Dr. Barbara Hermans: 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 Hermans
Largest movements
- Cash -€145,730
down €145,730 (-74.3%), from €196,210 to €50,480
mainly Contributions, distributions and other (-€135,000) and Current investments (-€89,332)
- Current investments +€89,332
new in 2025: €89,332
- Tangible fixed assets +€55,834
up €55,834 (+540%), from €10,341 to €66,175
of which Leasing and similar rights: +€55,669
- Receivables within one year -€9,470
down €9,470 (-14.1%), from €67,163 to €57,693
of which Other amounts receivable: -€8,266
- Other debts -€84,271
down €84,271 (-41.3%), from €203,941 to €119,670
- Reserves +€47,046
up €47,046 (+406%), from €11,590 to €58,636
- Debts after one year +€41,783
new in 2025: €41,783
- Accrued charges and deferred income -€17,352
down €17,352 (-62.0%), from €27,978 to €10,626
- Current portion of long-term debt +€10,965
new in 2025: €10,965
- Gross operating margin -€4,601
down €4,601 (-1.8%), from €250,631 to €246,030
- Depreciation +€4,350
up €4,350 (+408%), from €1,066 to €5,415
- Taxes -€2,586
down €2,586 (-4.5%), from €57,854 to €55,269
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 | €276,001 | €268,646 | -€7,356 | -2.7% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €10,341 | €66,175 | +€55,834 | +540% |
| Tangible fixed assets | 22/27 | €10,341 | €66,175 | +€55,834 | +540% |
| Plant, machinery and equipment | 23 | €198 | €1,426 | +€1,229 | +621% |
| Leasing and similar rights | 25 | - | €55,669 | +€55,669 | |
| Other tangible fixed assets | 26 | €10,143 | €9,080 | -€1,064 | -10.5% |
| Current assets | 29/58 | €265,660 | €202,470 | -€63,190 | -23.8% |
| Amounts receivable within one year | 40/41 | €67,163 | €57,693 | -€9,470 | -14.1% |
| Trade receivables | 40 | €2,989 | €1,785 | -€1,204 | -40.3% |
| Other amounts receivable | 41 | €64,174 | €55,908 | -€8,266 | -12.9% |
| Current investments | 50/53 | - | €89,332 | +€89,332 | |
| Cash at bank and in hand | 54/58 | €196,210 | €50,480 | -€145,730 | -74.3% |
| Deferred charges and accrued income | 490/1 | €2,288 | €4,966 | +€2,678 | +117% |
| Total equity and liabilities | 10/49 | €276,001 | €268,646 | -€7,356 | -2.7% |
| Equity | 10/15 | €11,591 | €58,637 | +€47,046 | +406% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €11,590 | €58,636 | +€47,046 | +406% |
| Distributable reserves | 133 | €11,590 | €58,636 | +€47,046 | +406% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €264,410 | €210,009 | -€54,402 | -20.6% |
| Amounts payable after more than one year | 17 | - | €41,783 | +€41,783 | |
| Financial debts | 170/4 | - | €41,783 | +€41,783 | |
| Amounts payable within one year | 42/48 | €236,433 | €157,600 | -€78,833 | -33.3% |
| Current portion of amounts payable after more than one year | 42 | - | €10,965 | +€10,965 | |
| Trade debts | 44 | €3,473 | €7,450 | +€3,977 | +115% |
| Suppliers | 440/4 | €3,473 | €7,450 | +€3,977 | +115% |
| Taxes, remuneration and social security | 45 | €29,018 | €19,515 | -€9,504 | -32.8% |
| Taxes | 450/3 | €26,643 | €17,140 | -€9,504 | -35.7% |
| Remuneration and social security | 454/9 | €2,375 | €2,375 | = | 0.0% |
| Other amounts payable | 47/48 | €203,941 | €119,670 | -€84,271 | -41.3% |
| Accrued charges and deferred income | 492/3 | €27,978 | €10,626 | -€17,352 | -62.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,066 | €5,415 | +€4,350 | +408% |
| Other operating charges | 640/8 | €653 | €2,031 | +€1,378 | +211% |
| Non-recurring operating charges | 66A | €3,000 | €0 | -€3,000 | -100% |
| Gross operating margin | 9900 | €250,631 | €246,030 | -€4,601 | -1.8% |
| Operating profit (loss) | 9901 | €245,912 | €238,583 | -€7,329 | -3.0% |
| Financial income | 75/76B | €0 | €614 | +€614 | |
| Recurring financial income | 75 | €0 | €614 | +€614 | |
| Financial charges | 65/66B | €1,467 | €1,882 | +€416 | +28.3% |
| Recurring financial charges | 65 | €1,467 | €1,882 | +€416 | +28.3% |
| Profit (loss) for the period before taxes | 9903 | €244,445 | €237,314 | -€7,130 | -2.9% |
| Income taxes | 67/77 | €57,854 | €55,269 | -€2,586 | -4.5% |
| Profit (loss) for the period | 9904 | €186,590 | €182,046 | -€4,544 | -2.4% |
| Profit (loss) for the period to be appropriated | 9905 | €186,590 | €182,046 | -€4,544 | -2.4% |
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 19 October 2026 via checked.be.