Dr. Aurelie Minne: what changed
Dr. Aurelie Minne
Largest movements
- Deferred charges and accrued income +€93,473
up €93,473 (+159%), from €58,756 to €152,229
- Cash -€35,290
down €35,290 (-45.8%), from €77,123 to €41,834
mainly Contributions, distributions and other (-€128,720) and Deferred charges and accrued income (-€93,473)
- Tangible fixed assets -€2,921
down €2,921 (-20.5%), from €14,229 to €11,308
of which Other tangible fixed assets: -€1,464
- Receivables within one year +€2,525
up €2,525 (+60.4%), from €4,184 to €6,709
- Debts after one year +€75,000
new in 2025: €75,000
- Reserves -€18,234
down €18,234 (-14.2%), from €128,720 to €110,486
- Gross operating margin -€22,138
down €22,138 (-12.8%), from €173,355 to €151,217
- Taxes -€5,662
down €5,662 (-13.9%), from €40,816 to €35,154
- Financial charges +€1,990
up €1,990 (+813%), from €245 to €2,235
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €154,292 | €212,079 | +€57,787 | +37.5% |
| Fixed assets | 21/28 | €14,229 | €11,308 | -€2,921 | -20.5% |
| Tangible fixed assets | 22/27 | €14,229 | €11,308 | -€2,921 | -20.5% |
| Furniture and vehicles | 24 | €5,349 | €3,892 | -€1,457 | -27.2% |
| Other tangible fixed assets | 26 | €8,880 | €7,415 | -€1,464 | -16.5% |
| Current assets | 29/58 | €140,063 | €200,772 | +€60,708 | +43.3% |
| Amounts receivable within one year | 40/41 | €4,184 | €6,709 | +€2,525 | +60.4% |
| Other amounts receivable | 41 | €4,184 | €6,709 | +€2,525 | +60.4% |
| Cash at bank and in hand | 54/58 | €77,123 | €41,834 | -€35,290 | -45.8% |
| Deferred charges and accrued income | 490/1 | €58,756 | €152,229 | +€93,473 | +159% |
| Total equity and liabilities | 10/49 | €154,292 | €212,079 | +€57,787 | +37.5% |
| Equity | 10/15 | €147,320 | €129,086 | -€18,234 | -12.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €128,720 | €110,486 | -€18,234 | -14.2% |
| Distributable reserves | 133 | €128,720 | €110,486 | -€18,234 | -14.2% |
| Amounts payable | 17/49 | €6,973 | €82,993 | +€76,020 | +1,090% |
| Amounts payable after more than one year | 17 | - | €75,000 | +€75,000 | |
| Financial debts | 170/4 | - | €75,000 | +€75,000 | |
| Amounts payable within one year | 42/48 | €6,951 | €6,481 | -€469 | -6.8% |
| Trade debts | 44 | €2,832 | €3,006 | +€174 | +6.2% |
| Suppliers | 440/4 | €2,832 | €3,006 | +€174 | +6.2% |
| Taxes, remuneration and social security | 45 | €2,861 | €3,475 | +€615 | +21.5% |
| Taxes | 450/3 | €33 | €648 | +€615 | +1,840% |
| Remuneration and social security | 454/9 | €2,827 | €2,827 | = | 0.0% |
| Other amounts payable | 47/48 | €1,258 | - | -€1,258 | |
| Accrued charges and deferred income | 492/3 | €22 | €1,512 | +€1,490 | +6,791% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,221 | €2,921 | -€299 | -9.3% |
| Other operating charges | 640/8 | €410 | €420 | +€11 | +2.7% |
| Gross operating margin | 9900 | €173,355 | €151,217 | -€22,138 | -12.8% |
| Operating profit (loss) | 9901 | €169,725 | €147,875 | -€21,849 | -12.9% |
| Financial income | 75/76B | €56 | - | -€56 | |
| Recurring financial income | 75 | €56 | - | -€56 | |
| Financial charges | 65/66B | €245 | €2,235 | +€1,990 | +813% |
| Recurring financial charges | 65 | €245 | €2,235 | +€1,990 | +813% |
| Profit (loss) for the period before taxes | 9903 | €169,536 | €145,640 | -€23,896 | -14.1% |
| Income taxes | 67/77 | €40,816 | €35,154 | -€5,662 | -13.9% |
| Profit (loss) for the period | 9904 | €128,720 | €110,486 | -€18,234 | -14.2% |
| Profit (loss) for the period to be appropriated | 9905 | €128,720 | €110,486 | -€18,234 | -14.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.