Dr Cindy Van Herzeele: 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 Cindy Van Herzeele
Largest movements
- Cash +€46,179
up €46,179 (+346.7%), from €13,319 to €59,498
mainly Net result for the year (+€42,401) and Tax, wage and social debts (+€8,885)
- Deferred charges and accrued income +€2,285
up €2,285 (+21.5%), from €10,612 to €12,897
- Tangible fixed assets +€1,527
up €1,527 (+244.8%), from €624 to €2,150
of which Other tangible fixed assets: +€916
- Receivables within one year +€1,041
new in 2025: €1,041
- Reserves +€41,961
up €41,961 (+259.2%), from €16,187 to €58,149
- Tax, wage and social debts +€8,885
up €8,885 (+132.9%), from €6,685 to €15,570
- Gross operating margin +€36,259
up €36,259 (+152.5%), from €23,775 to €60,033
- Taxes +€8,828
up €8,828 (+152.9%), from €5,775 to €14,603
- Depreciation +€669
up €669 (+132.4%), from €506 to €1,175
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 | €27,816 | €78,119 | +€50,303 | +180.8% |
| Formation expenses | 20 | €3,261 | €2,533 | -€728 | -22.3% |
| Fixed assets | 21/28 | €624 | €2,150 | +€1,527 | +244.8% |
| Tangible fixed assets | 22/27 | €624 | €2,150 | +€1,527 | +244.8% |
| Plant, machinery and equipment | 23 | €221 | €171 | -€50 | -22.7% |
| Furniture and vehicles | 24 | €403 | €1,063 | +€660 | +164.0% |
| Other tangible fixed assets | 26 | - | €916 | +€916 | |
| Current assets | 29/58 | €23,932 | €73,436 | +€49,504 | +206.9% |
| Amounts receivable within one year | 40/41 | - | €1,041 | +€1,041 | |
| Other amounts receivable | 41 | - | €1,041 | +€1,041 | |
| Cash at bank and in hand | 54/58 | €13,319 | €59,498 | +€46,179 | +346.7% |
| Deferred charges and accrued income | 490/1 | €10,612 | €12,897 | +€2,285 | +21.5% |
| Total equity and liabilities | 10/49 | €27,816 | €78,119 | +€50,303 | +180.8% |
| Equity | 10/15 | €18,187 | €60,149 | +€41,961 | +230.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €16,187 | €58,149 | +€41,961 | +259.2% |
| Distributable reserves | 133 | €16,187 | €58,149 | +€41,961 | +259.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €9,629 | €17,970 | +€8,342 | +86.6% |
| Amounts payable within one year | 42/48 | €9,280 | €17,580 | +€8,300 | +89.4% |
| Trade debts | 44 | €1,910 | €1,702 | -€208 | -10.9% |
| Suppliers | 440/4 | €1,910 | €1,702 | -€208 | -10.9% |
| Taxes, remuneration and social security | 45 | €6,685 | €15,570 | +€8,885 | +132.9% |
| Taxes | 450/3 | €6,685 | €15,570 | +€8,885 | +132.9% |
| Other amounts payable | 47/48 | €685 | €308 | -€377 | -55.1% |
| Accrued charges and deferred income | 492/3 | €349 | €390 | +€41 | +11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €506 | €1,175 | +€669 | +132.4% |
| Other operating charges | 640/8 | €141 | €681 | +€541 | +385.0% |
| Gross operating margin | 9900 | €23,775 | €60,033 | +€36,259 | +152.5% |
| Operating profit (loss) | 9901 | €23,128 | €58,177 | +€35,049 | +151.5% |
| Financial income | 75/76B | €30 | €25 | -€5 | -16.7% |
| Recurring financial income | 75 | €30 | €25 | -€5 | -16.7% |
| Financial charges | 65/66B | €947 | €1,198 | +€251 | +26.5% |
| Recurring financial charges | 65 | €947 | €1,198 | +€251 | +26.5% |
| Profit (loss) for the period before taxes | 9903 | €22,212 | €57,004 | +€34,793 | +156.6% |
| Income taxes | 67/77 | €5,775 | €14,603 | +€8,828 | +152.9% |
| Profit (loss) for the period | 9904 | €16,437 | €42,401 | +€25,964 | +158.0% |
| Profit (loss) for the period to be appropriated | 9905 | €16,437 | €42,401 | +€25,964 | +158.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.