Dr. Birgit Mispelaere: 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. Birgit Mispelaere
Largest movements
- Cash +€293,924
up €293,924 (+86.5%), from €339,900 to €633,824
mainly Current investments (+€172,662) and Net result for the year (+€130,874)
- Current investments -€172,662
down €172,662 (-30.1%), from €573,936 to €401,274
- Deferred charges and accrued income +€20,231
up €20,231 (+3534.2%), from €572 to €20,804
- Intangible fixed assets -€20,000
down €20,000 (-46.2%), from €43,333 to €23,333
- Other debts +€130,000
up €130,000 (+65.0%), from €200,000 to €330,000
- Gross operating margin -€57,639
down €57,639 (-23.4%), from €246,019 to €188,380
- Taxes -€14,533
down €14,533 (-30.3%), from €47,901 to €33,368
- Financial income +€7,921
up €7,921 (+111.1%), from €7,126 to €15,047
- Other operating charges +€3,689
up €3,689 (+294.8%), from €1,251 to €4,940
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.
Cash bridge derived
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 | €969,740 | €1,098,749 | +€129,009 | +13.3% |
| Fixed assets | 21/28 | €43,333 | €23,333 | -€20,000 | -46.2% |
| Intangible fixed assets | 21 | €43,333 | €23,333 | -€20,000 | -46.2% |
| Current assets | 29/58 | €926,407 | €1,075,416 | +€149,009 | +16.1% |
| Amounts receivable within one year | 40/41 | €11,999 | €19,514 | +€7,515 | +62.6% |
| Trade receivables | 40 | - | €883 | +€883 | |
| Other amounts receivable | 41 | €11,999 | €18,631 | +€6,632 | +55.3% |
| Current investments | 50/53 | €573,936 | €401,274 | -€172,662 | -30.1% |
| Cash at bank and in hand | 54/58 | €339,900 | €633,824 | +€293,924 | +86.5% |
| Deferred charges and accrued income | 490/1 | €572 | €20,804 | +€20,231 | +3534.2% |
| Total equity and liabilities | 10/49 | €969,740 | €1,098,749 | +€129,009 | +13.3% |
| Equity | 10/15 | €752,739 | €753,613 | +€874 | +0.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €734,139 | €735,013 | +€874 | +0.1% |
| Tax-exempt reserves | 132 | €211,726 | €85,426 | -€126,300 | -59.7% |
| Distributable reserves | 133 | €522,413 | €649,588 | +€127,174 | +24.3% |
| Amounts payable | 17/49 | €217,002 | €345,136 | +€128,135 | +59.0% |
| Amounts payable within one year | 42/48 | €200,000 | €330,000 | +€130,000 | +65.0% |
| Other amounts payable | 47/48 | €200,000 | €330,000 | +€130,000 | +65.0% |
| Accrued charges and deferred income | 492/3 | €17,002 | €15,136 | -€1,865 | -11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,000 | €20,000 | = | 0.0% |
| Other operating charges | 640/8 | €1,251 | €4,940 | +€3,689 | +294.8% |
| Gross operating margin | 9900 | €246,019 | €188,380 | -€57,639 | -23.4% |
| Operating profit (loss) | 9901 | €224,767 | €163,440 | -€61,328 | -27.3% |
| Financial income | 75/76B | €7,126 | €15,047 | +€7,921 | +111.1% |
| Recurring financial income | 75 | €7,126 | €15,047 | +€7,921 | +111.1% |
| Financial charges | 65/66B | €16,128 | €14,244 | -€1,884 | -11.7% |
| Recurring financial charges | 65 | €16,128 | €14,244 | -€1,884 | -11.7% |
| Profit (loss) for the period before taxes | 9903 | €215,766 | €164,242 | -€51,523 | -23.9% |
| Income taxes | 67/77 | €47,901 | €33,368 | -€14,533 | -30.3% |
| Profit (loss) for the period | 9904 | €167,864 | €130,874 | -€36,990 | -22.0% |
| Transfer from tax-exempt reserves | 789 | €44,050 | €126,300 | +€82,250 | +186.7% |
| Transfer to tax-exempt reserves | 689 | €83,779 | - | -€83,779 | |
| Profit (loss) for the period to be appropriated | 9905 | €128,135 | €257,174 | +€129,039 | +100.7% |
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 10 October 2026 via checked.be.