DR. ALINE MADOE: 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. ALINE MADOE
Largest movements
- Cash +€65,547
up €65,547 (+87.9%), from €74,565 to €140,113
mainly Net result for the year (+€98,980) and Tax, wage and social debts (+€27,847)
- Receivables within one year +€50,035
up €50,035 (+113%), from €44,436 to €94,471
- Current investments +€30,000
new in 2025: €30,000
- Deferred charges and accrued income -€12,474
down €12,474 (-61.4%), from €20,326 to €7,852
- Tangible fixed assets -€5,074
down €5,074 (-64.4%), from €7,876 to €2,802
of which Furniture and vehicles: -€4,282
- Reserves +€98,980
up €98,980 (+86.4%), from €114,623 to €213,603
- Tax, wage and social debts +€27,847
up €27,847 (+104%), from €26,717 to €54,563
- Financial income +€3,845
up €3,845 (+562%), from €684 to €4,528
- Gross operating margin +€2,723
up €2,723 (+2.2%), from €126,318 to €129,041
- Taxes +€1,405
up €1,405 (+5.3%), from €26,717 to €28,121
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 | €147,203 | €275,238 | +€128,035 | +87.0% |
| Fixed assets | 21/28 | €7,876 | €2,802 | -€5,074 | -64.4% |
| Tangible fixed assets | 22/27 | €7,876 | €2,802 | -€5,074 | -64.4% |
| Plant, machinery and equipment | 23 | €791 | - | -€791 | |
| Furniture and vehicles | 24 | €7,085 | €2,802 | -€4,282 | -60.4% |
| Current assets | 29/58 | €139,327 | €272,436 | +€133,108 | +95.5% |
| Amounts receivable within one year | 40/41 | €44,436 | €94,471 | +€50,035 | +113% |
| Other amounts receivable | 41 | €44,436 | €94,471 | +€50,035 | +113% |
| Current investments | 50/53 | - | €30,000 | +€30,000 | |
| Cash at bank and in hand | 54/58 | €74,565 | €140,113 | +€65,547 | +87.9% |
| Deferred charges and accrued income | 490/1 | €20,326 | €7,852 | -€12,474 | -61.4% |
| Total equity and liabilities | 10/49 | €147,203 | €275,238 | +€128,035 | +87.0% |
| Equity | 10/15 | €118,123 | €217,103 | +€98,980 | +83.8% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €114,623 | €213,603 | +€98,980 | +86.4% |
| Distributable reserves | 133 | €114,623 | €213,603 | +€98,980 | +86.4% |
| Amounts payable | 17/49 | €29,080 | €58,134 | +€29,054 | +99.9% |
| Amounts payable within one year | 42/48 | €28,180 | €56,924 | +€28,744 | +102% |
| Trade debts | 44 | €1,464 | €2,361 | +€898 | +61.3% |
| Suppliers | 440/4 | €1,464 | €2,361 | +€898 | +61.3% |
| Taxes, remuneration and social security | 45 | €26,717 | €54,563 | +€27,847 | +104% |
| Taxes | 450/3 | €26,717 | €54,563 | +€27,847 | +104% |
| Accrued charges and deferred income | 492/3 | €900 | €1,210 | +€310 | +34.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,818 | €5,074 | +€256 | +5.3% |
| Other operating charges | 640/8 | €1,024 | €1,280 | +€256 | +25.0% |
| Gross operating margin | 9900 | €126,318 | €129,041 | +€2,723 | +2.2% |
| Operating profit (loss) | 9901 | €120,476 | €122,688 | +€2,212 | +1.8% |
| Financial income | 75/76B | €684 | €4,528 | +€3,845 | +562% |
| Recurring financial income | 75 | €684 | €4,528 | +€3,845 | +562% |
| Financial charges | 65/66B | €104 | €114 | +€11 | +10.1% |
| Recurring financial charges | 65 | €104 | €114 | +€11 | +10.1% |
| Profit (loss) for the period before taxes | 9903 | €121,055 | €127,102 | +€6,046 | +5.0% |
| Income taxes | 67/77 | €26,717 | €28,121 | +€1,405 | +5.3% |
| Profit (loss) for the period | 9904 | €94,339 | €98,980 | +€4,641 | +4.9% |
| Profit (loss) for the period to be appropriated | 9905 | €94,339 | €98,980 | +€4,641 | +4.9% |
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 28 October 2026 via checked.be.