Dr. Emma Leeuws: 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. Emma Leeuws
Largest movements
- Cash +€63,966
up €63,966 (+53.3%), from €119,957 to €183,923
mainly Net result for the year (+€58,716) and Depreciation (+€3,894)
- Tangible fixed assets -€3,894
down €3,894 (-59.2%), from €6,578 to €2,684
of which Furniture and vehicles: -€3,089
- Reserves +€58,716
up €58,716 (+46.6%), from €125,902 to €184,617
- Other debts +€1,941
up €1,941 (+149%), from €1,300 to €3,241
- Gross operating margin -€14,586
down €14,586 (-15.9%), from €91,692 to €77,106
- Taxes -€2,423
down €2,423 (-13.1%), from €18,486 to €16,063
- Financial income +€987
up €987 (+135%), from €730 to €1,717
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 | €129,857 | €190,373 | +€60,516 | +46.6% |
| Fixed assets | 21/28 | €7,913 | €4,019 | -€3,894 | -49.2% |
| Tangible fixed assets | 22/27 | €6,578 | €2,684 | -€3,894 | -59.2% |
| Plant, machinery and equipment | 23 | €805 | - | -€805 | |
| Furniture and vehicles | 24 | €5,773 | €2,684 | -€3,089 | -53.5% |
| Financial fixed assets | 28 | €1,335 | €1,335 | = | 0.0% |
| Current assets | 29/58 | €121,944 | €186,353 | +€64,409 | +52.8% |
| Amounts receivable within one year | 40/41 | €1,629 | €2,065 | +€436 | +26.7% |
| Other amounts receivable | 41 | €1,629 | €2,065 | +€436 | +26.7% |
| Cash at bank and in hand | 54/58 | €119,957 | €183,923 | +€63,966 | +53.3% |
| Deferred charges and accrued income | 490/1 | €358 | €366 | +€7 | +2.1% |
| Total equity and liabilities | 10/49 | €129,857 | €190,373 | +€60,516 | +46.6% |
| Equity | 10/15 | €128,402 | €187,117 | +€58,716 | +45.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €125,902 | €184,617 | +€58,716 | +46.6% |
| Distributable reserves | 133 | €125,902 | €184,617 | +€58,716 | +46.6% |
| Amounts payable | 17/49 | €1,456 | €3,256 | +€1,800 | +124% |
| Amounts payable within one year | 42/48 | €1,456 | €3,256 | +€1,800 | +124% |
| Trade debts | 44 | €156 | €15 | -€141 | -90.4% |
| Suppliers | 440/4 | €156 | €15 | -€141 | -90.4% |
| Other amounts payable | 47/48 | €1,300 | €3,241 | +€1,941 | +149% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,004 | €3,894 | -€111 | -2.8% |
| Gross operating margin | 9900 | €91,692 | €77,106 | -€14,586 | -15.9% |
| Operating profit (loss) | 9901 | €87,687 | €73,212 | -€14,476 | -16.5% |
| Financial income | 75/76B | €730 | €1,717 | +€987 | +135% |
| Recurring financial income | 75 | €730 | €1,717 | +€987 | +135% |
| Financial charges | 65/66B | €135 | €150 | +€15 | +11.1% |
| Recurring financial charges | 65 | €135 | €150 | +€15 | +11.1% |
| Profit (loss) for the period before taxes | 9903 | €88,282 | €74,779 | -€13,504 | -15.3% |
| Income taxes | 67/77 | €18,486 | €16,063 | -€2,423 | -13.1% |
| Profit (loss) for the period | 9904 | €69,796 | €58,716 | -€11,081 | -15.9% |
| Profit (loss) for the period to be appropriated | 9905 | €69,796 | €58,716 | -€11,081 | -15.9% |
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 29 October 2026 via checked.be.