Dr. Anouk Peeters: 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. Anouk Peeters
Largest movements
- Cash -€340,228
down €340,228 (-55.8%), from €610,245 to €270,017
mainly Current investments (-€256,210) and Other debts (-€170,138)
- Current investments +€256,210
up €256,210 (+253%), from €101,292 to €357,502
- Intangible fixed assets -€22,500
down €22,500 (-50.0%), from €45,000 to €22,500
- Tangible fixed assets -€10,858
down €10,858 (-12.7%), from €85,538 to €74,680
of which Furniture and vehicles: -€19,875
- Other debts -€170,138
down €170,138 (-56.2%), from €302,897 to €132,759
- Reserves +€54,522
up €54,522 (+8.7%), from €624,431 to €678,953
- Gross operating margin +€19,919
up €19,919 (+7.9%), from €252,829 to €272,748
- Depreciation -€9,896
down €9,896 (-16.9%), from €58,721 to €48,825
- Taxes +€7,971
up €7,971 (+13.3%), from €59,885 to €67,856
- Financial income -€3,971
down €3,971 (-60.6%), from €6,551 to €2,580
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 | €944,476 | €824,543 | -€119,933 | -12.7% |
| Fixed assets | 21/28 | €130,538 | €97,180 | -€33,358 | -25.6% |
| Intangible fixed assets | 21 | €45,000 | €22,500 | -€22,500 | -50.0% |
| Tangible fixed assets | 22/27 | €85,538 | €74,680 | -€10,858 | -12.7% |
| Plant, machinery and equipment | 23 | €15,873 | €11,591 | -€4,282 | -27.0% |
| Furniture and vehicles | 24 | €64,175 | €44,300 | -€19,875 | -31.0% |
| Other tangible fixed assets | 26 | €5,490 | €18,789 | +€13,299 | +242% |
| Current assets | 29/58 | €813,938 | €727,363 | -€86,575 | -10.6% |
| Amounts receivable within one year | 40/41 | €43,547 | €38,750 | -€4,797 | -11.0% |
| Other amounts receivable | 41 | €43,547 | €38,750 | -€4,797 | -11.0% |
| Current investments | 50/53 | €101,292 | €357,502 | +€256,210 | +253% |
| Cash at bank and in hand | 54/58 | €610,245 | €270,017 | -€340,228 | -55.8% |
| Deferred charges and accrued income | 490/1 | €58,854 | €61,094 | +€2,240 | +3.8% |
| Total equity and liabilities | 10/49 | €944,476 | €824,543 | -€119,933 | -12.7% |
| Equity | 10/15 | €636,831 | €691,353 | +€54,522 | +8.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €624,431 | €678,953 | +€54,522 | +8.7% |
| Distributable reserves | 133 | €624,431 | €678,953 | +€54,522 | +8.7% |
| Amounts payable | 17/49 | €307,645 | €133,190 | -€174,455 | -56.7% |
| Amounts payable within one year | 42/48 | €306,663 | €133,125 | -€173,538 | -56.6% |
| Trade debts | 44 | €3,766 | €366 | -€3,400 | -90.3% |
| Suppliers | 440/4 | €3,766 | €366 | -€3,400 | -90.3% |
| Other amounts payable | 47/48 | €302,897 | €132,759 | -€170,138 | -56.2% |
| Accrued charges and deferred income | 492/3 | €982 | €65 | -€917 | -93.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,721 | €48,825 | -€9,896 | -16.9% |
| Other operating charges | 640/8 | €1,284 | €756 | -€528 | -41.1% |
| Gross operating margin | 9900 | €252,829 | €272,748 | +€19,919 | +7.9% |
| Operating profit (loss) | 9901 | €192,824 | €223,167 | +€30,343 | +15.7% |
| Financial income | 75/76B | €6,551 | €2,580 | -€3,971 | -60.6% |
| Recurring financial income | 75 | €6,551 | €2,580 | -€3,971 | -60.6% |
| Financial charges | 65/66B | €1,487 | €1,865 | +€378 | +25.4% |
| Recurring financial charges | 65 | €1,487 | €1,865 | +€378 | +25.4% |
| Profit (loss) for the period before taxes | 9903 | €197,888 | €223,882 | +€25,994 | +13.1% |
| Income taxes | 67/77 | €59,885 | €67,856 | +€7,971 | +13.3% |
| Profit (loss) for the period | 9904 | €138,003 | €156,026 | +€18,023 | +13.1% |
| Profit (loss) for the period to be appropriated | 9905 | €138,003 | €156,026 | +€18,023 | +13.1% |
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 22 October 2026 via checked.be.