Dr. Benedicte Loix: 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. Benedicte Loix
Largest movements
- Receivables within one year +€131,549
up €131,549 (+89.0%), from €147,730 to €279,279
- Cash +€127,679
up €127,679 (+69.5%), from €183,657 to €311,336
mainly Net result for the year (+€254,284) and Depreciation (+€45,896)
- Tangible fixed assets -€44,899
down €44,899 (-16.7%), from €268,123 to €223,223
- Current investments +€30,620
up €30,620 (+5.5%), from €555,872 to €586,492
- Reserves +€254,284
up €254,284 (+25.3%), from €1.0m to €1.3m
- Tax, wage and social debts +€21,104
new in 2025: €21,104
- Debts after one year -€19,410
down €19,410 (-16.4%), from €118,075 to €98,666
- Gross operating margin +€177,822
up €177,822 (+91.0%), from €195,356 to €373,177
- Taxes +€57,875
up €57,875 (+128%), from €45,244 to €103,119
- Financial income +€26,424
up €26,424 (+365%), from €7,245 to €33,669
- Depreciation +€3,850
up €3,850 (+9.2%), from €42,046 to €45,896
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 | €1,166,587 | €1,413,587 | +€247,000 | +21.2% |
| Fixed assets | 21/28 | €268,123 | €223,223 | -€44,899 | -16.7% |
| Tangible fixed assets | 22/27 | €268,123 | €223,223 | -€44,899 | -16.7% |
| Land and buildings | 22 | €161,180 | €143,272 | -€17,909 | -11.1% |
| Plant, machinery and equipment | 23 | €96,287 | €75,651 | -€20,636 | -21.4% |
| Furniture and vehicles | 24 | €10,655 | €4,301 | -€6,354 | -59.6% |
| Current assets | 29/58 | €898,464 | €1,190,363 | +€291,899 | +32.5% |
| Amounts receivable within one year | 40/41 | €147,730 | €279,279 | +€131,549 | +89.0% |
| Other amounts receivable | 41 | €147,730 | €279,279 | +€131,549 | +89.0% |
| Current investments | 50/53 | €555,872 | €586,492 | +€30,620 | +5.5% |
| Cash at bank and in hand | 54/58 | €183,657 | €311,336 | +€127,679 | +69.5% |
| Deferred charges and accrued income | 490/1 | €11,205 | €13,257 | +€2,052 | +18.3% |
| Total equity and liabilities | 10/49 | €1,166,587 | €1,413,587 | +€247,000 | +21.2% |
| Equity | 10/15 | €1,016,363 | €1,270,647 | +€254,284 | +25.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,003,963 | €1,258,247 | +€254,284 | +25.3% |
| Distributable reserves | 133 | €1,003,963 | €1,258,247 | +€254,284 | +25.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €150,223 | €142,939 | -€7,284 | -4.8% |
| Amounts payable after more than one year | 17 | €118,075 | €98,666 | -€19,410 | -16.4% |
| Financial debts | 170/4 | €118,075 | €98,666 | -€19,410 | -16.4% |
| Amounts payable within one year | 42/48 | €31,176 | €43,797 | +€12,621 | +40.5% |
| Current portion of amounts payable after more than one year | 42 | €19,410 | €19,410 | = | 0.0% |
| Trade debts | 44 | €628 | €721 | +€93 | +14.8% |
| Suppliers | 440/4 | €628 | €721 | +€93 | +14.8% |
| Taxes, remuneration and social security | 45 | - | €21,104 | +€21,104 | |
| Taxes | 450/3 | - | €21,104 | +€21,104 | |
| Other amounts payable | 47/48 | €11,139 | €2,563 | -€8,576 | -77.0% |
| Accrued charges and deferred income | 492/3 | €972 | €476 | -€496 | -51.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,046 | €45,896 | +€3,850 | +9.2% |
| Other operating charges | 640/8 | €1,894 | €689 | -€1,205 | -63.6% |
| Gross operating margin | 9900 | €195,356 | €373,177 | +€177,822 | +91.0% |
| Operating profit (loss) | 9901 | €151,416 | €326,592 | +€175,176 | +116% |
| Financial income | 75/76B | €7,245 | €33,669 | +€26,424 | +365% |
| Recurring financial income | 75 | €7,245 | €33,669 | +€26,424 | +365% |
| Financial charges | 65/66B | €2,960 | €2,858 | -€102 | -3.5% |
| Recurring financial charges | 65 | €2,960 | €2,858 | -€102 | -3.5% |
| Profit (loss) for the period before taxes | 9903 | €155,701 | €357,404 | +€201,702 | +130% |
| Income taxes | 67/77 | €45,244 | €103,119 | +€57,875 | +128% |
| Profit (loss) for the period | 9904 | €110,457 | €254,284 | +€143,827 | +130% |
| Profit (loss) for the period to be appropriated | 9905 | €110,457 | €254,284 | +€143,827 | +130% |
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 23 October 2026 via checked.be.