Dr Elise LABUCHE: 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 Elise LABUCHE
Largest movements
- Cash -€89,819
down €89,819 (-33.4%), from €269,193 to €179,374
mainly Contributions, distributions and other (-€123,848) and Tax, wage and social debts (-€4,856)
- Reserves -€90,354
down €90,354 (-35.2%), from €256,914 to €166,560
- Tax, wage and social debts -€4,856
no longer reported in 2025 (was €4,856)
- Other debts +€4,138
up €4,138 (+38.8%), from €10,678 to €14,816
- Gross operating margin -€35,185
down €35,185 (-41.1%), from €85,630 to €50,445
- Taxes -€9,523
down €9,523 (-42.6%), from €22,356 to €12,833
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 | €279,983 | €187,312 | -€92,671 | -33.1% |
| Fixed assets | 21/28 | €6,257 | €3,797 | -€2,460 | -39.3% |
| Tangible fixed assets | 22/27 | €6,191 | €3,732 | -€2,460 | -39.7% |
| Furniture and vehicles | 24 | €6,191 | €3,732 | -€2,460 | -39.7% |
| Financial fixed assets | 28 | €66 | €66 | = | 0.0% |
| Current assets | 29/58 | €273,726 | €183,515 | -€90,212 | -33.0% |
| Amounts receivable within one year | 40/41 | - | €2,167 | +€2,167 | |
| Other amounts receivable | 41 | - | €2,167 | +€2,167 | |
| Cash at bank and in hand | 54/58 | €269,193 | €179,374 | -€89,819 | -33.4% |
| Deferred charges and accrued income | 490/1 | €4,533 | €1,974 | -€2,559 | -56.5% |
| Total equity and liabilities | 10/49 | €279,983 | €187,312 | -€92,671 | -33.1% |
| Equity | 10/15 | €261,914 | €171,560 | -€90,354 | -34.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €256,914 | €166,560 | -€90,354 | -35.2% |
| Distributable reserves | 133 | €256,914 | €166,560 | -€90,354 | -35.2% |
| Amounts payable | 17/49 | €18,069 | €15,752 | -€2,317 | -12.8% |
| Amounts payable within one year | 42/48 | €18,069 | €15,752 | -€2,317 | -12.8% |
| Trade debts | 44 | €2,535 | €936 | -€1,599 | -63.1% |
| Suppliers | 440/4 | €2,535 | €936 | -€1,599 | -63.1% |
| Taxes, remuneration and social security | 45 | €4,856 | - | -€4,856 | |
| Taxes | 450/3 | €4,856 | - | -€4,856 | |
| Other amounts payable | 47/48 | €10,678 | €14,816 | +€4,138 | +38.8% |
| Non-recurring operating income | 76A | €7,170 | - | -€7,170 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,070 | €2,460 | +€389 | +18.8% |
| Other operating charges | 640/8 | €131 | €101 | -€30 | -22.8% |
| Gross operating margin | 9900 | €85,630 | €50,445 | -€35,185 | -41.1% |
| Operating profit (loss) | 9901 | €83,429 | €47,885 | -€35,544 | -42.6% |
| Financial charges | 65/66B | €1,084 | €1,558 | +€474 | +43.7% |
| Recurring financial charges | 65 | €1,084 | €1,558 | +€474 | +43.7% |
| Profit (loss) for the period before taxes | 9903 | €82,345 | €46,327 | -€36,018 | -43.7% |
| Income taxes | 67/77 | €22,356 | €12,833 | -€9,523 | -42.6% |
| Profit (loss) for the period | 9904 | €59,989 | €33,494 | -€26,495 | -44.2% |
| Profit (loss) for the period to be appropriated | 9905 | €59,989 | €33,494 | -€26,495 | -44.2% |
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 28 October 2026 via checked.be.