Docteur Romain Courcelle: 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 Romain Courcelle
Largest movements
- Cash -€73,250
down €73,250 (-43.9%), from €166,948 to €93,698
mainly Contributions, distributions and other (-€154,000) and Receivables after one year (-€52,000)
- Receivables after one year +€52,000
new in 2025: €52,000
- Intangible fixed assets -€32,000
down €32,000 (-14.3%), from €224,000 to €192,000
- Tangible fixed assets +€4,578
up €4,578 (+93.4%), from €4,903 to €9,481
of which Furniture and vehicles: +€2,422
- Profit (loss) carried forward -€88,153
down €88,153 (-97.9%), from €90,050 to €1,898
- Other debts +€31,096
up €31,096 (+25.3%), from €123,081 to €154,177
- Current portion of long-term debt +€8,780
up €8,780 (+34.5%), from €25,480 to €34,260
- Financial charges -€9,018
down €9,018 (-47.9%), from €18,812 to €9,794
- Depreciation -€8,761
down €8,761 (-19.5%), from €44,847 to €36,086
- Gross operating margin -€2,985
down €2,985 (-2.2%), from €132,706 to €129,721
- Taxes +€2,160
up €2,160 (+13.6%), from €15,833 to €17,993
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 | €449,535 | €398,156 | -€51,378 | -11.4% |
| Fixed assets | 21/28 | €228,903 | €201,481 | -€27,422 | -12.0% |
| Intangible fixed assets | 21 | €224,000 | €192,000 | -€32,000 | -14.3% |
| Tangible fixed assets | 22/27 | €4,903 | €9,481 | +€4,578 | +93.4% |
| Furniture and vehicles | 24 | €4,903 | €7,325 | +€2,422 | +49.4% |
| Other tangible fixed assets | 26 | - | €2,156 | +€2,156 | |
| Current assets | 29/58 | €220,632 | €196,676 | -€23,956 | -10.9% |
| Amounts receivable after more than one year | 29 | - | €52,000 | +€52,000 | |
| Other amounts receivable | 291 | - | €52,000 | +€52,000 | |
| Amounts receivable within one year | 40/41 | €51,168 | €50,977 | -€191 | -0.4% |
| Trade receivables | 40 | €49,168 | €46,971 | -€2,197 | -4.5% |
| Other amounts receivable | 41 | €2,000 | €4,007 | +€2,007 | +100% |
| Cash at bank and in hand | 54/58 | €166,948 | €93,698 | -€73,250 | -43.9% |
| Deferred charges and accrued income | 490/1 | €2,515 | - | -€2,515 | |
| Total equity and liabilities | 10/49 | €449,535 | €398,156 | -€51,378 | -11.4% |
| Equity | 10/15 | €93,050 | €4,898 | -€88,153 | -94.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €90,050 | €1,898 | -€88,153 | -97.9% |
| Amounts payable | 17/49 | €356,484 | €393,259 | +€36,775 | +10.3% |
| Amounts payable after more than one year | 17 | €204,664 | €203,696 | -€968 | -0.5% |
| Financial debts | 170/4 | €204,664 | €203,696 | -€968 | -0.5% |
| Amounts payable within one year | 42/48 | €151,820 | €189,520 | +€37,700 | +24.8% |
| Current portion of amounts payable after more than one year | 42 | €25,480 | €34,260 | +€8,780 | +34.5% |
| Financial debts | 43 | €256 | - | -€256 | |
| Credit institutions | 430/8 | €256 | - | -€256 | |
| Trade debts | 44 | €200 | €1,083 | +€883 | +441% |
| Suppliers | 440/4 | €200 | €1,083 | +€883 | +441% |
| Taxes, remuneration and social security | 45 | €2,804 | - | -€2,804 | |
| Taxes | 450/3 | €2,804 | - | -€2,804 | |
| Other amounts payable | 47/48 | €123,081 | €154,177 | +€31,096 | +25.3% |
| Accrued charges and deferred income | 492/3 | - | €43 | +€43 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,847 | €36,086 | -€8,761 | -19.5% |
| Gross operating margin | 9900 | €132,706 | €129,721 | -€2,985 | -2.2% |
| Operating profit (loss) | 9901 | €87,859 | €93,635 | +€5,775 | +6.6% |
| Financial charges | 65/66B | €18,812 | €9,794 | -€9,018 | -47.9% |
| Recurring financial charges | 65 | €18,812 | €9,794 | -€9,018 | -47.9% |
| Profit (loss) for the period before taxes | 9903 | €69,047 | €83,841 | +€14,793 | +21.4% |
| Income taxes | 67/77 | €15,833 | €17,993 | +€2,160 | +13.6% |
| Profit (loss) for the period | 9904 | €53,214 | €65,847 | +€12,633 | +23.7% |
| Profit (loss) for the period to be appropriated | 9905 | €53,214 | €65,847 | +€12,633 | +23.7% |
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 27 October 2026 via checked.be.