Dr Celine Marechal: what changed
Two fiscal 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 Celine Marechal
Largest movements
- Cash -€98,402
down €98,402 (-62.4%), from €157,719 to €59,317
mainly Contributions, distributions and other (-€176,471) and Investment in fixed assets (net) (-€37,504)
- Tangible fixed assets +€31,865
up €31,865 (+137.0%), from €23,266 to €55,130
of which Assets under construction and advance payments: +€16,940
- Deferred charges and accrued income +€5,601
up €5,601 (+340.8%), from €1,643 to €7,244
- Reserves -€118,152
down €118,152 (-86.7%), from €136,251 to €18,099
- Other debts +€50,685
up €50,685 (+861.1%), from €5,886 to €56,571
- Debts after one year +€17,602
up €17,602 (+203.4%), from €8,655 to €26,257
- Tax, wage and social debts -€10,266
down €10,266 (-55.6%), from €18,472 to €8,206
of which Taxes: -€12,542
- Gross operating margin -€19,500
down €19,500 (-19.3%), from €101,020 to €81,520
- Taxes -€3,427
down €3,427 (-18.6%), from €18,472 to €15,045
- Depreciation -€2,739
down €2,739 (-32.7%), from €8,378 to €5,639
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 | €182,628 | €121,691 | -€60,937 | -33.4% |
| Fixed assets | 21/28 | €23,266 | €55,130 | +€31,865 | +137.0% |
| Tangible fixed assets | 22/27 | €23,266 | €55,130 | +€31,865 | +137.0% |
| Furniture and vehicles | 24 | €23,266 | €38,190 | +€14,925 | +64.1% |
| Assets under construction and advance payments | 27 | - | €16,940 | +€16,940 | |
| Current assets | 29/58 | €159,363 | €66,561 | -€92,802 | -58.2% |
| Cash at bank and in hand | 54/58 | €157,719 | €59,317 | -€98,402 | -62.4% |
| Deferred charges and accrued income | 490/1 | €1,643 | €7,244 | +€5,601 | +340.8% |
| Total equity and liabilities | 10/49 | €182,628 | €121,691 | -€60,937 | -33.4% |
| Equity | 10/15 | €138,751 | €20,599 | -€118,152 | -85.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €136,251 | €18,099 | -€118,152 | -86.7% |
| Distributable reserves | 133 | €136,251 | €18,099 | -€118,152 | -86.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €43,877 | €101,092 | +€57,215 | +130.4% |
| Amounts payable after more than one year | 17 | €8,655 | €26,257 | +€17,602 | +203.4% |
| Financial debts | 170/4 | €8,655 | €26,257 | +€17,602 | +203.4% |
| Amounts payable within one year | 42/48 | €34,882 | €74,736 | +€39,854 | +114.3% |
| Current portion of amounts payable after more than one year | 42 | €10,007 | €9,959 | -€49 | -0.5% |
| Trade debts | 44 | €517 | €0 | -€517 | -100.0% |
| Suppliers | 440/4 | €517 | €0 | -€517 | -100.0% |
| Taxes, remuneration and social security | 45 | €18,472 | €8,206 | -€10,266 | -55.6% |
| Taxes | 450/3 | €18,472 | €5,930 | -€12,542 | -67.9% |
| Remuneration and social security | 454/9 | - | €2,276 | +€2,276 | |
| Other amounts payable | 47/48 | €5,886 | €56,571 | +€50,685 | +861.1% |
| Accrued charges and deferred income | 492/3 | €341 | €100 | -€241 | -70.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,378 | €5,639 | -€2,739 | -32.7% |
| Other operating charges | 640/8 | €716 | €1,214 | +€498 | +69.6% |
| Gross operating margin | 9900 | €101,020 | €81,520 | -€19,500 | -19.3% |
| Operating profit (loss) | 9901 | €91,926 | €74,666 | -€17,259 | -18.8% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €1,080 | €1,303 | +€223 | +20.6% |
| Recurring financial charges | 65 | €1,080 | €1,303 | +€223 | +20.6% |
| Profit (loss) for the period before taxes | 9903 | €90,846 | €73,364 | -€17,482 | -19.2% |
| Income taxes | 67/77 | €18,472 | €15,045 | -€3,427 | -18.6% |
| Profit (loss) for the period | 9904 | €72,374 | €58,319 | -€14,055 | -19.4% |
| Profit (loss) for the period to be appropriated | 9905 | €72,374 | €58,319 | -€14,055 | -19.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.