Catherine Smits: 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 Smits
Largest movements
- Receivables within one year +€22,951
up €22,951 (+394%), from €5,820 to €28,771
of which Trade receivables: +€27,586
- Tangible fixed assets -€10,085
down €10,085 (-30.8%), from €32,785 to €22,700
of which Furniture and vehicles: -€9,674
- Deferred charges and accrued income -€5,102
no longer reported in 2025 (was €5,102)
- Profit (loss) carried forward -€19,761
down €19,761 (-100%), from €19,761 to €0
- Tax, wage and social debts +€13,763
up €13,763 (+186%), from €7,390 to €21,153
- Reserves +€7,397
up €7,397 (+398%), from €1,860 to €9,257
- Accrued charges and deferred income +€4,346
up €4,346 (+202%), from €2,154 to €6,500
- Other debts +€2,193
up €2,193 (+361%), from €608 to €2,801
- Gross operating margin +€17,903
up €17,903 (+138%), from €12,952 to €30,855
- Financial income -€15,628
no longer reported in 2025 (was €15,628)
of which Non-recurring financial income: -€15,627
- Taxes +€4,840
up €4,840 (+111%), from €4,362 to €9,202
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 | €45,632 | €53,780 | +€8,148 | +17.9% |
| Fixed assets | 21/28 | €34,710 | €24,625 | -€10,085 | -29.1% |
| Tangible fixed assets | 22/27 | €32,785 | €22,700 | -€10,085 | -30.8% |
| Plant, machinery and equipment | 23 | €1,456 | €1,045 | -€411 | -28.2% |
| Furniture and vehicles | 24 | €31,329 | €21,655 | -€9,674 | -30.9% |
| Financial fixed assets | 28 | €1,925 | €1,925 | = | 0.0% |
| Current assets | 29/58 | €10,922 | €29,156 | +€18,234 | +167% |
| Amounts receivable within one year | 40/41 | €5,820 | €28,771 | +€22,951 | +394% |
| Trade receivables | 40 | €1,000 | €28,586 | +€27,586 | +2,759% |
| Other amounts receivable | 41 | €4,820 | €185 | -€4,635 | -96.2% |
| Cash at bank and in hand | 54/58 | - | €384 | +€384 | |
| Deferred charges and accrued income | 490/1 | €5,102 | - | -€5,102 | |
| Total equity and liabilities | 10/49 | €45,632 | €53,780 | +€8,148 | +17.9% |
| Equity | 10/15 | €34,021 | €21,657 | -€12,365 | -36.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €9,257 | +€7,397 | +398% |
| Distributable reserves | 133 | €1,860 | €9,257 | +€7,397 | +398% |
| Profit (loss) carried forward | 14 | €19,761 | €0 | -€19,761 | -100% |
| Amounts payable | 17/49 | €11,610 | €32,124 | +€20,513 | +177% |
| Amounts payable within one year | 42/48 | €9,457 | €25,624 | +€16,167 | +171% |
| Financial debts | 43 | €1,074 | - | -€1,074 | |
| Credit institutions | 430/8 | €1,074 | - | -€1,074 | |
| Trade debts | 44 | €384 | €1,670 | +€1,285 | +334% |
| Suppliers | 440/4 | €384 | €1,670 | +€1,285 | +334% |
| Taxes, remuneration and social security | 45 | €7,390 | €21,153 | +€13,763 | +186% |
| Taxes | 450/3 | €7,390 | €21,153 | +€13,763 | +186% |
| Other amounts payable | 47/48 | €608 | €2,801 | +€2,193 | +361% |
| Accrued charges and deferred income | 492/3 | €2,154 | €6,500 | +€4,346 | +202% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,862 | €10,085 | +€223 | +2.3% |
| Other operating charges | 640/8 | €1,304 | €1,056 | -€248 | -19.0% |
| Non-recurring operating charges | 66A | - | €1,000 | +€1,000 | |
| Gross operating margin | 9900 | €12,952 | €30,855 | +€17,903 | +138% |
| Operating profit (loss) | 9901 | €1,786 | €18,714 | +€16,927 | +948% |
| Financial income | 75/76B | €15,628 | - | -€15,628 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Non-recurring financial income | 76B | €15,627 | - | -€15,627 | |
| Financial charges | 65/66B | €163 | €255 | +€93 | +56.9% |
| Recurring financial charges | 65 | €163 | €255 | +€93 | +56.9% |
| Profit (loss) for the period before taxes | 9903 | €17,251 | €18,459 | +€1,207 | +7.0% |
| Income taxes | 67/77 | €4,362 | €9,202 | +€4,840 | +111% |
| Profit (loss) for the period | 9904 | €12,889 | €9,257 | -€3,632 | -28.2% |
| Profit (loss) for the period to be appropriated | 9905 | €12,889 | €9,257 | -€3,632 | -28.2% |
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.