Dr. Elise Ostyn: 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 Ostyn
Largest movements
- Current investments +€91,537
up €91,537 (+45.8%), from €200,000 to €291,537
- Cash -€70,325
down €70,325 (-79.5%), from €88,439 to €18,114
mainly Contributions, distributions and other (-€256,752) and Current investments (-€91,537)
- Receivables within one year -€8,162
down €8,162 (-13.3%), from €61,217 to €53,055
- Deferred charges and accrued income +€5,340
up €5,340 (+149%), from €3,596 to €8,936
- Reserves -€256,752
no longer reported in 2025 (was €256,752)
- Other debts +€142,451
up €142,451 (+188%), from €75,788 to €218,239
- Profit (loss) carried forward +€129,971
new in 2025: €129,971
- Tax, wage and social debts -€17,524
down €17,524 (-78.1%), from €22,437 to €4,913
- Accrued charges and deferred income +€8,900
up €8,900 (+8,933%), from €100 to €9,000
- Gross operating margin +€61,389
up €61,389 (+60.1%), from €102,159 to €163,547
- Taxes +€17,674
up €17,674 (+82.6%), from €21,396 to €39,069
- Financial charges -€6,669
down €6,669 (-96.9%), from €6,884 to €215
- Financial income +€4,311
up €4,311 (+154%), from €2,803 to €7,113
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 | €357,090 | €374,613 | +€17,523 | +4.9% |
| Fixed assets | 21/28 | €3,838 | €2,971 | -€867 | -22.6% |
| Tangible fixed assets | 22/27 | €3,838 | €2,971 | -€867 | -22.6% |
| Furniture and vehicles | 24 | €3,838 | €2,971 | -€867 | -22.6% |
| Current assets | 29/58 | €353,251 | €371,641 | +€18,390 | +5.2% |
| Amounts receivable within one year | 40/41 | €61,217 | €53,055 | -€8,162 | -13.3% |
| Trade receivables | 40 | €61,217 | €53,055 | -€8,162 | -13.3% |
| Current investments | 50/53 | €200,000 | €291,537 | +€91,537 | +45.8% |
| Cash at bank and in hand | 54/58 | €88,439 | €18,114 | -€70,325 | -79.5% |
| Deferred charges and accrued income | 490/1 | €3,596 | €8,936 | +€5,340 | +149% |
| Total equity and liabilities | 10/49 | €357,090 | €374,613 | +€17,523 | +4.9% |
| Equity | 10/15 | €257,752 | €130,971 | -€126,781 | -49.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €256,752 | - | -€256,752 | |
| Distributable reserves | 133 | €256,752 | - | -€256,752 | |
| Profit (loss) carried forward | 14 | - | €129,971 | +€129,971 | |
| Amounts payable | 17/49 | €99,338 | €243,642 | +€144,304 | +145% |
| Amounts payable after more than one year | 17 | - | €7,242 | +€7,242 | |
| Other amounts payable | 178/9 | - | €7,242 | +€7,242 | |
| Amounts payable within one year | 42/48 | €99,238 | €227,400 | +€128,162 | +129% |
| Trade debts | 44 | €1,013 | €4,248 | +€3,235 | +319% |
| Suppliers | 440/4 | €1,013 | €4,248 | +€3,235 | +319% |
| Taxes, remuneration and social security | 45 | €22,437 | €4,913 | -€17,524 | -78.1% |
| Taxes | 450/3 | €22,437 | €4,913 | -€17,524 | -78.1% |
| Other amounts payable | 47/48 | €75,788 | €218,239 | +€142,451 | +188% |
| Accrued charges and deferred income | 492/3 | €100 | €9,000 | +€8,900 | +8,933% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €867 | €867 | = | 0.0% |
| Other operating charges | 640/8 | €168 | €538 | +€370 | +220% |
| Gross operating margin | 9900 | €102,159 | €163,547 | +€61,389 | +60.1% |
| Operating profit (loss) | 9901 | €101,124 | €162,142 | +€61,018 | +60.3% |
| Financial income | 75/76B | €2,803 | €7,113 | +€4,311 | +154% |
| Recurring financial income | 75 | €2,803 | €7,113 | +€4,311 | +154% |
| Financial charges | 65/66B | €6,884 | €215 | -€6,669 | -96.9% |
| Recurring financial charges | 65 | €6,884 | €215 | -€6,669 | -96.9% |
| Profit (loss) for the period before taxes | 9903 | €97,043 | €169,040 | +€71,998 | +74.2% |
| Income taxes | 67/77 | €21,396 | €39,069 | +€17,674 | +82.6% |
| Profit (loss) for the period | 9904 | €75,647 | €129,971 | +€54,324 | +71.8% |
| Profit (loss) for the period to be appropriated | 9905 | €75,647 | €129,971 | +€54,324 | +71.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.