THIERRY DUMONT: 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.
THIERRY DUMONT
Largest movements
- Current investments +€67,190
up €67,190 (+5.3%), from €1.3m to €1.3m
- Receivables within one year +€48,377
up €48,377 (+2,980%), from €1,623 to €50,000
of which Trade receivables: +€50,000
- Tangible fixed assets -€19,981
down €19,981 (-4.4%), from €458,542 to €438,561
of which Land and buildings: -€14,730
- Other debts +€612,202
new in 2025: €612,202
- Reserves -€535,559
down €535,559 (-33.6%), from €1.6m to €1.1m
of which Distributable reserves: -€527,139
- Tax, wage and social debts +€53,560
up €53,560 (+329%), from €16,285 to €69,845
- Debts after one year -€25,161
down €25,161 (-25.7%), from €97,838 to €72,677
- Gross operating margin +€124,445
up €124,445 (+271%), from €45,995 to €170,440
- Financial income -€40,969
down €40,969 (-86.0%), from €47,652 to €6,683
- Taxes +€16,939
up €16,939 (+62.0%), from €27,331 to €44,270
- Other operating charges +€4,912
up €4,912 (+171%), from €2,868 to €7,780
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 | €1,787,565 | €1,878,831 | +€91,267 | +5.1% |
| Fixed assets | 21/28 | €458,542 | €438,561 | -€19,981 | -4.4% |
| Tangible fixed assets | 22/27 | €458,542 | €438,561 | -€19,981 | -4.4% |
| Land and buildings | 22 | €442,819 | €428,089 | -€14,730 | -3.3% |
| Plant, machinery and equipment | 23 | €5,355 | €3,777 | -€1,578 | -29.5% |
| Furniture and vehicles | 24 | €7,000 | €3,851 | -€3,149 | -45.0% |
| Other tangible fixed assets | 26 | €3,368 | €2,844 | -€524 | -15.6% |
| Current assets | 29/58 | €1,329,022 | €1,440,270 | +€111,248 | +8.4% |
| Amounts receivable within one year | 40/41 | €1,623 | €50,000 | +€48,377 | +2,980% |
| Trade receivables | 40 | - | €50,000 | +€50,000 | |
| Other amounts receivable | 41 | €1,623 | - | -€1,623 | |
| Current investments | 50/53 | €1,259,956 | €1,327,146 | +€67,190 | +5.3% |
| Cash at bank and in hand | 54/58 | €60,580 | €49,437 | -€11,143 | -18.4% |
| Deferred charges and accrued income | 490/1 | €6,864 | €13,687 | +€6,824 | +99.4% |
| Total equity and liabilities | 10/49 | €1,787,565 | €1,878,831 | +€91,267 | +5.1% |
| Equity | 10/15 | €1,613,023 | €1,077,464 | -€535,559 | -33.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,594,423 | €1,058,864 | -€535,559 | -33.6% |
| Tax-exempt reserves | 132 | €46,310 | €37,890 | -€8,420 | -18.2% |
| Distributable reserves | 133 | €1,548,113 | €1,020,974 | -€527,139 | -34.1% |
| Amounts payable | 17/49 | €174,541 | €801,367 | +€626,826 | +359% |
| Amounts payable after more than one year | 17 | €97,838 | €72,677 | -€25,161 | -25.7% |
| Financial debts | 170/4 | €97,838 | €72,677 | -€25,161 | -25.7% |
| Amounts payable within one year | 42/48 | €76,576 | €728,566 | +€651,989 | +851% |
| Current portion of amounts payable after more than one year | 42 | €24,910 | €25,161 | +€251 | +1.0% |
| Trade debts | 44 | €35,381 | €21,358 | -€14,023 | -39.6% |
| Suppliers | 440/4 | €35,381 | €21,358 | -€14,023 | -39.6% |
| Taxes, remuneration and social security | 45 | €16,285 | €69,845 | +€53,560 | +329% |
| Taxes | 450/3 | €16,285 | €69,845 | +€53,560 | +329% |
| Other amounts payable | 47/48 | - | €612,202 | +€612,202 | |
| Accrued charges and deferred income | 492/3 | €127 | €125 | -€2 | -1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,380 | €21,203 | -€177 | -0.8% |
| Other operating charges | 640/8 | €2,868 | €7,780 | +€4,912 | +171% |
| Gross operating margin | 9900 | €45,995 | €170,440 | +€124,445 | +271% |
| Operating profit (loss) | 9901 | €21,747 | €141,458 | +€119,710 | +550% |
| Financial income | 75/76B | €47,652 | €6,683 | -€40,969 | -86.0% |
| Recurring financial income | 75 | €47,652 | €6,683 | -€40,969 | -86.0% |
| Financial charges | 65/66B | €3,159 | €4,482 | +€1,323 | +41.9% |
| Recurring financial charges | 65 | €3,159 | €4,482 | +€1,323 | +41.9% |
| Profit (loss) for the period before taxes | 9903 | €66,241 | €143,659 | +€77,419 | +117% |
| Income taxes | 67/77 | €27,331 | €44,270 | +€16,939 | +62.0% |
| Profit (loss) for the period | 9904 | €38,910 | €99,390 | +€60,480 | +155% |
| Transfer from tax-exempt reserves | 789 | €96,830 | €46,310 | -€50,520 | -52.2% |
| Transfer to tax-exempt reserves | 689 | - | €37,890 | +€37,890 | |
| Profit (loss) for the period to be appropriated | 9905 | €135,740 | €107,810 | -€27,930 | -20.6% |
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 30 October 2026 via checked.be.