Dr Emmanuelle Papleux: what changed
Dr Emmanuelle Papleux
Largest movements
- Cash +€48,157
up €48,157 (+69.9%), from €68,872 to €117,029
mainly Other debts (+€90,000) and Net result for the year (+€86,861)
- Receivables within one year +€45,456
up €45,456 (+82.2%), from €55,280 to €100,736
of which Other amounts receivable: +€50,061
- Intangible fixed assets -€18,000
down €18,000 (-13.8%), from €130,438 to €112,438
- Tangible fixed assets -€17,291
down €17,291 (-25.8%), from €67,076 to €49,785
of which Furniture and vehicles: -€15,415
- Other debts +€90,000
new in 2025: €90,000
- Debts after one year -€20,284
down €20,284 (-50.9%), from €39,839 to €19,554
- Tax, wage and social debts -€6,665
no longer reported in 2025 (was €6,665)
- Gross operating margin -€12,297
down €12,297 (-7.7%), from €159,987 to €147,690
- Depreciation +€4,348
up €4,348 (+14.1%), from €30,943 to €35,291
- Taxes -€4,026
down €4,026 (-15.0%), from €26,819 to €22,793
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €321,717 | €380,037 | +€58,321 | +18.1% |
| Fixed assets | 21/28 | €197,565 | €162,273 | -€35,291 | -17.9% |
| Intangible fixed assets | 21 | €130,438 | €112,438 | -€18,000 | -13.8% |
| Tangible fixed assets | 22/27 | €67,076 | €49,785 | -€17,291 | -25.8% |
| Furniture and vehicles | 24 | €58,523 | €43,108 | -€15,415 | -26.3% |
| Other tangible fixed assets | 26 | €8,553 | €6,676 | -€1,877 | -21.9% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €124,152 | €217,764 | +€93,612 | +75.4% |
| Amounts receivable within one year | 40/41 | €55,280 | €100,736 | +€45,456 | +82.2% |
| Trade receivables | 40 | €49,781 | €45,176 | -€4,605 | -9.3% |
| Other amounts receivable | 41 | €5,499 | €55,560 | +€50,061 | +910% |
| Cash at bank and in hand | 54/58 | €68,872 | €117,029 | +€48,157 | +69.9% |
| Total equity and liabilities | 10/49 | €321,717 | €380,037 | +€58,321 | +18.1% |
| Equity | 10/15 | €251,916 | €248,777 | -€3,139 | -1.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €246,916 | €243,777 | -€3,139 | -1.3% |
| Amounts payable | 17/49 | €69,801 | €131,260 | +€61,459 | +88.0% |
| Amounts payable after more than one year | 17 | €39,839 | €19,554 | -€20,284 | -50.9% |
| Financial debts | 170/4 | €39,839 | €19,554 | -€20,284 | -50.9% |
| Amounts payable within one year | 42/48 | €29,962 | €111,706 | +€81,744 | +273% |
| Current portion of amounts payable after more than one year | 42 | €21,011 | €20,284 | -€727 | -3.5% |
| Trade debts | 44 | €2,286 | €1,421 | -€865 | -37.8% |
| Suppliers | 440/4 | €2,286 | €1,421 | -€865 | -37.8% |
| Taxes, remuneration and social security | 45 | €6,665 | - | -€6,665 | |
| Taxes | 450/3 | €6,665 | - | -€6,665 | |
| Other amounts payable | 47/48 | - | €90,000 | +€90,000 | |
| Non-recurring operating income | 76A | €2,800 | - | -€2,800 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,943 | €35,291 | +€4,348 | +14.1% |
| Other operating charges | 640/8 | €877 | €814 | -€63 | -7.2% |
| Gross operating margin | 9900 | €159,987 | €147,690 | -€12,297 | -7.7% |
| Operating profit (loss) | 9901 | €128,167 | €111,584 | -€16,582 | -12.9% |
| Financial income | 75/76B | €575 | €601 | +€26 | +4.5% |
| Recurring financial income | 75 | €575 | €601 | +€26 | +4.5% |
| Financial charges | 65/66B | €3,267 | €2,531 | -€736 | -22.5% |
| Recurring financial charges | 65 | €3,267 | €2,531 | -€736 | -22.5% |
| Profit (loss) for the period before taxes | 9903 | €125,474 | €109,654 | -€15,820 | -12.6% |
| Income taxes | 67/77 | €26,819 | €22,793 | -€4,026 | -15.0% |
| Profit (loss) for the period | 9904 | €98,655 | €86,861 | -€11,794 | -12.0% |
| Profit (loss) for the period to be appropriated | 9905 | €98,655 | €86,861 | -€11,794 | -12.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.