Dr Caroline Daelemans: 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 Caroline Daelemans
Largest movements
- Tangible fixed assets +€6,806
up €6,806 (+148%), from €4,611 to €11,418
of which Other tangible fixed assets: +€7,179
- Deferred charges and accrued income +€3,985
up €3,985 (+641%), from €622 to €4,607
- Cash +€3,783
up €3,783 (+78.8%), from €4,801 to €8,584
mainly Accrued charges and deferred income (+€8,500) and Net result for the year (+€5,403)
- Accrued charges and deferred income +€8,500
up €8,500 (+213%), from €4,000 to €12,500
- Reserves +€5,403
up €5,403 (+96.8%), from €5,580 to €10,983
of which Distributable reserves: +€5,403
- Trade debts -€2,986
down €2,986 (-80.4%), from €3,713 to €727
- Other debts +€2,819
up €2,819 (+18.6%), from €15,116 to €17,935
- Taxes -€2,261
down €2,261 (-71.5%), from €3,161 to €900
- Other operating charges +€1,127
up €1,127 (+69.6%), from €1,620 to €2,747
- Depreciation -€319
down €319 (-17.6%), from €1,813 to €1,494
- Gross operating margin -€189
down €189 (-1.7%), from €10,875 to €10,686
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 | €114,001 | €128,575 | +€14,574 | +12.8% |
| Fixed assets | 21/28 | €4,684 | €11,490 | +€6,806 | +145% |
| Tangible fixed assets | 22/27 | €4,611 | €11,418 | +€6,806 | +148% |
| Plant, machinery and equipment | 23 | €2,426 | €1,825 | -€602 | -24.8% |
| Furniture and vehicles | 24 | €2,185 | €2,414 | +€229 | +10.5% |
| Other tangible fixed assets | 26 | - | €7,179 | +€7,179 | |
| Financial fixed assets | 28 | €72 | €72 | = | 0.0% |
| Current assets | 29/58 | €109,317 | €117,085 | +€7,768 | +7.1% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Trade receivables | 40 | €0 | - | = | |
| Current investments | 50/53 | €103,894 | €103,894 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €4,801 | €8,584 | +€3,783 | +78.8% |
| Deferred charges and accrued income | 490/1 | €622 | €4,607 | +€3,985 | +641% |
| Total equity and liabilities | 10/49 | €114,001 | €128,575 | +€14,574 | +12.8% |
| Equity | 10/15 | €87,949 | €93,352 | +€5,403 | +6.1% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €5,580 | €10,983 | +€5,403 | +96.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €5,580 | €10,983 | +€5,403 | +96.8% |
| Profit (loss) carried forward | 14 | €68,109 | €68,109 | = | 0.0% |
| Amounts payable | 17/49 | €26,052 | €35,223 | +€9,171 | +35.2% |
| Amounts payable within one year | 42/48 | €22,052 | €22,723 | +€671 | +3.0% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €62 | €0 | -€62 | -100% |
| Credit institutions | 430/8 | €62 | €0 | -€62 | -100% |
| Trade debts | 44 | €3,713 | €727 | -€2,986 | -80.4% |
| Suppliers | 440/4 | €3,713 | €727 | -€2,986 | -80.4% |
| Taxes, remuneration and social security | 45 | €3,161 | €4,061 | +€900 | +28.5% |
| Taxes | 450/3 | €3,161 | €4,061 | +€900 | +28.5% |
| Other amounts payable | 47/48 | €15,116 | €17,935 | +€2,819 | +18.6% |
| Accrued charges and deferred income | 492/3 | €4,000 | €12,500 | +€8,500 | +213% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,813 | €1,494 | -€319 | -17.6% |
| Other operating charges | 640/8 | €1,620 | €2,747 | +€1,127 | +69.6% |
| Gross operating margin | 9900 | €10,875 | €10,686 | -€189 | -1.7% |
| Operating profit (loss) | 9901 | €7,442 | €6,445 | -€997 | -13.4% |
| Financial income | 75/76B | €91 | €2 | -€89 | -98.1% |
| Recurring financial income | 75 | €91 | €2 | -€89 | -98.1% |
| Financial charges | 65/66B | €235 | €144 | -€91 | -38.7% |
| Recurring financial charges | 65 | €235 | €144 | -€91 | -38.7% |
| Profit (loss) for the period before taxes | 9903 | €7,298 | €6,303 | -€995 | -13.6% |
| Income taxes | 67/77 | €3,161 | €900 | -€2,261 | -71.5% |
| Profit (loss) for the period | 9904 | €4,138 | €5,403 | +€1,265 | +30.6% |
| Profit (loss) for the period to be appropriated | 9905 | €4,138 | €5,403 | +€1,265 | +30.6% |
Source: filed annual accounts (NBB), financial years ended 29 February 2024 and 28 February 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.