Dr. Annelien Marcelis: 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. Annelien Marcelis
Largest movements
- Tangible fixed assets +€211,764
up €211,764 (+1,060%), from €19,984 to €231,748
of which Other tangible fixed assets: +€212,582
- Cash +€93,722
up €93,722 (+60.7%), from €154,407 to €248,129
mainly Debts after one year (+€192,674) and Net result for the year (+€44,830)
- Receivables within one year -€30,353
down €30,353 (-42.7%), from €71,159 to €40,806
- Debts after one year +€192,674
new in 2025: €192,674
- Reserves +€41,749
up €41,749 (+23.2%), from €180,000 to €221,749
- Current portion of long-term debt +€14,443
new in 2025: €14,443
- Trade debts +€13,410
up €13,410 (+649%), from €2,065 to €15,475
- Tax, wage and social debts +€12,414
up €12,414 (+22.0%), from €56,373 to €68,787
- Gross operating margin -€174,940
down €174,940 (-72.7%), from €240,481 to €65,541
- Taxes -€43,503
down €43,503 (-79.3%), from €54,873 to €11,370
- Depreciation +€5,114
up €5,114 (+466%), from €1,098 to €6,212
- Financial charges +€3,859
up €3,859 (+1,037%), from €372 to €4,231
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 | €247,689 | €522,182 | +€274,493 | +111% |
| Fixed assets | 21/28 | €22,124 | €233,248 | +€211,124 | +954% |
| Tangible fixed assets | 22/27 | €19,984 | €231,748 | +€211,764 | +1,060% |
| Furniture and vehicles | 24 | €3,016 | €2,198 | -€818 | -27.1% |
| Other tangible fixed assets | 26 | €16,968 | €229,550 | +€212,582 | +1,253% |
| Financial fixed assets | 28 | €2,140 | €1,500 | -€640 | -29.9% |
| Current assets | 29/58 | €225,565 | €288,934 | +€63,369 | +28.1% |
| Amounts receivable within one year | 40/41 | €71,159 | €40,806 | -€30,353 | -42.7% |
| Trade receivables | 40 | €71,159 | €40,806 | -€30,353 | -42.7% |
| Cash at bank and in hand | 54/58 | €154,407 | €248,129 | +€93,722 | +60.7% |
| Total equity and liabilities | 10/49 | €247,689 | €522,182 | +€274,493 | +111% |
| Equity | 10/15 | €185,251 | €226,749 | +€41,498 | +22.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €180,000 | €221,749 | +€41,749 | +23.2% |
| Distributable reserves | 133 | €180,000 | €221,749 | +€41,749 | +23.2% |
| Profit (loss) carried forward | 14 | €251 | €0 | -€251 | -100% |
| Amounts payable | 17/49 | €62,439 | €295,433 | +€232,995 | +373% |
| Amounts payable after more than one year | 17 | - | €192,674 | +€192,674 | |
| Financial debts | 170/4 | - | €192,674 | +€192,674 | |
| Amounts payable within one year | 42/48 | €62,439 | €102,759 | +€40,320 | +64.6% |
| Current portion of amounts payable after more than one year | 42 | - | €14,443 | +€14,443 | |
| Trade debts | 44 | €2,065 | €15,475 | +€13,410 | +649% |
| Suppliers | 440/4 | €2,065 | €15,475 | +€13,410 | +649% |
| Taxes, remuneration and social security | 45 | €56,373 | €68,787 | +€12,414 | +22.0% |
| Taxes | 450/3 | €56,373 | €68,787 | +€12,414 | +22.0% |
| Other amounts payable | 47/48 | €4,001 | €4,055 | +€54 | +1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,098 | €6,212 | +€5,114 | +466% |
| Other operating charges | 640/8 | €556 | €0 | -€556 | -100% |
| Gross operating margin | 9900 | €240,481 | €65,541 | -€174,940 | -72.7% |
| Operating profit (loss) | 9901 | €238,828 | €59,329 | -€179,499 | -75.2% |
| Financial income | 75/76B | €0 | €1,102 | +€1,102 | +550,875% |
| Recurring financial income | 75 | €0 | €1,102 | +€1,102 | +550,875% |
| Financial charges | 65/66B | €372 | €4,231 | +€3,859 | +1,037% |
| Recurring financial charges | 65 | €372 | €4,231 | +€3,859 | +1,037% |
| Profit (loss) for the period before taxes | 9903 | €238,456 | €56,200 | -€182,255 | -76.4% |
| Income taxes | 67/77 | €54,873 | €11,370 | -€43,503 | -79.3% |
| Profit (loss) for the period | 9904 | €183,583 | €44,830 | -€138,753 | -75.6% |
| Profit (loss) for the period to be appropriated | 9905 | €183,583 | €44,830 | -€138,753 | -75.6% |
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.