Dokter Katrien Bulté: 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.
Dokter Katrien Bulté
Largest movements
- Cash +€729,501
up €729,501 (+678%), from €107,523 to €837,024
mainly Current investments (+€427,270) and Net result for the year (+€333,036)
- Current investments -€427,270
down €427,270 (-63.6%), from €671,758 to €244,488
- Deferred charges and accrued income +€25,326
up €25,326 (+22.4%), from €112,815 to €138,141
- Reserves +€333,030
up €333,030 (+34.6%), from €962,740 to €1.3m
- Tax, wage and social debts +€101,173
up €101,173 (+390%), from €25,968 to €127,141
of which Taxes: +€91,200
- Other debts -€80,158
down €80,158 (-100%), from €80,158 to €0
- Debts after one year -€32,922
down €32,922 (-11.8%), from €278,934 to €246,011
- Financial income +€143,868
up €143,868 (+1,243%), from €11,570 to €155,438
- Taxes +€69,941
up €69,941 (+83.3%), from €83,935 to €153,876
- Gross operating margin +€68,487
up €68,487 (+23.8%), from €288,051 to €356,538
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 | €1,399,370 | €1,726,349 | +€326,979 | +23.4% |
| Fixed assets | 21/28 | €507,274 | €496,188 | -€11,086 | -2.2% |
| Tangible fixed assets | 22/27 | €507,274 | €496,188 | -€11,086 | -2.2% |
| Land and buildings | 22 | €501,341 | €490,765 | -€10,576 | -2.1% |
| Furniture and vehicles | 24 | €5,039 | €4,827 | -€212 | -4.2% |
| Other tangible fixed assets | 26 | €893 | €596 | -€298 | -33.3% |
| Current assets | 29/58 | €892,096 | €1,230,161 | +€338,065 | +37.9% |
| Amounts receivable within one year | 40/41 | €0 | €10,508 | +€10,508 | |
| Trade receivables | 40 | €0 | €1,500 | +€1,500 | |
| Other amounts receivable | 41 | - | €9,008 | +€9,008 | |
| Current investments | 50/53 | €671,758 | €244,488 | -€427,270 | -63.6% |
| Cash at bank and in hand | 54/58 | €107,523 | €837,024 | +€729,501 | +678% |
| Deferred charges and accrued income | 490/1 | €112,815 | €138,141 | +€25,326 | +22.4% |
| Total equity and liabilities | 10/49 | €1,399,370 | €1,726,349 | +€326,979 | +23.4% |
| Equity | 10/15 | €977,848 | €1,310,884 | +€333,036 | +34.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €962,740 | €1,295,770 | +€333,030 | +34.6% |
| Distributable reserves | 133 | €962,740 | €1,295,770 | +€333,030 | +34.6% |
| Profit (loss) carried forward | 14 | €2,708 | €2,714 | +€6 | +0.2% |
| Amounts payable | 17/49 | €421,522 | €415,465 | -€6,057 | -1.4% |
| Amounts payable after more than one year | 17 | €278,934 | €246,011 | -€32,922 | -11.8% |
| Financial debts | 170/4 | €278,934 | €246,011 | -€32,922 | -11.8% |
| Amounts payable within one year | 42/48 | €142,588 | €169,454 | +€26,866 | +18.8% |
| Current portion of amounts payable after more than one year | 42 | €32,393 | €32,922 | +€529 | +1.6% |
| Trade debts | 44 | €4,069 | €9,390 | +€5,321 | +131% |
| Suppliers | 440/4 | €4,069 | €9,390 | +€5,321 | +131% |
| Taxes, remuneration and social security | 45 | €25,968 | €127,141 | +€101,173 | +390% |
| Taxes | 450/3 | €21,028 | €112,228 | +€91,200 | +434% |
| Remuneration and social security | 454/9 | €4,940 | €14,913 | +€9,973 | +202% |
| Other amounts payable | 47/48 | €80,158 | €0 | -€80,158 | -100% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | €250 | +€250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,066 | €12,375 | -€691 | -5.3% |
| Other operating charges | 640/8 | €3,457 | €3,597 | +€140 | +4.0% |
| Non-recurring operating charges | 66A | €858 | €1,778 | +€920 | +107% |
| Gross operating margin | 9900 | €288,051 | €356,538 | +€68,487 | +23.8% |
| Operating profit (loss) | 9901 | €270,670 | €338,788 | +€68,118 | +25.2% |
| Financial income | 75/76B | €11,570 | €155,438 | +€143,868 | +1,243% |
| Recurring financial income | 75 | €11,570 | €155,438 | +€143,868 | +1,243% |
| Financial charges | 65/66B | €7,720 | €7,315 | -€406 | -5.3% |
| Recurring financial charges | 65 | €7,720 | €7,315 | -€406 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | €274,520 | €486,912 | +€212,392 | +77.4% |
| Income taxes | 67/77 | €83,935 | €153,876 | +€69,941 | +83.3% |
| Profit (loss) for the period | 9904 | €190,585 | €333,036 | +€142,451 | +74.7% |
| Profit (loss) for the period to be appropriated | 9905 | €190,585 | €333,036 | +€142,451 | +74.7% |
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 24 October 2026 via checked.be.