Cathrine Jensen: 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.
Cathrine Jensen
Largest movements
- Cash -€39,819
down €39,819 (-65.8%), from €60,559 to €20,741
mainly Contributions, distributions and other (-€58,824) and Receivables within one year (-€15,133)
- Receivables within one year +€15,133
up €15,133 (+151%), from €10,016 to €25,150
- Tangible fixed assets -€4,582
down €4,582 (-45.1%), from €10,158 to €5,575
of which Plant, machinery and equipment: -€3,662
- Profit (loss) carried forward -€41,039
down €41,039 (-99.6%), from €41,195 to €156
- Tax, wage and social debts +€8,806
up €8,806 (+148%), from €5,942 to €14,747
- Other debts +€4,436
up €4,436 (+19.5%), from €22,766 to €27,202
- Trade debts -€870
down €870 (-47.5%), from €1,830 to €961
- Gross operating margin +€23,225
up €23,225 (+274%), from €8,471 to €31,696
- Taxes +€5,026
up €5,026 (+272%), from €1,847 to €6,873
- Depreciation +€1,031
up €1,031 (+29.0%), from €3,551 to €4,582
- Other operating charges -€599
down €599 (-46.8%), from €1,281 to €682
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 | €82,233 | €52,966 | -€29,268 | -35.6% |
| Fixed assets | 21/28 | €10,158 | €5,575 | -€4,582 | -45.1% |
| Tangible fixed assets | 22/27 | €10,158 | €5,575 | -€4,582 | -45.1% |
| Plant, machinery and equipment | 23 | €7,938 | €4,276 | -€3,662 | -46.1% |
| Furniture and vehicles | 24 | €2,220 | €1,300 | -€920 | -41.4% |
| Current assets | 29/58 | €72,076 | €47,390 | -€24,685 | -34.2% |
| Amounts receivable within one year | 40/41 | €10,016 | €25,150 | +€15,133 | +151% |
| Trade receivables | 40 | €10,016 | €25,150 | +€15,133 | +151% |
| Cash at bank and in hand | 54/58 | €60,559 | €20,741 | -€39,819 | -65.8% |
| Deferred charges and accrued income | 490/1 | €1,500 | €1,500 | = | 0.0% |
| Total equity and liabilities | 10/49 | €82,233 | €52,966 | -€29,268 | -35.6% |
| Equity | 10/15 | €43,195 | €2,156 | -€41,039 | -95.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €41,195 | €156 | -€41,039 | -99.6% |
| Amounts payable | 17/49 | €39,039 | €50,810 | +€11,772 | +30.2% |
| Amounts payable within one year | 42/48 | €30,539 | €42,910 | +€12,372 | +40.5% |
| Trade debts | 44 | €1,830 | €961 | -€870 | -47.5% |
| Suppliers | 440/4 | €1,830 | €961 | -€870 | -47.5% |
| Taxes, remuneration and social security | 45 | €5,942 | €14,747 | +€8,806 | +148% |
| Taxes | 450/3 | €5,942 | €14,747 | +€8,806 | +148% |
| Other amounts payable | 47/48 | €22,766 | €27,202 | +€4,436 | +19.5% |
| Accrued charges and deferred income | 492/3 | €8,500 | €7,900 | -€600 | -7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,551 | €4,582 | +€1,031 | +29.0% |
| Other operating charges | 640/8 | €1,281 | €682 | -€599 | -46.8% |
| Gross operating margin | 9900 | €8,471 | €31,696 | +€23,225 | +274% |
| Operating profit (loss) | 9901 | €3,639 | €26,432 | +€22,793 | +626% |
| Financial income | 75/76B | €0 | €13 | +€13 | +42,000% |
| Recurring financial income | 75 | €0 | €13 | +€13 | +42,000% |
| Financial charges | 65/66B | €2,042 | €1,787 | -€255 | -12.5% |
| Recurring financial charges | 65 | €2,042 | €1,787 | -€255 | -12.5% |
| Profit (loss) for the period before taxes | 9903 | €1,597 | €24,658 | +€23,061 | +1,444% |
| Income taxes | 67/77 | €1,847 | €6,873 | +€5,026 | +272% |
| Profit (loss) for the period | 9904 | -€251 | €17,784 | +€18,035 | |
| Profit (loss) for the period to be appropriated | 9905 | -€251 | €17,784 | +€18,035 |
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 20 October 2026 via checked.be.