Caroline DUHAMEL: 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 DUHAMEL
Largest movements
- Cash +€28,640
up €28,640 (+90.6%), from €31,626 to €60,266
mainly Net result for the year (+€22,848) and Receivables within one year (+€10,624)
- Receivables within one year -€10,624
down €10,624 (-25.5%), from €41,653 to €31,029
- Deferred charges and accrued income +€6,920
up €6,920 (+78.9%), from €8,769 to €15,689
- Reserves +€22,015
up €22,015 (+61.4%), from €35,867 to €57,882
of which Distributable reserves: +€22,015
- Tax, wage and social debts +€3,781
up €3,781 (+197%), from €1,921 to €5,702
of which Remuneration and social security: +€2,000
- Gross operating margin +€19,899
up €19,899 (+156%), from €12,742 to €32,641
- Taxes +€2,012
up €2,012 (+31.8%), from €6,335 to €8,347
- Depreciation +€778
up €778 (+387%), from €201 to €979
- Other operating charges -€584
down €584 (-65.0%), from €898 to €314
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 | €85,012 | €110,911 | +€25,899 | +30.5% |
| Fixed assets | 21/28 | €2,964 | €3,927 | +€963 | +32.5% |
| Tangible fixed assets | 22/27 | €2,964 | €3,927 | +€963 | +32.5% |
| Furniture and vehicles | 24 | €2,964 | €3,927 | +€963 | +32.5% |
| Current assets | 29/58 | €82,048 | €106,984 | +€24,936 | +30.4% |
| Amounts receivable within one year | 40/41 | €41,653 | €31,029 | -€10,624 | -25.5% |
| Other amounts receivable | 41 | €41,653 | €31,029 | -€10,624 | -25.5% |
| Cash at bank and in hand | 54/58 | €31,626 | €60,266 | +€28,640 | +90.6% |
| Deferred charges and accrued income | 490/1 | €8,769 | €15,689 | +€6,920 | +78.9% |
| Total equity and liabilities | 10/49 | €85,012 | €110,911 | +€25,899 | +30.5% |
| Equity | 10/15 | €82,258 | €104,273 | +€22,015 | +26.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €35,867 | €57,882 | +€22,015 | +61.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €34,007 | €56,022 | +€22,015 | +64.7% |
| Profit (loss) carried forward | 14 | €33,991 | €33,991 | = | 0.0% |
| Amounts payable | 17/49 | €2,754 | €6,638 | +€3,884 | +141% |
| Amounts payable within one year | 42/48 | €2,754 | €6,638 | +€3,884 | +141% |
| Trade debts | 44 | - | €103 | +€103 | |
| Suppliers | 440/4 | - | €103 | +€103 | |
| Taxes, remuneration and social security | 45 | €1,921 | €5,702 | +€3,781 | +197% |
| Taxes | 450/3 | €1,921 | €3,702 | +€1,781 | +92.7% |
| Remuneration and social security | 454/9 | - | €2,000 | +€2,000 | |
| Other amounts payable | 47/48 | €833 | €833 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €201 | €979 | +€778 | +387% |
| Other operating charges | 640/8 | €898 | €314 | -€584 | -65.0% |
| Gross operating margin | 9900 | €12,742 | €32,641 | +€19,899 | +156% |
| Operating profit (loss) | 9901 | €11,643 | €31,348 | +€19,705 | +169% |
| Financial charges | 65/66B | €268 | €153 | -€115 | -42.9% |
| Recurring financial charges | 65 | €268 | €153 | -€115 | -42.9% |
| Profit (loss) for the period before taxes | 9903 | €11,375 | €31,195 | +€19,820 | +174% |
| Income taxes | 67/77 | €6,335 | €8,347 | +€2,012 | +31.8% |
| Profit (loss) for the period | 9904 | €5,040 | €22,848 | +€17,808 | +353% |
| Profit (loss) for the period to be appropriated | 9905 | €5,040 | €22,848 | +€17,808 | +353% |
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.