Dr. Barbara Gilis: 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. Barbara Gilis
Largest movements
- Receivables within one year -€32,831
down €32,831 (-33.3%), from €98,606 to €65,775
- Cash +€32,444
up €32,444 (+53.2%), from €61,039 to €93,483
mainly Net result for the year (+€62,394) and Receivables within one year (+€32,831)
- Intangible fixed assets -€15,000
down €15,000 (-19.8%), from €75,574 to €60,574
- Reserves -€7,000
down €7,000 (-3.5%), from €199,650 to €192,650
- Accrued charges and deferred income -€5,000
no longer reported in 2025 (was €5,000)
- Gross operating margin -€28,935
down €28,935 (-21.0%), from €138,073 to €109,138
- Depreciation -€12,151
down €12,151 (-42.2%), from €28,788 to €16,637
- Taxes -€6,144
down €6,144 (-17.1%), from €35,889 to €29,745
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 | €240,514 | €225,491 | -€15,023 | -6.2% |
| Fixed assets | 21/28 | €77,978 | €62,179 | -€15,799 | -20.3% |
| Intangible fixed assets | 21 | €75,574 | €60,574 | -€15,000 | -19.8% |
| Tangible fixed assets | 22/27 | €2,404 | €1,355 | -€1,049 | -43.6% |
| Plant, machinery and equipment | 23 | €335 | €401 | +€66 | +19.6% |
| Furniture and vehicles | 24 | €2,069 | €954 | -€1,115 | -53.9% |
| Financial fixed assets | 28 | - | €250 | +€250 | |
| Current assets | 29/58 | €162,536 | €163,312 | +€776 | +0.5% |
| Amounts receivable within one year | 40/41 | €98,606 | €65,775 | -€32,831 | -33.3% |
| Other amounts receivable | 41 | €98,606 | €65,775 | -€32,831 | -33.3% |
| Cash at bank and in hand | 54/58 | €61,039 | €93,483 | +€32,444 | +53.2% |
| Deferred charges and accrued income | 490/1 | €2,891 | €4,053 | +€1,163 | +40.2% |
| Total equity and liabilities | 10/49 | €240,514 | €225,491 | -€15,023 | -6.2% |
| Equity | 10/15 | €204,786 | €197,830 | -€6,956 | -3.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €199,650 | €192,650 | -€7,000 | -3.5% |
| Distributable reserves | 133 | €199,650 | €192,650 | -€7,000 | -3.5% |
| Profit (loss) carried forward | 14 | €136 | €180 | +€44 | +32.4% |
| Amounts payable | 17/49 | €35,728 | €27,661 | -€8,068 | -22.6% |
| Amounts payable within one year | 42/48 | €30,729 | €27,661 | -€3,068 | -10.0% |
| Current portion of amounts payable after more than one year | 42 | €1,976 | - | -€1,976 | |
| Trade debts | 44 | €920 | €580 | -€340 | -36.9% |
| Suppliers | 440/4 | €920 | €580 | -€340 | -36.9% |
| Taxes, remuneration and social security | 45 | €27,833 | €27,081 | -€752 | -2.7% |
| Taxes | 450/3 | €27,833 | €27,081 | -€752 | -2.7% |
| Accrued charges and deferred income | 492/3 | €5,000 | - | -€5,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,788 | €16,637 | -€12,151 | -42.2% |
| Other operating charges | 640/8 | €386 | €315 | -€71 | -18.4% |
| Gross operating margin | 9900 | €138,073 | €109,138 | -€28,935 | -21.0% |
| Operating profit (loss) | 9901 | €108,899 | €92,186 | -€16,713 | -15.3% |
| Financial charges | 65/66B | €129 | €47 | -€81 | -63.2% |
| Recurring financial charges | 65 | €129 | €47 | -€81 | -63.2% |
| Profit (loss) for the period before taxes | 9903 | €108,771 | €92,139 | -€16,632 | -15.3% |
| Income taxes | 67/77 | €35,889 | €29,745 | -€6,144 | -17.1% |
| Profit (loss) for the period | 9904 | €72,882 | €62,394 | -€10,488 | -14.4% |
| Profit (loss) for the period to be appropriated | 9905 | €72,882 | €62,394 | -€10,488 | -14.4% |
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 24 October 2026 via checked.be.