Dr Adélaïde Knapen: 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.
Dr Adélaïde Knapen
Largest movements
- Cash +€115,715
up €115,715 (+45.6%), from €253,641 to €369,356
mainly Other debts (+€280,382) and Net result for the year (+€80,883)
- Receivables within one year +€5,639
up €5,639 (+9.6%), from €58,815 to €64,454
of which Trade receivables: +€5,549
- Tangible fixed assets +€5,268
new in 2025: €5,268
- Other debts +€280,382
up €280,382 (+925%), from €30,307 to €310,689
- Reserves -€150,000
down €150,000 (-54.5%), from €275,000 to €125,000
- Gross operating margin +€5,703
up €5,703 (+3.7%), from €154,569 to €160,272
- Taxes +€1,764
up €1,764 (+9.0%), from €19,645 to €21,410
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 | €313,360 | €439,626 | +€126,266 | +40.3% |
| Fixed assets | 21/28 | - | €5,268 | +€5,268 | |
| Tangible fixed assets | 22/27 | - | €5,268 | +€5,268 | |
| Furniture and vehicles | 24 | - | €5,268 | +€5,268 | |
| Current assets | 29/58 | €313,360 | €434,358 | +€120,998 | +38.6% |
| Amounts receivable within one year | 40/41 | €58,815 | €64,454 | +€5,639 | +9.6% |
| Trade receivables | 40 | €55,515 | €61,064 | +€5,549 | +10.0% |
| Other amounts receivable | 41 | €3,300 | €3,391 | +€91 | +2.7% |
| Cash at bank and in hand | 54/58 | €253,641 | €369,356 | +€115,715 | +45.6% |
| Deferred charges and accrued income | 490/1 | €903 | €547 | -€356 | -39.4% |
| Total equity and liabilities | 10/49 | €313,360 | €439,626 | +€126,266 | +40.3% |
| Equity | 10/15 | €278,199 | €126,082 | -€152,117 | -54.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €275,000 | €125,000 | -€150,000 | -54.5% |
| Distributable reserves | 133 | €275,000 | €125,000 | -€150,000 | -54.5% |
| Profit (loss) carried forward | 14 | €2,199 | €82 | -€2,117 | -96.3% |
| Amounts payable | 17/49 | €35,161 | €313,544 | +€278,383 | +792% |
| Amounts payable within one year | 42/48 | €35,161 | €313,544 | +€278,383 | +792% |
| Trade debts | 44 | €829 | €805 | -€24 | -2.9% |
| Suppliers | 440/4 | €829 | €805 | -€24 | -2.9% |
| Taxes, remuneration and social security | 45 | €4,025 | €2,050 | -€1,975 | -49.1% |
| Taxes | 450/3 | €4,025 | €2,050 | -€1,975 | -49.1% |
| Other amounts payable | 47/48 | €30,307 | €310,689 | +€280,382 | +925% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,042 | €466 | -€1,576 | -77.2% |
| Other operating charges | 640/8 | €345 | €754 | +€409 | +119% |
| Gross operating margin | 9900 | €154,569 | €160,272 | +€5,703 | +3.7% |
| Operating profit (loss) | 9901 | €152,182 | €159,051 | +€6,869 | +4.5% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €57,811 | €56,759 | -€1,052 | -1.8% |
| Recurring financial charges | 65 | €57,811 | €56,759 | -€1,052 | -1.8% |
| Profit (loss) for the period before taxes | 9903 | €94,371 | €102,292 | +€7,922 | +8.4% |
| Income taxes | 67/77 | €19,645 | €21,410 | +€1,764 | +9.0% |
| Profit (loss) for the period | 9904 | €74,726 | €80,883 | +€6,157 | +8.2% |
| Profit (loss) for the period to be appropriated | 9905 | €74,726 | €80,883 | +€6,157 | +8.2% |
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 1 November 2026 via checked.be.