Dr. Caroline Schouteden: 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 Schouteden
Largest movements
- Current investments +€187,720
up €187,720 (+62.6%), from €300,051 to €487,771
- Cash -€164,497
down €164,497 (-82.5%), from €199,504 to €35,007
mainly Contributions, distributions and other (-€644,950) and Current investments (-€187,720)
- Receivables within one year +€22,323
up €22,323 (+34.2%), from €65,221 to €87,544
of which Trade receivables: +€22,323
- Other debts +€443,272
up €443,272 (+1529.3%), from €28,985 to €472,256
- Reserves -€422,461
down €422,461 (-77.5%), from €545,158 to €122,697
of which Distributable reserves: -€422,461
- Tax, wage and social debts +€14,030
up €14,030 (+206.4%), from €6,799 to €20,830
of which Taxes: +€14,009
- Gross operating margin +€51,768
up €51,768 (+22.1%), from €234,437 to €286,205
- Taxes +€15,270
up €15,270 (+28.1%), from €54,292 to €69,562
- Financial income +€8,504
up €8,504 (+241.7%), from €3,519 to €12,023
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 | €606,551 | €647,313 | +€40,761 | +6.7% |
| Fixed assets | 21/28 | €38,365 | €33,465 | -€4,900 | -12.8% |
| Tangible fixed assets | 22/27 | €38,365 | €33,465 | -€4,900 | -12.8% |
| Plant, machinery and equipment | 23 | €1,441 | €440 | -€1,001 | -69.4% |
| Other tangible fixed assets | 26 | €36,923 | €33,024 | -€3,899 | -10.6% |
| Current assets | 29/58 | €568,187 | €613,848 | +€45,661 | +8.0% |
| Amounts receivable within one year | 40/41 | €65,221 | €87,544 | +€22,323 | +34.2% |
| Trade receivables | 40 | €58,760 | €81,083 | +€22,323 | +38.0% |
| Other amounts receivable | 41 | €6,461 | €6,461 | = | 0.0% |
| Current investments | 50/53 | €300,051 | €487,771 | +€187,720 | +62.6% |
| Cash at bank and in hand | 54/58 | €199,504 | €35,007 | -€164,497 | -82.5% |
| Deferred charges and accrued income | 490/1 | €3,411 | €3,525 | +€114 | +3.4% |
| Total equity and liabilities | 10/49 | €606,551 | €647,313 | +€40,761 | +6.7% |
| Equity | 10/15 | €563,758 | €141,297 | -€422,461 | -74.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €545,158 | €122,697 | -€422,461 | -77.5% |
| Tax-exempt reserves | 132 | €208 | €208 | = | 0.0% |
| Distributable reserves | 133 | €544,950 | €122,489 | -€422,461 | -77.5% |
| Amounts payable | 17/49 | €42,794 | €506,016 | +€463,222 | +1082.5% |
| Amounts payable within one year | 42/48 | €42,209 | €500,676 | +€458,468 | +1086.2% |
| Trade debts | 44 | €6,425 | €7,590 | +€1,166 | +18.1% |
| Suppliers | 440/4 | €6,425 | €7,590 | +€1,166 | +18.1% |
| Taxes, remuneration and social security | 45 | €6,799 | €20,830 | +€14,030 | +206.4% |
| Taxes | 450/3 | €3,712 | €17,721 | +€14,009 | +377.4% |
| Remuneration and social security | 454/9 | €3,087 | €3,108 | +€21 | +0.7% |
| Other amounts payable | 47/48 | €28,985 | €472,256 | +€443,272 | +1529.3% |
| Accrued charges and deferred income | 492/3 | €585 | €5,339 | +€4,754 | +812.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,353 | €4,900 | +€1,547 | +46.1% |
| Other operating charges | 640/8 | €1,045 | €498 | -€547 | -52.3% |
| Gross operating margin | 9900 | €234,437 | €286,205 | +€51,768 | +22.1% |
| Operating profit (loss) | 9901 | €230,039 | €280,807 | +€50,768 | +22.1% |
| Financial income | 75/76B | €3,519 | €12,023 | +€8,504 | +241.7% |
| Recurring financial income | 75 | €3,519 | €12,023 | +€8,504 | +241.7% |
| Financial charges | 65/66B | €796 | €779 | -€16 | -2.0% |
| Recurring financial charges | 65 | €796 | €779 | -€16 | -2.0% |
| Profit (loss) for the period before taxes | 9903 | €232,763 | €292,051 | +€59,288 | +25.5% |
| Income taxes | 67/77 | €54,292 | €69,562 | +€15,270 | +28.1% |
| Profit (loss) for the period | 9904 | €178,471 | €222,489 | +€44,018 | +24.7% |
| Profit (loss) for the period to be appropriated | 9905 | €178,471 | €222,489 | +€44,018 | +24.7% |
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 12 October 2026 via checked.be.