Dr. Deepanjali Custers: 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. Deepanjali Custers
Largest movements
- Current investments +€320,000
new in 2025: €320,000
- Cash -€147,163
down €147,163 (-46.3%), from €317,901 to €170,738
mainly Current investments (-€320,000) and Contributions, distributions and other (-€300,000)
- Receivables within one year -€14,936
down €14,936 (-14.2%), from €105,506 to €90,570
- Tangible fixed assets +€6,510
up €6,510 (+653%), from €997 to €7,507
- Other debts +€298,011
up €298,011 (+2,702%), from €11,031 to €309,042
- Reserves -€138,986
down €138,986 (-38.4%), from €362,388 to €223,402
- Tax, wage and social debts +€9,629
up €9,629 (+21.1%), from €45,590 to €55,219
of which Taxes: +€9,629
- Gross operating margin +€16,682
up €16,682 (+8.7%), from €191,096 to €207,779
- Taxes +€4,914
up €4,914 (+11.3%), from €43,426 to €48,340
- Financial income +€2,409
up €2,409 (+166%), from €1,447 to €3,856
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 | €427,566 | €592,723 | +€165,157 | +38.6% |
| Fixed assets | 21/28 | €997 | €7,507 | +€6,510 | +653% |
| Tangible fixed assets | 22/27 | €997 | €7,507 | +€6,510 | +653% |
| Furniture and vehicles | 24 | €997 | €7,507 | +€6,510 | +653% |
| Current assets | 29/58 | €426,569 | €585,216 | +€158,648 | +37.2% |
| Amounts receivable within one year | 40/41 | €105,506 | €90,570 | -€14,936 | -14.2% |
| Trade receivables | 40 | €105,506 | €90,570 | -€14,936 | -14.2% |
| Current investments | 50/53 | - | €320,000 | +€320,000 | |
| Cash at bank and in hand | 54/58 | €317,901 | €170,738 | -€147,163 | -46.3% |
| Deferred charges and accrued income | 490/1 | €3,162 | €3,909 | +€747 | +23.6% |
| Total equity and liabilities | 10/49 | €427,566 | €592,723 | +€165,157 | +38.6% |
| Equity | 10/15 | €367,388 | €228,402 | -€138,986 | -37.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €362,388 | €223,402 | -€138,986 | -38.4% |
| Distributable reserves | 133 | €362,388 | €223,402 | -€138,986 | -38.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €60,178 | €364,321 | +€304,143 | +505% |
| Amounts payable within one year | 42/48 | €60,178 | €364,321 | +€304,143 | +505% |
| Trade debts | 44 | €3,557 | €60 | -€3,497 | -98.3% |
| Suppliers | 440/4 | €3,557 | €60 | -€3,497 | -98.3% |
| Taxes, remuneration and social security | 45 | €45,590 | €55,219 | +€9,629 | +21.1% |
| Taxes | 450/3 | €45,590 | €55,219 | +€9,629 | +21.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €11,031 | €309,042 | +€298,011 | +2,702% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €702 | €1,018 | +€316 | +45.1% |
| Other operating charges | 640/8 | €966 | €769 | -€197 | -20.4% |
| Gross operating margin | 9900 | €191,096 | €207,779 | +€16,682 | +8.7% |
| Operating profit (loss) | 9901 | €189,428 | €205,991 | +€16,563 | +8.7% |
| Financial income | 75/76B | €1,447 | €3,856 | +€2,409 | +166% |
| Recurring financial income | 75 | €1,447 | €3,856 | +€2,409 | +166% |
| Financial charges | 65/66B | €625 | €494 | -€131 | -21.0% |
| Recurring financial charges | 65 | €625 | €494 | -€131 | -21.0% |
| Profit (loss) for the period before taxes | 9903 | €190,251 | €209,354 | +€19,103 | +10.0% |
| Income taxes | 67/77 | €43,426 | €48,340 | +€4,914 | +11.3% |
| Profit (loss) for the period | 9904 | €146,825 | €161,014 | +€14,189 | +9.7% |
| Profit (loss) for the period to be appropriated | 9905 | €146,825 | €161,014 | +€14,189 | +9.7% |
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 16 October 2026 via checked.be.