Dr. E. Keersebilck: 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. E. Keersebilck
Largest movements
- Current investments +€300,000
new in 2025: €300,000
- Cash -€180,552
down €180,552 (-42.8%), from €421,743 to €241,191
mainly Current investments (-€300,000) and Other debts (-€42,616)
- Receivables within one year +€13,942
up €13,942 (+1,325%), from €1,052 to €14,994
- Tangible fixed assets -€10,055
down €10,055 (-21.2%), from €47,413 to €37,358
- Deferred charges and accrued income +€9,395
up €9,395 (+294%), from €3,197 to €12,592
- Reserves +€160,416
up €160,416 (+38.7%), from €414,419 to €574,835
- Other debts -€42,616
down €42,616 (-100%), from €42,616 to €0
- Tax, wage and social debts +€16,315
up €16,315, from €0 to €16,315
- Gross operating margin +€135,879
up €135,879 (+117%), from €116,508 to €252,387
- Taxes +€47,658
up €47,658 (+165%), from €28,948 to €76,606
- Depreciation +€7,473
up €7,473 (+98.6%), from €7,582 to €15,055
- Financial charges -€3,273
down €3,273 (-88.0%), from €3,718 to €445
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 | €492,981 | €620,711 | +€127,731 | +25.9% |
| Fixed assets | 21/28 | €66,988 | €51,933 | -€15,055 | -22.5% |
| Intangible fixed assets | 21 | €19,575 | €14,575 | -€5,000 | -25.5% |
| Tangible fixed assets | 22/27 | €47,413 | €37,358 | -€10,055 | -21.2% |
| Furniture and vehicles | 24 | €47,413 | €37,358 | -€10,055 | -21.2% |
| Current assets | 29/58 | €425,992 | €568,778 | +€142,785 | +33.5% |
| Amounts receivable within one year | 40/41 | €1,052 | €14,994 | +€13,942 | +1,325% |
| Other amounts receivable | 41 | €1,052 | €14,994 | +€13,942 | +1,325% |
| Current investments | 50/53 | - | €300,000 | +€300,000 | |
| Cash at bank and in hand | 54/58 | €421,743 | €241,191 | -€180,552 | -42.8% |
| Deferred charges and accrued income | 490/1 | €3,197 | €12,592 | +€9,395 | +294% |
| Total equity and liabilities | 10/49 | €492,981 | €620,711 | +€127,731 | +25.9% |
| Equity | 10/15 | €439,419 | €599,835 | +€160,416 | +36.5% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €414,419 | €574,835 | +€160,416 | +38.7% |
| Distributable reserves | 133 | €414,419 | €574,835 | +€160,416 | +38.7% |
| Amounts payable | 17/49 | €53,561 | €20,876 | -€32,685 | -61.0% |
| Amounts payable within one year | 42/48 | €50,280 | €17,595 | -€32,685 | -65.0% |
| Financial debts | 43 | €5,883 | €0 | -€5,883 | -100% |
| Credit institutions | 430/8 | €5,883 | €0 | -€5,883 | -100% |
| Trade debts | 44 | €1,780 | €1,280 | -€501 | -28.1% |
| Suppliers | 440/4 | €1,780 | €1,280 | -€501 | -28.1% |
| Taxes, remuneration and social security | 45 | €0 | €16,315 | +€16,315 | |
| Taxes | 450/3 | €0 | €16,315 | +€16,315 | |
| Other amounts payable | 47/48 | €42,616 | €0 | -€42,616 | -100% |
| Accrued charges and deferred income | 492/3 | €3,281 | €3,281 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,582 | €15,055 | +€7,473 | +98.6% |
| Other operating charges | 640/8 | €647 | €987 | +€340 | +52.5% |
| Gross operating margin | 9900 | €116,508 | €252,387 | +€135,879 | +117% |
| Operating profit (loss) | 9901 | €108,278 | €236,344 | +€128,066 | +118% |
| Financial income | 75/76B | - | €1,122 | +€1,122 | |
| Recurring financial income | 75 | - | €1,122 | +€1,122 | |
| Financial charges | 65/66B | €3,718 | €445 | -€3,273 | -88.0% |
| Recurring financial charges | 65 | €3,718 | €445 | -€3,273 | -88.0% |
| Profit (loss) for the period before taxes | 9903 | €104,561 | €237,022 | +€132,461 | +127% |
| Income taxes | 67/77 | €28,948 | €76,606 | +€47,658 | +165% |
| Profit (loss) for the period | 9904 | €75,613 | €160,416 | +€84,803 | +112% |
| Profit (loss) for the period to be appropriated | 9905 | €75,613 | €160,416 | +€84,803 | +112% |
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.