Dr. Charlotte De Clercq: 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. Charlotte De Clercq
Largest movements
- Cash +€14,405
up €14,405 (+23.3%), from €61,896 to €76,301
mainly Net result for the year (+€135,459) and Tax, wage and social debts (+€10,149)
- Receivables within one year +€13,650
up €13,650 (+174.9%), from €7,804 to €21,454
of which Trade receivables: +€15,745
- Deferred charges and accrued income -€6,933
down €6,933 (-7.4%), from €93,442 to €86,509
- Tangible fixed assets -€4,625
down €4,625 (-38.7%), from €11,943 to €7,318
of which Furniture and vehicles: -€4,021
- Profit (loss) carried forward +€119,959
up €119,959 (+245064.8%), from €49 to €120,008
- Reserves -€115,700
down €115,700 (-88.2%), from €131,200 to €15,500
- Tax, wage and social debts +€10,149
up €10,149 (+120.7%), from €8,410 to €18,559
- Trade debts +€9,579
up €9,579 (+102.6%), from €9,336 to €18,915
- Current portion of long-term debt -€7,490
down €7,490 (-100.0%), from €7,490 to €0
- Depreciation -€7,909
down €7,909 (-45.5%), from €17,397 to €9,489
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 | €175,084 | €191,582 | +€16,497 | +9.4% |
| Fixed assets | 21/28 | €11,943 | €7,318 | -€4,625 | -38.7% |
| Tangible fixed assets | 22/27 | €11,943 | €7,318 | -€4,625 | -38.7% |
| Plant, machinery and equipment | 23 | €603 | €0 | -€603 | -100.0% |
| Furniture and vehicles | 24 | €11,339 | €7,318 | -€4,021 | -35.5% |
| Current assets | 29/58 | €163,142 | €184,264 | +€21,122 | +12.9% |
| Amounts receivable within one year | 40/41 | €7,804 | €21,454 | +€13,650 | +174.9% |
| Trade receivables | 40 | - | €15,745 | +€15,745 | |
| Other amounts receivable | 41 | €7,804 | €5,708 | -€2,096 | -26.9% |
| Cash at bank and in hand | 54/58 | €61,896 | €76,301 | +€14,405 | +23.3% |
| Deferred charges and accrued income | 490/1 | €93,442 | €86,509 | -€6,933 | -7.4% |
| Total equity and liabilities | 10/49 | €175,084 | €191,582 | +€16,497 | +9.4% |
| Equity | 10/15 | €149,849 | €154,108 | +€4,259 | +2.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €131,200 | €15,500 | -€115,700 | -88.2% |
| Distributable reserves | 133 | €131,200 | €15,500 | -€115,700 | -88.2% |
| Profit (loss) carried forward | 14 | €49 | €120,008 | +€119,959 | +245064.8% |
| Amounts payable | 17/49 | €25,235 | €37,474 | +€12,238 | +48.5% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €25,235 | €37,474 | +€12,238 | +48.5% |
| Current portion of amounts payable after more than one year | 42 | €7,490 | €0 | -€7,490 | -100.0% |
| Trade debts | 44 | €9,336 | €18,915 | +€9,579 | +102.6% |
| Suppliers | 440/4 | €9,336 | €18,915 | +€9,579 | +102.6% |
| Taxes, remuneration and social security | 45 | €8,410 | €18,559 | +€10,149 | +120.7% |
| Taxes | 450/3 | €8,410 | €18,559 | +€10,149 | +120.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,397 | €9,489 | -€7,909 | -45.5% |
| Other operating charges | 640/8 | €511 | €524 | +€12 | +2.4% |
| Gross operating margin | 9900 | €186,456 | €185,401 | -€1,055 | -0.6% |
| Operating profit (loss) | 9901 | €168,547 | €175,389 | +€6,842 | +4.1% |
| Financial income | 75/76B | €477 | €367 | -€110 | -23.0% |
| Recurring financial income | 75 | €477 | €367 | -€110 | -23.0% |
| Financial charges | 65/66B | €320 | €148 | -€172 | -53.8% |
| Recurring financial charges | 65 | €320 | €148 | -€172 | -53.8% |
| Profit (loss) for the period before taxes | 9903 | €168,704 | €175,608 | +€6,904 | +4.1% |
| Income taxes | 67/77 | €38,402 | €40,149 | +€1,747 | +4.5% |
| Profit (loss) for the period | 9904 | €130,302 | €135,459 | +€5,157 | +4.0% |
| Profit (loss) for the period to be appropriated | 9905 | €130,302 | €135,459 | +€5,157 | +4.0% |
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 5 October 2026 via checked.be.