Dr. Carmen Claeys: 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. Carmen Claeys
Largest movements
- Cash +€21,757
up €21,757 (+64.0%), from €33,990 to €55,746
mainly Net result for the year (+€48,677) and Depreciation (+€10,160)
- Receivables within one year +€19,117
up €19,117 (+347%), from €5,502 to €24,619
- Tangible fixed assets -€10,160
down €10,160 (-23.4%), from €43,412 to €33,253
- Reserves +€26,587
up €26,587 (+120%), from €22,090 to €48,677
- Debts after one year -€9,726
down €9,726 (-28.7%), from €33,851 to €24,125
- Other debts +€7,631
up €7,631 (+54.6%), from €13,976 to €21,607
- Tax, wage and social debts +€5,399
new in 2025: €5,399
- Gross operating margin +€40,091
up €40,091 (+104%), from €38,690 to €78,781
- Taxes +€11,495
up €11,495 (+190%), from €6,054 to €17,549
- Depreciation +€2,276
up €2,276 (+28.9%), from €7,883 to €10,160
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 | €84,293 | €114,540 | +€30,247 | +35.9% |
| Fixed assets | 21/28 | €43,412 | €33,253 | -€10,160 | -23.4% |
| Tangible fixed assets | 22/27 | €43,412 | €33,253 | -€10,160 | -23.4% |
| Furniture and vehicles | 24 | €43,412 | €33,253 | -€10,160 | -23.4% |
| Current assets | 29/58 | €40,881 | €81,288 | +€40,407 | +98.8% |
| Amounts receivable within one year | 40/41 | €5,502 | €24,619 | +€19,117 | +347% |
| Other amounts receivable | 41 | €5,502 | €24,619 | +€19,117 | +347% |
| Cash at bank and in hand | 54/58 | €33,990 | €55,746 | +€21,757 | +64.0% |
| Deferred charges and accrued income | 490/1 | €1,390 | €922 | -€467 | -33.6% |
| Total equity and liabilities | 10/49 | €84,293 | €114,540 | +€30,247 | +35.9% |
| Equity | 10/15 | €27,090 | €53,677 | +€26,587 | +98.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €22,090 | €48,677 | +€26,587 | +120% |
| Distributable reserves | 133 | €22,090 | €48,677 | +€26,587 | +120% |
| Amounts payable | 17/49 | €57,204 | €60,864 | +€3,660 | +6.4% |
| Amounts payable after more than one year | 17 | €33,851 | €24,125 | -€9,726 | -28.7% |
| Financial debts | 170/4 | €33,851 | €24,125 | -€9,726 | -28.7% |
| Amounts payable within one year | 42/48 | €23,353 | €36,739 | +€13,386 | +57.3% |
| Current portion of amounts payable after more than one year | 42 | €9,377 | €9,726 | +€349 | +3.7% |
| Trade debts | 44 | - | €7 | +€7 | |
| Suppliers | 440/4 | - | €7 | +€7 | |
| Taxes, remuneration and social security | 45 | - | €5,399 | +€5,399 | |
| Taxes | 450/3 | - | €5,399 | +€5,399 | |
| Other amounts payable | 47/48 | €13,976 | €21,607 | +€7,631 | +54.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,883 | €10,160 | +€2,276 | +28.9% |
| Other operating charges | 640/8 | €991 | €599 | -€393 | -39.6% |
| Gross operating margin | 9900 | €38,690 | €78,781 | +€40,091 | +104% |
| Operating profit (loss) | 9901 | €29,815 | €68,023 | +€38,207 | +128% |
| Financial income | 75/76B | €5 | - | -€5 | |
| Recurring financial income | 75 | €5 | - | -€5 | |
| Financial charges | 65/66B | €1,677 | €1,797 | +€120 | +7.1% |
| Recurring financial charges | 65 | €1,677 | €1,797 | +€120 | +7.1% |
| Profit (loss) for the period before taxes | 9903 | €28,143 | €66,226 | +€38,082 | +135% |
| Income taxes | 67/77 | €6,054 | €17,549 | +€11,495 | +190% |
| Profit (loss) for the period | 9904 | €22,090 | €48,677 | +€26,587 | +120% |
| Profit (loss) for the period to be appropriated | 9905 | €22,090 | €48,677 | +€26,587 | +120% |
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 26 October 2026 via checked.be.