Dr. Elke Thijs: 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. Elke Thijs
Largest movements
- Cash +€57,202
up €57,202 (+138%), from €41,591 to €98,793
mainly Net result for the year (+€87,879) and Depreciation (+€482)
- Current investments +€14,648
new in 2025: €14,648
- Receivables within one year +€7,872
up €7,872 (+272%), from €2,892 to €10,764
- Reserves +€87,879
up €87,879 (+265%), from €33,178 to €121,057
- Tax, wage and social debts -€8,576
down €8,576 (-79.2%), from €10,826 to €2,250
- Gross operating margin +€70,370
up €70,370 (+167%), from €42,121 to €112,491
- Taxes +€15,378
up €15,378 (+179%), from €8,576 to €23,953
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 | €46,436 | €125,747 | +€79,311 | +171% |
| Fixed assets | 21/28 | €1,284 | €802 | -€482 | -37.6% |
| Tangible fixed assets | 22/27 | €1,284 | €802 | -€482 | -37.6% |
| Furniture and vehicles | 24 | €1,284 | €802 | -€482 | -37.6% |
| Current assets | 29/58 | €45,152 | €124,945 | +€79,793 | +177% |
| Amounts receivable within one year | 40/41 | €2,892 | €10,764 | +€7,872 | +272% |
| Other amounts receivable | 41 | €2,892 | €10,764 | +€7,872 | +272% |
| Current investments | 50/53 | - | €14,648 | +€14,648 | |
| Cash at bank and in hand | 54/58 | €41,591 | €98,793 | +€57,202 | +138% |
| Deferred charges and accrued income | 490/1 | €669 | €739 | +€70 | +10.5% |
| Total equity and liabilities | 10/49 | €46,436 | €125,747 | +€79,311 | +171% |
| Equity | 10/15 | €35,178 | €123,057 | +€87,879 | +250% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €33,178 | €121,057 | +€87,879 | +265% |
| Distributable reserves | 133 | €33,178 | €121,057 | +€87,879 | +265% |
| Amounts payable | 17/49 | €11,258 | €2,690 | -€8,568 | -76.1% |
| Amounts payable within one year | 42/48 | €11,258 | €2,690 | -€8,568 | -76.1% |
| Trade debts | 44 | €433 | €440 | +€8 | +1.8% |
| Suppliers | 440/4 | €433 | €440 | +€8 | +1.8% |
| Taxes, remuneration and social security | 45 | €10,826 | €2,250 | -€8,576 | -79.2% |
| Taxes | 450/3 | €10,826 | €2,250 | -€8,576 | -79.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €163 | €482 | +€320 | +197% |
| Other operating charges | 640/8 | €295 | €347 | +€52 | +17.6% |
| Gross operating margin | 9900 | €42,121 | €112,491 | +€70,370 | +167% |
| Operating profit (loss) | 9901 | €41,663 | €111,661 | +€69,998 | +168% |
| Financial income | 75/76B | €90 | €539 | +€449 | +496% |
| Recurring financial income | 75 | €90 | €539 | +€449 | +496% |
| Financial charges | 65/66B | - | €369 | +€369 | |
| Recurring financial charges | 65 | - | €369 | +€369 | |
| Profit (loss) for the period before taxes | 9903 | €41,754 | €111,832 | +€70,078 | +168% |
| Income taxes | 67/77 | €8,576 | €23,953 | +€15,378 | +179% |
| Profit (loss) for the period | 9904 | €33,178 | €87,879 | +€54,701 | +165% |
| Profit (loss) for the period to be appropriated | 9905 | €33,178 | €87,879 | +€54,701 | +165% |
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 24 October 2026 via checked.be.