Dr. Arnaud Bourda: 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. Arnaud Bourda
Largest movements
- Current investments +€40,000
new in 2025: €40,000
- Tangible fixed assets +€15,731
new in 2025: €15,731
- Deferred charges and accrued income +€2,255
up €2,255 (+63.0%), from €3,580 to €5,835
- Receivables within one year +€1,401
up €1,401 (+134%), from €1,043 to €2,444
of which Trade receivables: +€1,133
- Cash -€1,299
down €1,299 (-2.9%), from €44,296 to €42,997
mainly Current investments (-€40,000) and Investment in fixed assets (net) (-€19,000)
- Reserves +€53,361
up €53,361 (+146%), from €36,606 to €89,968
- Tax, wage and social debts +€3,940
up €3,940 (+40.0%), from €9,854 to €13,794
- Gross operating margin +€23,706
up €23,706 (+51.0%), from €46,512 to €70,218
- Taxes +€3,940
up €3,940 (+41.2%), from €9,554 to €13,494
- Depreciation +€3,269
new in 2025: €3,269
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 | €48,919 | €107,007 | +€58,087 | +119% |
| Fixed assets | 21/28 | - | €15,731 | +€15,731 | |
| Tangible fixed assets | 22/27 | - | €15,731 | +€15,731 | |
| Plant, machinery and equipment | 23 | - | €15,731 | +€15,731 | |
| Current assets | 29/58 | €48,919 | €91,276 | +€42,356 | +86.6% |
| Amounts receivable within one year | 40/41 | €1,043 | €2,444 | +€1,401 | +134% |
| Trade receivables | 40 | €893 | €2,025 | +€1,133 | +127% |
| Other amounts receivable | 41 | €151 | €419 | +€268 | +178% |
| Current investments | 50/53 | - | €40,000 | +€40,000 | |
| Cash at bank and in hand | 54/58 | €44,296 | €42,997 | -€1,299 | -2.9% |
| Deferred charges and accrued income | 490/1 | €3,580 | €5,835 | +€2,255 | +63.0% |
| Total equity and liabilities | 10/49 | €48,919 | €107,007 | +€58,087 | +119% |
| Equity | 10/15 | €38,606 | €91,968 | +€53,361 | +138% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €36,606 | €89,968 | +€53,361 | +146% |
| Distributable reserves | 133 | €36,606 | €89,968 | +€53,361 | +146% |
| Amounts payable | 17/49 | €10,313 | €15,039 | +€4,726 | +45.8% |
| Amounts payable within one year | 42/48 | €10,068 | €14,553 | +€4,485 | +44.6% |
| Trade debts | 44 | €214 | €760 | +€546 | +255% |
| Suppliers | 440/4 | €214 | €760 | +€546 | +255% |
| Taxes, remuneration and social security | 45 | €9,854 | €13,794 | +€3,940 | +40.0% |
| Taxes | 450/3 | €9,854 | €13,794 | +€3,940 | +40.0% |
| Accrued charges and deferred income | 492/3 | €245 | €486 | +€240 | +98.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €3,269 | +€3,269 | |
| Other operating charges | 640/8 | €321 | €64 | -€257 | -80.1% |
| Gross operating margin | 9900 | €46,512 | €70,218 | +€23,706 | +51.0% |
| Operating profit (loss) | 9901 | €46,191 | €66,885 | +€20,694 | +44.8% |
| Financial income | 75/76B | €1 | €14 | +€13 | +1,474% |
| Recurring financial income | 75 | €1 | €14 | +€13 | +1,474% |
| Financial charges | 65/66B | €32 | €44 | +€11 | +34.7% |
| Recurring financial charges | 65 | €32 | €44 | +€11 | +34.7% |
| Profit (loss) for the period before taxes | 9903 | €46,160 | €66,855 | +€20,695 | +44.8% |
| Income taxes | 67/77 | €9,554 | €13,494 | +€3,940 | +41.2% |
| Profit (loss) for the period | 9904 | €36,606 | €53,361 | +€16,755 | +45.8% |
| Profit (loss) for the period to be appropriated | 9905 | €36,606 | €53,361 | +€16,755 | +45.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.