SYLVIE DUMORTIER: 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.
SYLVIE DUMORTIER
Largest movements
- Receivables within one year +€54,965
up €54,965 (+491%), from €11,183 to €66,148
of which Trade receivables: +€58,369
- Intangible fixed assets -€30,000
down €30,000 (-66.7%), from €45,000 to €15,000
- Cash +€21,633
up €21,633 (+15.7%), from €137,910 to €159,543
mainly Net result for the year (+€126,852) and Other debts (+€108,759)
- Tangible fixed assets +€15,114
up €15,114 (+5.8%), from €259,625 to €274,739
of which Land and buildings: +€15,565
- Other debts +€108,759
up €108,759 (+156%), from €69,644 to €178,403
- Profit (loss) carried forward -€51,551
no longer reported in 2025 (was €51,551)
- Trade debts +€19,639
up €19,639 (+917%), from €2,141 to €21,781
- Debts after one year -€13,719
down €13,719 (-5.8%), from €234,535 to €220,816
- Gross operating margin +€69,756
up €69,756 (+49.6%), from €140,727 to €210,484
- Depreciation -€27,282
down €27,282 (-42.5%), from €64,148 to €36,866
- Taxes +€20,268
up €20,268 (+118%), from €17,224 to €37,492
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 | €456,712 | €518,322 | +€61,611 | +13.5% |
| Fixed assets | 21/28 | €304,725 | €289,839 | -€14,886 | -4.9% |
| Intangible fixed assets | 21 | €45,000 | €15,000 | -€30,000 | -66.7% |
| Tangible fixed assets | 22/27 | €259,625 | €274,739 | +€15,114 | +5.8% |
| Land and buildings | 22 | €258,812 | €274,377 | +€15,565 | +6.0% |
| Furniture and vehicles | 24 | €813 | €362 | -€451 | -55.5% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €151,987 | €228,483 | +€76,497 | +50.3% |
| Amounts receivable within one year | 40/41 | €11,183 | €66,148 | +€54,965 | +491% |
| Trade receivables | 40 | - | €58,369 | +€58,369 | |
| Other amounts receivable | 41 | €11,183 | €7,779 | -€3,405 | -30.4% |
| Cash at bank and in hand | 54/58 | €137,910 | €159,543 | +€21,633 | +15.7% |
| Deferred charges and accrued income | 490/1 | €2,894 | €2,793 | -€101 | -3.5% |
| Total equity and liabilities | 10/49 | €456,712 | €518,322 | +€61,611 | +13.5% |
| Equity | 10/15 | €121,011 | €69,460 | -€51,551 | -42.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €50,860 | €50,860 | = | 0.0% |
| Distributable reserves | 133 | €50,860 | €50,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €51,551 | - | -€51,551 | |
| Amounts payable | 17/49 | €335,701 | €448,862 | +€113,161 | +33.7% |
| Amounts payable after more than one year | 17 | €234,535 | €220,816 | -€13,719 | -5.8% |
| Financial debts | 170/4 | €234,535 | €220,816 | -€13,719 | -5.8% |
| Amounts payable within one year | 42/48 | €101,085 | €228,017 | +€126,931 | +126% |
| Current portion of amounts payable after more than one year | 42 | €13,290 | €13,720 | +€429 | +3.2% |
| Financial debts | 43 | - | €263 | +€263 | |
| Credit institutions | 430/8 | - | €263 | +€263 | |
| Trade debts | 44 | €2,141 | €21,781 | +€19,639 | +917% |
| Suppliers | 440/4 | €2,141 | €21,781 | +€19,639 | +917% |
| Taxes, remuneration and social security | 45 | €16,009 | €13,850 | -€2,159 | -13.5% |
| Taxes | 450/3 | €16,009 | €13,850 | -€2,159 | -13.5% |
| Other amounts payable | 47/48 | €69,644 | €178,403 | +€108,759 | +156% |
| Accrued charges and deferred income | 492/3 | €80 | €30 | -€51 | -62.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,148 | €36,866 | -€27,282 | -42.5% |
| Other operating charges | 640/8 | €777 | €1,413 | +€636 | +81.8% |
| Non-recurring operating charges | 66A | €137 | €63 | -€74 | -53.8% |
| Gross operating margin | 9900 | €140,727 | €210,484 | +€69,756 | +49.6% |
| Operating profit (loss) | 9901 | €75,665 | €172,141 | +€96,476 | +128% |
| Financial charges | 65/66B | €6,032 | €7,797 | +€1,765 | +29.3% |
| Recurring financial charges | 65 | €6,032 | €7,797 | +€1,765 | +29.3% |
| Profit (loss) for the period before taxes | 9903 | €69,633 | €164,344 | +€94,711 | +136% |
| Income taxes | 67/77 | €17,224 | €37,492 | +€20,268 | +118% |
| Profit (loss) for the period | 9904 | €52,410 | €126,852 | +€74,443 | +142% |
| Profit (loss) for the period to be appropriated | 9905 | €52,410 | €126,852 | +€74,443 | +142% |
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 24 October 2026 via checked.be.