Dr. Eline Borowski: 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. Eline Borowski
Largest movements
- Receivables within one year +€15,260
up €15,260 (+23.0%), from €66,489 to €81,749
of which Trade receivables: +€22,411
- Deferred charges and accrued income +€8,249
up €8,249, from €0 to €8,249
- Cash -€7,536
down €7,536 (-10.4%), from €72,135 to €64,599
mainly Contributions, distributions and other (-€264,052) and Receivables within one year (-€15,260)
- Other debts +€134,995
new in 2025: €134,995
- Reserves -€134,122
down €134,122 (-100%), from €134,122 to €0
- Trade debts +€9,831
up €9,831 (+145%), from €6,801 to €16,632
- Tax, wage and social debts +€4,010
up €4,010 (+424%), from €946 to €4,956
- Gross operating margin +€34,660
up €34,660 (+25.3%), from €137,047 to €171,707
- Taxes +€9,563
up €9,563 (+32.5%), from €29,446 to €39,010
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 | €144,368 | €159,083 | +€14,715 | +10.2% |
| Fixed assets | 21/28 | €5,744 | €4,487 | -€1,257 | -21.9% |
| Tangible fixed assets | 22/27 | €5,744 | €4,487 | -€1,257 | -21.9% |
| Plant, machinery and equipment | 23 | €5,744 | €4,487 | -€1,257 | -21.9% |
| Current assets | 29/58 | €138,624 | €154,596 | +€15,972 | +11.5% |
| Amounts receivable within one year | 40/41 | €66,489 | €81,749 | +€15,260 | +23.0% |
| Trade receivables | 40 | €59,121 | €81,532 | +€22,411 | +37.9% |
| Other amounts receivable | 41 | €7,368 | €217 | -€7,151 | -97.1% |
| Cash at bank and in hand | 54/58 | €72,135 | €64,599 | -€7,536 | -10.4% |
| Deferred charges and accrued income | 490/1 | €0 | €8,249 | +€8,249 | |
| Total equity and liabilities | 10/49 | €144,368 | €159,083 | +€14,715 | +10.2% |
| Equity | 10/15 | €136,622 | €2,500 | -€134,122 | -98.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €134,122 | €0 | -€134,122 | -100% |
| Distributable reserves | 133 | €134,122 | €0 | -€134,122 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €7,747 | €156,583 | +€148,836 | +1,921% |
| Amounts payable within one year | 42/48 | €7,747 | €156,583 | +€148,836 | +1,921% |
| Trade debts | 44 | €6,801 | €16,632 | +€9,831 | +145% |
| Suppliers | 440/4 | €6,801 | €16,632 | +€9,831 | +145% |
| Taxes, remuneration and social security | 45 | €946 | €4,956 | +€4,010 | +424% |
| Taxes | 450/3 | €946 | €4,956 | +€4,010 | +424% |
| Other amounts payable | 47/48 | - | €134,995 | +€134,995 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €947 | €1,257 | +€311 | +32.8% |
| Other operating charges | 640/8 | €226 | €421 | +€195 | +86.4% |
| Gross operating margin | 9900 | €137,047 | €171,707 | +€34,660 | +25.3% |
| Operating profit (loss) | 9901 | €135,874 | €170,028 | +€34,155 | +25.1% |
| Financial income | 75/76B | €159 | €217 | +€57 | +36.1% |
| Recurring financial income | 75 | €159 | €217 | +€57 | +36.1% |
| Financial charges | 65/66B | €2,846 | €1,305 | -€1,541 | -54.1% |
| Recurring financial charges | 65 | €2,846 | €1,305 | -€1,541 | -54.1% |
| Profit (loss) for the period before taxes | 9903 | €133,187 | €168,940 | +€35,753 | +26.8% |
| Income taxes | 67/77 | €29,446 | €39,010 | +€9,563 | +32.5% |
| Profit (loss) for the period | 9904 | €103,741 | €129,930 | +€26,190 | +25.2% |
| Profit (loss) for the period to be appropriated | 9905 | €103,741 | €129,930 | +€26,190 | +25.2% |
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 18 October 2026 via checked.be.