Dr. Birgit Vandenabeele: 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 Vandenabeele
Largest movements
- Cash +€62,295
up €62,295 (+32.3%), from €193,135 to €255,430
mainly Other debts (+€101,715) and Net result for the year (+€68,474)
- Deferred charges and accrued income -€6,386
down €6,386 (-31.3%), from €20,392 to €14,006
- Tangible fixed assets -€3,224
down €3,224 (-19.6%), from €16,474 to €13,249
of which Other tangible fixed assets: -€2,602
- Other debts +€101,715
up €101,715 (+143%), from €70,933 to €172,648
- Reserves -€54,763
down €54,763 (-44.4%), from €123,237 to €68,474
- Tax, wage and social debts +€4,941
up €4,941 (+42.1%), from €11,739 to €16,680
of which Taxes: +€4,941
- Gross operating margin +€8,023
up €8,023 (+9.0%), from €88,918 to €96,942
- Taxes +€1,217
up €1,217 (+6.9%), from €17,740 to €18,958
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €230,001 | €282,685 | +€52,685 | +22.9% |
| Fixed assets | 21/28 | €16,474 | €13,249 | -€3,224 | -19.6% |
| Tangible fixed assets | 22/27 | €16,474 | €13,249 | -€3,224 | -19.6% |
| Plant, machinery and equipment | 23 | €1,626 | €1,313 | -€312 | -19.2% |
| Furniture and vehicles | 24 | €1,202 | €892 | -€310 | -25.8% |
| Other tangible fixed assets | 26 | €13,646 | €11,044 | -€2,602 | -19.1% |
| Current assets | 29/58 | €213,527 | €269,436 | +€55,909 | +26.2% |
| Cash at bank and in hand | 54/58 | €193,135 | €255,430 | +€62,295 | +32.3% |
| Deferred charges and accrued income | 490/1 | €20,392 | €14,006 | -€6,386 | -31.3% |
| Total equity and liabilities | 10/49 | €230,001 | €282,685 | +€52,685 | +22.9% |
| Equity | 10/15 | €141,837 | €87,074 | -€54,763 | -38.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €123,237 | €68,474 | -€54,763 | -44.4% |
| Distributable reserves | 133 | €123,237 | €68,474 | -€54,763 | -44.4% |
| Amounts payable | 17/49 | €88,164 | €195,612 | +€107,448 | +122% |
| Amounts payable within one year | 42/48 | €85,173 | €192,146 | +€106,973 | +126% |
| Trade debts | 44 | €2,501 | €2,819 | +€317 | +12.7% |
| Suppliers | 440/4 | €2,501 | €2,819 | +€317 | +12.7% |
| Taxes, remuneration and social security | 45 | €11,739 | €16,680 | +€4,941 | +42.1% |
| Taxes | 450/3 | €9,011 | €13,953 | +€4,941 | +54.8% |
| Remuneration and social security | 454/9 | €2,727 | €2,727 | = | 0.0% |
| Other amounts payable | 47/48 | €70,933 | €172,648 | +€101,715 | +143% |
| Accrued charges and deferred income | 492/3 | €2,991 | €3,465 | +€475 | +15.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,797 | €4,254 | +€456 | +12.0% |
| Other operating charges | 640/8 | €177 | €189 | +€12 | +6.8% |
| Gross operating margin | 9900 | €88,918 | €96,942 | +€8,023 | +9.0% |
| Operating profit (loss) | 9901 | €84,945 | €92,500 | +€7,555 | +8.9% |
| Financial income | 75/76B | €769 | €7 | -€762 | -99.1% |
| Recurring financial income | 75 | €769 | €7 | -€762 | -99.1% |
| Financial charges | 65/66B | €4,455 | €5,075 | +€620 | +13.9% |
| Recurring financial charges | 65 | €4,455 | €5,075 | +€620 | +13.9% |
| Profit (loss) for the period before taxes | 9903 | €81,259 | €87,431 | +€6,173 | +7.6% |
| Income taxes | 67/77 | €17,740 | €18,958 | +€1,217 | +6.9% |
| Profit (loss) for the period | 9904 | €63,518 | €68,474 | +€4,956 | +7.8% |
| Profit (loss) for the period to be appropriated | 9905 | €63,518 | €68,474 | +€4,956 | +7.8% |
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 22 October 2026 via checked.be.