Dr. Chantal Markey: 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. Chantal Markey
Largest movements
- Cash +€59,919
up €59,919 (+35.3%), from €169,657 to €229,576
mainly Net result for the year (+€84,690) and Receivables within one year (+€13,839)
- Current investments +€18,000
up €18,000 (+11.2%), from €160,585 to €178,585
- Receivables within one year -€13,839
down €13,839 (-71.7%), from €19,313 to €5,474
of which Other amounts receivable: -€11,035
- Tangible fixed assets -€5,598
down €5,598 (-31.0%), from €18,036 to €12,438
- Reserves +€84,690
up €84,690 (+26.8%), from €316,289 to €400,978
- Tax, wage and social debts -€16,073
no longer reported in 2025 (was €16,073)
- Other debts -€9,664
down €9,664 (-64.4%), from €15,000 to €5,336
- Gross operating margin +€15,547
up €15,547 (+13.3%), from €117,251 to €132,797
- Taxes +€5,027
up €5,027 (+13.9%), from €36,073 to €41,100
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 | €367,885 | €426,073 | +€58,188 | +15.8% |
| Fixed assets | 21/28 | €18,036 | €12,438 | -€5,598 | -31.0% |
| Tangible fixed assets | 22/27 | €18,036 | €12,438 | -€5,598 | -31.0% |
| Furniture and vehicles | 24 | €18,036 | €12,438 | -€5,598 | -31.0% |
| Current assets | 29/58 | €349,849 | €413,635 | +€63,786 | +18.2% |
| Amounts receivable within one year | 40/41 | €19,313 | €5,474 | -€13,839 | -71.7% |
| Trade receivables | 40 | €4,077 | €1,273 | -€2,804 | -68.8% |
| Other amounts receivable | 41 | €15,236 | €4,200 | -€11,035 | -72.4% |
| Current investments | 50/53 | €160,585 | €178,585 | +€18,000 | +11.2% |
| Cash at bank and in hand | 54/58 | €169,657 | €229,576 | +€59,919 | +35.3% |
| Deferred charges and accrued income | 490/1 | €294 | - | -€294 | |
| Total equity and liabilities | 10/49 | €367,885 | €426,073 | +€58,188 | +15.8% |
| Equity | 10/15 | €336,048 | €420,738 | +€84,690 | +25.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €316,289 | €400,978 | +€84,690 | +26.8% |
| Distributable reserves | 133 | €316,289 | €400,978 | +€84,690 | +26.8% |
| Profit (loss) carried forward | 14 | €1,159 | €1,159 | = | 0.0% |
| Amounts payable | 17/49 | €31,837 | €5,336 | -€26,502 | -83.2% |
| Amounts payable within one year | 42/48 | €31,837 | €5,336 | -€26,502 | -83.2% |
| Trade debts | 44 | €765 | - | -€765 | |
| Suppliers | 440/4 | €765 | - | -€765 | |
| Taxes, remuneration and social security | 45 | €16,073 | - | -€16,073 | |
| Taxes | 450/3 | €16,073 | - | -€16,073 | |
| Other amounts payable | 47/48 | €15,000 | €5,336 | -€9,664 | -64.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,598 | €5,598 | = | 0.0% |
| Other operating charges | 640/8 | €1,843 | €737 | -€1,106 | -60.0% |
| Gross operating margin | 9900 | €117,251 | €132,797 | +€15,547 | +13.3% |
| Operating profit (loss) | 9901 | €109,810 | €126,463 | +€16,653 | +15.2% |
| Financial income | 75/76B | €322 | €1 | -€321 | -99.7% |
| Recurring financial income | 75 | €322 | €1 | -€321 | -99.7% |
| Financial charges | 65/66B | €994 | €674 | -€320 | -32.2% |
| Recurring financial charges | 65 | €994 | €674 | -€320 | -32.2% |
| Profit (loss) for the period before taxes | 9903 | €109,137 | €125,789 | +€16,652 | +15.3% |
| Income taxes | 67/77 | €36,073 | €41,100 | +€5,027 | +13.9% |
| Profit (loss) for the period | 9904 | €73,065 | €84,690 | +€11,625 | +15.9% |
| Profit (loss) for the period to be appropriated | 9905 | €73,065 | €84,690 | +€11,625 | +15.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.