Dr Catherine REENAERS: 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 Catherine REENAERS
Largest movements
- Receivables within one year -€67,625
down €67,625 (-76.0%), from €88,926 to €21,301
of which Trade receivables: -€45,215
- Cash +€12,200
up €12,200 (+86.0%), from €14,187 to €26,387
mainly Receivables within one year (+€67,625) and Net result for the year (+€31,931)
- Deferred charges and accrued income +€10,685
up €10,685 (+213%), from €5,018 to €15,703
- Tangible fixed assets -€6,032
down €6,032 (-7.5%), from €80,739 to €74,708
of which Land and buildings: -€3,850
- Trade debts -€47,149
down €47,149 (-94.9%), from €49,679 to €2,530
- Reserves -€43,428
down €43,428 (-80.8%), from €53,721 to €10,293
- Other debts +€31,931
new in 2025: €31,931
- Tax, wage and social debts +€8,374
up €8,374 (+126%), from €6,649 to €15,023
- Debts after one year -€6,642
down €6,642 (-11.1%), from €59,721 to €53,079
- Gross operating margin +€15,811
up €15,811 (+30.4%), from €51,946 to €67,757
- Other operating charges +€8,988
up €8,988 (+183%), from €4,899 to €13,887
- Taxes +€2,459
up €2,459 (+19.5%), from €12,633 to €15,092
- Financial charges +€1,498
up €1,498 (+133%), from €1,122 to €2,620
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 | €188,871 | €138,098 | -€50,772 | -26.9% |
| Fixed assets | 21/28 | €80,739 | €74,708 | -€6,032 | -7.5% |
| Tangible fixed assets | 22/27 | €80,739 | €74,708 | -€6,032 | -7.5% |
| Land and buildings | 22 | €75,749 | €71,898 | -€3,850 | -5.1% |
| Furniture and vehicles | 24 | €4,991 | €2,809 | -€2,182 | -43.7% |
| Current assets | 29/58 | €108,131 | €63,391 | -€44,741 | -41.4% |
| Amounts receivable within one year | 40/41 | €88,926 | €21,301 | -€67,625 | -76.0% |
| Trade receivables | 40 | €60,459 | €15,244 | -€45,215 | -74.8% |
| Other amounts receivable | 41 | €28,468 | €6,058 | -€22,410 | -78.7% |
| Cash at bank and in hand | 54/58 | €14,187 | €26,387 | +€12,200 | +86.0% |
| Deferred charges and accrued income | 490/1 | €5,018 | €15,703 | +€10,685 | +213% |
| Total equity and liabilities | 10/49 | €188,871 | €138,098 | -€50,772 | -26.9% |
| Equity | 10/15 | €66,121 | €28,893 | -€37,228 | -56.3% |
| Contributions | 10/11 | €12,400 | €18,600 | +€6,200 | +50.0% |
| Reserves | 13 | €53,721 | €10,293 | -€43,428 | -80.8% |
| Distributable reserves | 133 | €53,721 | €10,293 | -€43,428 | -80.8% |
| Amounts payable | 17/49 | €122,749 | €109,205 | -€13,544 | -11.0% |
| Amounts payable after more than one year | 17 | €59,721 | €53,079 | -€6,642 | -11.1% |
| Financial debts | 170/4 | €59,721 | €53,079 | -€6,642 | -11.1% |
| Amounts payable within one year | 42/48 | €62,893 | €56,126 | -€6,766 | -10.8% |
| Current portion of amounts payable after more than one year | 42 | €6,565 | €6,642 | +€77 | +1.2% |
| Trade debts | 44 | €49,679 | €2,530 | -€47,149 | -94.9% |
| Suppliers | 440/4 | €49,679 | €2,530 | -€47,149 | -94.9% |
| Taxes, remuneration and social security | 45 | €6,649 | €15,023 | +€8,374 | +126% |
| Taxes | 450/3 | €6,649 | €15,023 | +€8,374 | +126% |
| Other amounts payable | 47/48 | - | €31,931 | +€31,931 | |
| Accrued charges and deferred income | 492/3 | €136 | - | -€136 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,032 | €6,032 | = | 0.0% |
| Other operating charges | 640/8 | €4,899 | €13,887 | +€8,988 | +183% |
| Gross operating margin | 9900 | €51,946 | €67,757 | +€15,811 | +30.4% |
| Operating profit (loss) | 9901 | €41,015 | €47,839 | +€6,824 | +16.6% |
| Financial income | 75/76B | €1,453 | €1,803 | +€351 | +24.2% |
| Recurring financial income | 75 | €1,453 | €1,803 | +€351 | +24.2% |
| Financial charges | 65/66B | €1,122 | €2,620 | +€1,498 | +133% |
| Recurring financial charges | 65 | €1,122 | €2,620 | +€1,498 | +133% |
| Profit (loss) for the period before taxes | 9903 | €41,346 | €47,023 | +€5,677 | +13.7% |
| Income taxes | 67/77 | €12,633 | €15,092 | +€2,459 | +19.5% |
| Profit (loss) for the period | 9904 | €28,713 | €31,931 | +€3,218 | +11.2% |
| Profit (loss) for the period to be appropriated | 9905 | €28,713 | €31,931 | +€3,218 | +11.2% |
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 29 October 2026 via checked.be.