Dr Annick Bourguignon: 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 Annick Bourguignon
Largest movements
- Cash +€78,040
up €78,040 (+23.0%), from €338,724 to €416,764
mainly Net result for the year (+€89,132) and Depreciation (+€34,416)
- Intangible fixed assets -€30,000
down €30,000 (-16.2%), from €184,849 to €154,849
- Reserves +€89,130
new in 2025: €89,130
- Profit (loss) carried forward -€49,998
down €49,998 (-12.1%), from €413,085 to €363,087
- Other debts +€30,161
up €30,161 (+26.1%), from €115,545 to €145,706
- Current portion of long-term debt -€14,409
down €14,409 (-50.6%), from €28,462 to €14,053
- Debts after one year -€7,271
down €7,271 (-100%), from €7,271 to €0
- Staff costs -€14,974
down €14,974, from €14,879 to -€96
- Taxes +€11,317
up €11,317 (+44.4%), from €25,515 to €36,832
- Gross operating margin -€3,806
down €3,806 (-2.3%), from €167,326 to €163,520
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 | €569,217 | €619,764 | +€50,547 | +8.9% |
| Fixed assets | 21/28 | €206,415 | €177,980 | -€28,435 | -13.8% |
| Intangible fixed assets | 21 | €184,849 | €154,849 | -€30,000 | -16.2% |
| Tangible fixed assets | 22/27 | €21,566 | €23,131 | +€1,565 | +7.3% |
| Furniture and vehicles | 24 | €2,650 | €6,395 | +€3,745 | +141% |
| Other tangible fixed assets | 26 | €18,916 | €16,736 | -€2,180 | -11.5% |
| Current assets | 29/58 | €362,802 | €441,784 | +€78,982 | +21.8% |
| Amounts receivable within one year | 40/41 | €16,849 | €17,653 | +€804 | +4.8% |
| Other amounts receivable | 41 | €16,849 | €17,653 | +€804 | +4.8% |
| Cash at bank and in hand | 54/58 | €338,724 | €416,764 | +€78,040 | +23.0% |
| Deferred charges and accrued income | 490/1 | €7,229 | €7,367 | +€138 | +1.9% |
| Total equity and liabilities | 10/49 | €569,217 | €619,764 | +€50,547 | +8.9% |
| Equity | 10/15 | €417,085 | €456,217 | +€39,132 | +9.4% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | - | €89,130 | +€89,130 | |
| Distributable reserves | 133 | - | €89,130 | +€89,130 | |
| Profit (loss) carried forward | 14 | €413,085 | €363,087 | -€49,998 | -12.1% |
| Amounts payable | 17/49 | €152,133 | €163,547 | +€11,415 | +7.5% |
| Amounts payable after more than one year | 17 | €7,271 | €0 | -€7,271 | -100% |
| Financial debts | 170/4 | €7,271 | €0 | -€7,271 | -100% |
| Amounts payable within one year | 42/48 | €144,862 | €163,547 | +€18,685 | +12.9% |
| Current portion of amounts payable after more than one year | 42 | €28,462 | €14,053 | -€14,409 | -50.6% |
| Trade debts | 44 | €855 | €3,789 | +€2,934 | +343% |
| Suppliers | 440/4 | €855 | €3,789 | +€2,934 | +343% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €115,545 | €145,706 | +€30,161 | +26.1% |
| Remuneration, social security and pensions | 62 | €14,879 | -€96 | -€14,974 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,517 | €34,416 | +€899 | +2.7% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €167,326 | €163,520 | -€3,806 | -2.3% |
| Operating profit (loss) | 9901 | €118,543 | €128,799 | +€10,257 | +8.7% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €3,483 | €2,835 | -€648 | -18.6% |
| Recurring financial charges | 65 | €3,483 | €2,835 | -€648 | -18.6% |
| Profit (loss) for the period before taxes | 9903 | €115,059 | €125,964 | +€10,905 | +9.5% |
| Income taxes | 67/77 | €25,515 | €36,832 | +€11,317 | +44.4% |
| Profit (loss) for the period | 9904 | €89,544 | €89,132 | -€412 | -0.5% |
| Profit (loss) for the period to be appropriated | 9905 | €89,544 | €89,132 | -€412 | -0.5% |
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 20 October 2026 via checked.be.