Docteur Mathilde De Zutter: 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.
Docteur Mathilde De Zutter
Largest movements
- Cash -€105,035
down €105,035 (-36.6%), from €287,075 to €182,040
mainly Contributions, distributions and other (-€104,148) and Current investments (-€100,000)
- Current investments +€100,000
new in 2025: €100,000
- Receivables within one year +€10,029
up €10,029 (+361%), from €2,781 to €12,809
of which Other amounts receivable: +€11,397
- Tangible fixed assets -€7,534
down €7,534 (-56.8%), from €13,269 to €5,735
of which Furniture and vehicles: -€7,195
- Other debts +€97,378
new in 2025: €97,378
- Reserves -€59,951
down €59,951 (-26.1%), from €229,393 to €169,442
- Tax, wage and social debts -€30,900
down €30,900 (-55.6%), from €55,562 to €24,662
of which Taxes: -€25,792
- Debts after one year -€6,147
no longer reported in 2025 (was €6,147)
- Gross operating margin +€3,907
up €3,907 (+4.7%), from €82,624 to €86,531
- Staff costs +€1,287
up €1,287 (+6.8%), from €19,066 to €20,353
- Taxes +€1,203
up €1,203 (+7.6%), from €15,883 to €17,086
- Financial income +€1,009
up €1,009 (+41.6%), from €2,423 to €3,432
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 | €304,956 | €302,628 | -€2,327 | -0.8% |
| Fixed assets | 21/28 | €13,269 | €5,735 | -€7,534 | -56.8% |
| Tangible fixed assets | 22/27 | €13,269 | €5,735 | -€7,534 | -56.8% |
| Land and buildings | 22 | €678 | €339 | -€339 | -50.0% |
| Furniture and vehicles | 24 | €12,592 | €5,396 | -€7,195 | -57.1% |
| Current assets | 29/58 | €291,686 | €296,893 | +€5,207 | +1.8% |
| Amounts receivable within one year | 40/41 | €2,781 | €12,809 | +€10,029 | +361% |
| Trade receivables | 40 | €2,781 | €1,412 | -€1,369 | -49.2% |
| Other amounts receivable | 41 | - | €11,397 | +€11,397 | |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €287,075 | €182,040 | -€105,035 | -36.6% |
| Deferred charges and accrued income | 490/1 | €1,831 | €2,043 | +€212 | +11.6% |
| Total equity and liabilities | 10/49 | €304,956 | €302,628 | -€2,327 | -0.8% |
| Equity | 10/15 | €234,393 | €174,442 | -€59,951 | -25.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €229,393 | €169,442 | -€59,951 | -26.1% |
| Distributable reserves | 133 | €229,393 | €169,442 | -€59,951 | -26.1% |
| Amounts payable | 17/49 | €70,563 | €128,187 | +€57,624 | +81.7% |
| Amounts payable after more than one year | 17 | €6,147 | - | -€6,147 | |
| Financial debts | 170/4 | €6,147 | - | -€6,147 | |
| Amounts payable within one year | 42/48 | €64,416 | €128,187 | +€63,771 | +99.0% |
| Current portion of amounts payable after more than one year | 42 | €7,296 | €6,147 | -€1,149 | -15.7% |
| Trade debts | 44 | €1,559 | - | -€1,559 | |
| Suppliers | 440/4 | €1,559 | - | -€1,559 | |
| Taxes, remuneration and social security | 45 | €55,562 | €24,662 | -€30,900 | -55.6% |
| Taxes | 450/3 | €47,717 | €21,925 | -€25,792 | -54.1% |
| Remuneration and social security | 454/9 | €7,844 | €2,736 | -€5,108 | -65.1% |
| Other amounts payable | 47/48 | - | €97,378 | +€97,378 | |
| Remuneration, social security and pensions | 62 | €19,066 | €20,353 | +€1,287 | +6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,534 | €7,534 | = | 0.0% |
| Other operating charges | 640/8 | €485 | €567 | +€82 | +16.9% |
| Gross operating margin | 9900 | €82,624 | €86,531 | +€3,907 | +4.7% |
| Operating profit (loss) | 9901 | €55,538 | €58,077 | +€2,538 | +4.6% |
| Financial income | 75/76B | €2,423 | €3,432 | +€1,009 | +41.6% |
| Recurring financial income | 75 | €2,423 | €3,432 | +€1,009 | +41.6% |
| Financial charges | 65/66B | €314 | €226 | -€88 | -28.1% |
| Recurring financial charges | 65 | €314 | €226 | -€88 | -28.1% |
| Profit (loss) for the period before taxes | 9903 | €57,647 | €61,283 | +€3,635 | +6.3% |
| Income taxes | 67/77 | €15,883 | €17,086 | +€1,203 | +7.6% |
| Profit (loss) for the period | 9904 | €41,765 | €44,197 | +€2,432 | +5.8% |
| Profit (loss) for the period to be appropriated | 9905 | €41,765 | €44,197 | +€2,432 | +5.8% |
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 25 October 2026 via checked.be.