Dr. CYNTHIA LEYSEN: 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. CYNTHIA LEYSEN
Largest movements
- Cash -€63,081
down €63,081 (-26.9%), from €234,133 to €171,052
mainly Contributions, distributions and other (-€360,738) and Tax, wage and social debts (-€18,557)
- Tangible fixed assets -€11,200
down €11,200 (-21.8%), from €51,440 to €40,240
- Receivables within one year +€9,354
up €9,354, from €0 to €9,354
- Deferred charges and accrued income -€7,444
down €7,444 (-50.1%), from €14,865 to €7,421
- Reserves -€265,815
down €265,815 (-100%), from €265,815 to €0
- Other debts +€212,035
up €212,035 (+9,849%), from €2,153 to €214,188
- Tax, wage and social debts -€18,557
down €18,557 (-61.1%), from €30,361 to €11,804
- Gross operating margin -€58,211
down €58,211 (-30.3%), from €192,196 to €133,985
- Taxes -€16,158
down €16,158 (-38.7%), from €41,804 to €25,646
- Depreciation +€6,640
up €6,640 (+146%), from €4,560 to €11,200
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 | €300,439 | €228,068 | -€72,371 | -24.1% |
| Fixed assets | 21/28 | €51,440 | €40,240 | -€11,200 | -21.8% |
| Tangible fixed assets | 22/27 | €51,440 | €40,240 | -€11,200 | -21.8% |
| Furniture and vehicles | 24 | €51,440 | €40,240 | -€11,200 | -21.8% |
| Current assets | 29/58 | €248,998 | €187,827 | -€61,171 | -24.6% |
| Amounts receivable within one year | 40/41 | €0 | €9,354 | +€9,354 | |
| Other amounts receivable | 41 | €0 | €9,354 | +€9,354 | |
| Cash at bank and in hand | 54/58 | €234,133 | €171,052 | -€63,081 | -26.9% |
| Deferred charges and accrued income | 490/1 | €14,865 | €7,421 | -€7,444 | -50.1% |
| Total equity and liabilities | 10/49 | €300,439 | €228,068 | -€72,371 | -24.1% |
| Equity | 10/15 | €267,815 | €2,000 | -€265,815 | -99.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €265,815 | €0 | -€265,815 | -100% |
| Distributable reserves | 133 | €265,815 | €0 | -€265,815 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €32,623 | €226,068 | +€193,444 | +593% |
| Amounts payable within one year | 42/48 | €32,623 | €226,068 | +€193,444 | +593% |
| Trade debts | 44 | €110 | €76 | -€34 | -30.8% |
| Suppliers | 440/4 | €110 | €76 | -€34 | -30.8% |
| Taxes, remuneration and social security | 45 | €30,361 | €11,804 | -€18,557 | -61.1% |
| Taxes | 450/3 | €30,361 | €11,804 | -€18,557 | -61.1% |
| Other amounts payable | 47/48 | €2,153 | €214,188 | +€212,035 | +9,849% |
| Remuneration, social security and pensions | 62 | €2,097 | €1,539 | -€558 | -26.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,560 | €11,200 | +€6,640 | +146% |
| Other operating charges | 640/8 | €825 | €587 | -€238 | -28.9% |
| Gross operating margin | 9900 | €192,196 | €133,985 | -€58,211 | -30.3% |
| Operating profit (loss) | 9901 | €184,714 | €120,659 | -€64,055 | -34.7% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €1 | €91 | +€90 | +8,752% |
| Recurring financial charges | 65 | €1 | €91 | +€90 | +8,752% |
| Profit (loss) for the period before taxes | 9903 | €184,713 | €120,568 | -€64,145 | -34.7% |
| Income taxes | 67/77 | €41,804 | €25,646 | -€16,158 | -38.7% |
| Profit (loss) for the period | 9904 | €142,909 | €94,923 | -€47,986 | -33.6% |
| Profit (loss) for the period to be appropriated | 9905 | €142,909 | €94,923 | -€47,986 | -33.6% |
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 30 October 2026 via checked.be.