion of long-term debt -€29,783
down €29,783 (-27.0%), from €110,357 to €80,574
- Gross operating margin +€87,518
up €87,518 (+28.9%), from €302,882 to €390,400
- Taxes +€31,907
up €31,907 (+57.7%), from €55,331 to €87,238
- Depreciation -€7,621
down €7,621 (-8.6%), from €88,461 to €80,840
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 | €2,387,948 | €1,926,001 | -€461,947 | -19.3% |
| Fixed assets | 21/28 | €2,109,660 | €1,726,903 | -€382,757 | -18.1% |
| Tangible fixed assets | 22/27 | €2,109,660 | €1,726,903 | -€382,757 | -18.1% |
| Land and buildings | 22 | €2,045,714 | €1,671,818 | -€373,896 | -18.3% |
| Plant, machinery and equipment | 23 | €8,750 | €12,896 | +€4,146 | +47.4% |
| Furniture and vehicles | 24 | €55,196 | €42,189 | -€13,007 | -23.6% |
| Current assets | 29/58 | €278,288 | €199,098 | -€79,190 | -28.5% |
| Amounts receivable within one year | 40/41 | €4,632 | - | -€4,632 | |
| Trade receivables | 40 | €1,000 | - | -€1,000 | |
| Other amounts receivable | 41 | €3,632 | - | -€3,632 | |
| Current investments | 50/53 | €50,000 | €50,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €193,076 | €149,098 | -€43,978 | -22.8% |
| Deferred charges and accrued income | 490/1 | €30,580 | - | -€30,580 | |
| Total equity and liabilities | 10/49 | €2,387,948 | €1,926,001 | -€461,947 | -19.3% |
| Equity | 10/15 | €1,138,211 | €982,792 | -€155,419 | -13.7% |
| Contributions | 10/11 | €364,200 | €14,200 | -€350,000 | -96.1% |
| Reserves | 13 | €774,011 | €968,592 | +€194,581 | +25.1% |
| Distributable reserves | 133 | €774,011 | €968,592 | +€194,581 | +25.1% |
| Amounts payable | 17/49 | €1,249,737 | €943,209 | -€306,528 | -24.5% |
| Amounts payable after more than one year | 17 | €1,075,107 | €720,872 | -€354,235 | -32.9% |
| Financial debts | 170/4 | €1,075,107 | €720,872 | -€354,235 | -32.9% |
| Amounts payable within one year | 42/48 | €169,870 | €222,337 | +€52,467 | +30.9% |
| Current portion of amounts payable after more than one year | 42 | €110,357 | €80,574 | -€29,783 | -27.0% |
| Trade debts | 44 | €276 | €21,376 | +€21,100 | +7644.9% |
| Suppliers | 440/4 | €276 | €21,376 | +€21,100 | +7644.9% |
| Taxes, remuneration and social security | 45 | €35,282 | €98,252 | +€62,970 | +178.5% |
| Taxes | 450/3 | €35,282 | €87,452 | +€52,170 | +147.9% |
| Remuneration and social security | 454/9 | - | €10,800 | +€10,800 | |
| Other amounts payable | 47/48 | €23,955 | €22,135 | -€1,820 | -7.6% |
| Accrued charges and deferred income | 492/3 | €4,760 | - | -€4,760 | |
| Non-recurring operating income | 76A | - | €121,088 | +€121,088 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,461 | €80,840 | -€7,621 | -8.6% |
| Other operating charges | 640/8 | €10,259 | €10,262 | +€3 | 0.0% |
| Gross operating margin | 9900 | €302,882 | €390,400 | +€87,518 | +28.9% |
| Operating profit (loss) | 9901 | €204,162 | €299,298 | +€95,136 | +46.6% |
| Financial income | 75/76B | €1,954 | €227 | -€1,727 | -88.4% |
| Recurring financial income | 75 | €1,954 | €227 | -€1,727 | -88.4% |
| Non-recurring financial income | 76B | €1,954 | €227 | -€1,727 | -88.4% |
| Financial charges | 65/66B | €17,527 | €17,706 | +€179 | +1.0% |
| Recurring financial charges | 65 | €17,404 | €17,706 | +€302 | +1.7% |
| Non-recurring financial charges | 66B | €123 | - | -€123 | |
| Profit (loss) for the period before taxes | 9903 | €188,589 | €281,819 | +€93,230 | +49.4% |
| Income taxes | 67/77 | €55,331 | €87,238 | +€31,907 | +57.7% |
| Profit (loss) for the period | 9904 | €133,258 | €194,581 | +€61,323 | +46.0% |
| Profit (loss) for the period to be appropriated | 9905 | €133,258 | €194,581 | +€61,323 | +46.0% |
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 2 October 2026 via checked.be.