CATHÉRINE BOONE: 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.
CATHÉRINE BOONE
Largest movements
- Current investments +€47,608
up €47,608 (+22.3%), from €213,119 to €260,727
- Cash -€46,861
down €46,861 (-7.3%), from €638,734 to €591,873
mainly Contributions, distributions and other (-€242,316) and Current investments (-€47,608)
- Tangible fixed assets -€13,352
down €13,352 (-42.6%), from €31,340 to €17,988
- Other debts +€109,155
up €109,155 (+80.0%), from €136,486 to €245,640
- Reserves -€82,867
down €82,867 (-12.0%), from €688,578 to €605,711
- Debts after one year -€35,000
down €35,000 (-100%), from €35,000 to €0
- Financial income -€22,994
down €22,994 (-29.2%), from €78,793 to €55,798
- Gross operating margin +€14,173
up €14,173 (+6.7%), from €210,959 to €225,133
- Depreciation -€5,348
down €5,348 (-28.6%), from €18,700 to €13,352
- Taxes +€4,731
up €4,731 (+10.0%), from €47,253 to €51,984
- Staff costs -€3,659
down €3,659 (-7.7%), from €47,346 to €43,688
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 | €923,796 | €915,782 | -€8,015 | -0.9% |
| Fixed assets | 21/28 | €31,590 | €18,238 | -€13,352 | -42.3% |
| Tangible fixed assets | 22/27 | €31,340 | €17,988 | -€13,352 | -42.6% |
| Land and buildings | 22 | €254 | €0 | -€254 | -100% |
| Plant, machinery and equipment | 23 | €13,159 | €7,517 | -€5,642 | -42.9% |
| Furniture and vehicles | 24 | €11,455 | €6,340 | -€5,115 | -44.7% |
| Other tangible fixed assets | 26 | €6,472 | €4,130 | -€2,342 | -36.2% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €892,207 | €897,544 | +€5,337 | +0.6% |
| Stocks and contracts in progress | 3 | €11,436 | €13,460 | +€2,024 | +17.7% |
| Stocks | 30/36 | €11,436 | €13,460 | +€2,024 | +17.7% |
| Amounts receivable within one year | 40/41 | €21,104 | €23,057 | +€1,953 | +9.3% |
| Trade receivables | 40 | €21,104 | €23,057 | +€1,953 | +9.3% |
| Current investments | 50/53 | €213,119 | €260,727 | +€47,608 | +22.3% |
| Cash at bank and in hand | 54/58 | €638,734 | €591,873 | -€46,861 | -7.3% |
| Deferred charges and accrued income | 490/1 | €7,814 | €8,427 | +€613 | +7.8% |
| Total equity and liabilities | 10/49 | €923,796 | €915,782 | -€8,015 | -0.9% |
| Equity | 10/15 | €707,128 | €624,261 | -€82,867 | -11.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €688,578 | €605,711 | -€82,867 | -12.0% |
| Distributable reserves | 133 | €688,578 | €605,711 | -€82,867 | -12.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €216,669 | €291,520 | +€74,852 | +34.5% |
| Amounts payable after more than one year | 17 | €35,000 | €0 | -€35,000 | -100% |
| Other amounts payable | 178/9 | €35,000 | €0 | -€35,000 | -100% |
| Amounts payable within one year | 42/48 | €169,637 | €283,614 | +€113,977 | +67.2% |
| Financial debts | 43 | €138 | €141 | +€3 | +2.2% |
| Credit institutions | 430/8 | €138 | €141 | +€3 | +2.2% |
| Trade debts | 44 | €12,366 | €15,203 | +€2,837 | +22.9% |
| Suppliers | 440/4 | €12,366 | €15,203 | +€2,837 | +22.9% |
| Taxes, remuneration and social security | 45 | €20,648 | €22,631 | +€1,983 | +9.6% |
| Taxes | 450/3 | €12,374 | €14,960 | +€2,586 | +20.9% |
| Remuneration and social security | 454/9 | €8,274 | €7,671 | -€603 | -7.3% |
| Other amounts payable | 47/48 | €136,486 | €245,640 | +€109,155 | +80.0% |
| Accrued charges and deferred income | 492/3 | €12,032 | €7,906 | -€4,126 | -34.3% |
| Remuneration, social security and pensions | 62 | €47,346 | €43,688 | -€3,659 | -7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,700 | €13,352 | -€5,348 | -28.6% |
| Other operating charges | 640/8 | €2,869 | €2,959 | +€90 | +3.2% |
| Gross operating margin | 9900 | €210,959 | €225,133 | +€14,173 | +6.7% |
| Operating profit (loss) | 9901 | €142,044 | €165,134 | +€23,090 | +16.3% |
| Financial income | 75/76B | €78,793 | €55,798 | -€22,994 | -29.2% |
| Recurring financial income | 75 | €78,793 | €55,798 | -€22,994 | -29.2% |
| Financial charges | 65/66B | €7,864 | €9,499 | +€1,635 | +20.8% |
| Recurring financial charges | 65 | €7,864 | €9,499 | +€1,635 | +20.8% |
| Profit (loss) for the period before taxes | 9903 | €212,973 | €211,433 | -€1,540 | -0.7% |
| Income taxes | 67/77 | €47,253 | €51,984 | +€4,731 | +10.0% |
| Profit (loss) for the period | 9904 | €165,720 | €159,449 | -€6,271 | -3.8% |
| Profit (loss) for the period to be appropriated | 9905 | €165,720 | €159,449 | -€6,271 | -3.8% |
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 22 October 2026 via checked.be.