Caroline Costermans: 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.
Caroline Costermans
Largest movements
- Cash +€287,386
up €287,386 (+444%), from €64,756 to €352,142
- Receivables within one year -€81,928
down €81,928 (-69.3%), from €118,301 to €36,373
of which Trade receivables: -€101,729
- Short-term financial debts +€159,600
new in 2025: €159,600
- Debts after one year +€150,000
new in 2025: €150,000
- Other debts -€113,293
down €113,293 (-72.4%), from €156,517 to €43,224
- Tax, wage and social debts +€6,376
up €6,376 (+55.6%), from €11,459 to €17,835
- Gross operating margin -€80,307
down €80,307 (-38.5%), from €208,625 to €128,318
- Taxes -€20,513
down €20,513 (-42.9%), from €47,829 to €27,317
- Financial charges +€2,265
up €2,265 (+160%), from €1,412 to €3,677
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €193,171 | €394,120 | +€200,949 | +104% |
| Fixed assets | 21/28 | €3,153 | €1,050 | -€2,102 | -66.7% |
| Tangible fixed assets | 22/27 | €3,153 | €1,050 | -€2,102 | -66.7% |
| Furniture and vehicles | 24 | €3,153 | €1,050 | -€2,102 | -66.7% |
| Current assets | 29/58 | €190,018 | €393,069 | +€203,051 | +107% |
| Amounts receivable within one year | 40/41 | €118,301 | €36,373 | -€81,928 | -69.3% |
| Trade receivables | 40 | €107,418 | €5,689 | -€101,729 | -94.7% |
| Other amounts receivable | 41 | €10,883 | €30,683 | +€19,800 | +182% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €64,756 | €352,142 | +€287,386 | +444% |
| Deferred charges and accrued income | 490/1 | €6,961 | €4,555 | -€2,406 | -34.6% |
| Total equity and liabilities | 10/49 | €193,171 | €394,120 | +€200,949 | +104% |
| Equity | 10/15 | €15,000 | €15,000 | = | 0.0% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €178,171 | €379,120 | +€200,949 | +113% |
| Amounts payable after more than one year | 17 | - | €150,000 | +€150,000 | |
| Other amounts payable | 178/9 | - | €150,000 | +€150,000 | |
| Amounts payable within one year | 42/48 | €176,671 | €226,230 | +€49,560 | +28.1% |
| Financial debts | 43 | - | €159,600 | +€159,600 | |
| Other loans | 439 | - | €159,600 | +€159,600 | |
| Trade debts | 44 | €8,694 | €5,572 | -€3,123 | -35.9% |
| Suppliers | 440/4 | €8,694 | €5,572 | -€3,123 | -35.9% |
| Taxes, remuneration and social security | 45 | €11,459 | €17,835 | +€6,376 | +55.6% |
| Taxes | 450/3 | €11,459 | €17,835 | +€6,376 | +55.6% |
| Other amounts payable | 47/48 | €156,517 | €43,224 | -€113,293 | -72.4% |
| Accrued charges and deferred income | 492/3 | €1,500 | €2,889 | +€1,389 | +92.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,994 | €2,102 | +€109 | +5.5% |
| Other operating charges | 640/8 | €1,058 | €1,366 | +€308 | +29.1% |
| Gross operating margin | 9900 | €208,625 | €128,318 | -€80,307 | -38.5% |
| Operating profit (loss) | 9901 | €205,573 | €124,850 | -€80,723 | -39.3% |
| Financial income | 75/76B | €185 | €0 | -€185 | -100% |
| Recurring financial income | 75 | €185 | €0 | -€185 | -100% |
| Financial charges | 65/66B | €1,412 | €3,677 | +€2,265 | +160% |
| Recurring financial charges | 65 | €1,412 | €3,677 | +€2,265 | +160% |
| Profit (loss) for the period before taxes | 9903 | €204,346 | €121,172 | -€83,174 | -40.7% |
| Income taxes | 67/77 | €47,829 | €27,317 | -€20,513 | -42.9% |
| Profit (loss) for the period | 9904 | €156,517 | €93,856 | -€62,661 | -40.0% |
| Profit (loss) for the period to be appropriated | 9905 | €156,517 | €93,856 | -€62,661 | -40.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.