DR.CAROLINE MAERE: 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 MAERE
Largest movements
- Cash +€263,377
up €263,377 (+253%), from €104,132 to €367,510
mainly Current investments (+€200,000) and Net result for the year (+€143,222)
- Current investments -€200,000
no longer reported in 2025 (was €200,000)
- Tangible fixed assets -€24,733
down €24,733 (-5.2%), from €479,607 to €454,874
of which Land and buildings: -€25,604
- Reserves +€63,007
up €63,007 (+9.4%), from €666,944 to €729,951
- Debts after one year -€24,648
down €24,648 (-15.2%), from €162,340 to €137,692
- Gross operating margin -€17,757
down €17,757 (-6.4%), from €276,748 to €258,991
- Taxes -€5,408
down €5,408 (-8.0%), from €67,470 to €62,062
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 | €888,875 | €919,475 | +€30,600 | +3.4% |
| Fixed assets | 21/28 | €479,607 | €454,874 | -€24,733 | -5.2% |
| Tangible fixed assets | 22/27 | €479,607 | €454,874 | -€24,733 | -5.2% |
| Land and buildings | 22 | €478,983 | €453,380 | -€25,604 | -5.3% |
| Plant, machinery and equipment | 23 | €624 | €1,495 | +€871 | +140% |
| Current assets | 29/58 | €409,268 | €464,601 | +€55,334 | +13.5% |
| Current investments | 50/53 | €200,000 | - | -€200,000 | |
| Cash at bank and in hand | 54/58 | €104,132 | €367,510 | +€263,377 | +253% |
| Deferred charges and accrued income | 490/1 | €105,135 | €97,091 | -€8,044 | -7.7% |
| Total equity and liabilities | 10/49 | €888,875 | €919,475 | +€30,600 | +3.4% |
| Equity | 10/15 | €679,344 | €742,351 | +€63,007 | +9.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €666,944 | €729,951 | +€63,007 | +9.4% |
| Distributable reserves | 133 | €666,944 | €729,951 | +€63,007 | +9.4% |
| Amounts payable | 17/49 | €209,531 | €177,125 | -€32,407 | -15.5% |
| Amounts payable after more than one year | 17 | €162,340 | €137,692 | -€24,648 | -15.2% |
| Financial debts | 170/4 | €162,340 | €137,692 | -€24,648 | -15.2% |
| Amounts payable within one year | 42/48 | €47,109 | €39,433 | -€7,677 | -16.3% |
| Current portion of amounts payable after more than one year | 42 | €24,252 | €24,648 | +€396 | +1.6% |
| Trade debts | 44 | €1,908 | €393 | -€1,515 | -79.4% |
| Suppliers | 440/4 | €1,908 | €393 | -€1,515 | -79.4% |
| Taxes, remuneration and social security | 45 | €15,041 | €9,127 | -€5,915 | -39.3% |
| Taxes | 450/3 | €13,066 | €7,092 | -€5,974 | -45.7% |
| Remuneration and social security | 454/9 | €1,975 | €2,035 | +€59 | +3.0% |
| Other amounts payable | 47/48 | €5,908 | €5,265 | -€643 | -10.9% |
| Accrued charges and deferred income | 492/3 | €82 | - | -€82 | |
| Remuneration, social security and pensions | 62 | €27,476 | €28,043 | +€567 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,153 | €26,268 | -€885 | -3.3% |
| Other operating charges | 640/8 | €1,445 | €528 | -€917 | -63.5% |
| Gross operating margin | 9900 | €276,748 | €258,991 | -€17,757 | -6.4% |
| Operating profit (loss) | 9901 | €220,675 | €204,152 | -€16,522 | -7.5% |
| Financial income | 75/76B | €4,013 | €4,277 | +€264 | +6.6% |
| Recurring financial income | 75 | €4,013 | €4,277 | +€264 | +6.6% |
| Financial charges | 65/66B | €3,388 | €3,145 | -€242 | -7.2% |
| Recurring financial charges | 65 | €3,388 | €3,145 | -€242 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | €221,300 | €205,284 | -€16,016 | -7.2% |
| Income taxes | 67/77 | €67,470 | €62,062 | -€5,408 | -8.0% |
| Profit (loss) for the period | 9904 | €153,830 | €143,222 | -€10,608 | -6.9% |
| Profit (loss) for the period to be appropriated | 9905 | €153,830 | €143,222 | -€10,608 | -6.9% |
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 27 October 2026 via checked.be.