Dr. ESTHER MARIS: 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. ESTHER MARIS
Largest movements
- Cash -€33,472
down €33,472 (-24.8%), from €134,743 to €101,271
mainly Contributions, distributions and other (-€105,957) and Investment in fixed assets (net) (-€5,897)
- Tangible fixed assets -€5,476
down €5,476 (-2.0%), from €275,211 to €269,736
of which Land and buildings: -€8,681
- Reserves -€49,619
down €49,619 (-14.1%), from €351,778 to €302,159
- Other debts +€14,680
up €14,680 (+13.6%), from €107,735 to €122,415
- Trade debts -€5,440
down €5,440 (-85.8%), from €6,342 to €903
- Gross operating margin +€1,135
up €1,135 (+1.2%), from €92,643 to €93,778
- Depreciation +€1,105
up €1,105 (+10.8%), from €10,268 to €11,373
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 | €477,162 | €437,797 | -€39,365 | -8.2% |
| Fixed assets | 21/28 | €275,211 | €269,736 | -€5,476 | -2.0% |
| Tangible fixed assets | 22/27 | €275,211 | €269,736 | -€5,476 | -2.0% |
| Land and buildings | 22 | €268,686 | €260,005 | -€8,681 | -3.2% |
| Plant, machinery and equipment | 23 | €4,735 | €3,339 | -€1,396 | -29.5% |
| Other tangible fixed assets | 26 | €1,791 | €6,392 | +€4,601 | +257% |
| Current assets | 29/58 | €201,951 | €168,061 | -€33,889 | -16.8% |
| Amounts receivable within one year | 40/41 | €3,150 | €4,060 | +€910 | +28.9% |
| Other amounts receivable | 41 | €3,150 | €4,060 | +€910 | +28.9% |
| Current investments | 50/53 | €40,771 | €40,771 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €134,743 | €101,271 | -€33,472 | -24.8% |
| Deferred charges and accrued income | 490/1 | €23,287 | €21,960 | -€1,327 | -5.7% |
| Total equity and liabilities | 10/49 | €477,162 | €437,797 | -€39,365 | -8.2% |
| Equity | 10/15 | €357,978 | €308,359 | -€49,619 | -13.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €351,778 | €302,159 | -€49,619 | -14.1% |
| Distributable reserves | 133 | €351,778 | €302,159 | -€49,619 | -14.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €119,184 | €129,438 | +€10,254 | +8.6% |
| Amounts payable within one year | 42/48 | €119,003 | €129,438 | +€10,435 | +8.8% |
| Trade debts | 44 | €6,342 | €903 | -€5,440 | -85.8% |
| Suppliers | 440/4 | €6,342 | €903 | -€5,440 | -85.8% |
| Taxes, remuneration and social security | 45 | €4,925 | €6,120 | +€1,195 | +24.3% |
| Taxes | 450/3 | €4,925 | €6,120 | +€1,195 | +24.3% |
| Other amounts payable | 47/48 | €107,735 | €122,415 | +€14,680 | +13.6% |
| Accrued charges and deferred income | 492/3 | €181 | €0 | -€181 | -100% |
| Non-recurring operating income | 76A | €7,477 | €0 | -€7,477 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,268 | €11,373 | +€1,105 | +10.8% |
| Other operating charges | 640/8 | €1,399 | €1,470 | +€70 | +5.0% |
| Gross operating margin | 9900 | €92,643 | €93,778 | +€1,135 | +1.2% |
| Operating profit (loss) | 9901 | €80,976 | €80,935 | -€41 | -0.1% |
| Financial income | 75/76B | €651 | €121 | -€529 | -81.4% |
| Recurring financial income | 75 | €651 | €121 | -€529 | -81.4% |
| Financial charges | 65/66B | €3,996 | €3,243 | -€753 | -18.8% |
| Recurring financial charges | 65 | €3,996 | €3,243 | -€753 | -18.8% |
| Profit (loss) for the period before taxes | 9903 | €77,631 | €77,814 | +€183 | +0.2% |
| Income taxes | 67/77 | €21,968 | €21,475 | -€493 | -2.2% |
| Profit (loss) for the period | 9904 | €55,662 | €56,338 | +€676 | +1.2% |
| Profit (loss) for the period to be appropriated | 9905 | €55,662 | €56,338 | +€676 | +1.2% |
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 31 October 2026 via checked.be.