Catherine DOYEN: 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.
Catherine DOYEN
Largest movements
- Receivables within one year -€327,783
down €327,783 (-100%), from €327,783 to €0
of which Other amounts receivable: -€320,871
- Cash +€152,207
up €152,207 (+941%), from €16,170 to €168,377
mainly Receivables within one year (+€327,783) and Depreciation (+€3,926)
- Deferred charges and accrued income +€144,780
up €144,780 (+232%), from €62,422 to €207,202
- Tangible fixed assets +€11,159
up €11,159 (+14.8%), from €75,393 to €86,552
of which Furniture and vehicles: +€12,101
- Other debts -€18,740
down €18,740 (-49.1%), from €38,181 to €19,442
- Trade debts -€7,415
down €7,415 (-57.5%), from €12,893 to €5,478
- Reserves +€5,375
up €5,375 (+1.5%), from €369,997 to €375,372
- Gross operating margin -€217,928
down €217,928 (-83.7%), from €260,480 to €42,552
- Taxes -€65,947
down €65,947 (-87.3%), from €75,560 to €9,614
- Other operating charges +€20,939
up €20,939 (+1,797%), from €1,165 to €22,104
- Depreciation -€11,372
down €11,372 (-74.3%), from €15,298 to €3,926
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 | €488,562 | €469,454 | -€19,108 | -3.9% |
| Fixed assets | 21/28 | €80,831 | €91,990 | +€11,159 | +13.8% |
| Tangible fixed assets | 22/27 | €75,393 | €86,552 | +€11,159 | +14.8% |
| Plant, machinery and equipment | 23 | €1,624 | €682 | -€942 | -58.0% |
| Furniture and vehicles | 24 | €5,003 | €17,104 | +€12,101 | +242% |
| Other tangible fixed assets | 26 | €68,766 | €68,766 | = | 0.0% |
| Financial fixed assets | 28 | €5,438 | €5,438 | = | 0.0% |
| Current assets | 29/58 | €407,731 | €377,464 | -€30,268 | -7.4% |
| Amounts receivable within one year | 40/41 | €327,783 | €0 | -€327,783 | -100% |
| Trade receivables | 40 | €6,912 | €0 | -€6,912 | -100% |
| Other amounts receivable | 41 | €320,871 | €0 | -€320,871 | -100% |
| Current investments | 50/53 | €1,355 | €1,884 | +€529 | +39.0% |
| Cash at bank and in hand | 54/58 | €16,170 | €168,377 | +€152,207 | +941% |
| Deferred charges and accrued income | 490/1 | €62,422 | €207,202 | +€144,780 | +232% |
| Total equity and liabilities | 10/49 | €488,562 | €469,454 | -€19,108 | -3.9% |
| Equity | 10/15 | €390,139 | €393,978 | +€3,838 | +1.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €369,997 | €375,372 | +€5,375 | +1.5% |
| Distributable reserves | 133 | €369,997 | €375,372 | +€5,375 | +1.5% |
| Profit (loss) carried forward | 14 | €1,542 | €5 | -€1,537 | -99.7% |
| Amounts payable | 17/49 | €98,423 | €75,476 | -€22,947 | -23.3% |
| Amounts payable within one year | 42/48 | €98,036 | €75,296 | -€22,740 | -23.2% |
| Trade debts | 44 | €12,893 | €5,478 | -€7,415 | -57.5% |
| Suppliers | 440/4 | €12,893 | €5,478 | -€7,415 | -57.5% |
| Taxes, remuneration and social security | 45 | €46,962 | €50,377 | +€3,415 | +7.3% |
| Taxes | 450/3 | €41,962 | €50,377 | +€8,415 | +20.1% |
| Remuneration and social security | 454/9 | €5,000 | €0 | -€5,000 | -100% |
| Other amounts payable | 47/48 | €38,181 | €19,442 | -€18,740 | -49.1% |
| Accrued charges and deferred income | 492/3 | €387 | €180 | -€207 | -53.5% |
| Non-recurring operating income | 76A | €241,062 | €8,000 | -€233,062 | -96.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,298 | €3,926 | -€11,372 | -74.3% |
| Other operating charges | 640/8 | €1,165 | €22,104 | +€20,939 | +1,797% |
| Gross operating margin | 9900 | €260,480 | €42,552 | -€217,928 | -83.7% |
| Operating profit (loss) | 9901 | €244,016 | €16,522 | -€227,495 | -93.2% |
| Financial income | 75/76B | €34 | €14 | -€21 | -60.1% |
| Recurring financial income | 75 | €34 | €14 | -€21 | -60.1% |
| Financial charges | 65/66B | €4,261 | €3,083 | -€1,178 | -27.6% |
| Recurring financial charges | 65 | €4,261 | €3,083 | -€1,178 | -27.6% |
| Profit (loss) for the period before taxes | 9903 | €239,789 | €13,452 | -€226,337 | -94.4% |
| Income taxes | 67/77 | €75,560 | €9,614 | -€65,947 | -87.3% |
| Profit (loss) for the period | 9904 | €164,229 | €3,838 | -€160,391 | -97.7% |
| Profit (loss) for the period to be appropriated | 9905 | €164,229 | €3,838 | -€160,391 | -97.7% |
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 28 October 2026 via checked.be.