Dr. Eline Daelemans: 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 Daelemans
Largest movements
- Cash -€298,469
down €298,469 (-99.6%), from €299,554 to €1,085
mainly Contributions, distributions and other (-€366,000) and Investment in fixed assets (net) (-€43,471)
- Tangible fixed assets +€41,234
up €41,234 (+1,373%), from €3,004 to €44,239
of which Furniture and vehicles: +€41,294
- Receivables within one year -€23,969
down €23,969 (-35.8%), from €67,010 to €43,040
of which Other amounts receivable: -€23,712
- Reserves -€282,946
down €282,946 (-77.3%), from €366,068 to €83,122
- Gross operating margin -€99,727
down €99,727 (-47.8%), from €208,723 to €108,996
- Taxes -€26,779
down €26,779 (-54.8%), from €48,909 to €22,130
- Financial income -€2,982
down €2,982 (-73.4%), from €4,064 to €1,082
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 | €369,568 | €88,627 | -€280,941 | -76.0% |
| Fixed assets | 21/28 | €3,004 | €44,239 | +€41,234 | +1,373% |
| Tangible fixed assets | 22/27 | €3,004 | €44,239 | +€41,234 | +1,373% |
| Plant, machinery and equipment | 23 | €348 | €288 | -€60 | -17.2% |
| Furniture and vehicles | 24 | €2,656 | €43,950 | +€41,294 | +1,555% |
| Current assets | 29/58 | €366,564 | €44,389 | -€322,176 | -87.9% |
| Amounts receivable within one year | 40/41 | €67,010 | €43,040 | -€23,969 | -35.8% |
| Trade receivables | 40 | €257 | - | -€257 | |
| Other amounts receivable | 41 | €66,752 | €43,040 | -€23,712 | -35.5% |
| Cash at bank and in hand | 54/58 | €299,554 | €1,085 | -€298,469 | -99.6% |
| Deferred charges and accrued income | 490/1 | - | €263 | +€263 | |
| Total equity and liabilities | 10/49 | €369,568 | €88,627 | -€280,941 | -76.0% |
| Equity | 10/15 | €369,568 | €86,622 | -€282,946 | -76.6% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €366,068 | €83,122 | -€282,946 | -77.3% |
| Distributable reserves | 133 | €366,068 | €83,122 | -€282,946 | -77.3% |
| Amounts payable | 17/49 | - | €2,005 | +€2,005 | |
| Amounts payable within one year | 42/48 | - | €2,005 | +€2,005 | |
| Trade debts | 44 | - | €2,005 | +€2,005 | |
| Suppliers | 440/4 | - | €2,005 | +€2,005 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,460 | €2,236 | +€776 | +53.2% |
| Other operating charges | 640/8 | €284 | €144 | -€139 | -49.2% |
| Non-recurring operating charges | 66A | - | €2,468 | +€2,468 | |
| Gross operating margin | 9900 | €208,723 | €108,996 | -€99,727 | -47.8% |
| Operating profit (loss) | 9901 | €206,979 | €104,147 | -€102,832 | -49.7% |
| Financial income | 75/76B | €4,064 | €1,082 | -€2,982 | -73.4% |
| Recurring financial income | 75 | €4,064 | €1,082 | -€2,982 | -73.4% |
| Financial charges | 65/66B | €45 | €45 | +€0 | +0.5% |
| Recurring financial charges | 65 | €45 | €45 | +€0 | +0.5% |
| Profit (loss) for the period before taxes | 9903 | €210,998 | €105,184 | -€105,815 | -50.1% |
| Income taxes | 67/77 | €48,909 | €22,130 | -€26,779 | -54.8% |
| Profit (loss) for the period | 9904 | €162,090 | €83,054 | -€79,036 | -48.8% |
| Profit (loss) for the period to be appropriated | 9905 | €162,090 | €83,054 | -€79,036 | -48.8% |
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.