Dr. Chiairi Ibrahim: 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. Chiairi Ibrahim
Largest movements
- Receivables after one year +€110,000
new in 2025: €110,000
- Cash +€54,841
up €54,841 (+397%), from €13,800 to €68,641
mainly Net result for the year (+€142,624) and Deferred charges and accrued income (+€43,779)
- Deferred charges and accrued income -€43,779
down €43,779 (-97.3%), from €45,000 to €1,221
- Tangible fixed assets -€6,057
down €6,057 (-70.9%), from €8,541 to €2,484
of which Furniture and vehicles: -€8,541
- Receivables within one year +€3,341
new in 2025: €3,341
- Reserves +€141,138
up €141,138 (+1,797%), from €7,854 to €148,992
- Debts after one year -€43,514
down €43,514 (-94.9%), from €45,853 to €2,339
of which Other amounts payable: -€38,000
- Current portion of long-term debt +€14,821
up €14,821 (+276%), from €5,376 to €20,196
- Trade debts +€5,047
up €5,047 (+158%), from €3,197 to €8,245
- Gross operating margin +€189,193
up €189,193 (+1,517%), from €12,473 to €201,666
- Taxes +€46,659
up €46,659 (+6,902%), from €676 to €47,335
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 | €67,340 | €185,687 | +€118,347 | +176% |
| Fixed assets | 21/28 | €8,541 | €2,484 | -€6,057 | -70.9% |
| Tangible fixed assets | 22/27 | €8,541 | €2,484 | -€6,057 | -70.9% |
| Plant, machinery and equipment | 23 | - | €2,484 | +€2,484 | |
| Furniture and vehicles | 24 | €8,541 | €0 | -€8,541 | -100% |
| Current assets | 29/58 | €58,800 | €183,203 | +€124,404 | +212% |
| Amounts receivable after more than one year | 29 | - | €110,000 | +€110,000 | |
| Other amounts receivable | 291 | - | €110,000 | +€110,000 | |
| Amounts receivable within one year | 40/41 | - | €3,341 | +€3,341 | |
| Other amounts receivable | 41 | - | €3,341 | +€3,341 | |
| Cash at bank and in hand | 54/58 | €13,800 | €68,641 | +€54,841 | +397% |
| Deferred charges and accrued income | 490/1 | €45,000 | €1,221 | -€43,779 | -97.3% |
| Total equity and liabilities | 10/49 | €67,340 | €185,687 | +€118,347 | +176% |
| Equity | 10/15 | €8,368 | €150,992 | +€142,624 | +1,704% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €7,854 | €148,992 | +€141,138 | +1,797% |
| Distributable reserves | 133 | €7,854 | €148,992 | +€141,138 | +1,797% |
| Profit (loss) carried forward | 14 | -€1,486 | €0 | +€1,486 | |
| Amounts payable | 17/49 | €58,972 | €34,695 | -€24,277 | -41.2% |
| Amounts payable after more than one year | 17 | €45,853 | €2,339 | -€43,514 | -94.9% |
| Financial debts | 170/4 | €7,853 | €2,339 | -€5,514 | -70.2% |
| Other amounts payable | 178/9 | €38,000 | €0 | -€38,000 | -100% |
| Amounts payable within one year | 42/48 | €13,119 | €32,356 | +€19,237 | +147% |
| Current portion of amounts payable after more than one year | 42 | €5,376 | €20,196 | +€14,821 | +276% |
| Trade debts | 44 | €3,197 | €8,245 | +€5,047 | +158% |
| Suppliers | 440/4 | €3,197 | €8,245 | +€5,047 | +158% |
| Taxes, remuneration and social security | 45 | €676 | €586 | -€90 | -13.4% |
| Taxes | 450/3 | €676 | €0 | -€676 | -100% |
| Remuneration and social security | 454/9 | - | €586 | +€586 | |
| Other amounts payable | 47/48 | €3,870 | €3,329 | -€541 | -14.0% |
| Remuneration, social security and pensions | 62 | €1,655 | €832 | -€823 | -49.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,126 | €8,786 | -€1,340 | -13.2% |
| Other operating charges | 640/8 | €856 | €1,315 | +€458 | +53.5% |
| Gross operating margin | 9900 | €12,473 | €201,666 | +€189,193 | +1,517% |
| Operating profit (loss) | 9901 | -€164 | €190,734 | +€190,898 | |
| Financial charges | 65/66B | €572 | €776 | +€203 | +35.5% |
| Recurring financial charges | 65 | €572 | €776 | +€203 | +35.5% |
| Profit (loss) for the period before taxes | 9903 | -€737 | €189,958 | +€190,695 | |
| Income taxes | 67/77 | €676 | €47,335 | +€46,659 | +6,902% |
| Profit (loss) for the period | 9904 | -€1,413 | €142,624 | +€144,037 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,413 | €142,624 | +€144,037 |
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.