Dr. Emmely Genouw: 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. Emmely Genouw
Largest movements
- Receivables within one year +€99,232
new in 2025: €99,232
of which Other amounts receivable: +€52,526
- Cash +€53,272
up €53,272 (+99.0%), from €53,796 to €107,068
mainly Net result for the year (+€114,057) and Current investments (+€30,000)
- Current investments -€30,000
down €30,000 (-75.0%), from €40,000 to €10,000
- Deferred charges and accrued income -€6,618
down €6,618 (-25.3%), from €26,127 to €19,510
- Tangible fixed assets +€3,367
up €3,367 (+228%), from €1,475 to €4,843
of which Land and buildings: +€3,864
- Reserves +€114,057
up €114,057 (+131%), from €87,131 to €201,189
- Tax, wage and social debts +€8,633
up €8,633 (+35.2%), from €24,523 to €33,156
- Gross operating margin +€34,977
up €34,977 (+31.3%), from €111,588 to €146,565
- Taxes +€8,820
up €8,820 (+35.9%), from €24,587 to €33,407
- Financial income +€1,966
up €1,966 (+926%), from €212 to €2,178
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 | €121,399 | €240,652 | +€119,254 | +98.2% |
| Fixed assets | 21/28 | €1,475 | €4,843 | +€3,367 | +228% |
| Tangible fixed assets | 22/27 | €1,475 | €4,843 | +€3,367 | +228% |
| Land and buildings | 22 | - | €3,864 | +€3,864 | |
| Plant, machinery and equipment | 23 | €1,475 | €979 | -€496 | -33.6% |
| Current assets | 29/58 | €119,923 | €235,810 | +€115,886 | +96.6% |
| Amounts receivable within one year | 40/41 | - | €99,232 | +€99,232 | |
| Trade receivables | 40 | - | €46,706 | +€46,706 | |
| Other amounts receivable | 41 | - | €52,526 | +€52,526 | |
| Current investments | 50/53 | €40,000 | €10,000 | -€30,000 | -75.0% |
| Cash at bank and in hand | 54/58 | €53,796 | €107,068 | +€53,272 | +99.0% |
| Deferred charges and accrued income | 490/1 | €26,127 | €19,510 | -€6,618 | -25.3% |
| Total equity and liabilities | 10/49 | €121,399 | €240,652 | +€119,254 | +98.2% |
| Equity | 10/15 | €88,131 | €202,189 | +€114,057 | +129% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €87,131 | €201,189 | +€114,057 | +131% |
| Distributable reserves | 133 | €87,131 | €201,189 | +€114,057 | +131% |
| Amounts payable | 17/49 | €33,267 | €38,464 | +€5,196 | +15.6% |
| Amounts payable within one year | 42/48 | €30,848 | €38,161 | +€7,312 | +23.7% |
| Trade debts | 44 | €4,060 | €5,005 | +€945 | +23.3% |
| Suppliers | 440/4 | €4,060 | €5,005 | +€945 | +23.3% |
| Taxes, remuneration and social security | 45 | €24,523 | €33,156 | +€8,633 | +35.2% |
| Taxes | 450/3 | €24,523 | €33,156 | +€8,633 | +35.2% |
| Other amounts payable | 47/48 | €2,265 | - | -€2,265 | |
| Accrued charges and deferred income | 492/3 | €2,419 | €303 | -€2,116 | -87.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14 | €1,029 | +€1,016 | +7,491% |
| Other operating charges | 640/8 | - | €148 | +€148 | |
| Gross operating margin | 9900 | €111,588 | €146,565 | +€34,977 | +31.3% |
| Operating profit (loss) | 9901 | €111,574 | €145,388 | +€33,814 | +30.3% |
| Financial income | 75/76B | €212 | €2,178 | +€1,966 | +926% |
| Recurring financial income | 75 | €212 | €2,178 | +€1,966 | +926% |
| Financial charges | 65/66B | €68 | €102 | +€33 | +48.7% |
| Recurring financial charges | 65 | €68 | €102 | +€33 | +48.7% |
| Profit (loss) for the period before taxes | 9903 | €111,718 | €147,464 | +€35,746 | +32.0% |
| Income taxes | 67/77 | €24,587 | €33,407 | +€8,820 | +35.9% |
| Profit (loss) for the period | 9904 | €87,131 | €114,057 | +€26,926 | +30.9% |
| Profit (loss) for the period to be appropriated | 9905 | €87,131 | €114,057 | +€26,926 | +30.9% |
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.