Danielle CHERPION: 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.
Danielle CHERPION
Largest movements
- Cash -€2.0m
down €2.0m (-95.2%), from €2.2m to €104,110
mainly Current investments (-€2.0m) and Tax, wage and social debts (-€211,791)
- Current investments +€2.0m
up €2.0m (+186.7%), from €1.1m to €3.1m
- Receivables within one year -€269,854
down €269,854 (-88.3%), from €305,549 to €35,695
of which Other amounts receivable: -€263,781
- Tax, wage and social debts -€211,791
down €211,791 (-69.5%), from €304,645 to €92,854
of which Remuneration and social security: -€118,487
- Other debts -€77,775
down €77,775 (-77.8%), from €100,000 to €22,225
- Gross operating margin -€3.0m
down €3.0m (-99.0%), from €3.0m to €28,541
- Taxes -€787,976
down €787,976 (-96.8%), from €814,377 to €26,402
- Staff costs -€320,655
down €320,655 (-100.0%), from €320,655 to €0
- Financial income +€30,629
up €30,629 (+119.1%), from €25,711 to €56,339
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.
Cash bridge derived
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 | €3,726,653 | €3,399,080 | -€327,572 | -8.8% |
| Fixed assets | 21/28 | €191,603 | €178,437 | -€13,167 | -6.9% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €161,603 | €148,437 | -€13,167 | -8.1% |
| Land and buildings | 22 | €118,157 | €114,192 | -€3,965 | -3.4% |
| Furniture and vehicles | 24 | €43,447 | €34,245 | -€9,202 | -21.2% |
| Financial fixed assets | 28 | €30,000 | €30,000 | = | 0.0% |
| Current assets | 29/58 | €3,535,049 | €3,220,644 | -€314,406 | -8.9% |
| Amounts receivable within one year | 40/41 | €305,549 | €35,695 | -€269,854 | -88.3% |
| Trade receivables | 40 | €6,073 | €0 | -€6,073 | -100.0% |
| Other amounts receivable | 41 | €299,476 | €35,695 | -€263,781 | -88.1% |
| Current investments | 50/53 | €1,074,279 | €3,080,248 | +€2.0m | +186.7% |
| Cash at bank and in hand | 54/58 | €2,152,689 | €104,110 | -€2.0m | -95.2% |
| Deferred charges and accrued income | 490/1 | €2,532 | €590 | -€1,942 | -76.7% |
| Total equity and liabilities | 10/49 | €3,726,653 | €3,399,080 | -€327,572 | -8.8% |
| Equity | 10/15 | €3,251,797 | €3,281,830 | +€30,034 | +0.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €3,233,197 | €3,263,230 | +€30,034 | +0.9% |
| Tax-exempt reserves | 132 | €168,400 | €84,200 | -€84,200 | -50.0% |
| Distributable reserves | 133 | €3,064,797 | €3,179,030 | +€114,234 | +3.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €474,856 | €117,250 | -€357,606 | -75.3% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €474,610 | €117,250 | -€357,360 | -75.3% |
| Current portion of amounts payable after more than one year | 42 | €33,646 | €0 | -€33,646 | -100.0% |
| Trade debts | 44 | €36,204 | €2,172 | -€34,032 | -94.0% |
| Suppliers | 440/4 | €36,204 | €2,172 | -€34,032 | -94.0% |
| Advances received on contracts in progress | 46 | €116 | €0 | -€116 | -100.0% |
| Taxes, remuneration and social security | 45 | €304,645 | €92,854 | -€211,791 | -69.5% |
| Taxes | 450/3 | €186,157 | €92,854 | -€93,304 | -50.1% |
| Remuneration and social security | 454/9 | €118,487 | - | -€118,487 | |
| Other amounts payable | 47/48 | €100,000 | €22,225 | -€77,775 | -77.8% |
| Accrued charges and deferred income | 492/3 | €246 | €0 | -€246 | -100.0% |
| Remuneration, social security and pensions | 62 | €320,655 | €0 | -€320,655 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,149 | €13,167 | -€22,983 | -63.6% |
| Other operating charges | 640/8 | €39,460 | €10,976 | -€28,483 | -72.2% |
| Gross operating margin | 9900 | €2,988,817 | €28,541 | -€3.0m | -99.0% |
| Operating profit (loss) | 9901 | €2,592,554 | €4,398 | -€2.6m | -99.8% |
| Financial income | 75/76B | €25,711 | €56,339 | +€30,629 | +119.1% |
| Recurring financial income | 75 | €25,711 | €56,339 | +€30,629 | +119.1% |
| Financial charges | 65/66B | €801 | €4,302 | +€3,501 | +436.9% |
| Recurring financial charges | 65 | €801 | €4,302 | +€3,501 | +436.9% |
| Profit (loss) for the period before taxes | 9903 | €2,617,463 | €56,435 | -€2.6m | -97.8% |
| Income taxes | 67/77 | €814,377 | €26,402 | -€787,976 | -96.8% |
| Profit (loss) for the period | 9904 | €1,803,086 | €30,034 | -€1.8m | -98.3% |
| Transfer from tax-exempt reserves | 789 | €368,796 | €84,200 | -€284,596 | -77.2% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €2,171,882 | €114,234 | -€2.1m | -94.7% |
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 9 October 2026 via checked.be.