Dr. Eline De Clercq: 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 De Clercq
Largest movements
- Tangible fixed assets -€8,296
down €8,296 (-50.4%), from €16,476 to €8,179
- Receivables within one year +€3,111
up €3,111 (+102%), from €3,041 to €6,151
of which Other amounts receivable: +€3,210
- Cash -€3,014
down €3,014 (-3.9%), from €76,660 to €73,646
mainly Contributions, distributions and other (-€75,000) and Other debts (-€9,860)
- Other debts -€9,860
down €9,860 (-11.5%), from €85,495 to €75,635
- Accrued charges and deferred income +€1,760
up €1,760 (+359%), from €490 to €2,250
- Depreciation +€5,888
up €5,888 (+245%), from €2,408 to €8,296
- Taxes -€1,539
down €1,539 (-6.9%), from €22,234 to €20,695
- Gross operating margin -€1,499
down €1,499 (-1.4%), from €106,011 to €104,512
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 | €97,939 | €89,776 | -€8,162 | -8.3% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €16,476 | €8,179 | -€8,296 | -50.4% |
| Tangible fixed assets | 22/27 | €16,476 | €8,179 | -€8,296 | -50.4% |
| Furniture and vehicles | 24 | €16,476 | €8,179 | -€8,296 | -50.4% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €81,463 | €81,597 | +€134 | +0.2% |
| Amounts receivable within one year | 40/41 | €3,041 | €6,151 | +€3,111 | +102% |
| Trade receivables | 40 | €179 | €80 | -€99 | -55.3% |
| Other amounts receivable | 41 | €2,862 | €6,071 | +€3,210 | +112% |
| Cash at bank and in hand | 54/58 | €76,660 | €73,646 | -€3,014 | -3.9% |
| Deferred charges and accrued income | 490/1 | €1,762 | €1,800 | +€38 | +2.2% |
| Total equity and liabilities | 10/49 | €97,939 | €89,776 | -€8,162 | -8.3% |
| Equity | 10/15 | €11,827 | €11,411 | -€416 | -3.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €1,827 | €1,411 | -€416 | -22.8% |
| Distributable reserves | 133 | €1,827 | €1,411 | -€416 | -22.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €86,111 | €78,366 | -€7,746 | -9.0% |
| Amounts payable within one year | 42/48 | €85,621 | €76,116 | -€9,506 | -11.1% |
| Trade debts | 44 | €127 | €481 | +€354 | +280% |
| Suppliers | 440/4 | €127 | €481 | +€354 | +280% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €85,495 | €75,635 | -€9,860 | -11.5% |
| Accrued charges and deferred income | 492/3 | €490 | €2,250 | +€1,760 | +359% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,408 | €8,296 | +€5,888 | +245% |
| Other operating charges | 640/8 | €805 | €772 | -€33 | -4.1% |
| Gross operating margin | 9900 | €106,011 | €104,512 | -€1,499 | -1.4% |
| Operating profit (loss) | 9901 | €102,797 | €95,443 | -€7,355 | -7.2% |
| Financial charges | 65/66B | €167 | €164 | -€3 | -1.9% |
| Recurring financial charges | 65 | €167 | €164 | -€3 | -1.9% |
| Profit (loss) for the period before taxes | 9903 | €102,630 | €95,279 | -€7,352 | -7.2% |
| Income taxes | 67/77 | €22,234 | €20,695 | -€1,539 | -6.9% |
| Profit (loss) for the period | 9904 | €80,397 | €74,584 | -€5,813 | -7.2% |
| Profit (loss) for the period to be appropriated | 9905 | €80,397 | €74,584 | -€5,813 | -7.2% |
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 31 October 2026 via checked.be.