DR. BARBARA LEUS: 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 LEUS
Largest movements
- Current investments -€225,000
no longer reported in 2025 (was €225,000)
- Cash +€186,875
up €186,875 (+327%), from €57,232 to €244,106
mainly Current investments (+€225,000) and Net result for the year (+€80,953)
- Receivables after one year +€100,000
new in 2025: €100,000
- Receivables within one year -€47,795
down €47,795 (-68.5%), from €69,750 to €21,955
of which Other amounts receivable: -€60,629
- Tangible fixed assets -€7,173
down €7,173 (-3.4%), from €208,662 to €201,488
of which Other tangible fixed assets: -€7,049
- Reserves +€7,750
up €7,750 (+1.4%), from €536,880 to €544,630
of which Distributable reserves: +€7,750
- Gross operating margin -€40,344
down €40,344 (-25.2%), from €159,798 to €119,454
- Taxes -€15,179
down €15,179 (-32.1%), from €47,244 to €32,065
- Financial income -€7,688
down €7,688 (-69.9%), from €11,005 to €3,316
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 | €561,457 | €567,550 | +€6,093 | +1.1% |
| Fixed assets | 21/28 | €208,662 | €201,488 | -€7,173 | -3.4% |
| Tangible fixed assets | 22/27 | €208,662 | €201,488 | -€7,173 | -3.4% |
| Furniture and vehicles | 24 | €125 | - | -€125 | |
| Other tangible fixed assets | 26 | €208,537 | €201,488 | -€7,049 | -3.4% |
| Current assets | 29/58 | €352,795 | €366,061 | +€13,266 | +3.8% |
| Amounts receivable after more than one year | 29 | - | €100,000 | +€100,000 | |
| Other amounts receivable | 291 | - | €100,000 | +€100,000 | |
| Amounts receivable within one year | 40/41 | €69,750 | €21,955 | -€47,795 | -68.5% |
| Trade receivables | 40 | €8,643 | €21,477 | +€12,834 | +148% |
| Other amounts receivable | 41 | €61,107 | €478 | -€60,629 | -99.2% |
| Current investments | 50/53 | €225,000 | - | -€225,000 | |
| Cash at bank and in hand | 54/58 | €57,232 | €244,106 | +€186,875 | +327% |
| Deferred charges and accrued income | 490/1 | €814 | - | -€814 | |
| Total equity and liabilities | 10/49 | €561,457 | €567,550 | +€6,093 | +1.1% |
| Equity | 10/15 | €549,601 | €557,354 | +€7,753 | +1.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €536,880 | €544,630 | +€7,750 | +1.4% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €535,025 | €542,775 | +€7,750 | +1.4% |
| Profit (loss) carried forward | 14 | €321 | €324 | +€3 | +0.9% |
| Amounts payable | 17/49 | €11,856 | €10,196 | -€1,660 | -14.0% |
| Amounts payable within one year | 42/48 | €11,856 | €10,196 | -€1,660 | -14.0% |
| Trade debts | 44 | €969 | €911 | -€58 | -6.0% |
| Suppliers | 440/4 | €969 | €911 | -€58 | -6.0% |
| Taxes, remuneration and social security | 45 | €10,888 | €9,264 | -€1,623 | -14.9% |
| Taxes | 450/3 | €7,900 | €6,265 | -€1,635 | -20.7% |
| Remuneration and social security | 454/9 | €2,988 | €3,000 | +€12 | +0.4% |
| Other amounts payable | 47/48 | - | €21 | +€21 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,246 | €7,173 | -€73 | -1.0% |
| Other operating charges | 640/8 | €2,339 | €2,534 | +€195 | +8.3% |
| Gross operating margin | 9900 | €159,798 | €119,454 | -€40,344 | -25.2% |
| Operating profit (loss) | 9901 | €150,212 | €109,747 | -€40,465 | -26.9% |
| Financial income | 75/76B | €11,005 | €3,316 | -€7,688 | -69.9% |
| Recurring financial income | 75 | €11,005 | €3,316 | -€7,688 | -69.9% |
| Financial charges | 65/66B | €46 | €45 | -€1 | -1.6% |
| Recurring financial charges | 65 | €46 | €45 | -€1 | -1.6% |
| Profit (loss) for the period before taxes | 9903 | €161,171 | €113,018 | -€48,153 | -29.9% |
| Income taxes | 67/77 | €47,244 | €32,065 | -€15,179 | -32.1% |
| Profit (loss) for the period | 9904 | €113,927 | €80,953 | -€32,974 | -28.9% |
| Profit (loss) for the period to be appropriated | 9905 | €113,927 | €80,953 | -€32,974 | -28.9% |
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 14 October 2026 via checked.be.