Dr. Esther Passchyn: 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 Passchyn
Largest movements
- Cash +€110,112
up €110,112 (+77.0%), from €142,963 to €253,075
mainly Net result for the year (+€368,010) and Depreciation (+€86,888)
- Reserves +€368,010
up €368,010 (+7,991%), from €4,605 to €372,615
- Other debts -€280,833
down €280,833 (-82.7%), from €339,491 to €58,658
- Tax, wage and social debts +€40,245
up €40,245 (+156%), from €25,826 to €66,070
of which Taxes: +€39,991
- Debts after one year -€19,907
down €19,907 (-31.1%), from €63,908 to €44,001
- Gross operating margin +€146,579
up €146,579 (+32.5%), from €450,404 to €596,984
- Taxes +€34,680
up €34,680 (+39.6%), from €87,657 to €122,337
- Depreciation +€19,069
up €19,069 (+28.1%), from €67,818 to €86,888
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 | €486,642 | €595,850 | +€109,209 | +22.4% |
| Fixed assets | 21/28 | €337,579 | €335,946 | -€1,633 | -0.5% |
| Tangible fixed assets | 22/27 | €337,579 | €335,946 | -€1,633 | -0.5% |
| Land and buildings | 22 | €47,770 | €41,720 | -€6,050 | -12.7% |
| Plant, machinery and equipment | 23 | €90,232 | €64,144 | -€26,087 | -28.9% |
| Furniture and vehicles | 24 | €429 | €43,450 | +€43,022 | +10,030% |
| Other tangible fixed assets | 26 | €199,148 | €186,632 | -€12,517 | -6.3% |
| Current assets | 29/58 | €149,063 | €259,904 | +€110,841 | +74.4% |
| Amounts receivable within one year | 40/41 | €2,062 | - | -€2,062 | |
| Trade receivables | 40 | €2,062 | - | -€2,062 | |
| Cash at bank and in hand | 54/58 | €142,963 | €253,075 | +€110,112 | +77.0% |
| Deferred charges and accrued income | 490/1 | €4,037 | €6,829 | +€2,792 | +69.1% |
| Total equity and liabilities | 10/49 | €486,642 | €595,850 | +€109,209 | +22.4% |
| Equity | 10/15 | €23,205 | €391,215 | +€368,010 | +1,586% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €4,605 | €372,615 | +€368,010 | +7,991% |
| Distributable reserves | 133 | €4,605 | €372,615 | +€368,010 | +7,991% |
| Amounts payable | 17/49 | €463,436 | €204,635 | -€258,801 | -55.8% |
| Amounts payable after more than one year | 17 | €63,908 | €44,001 | -€19,907 | -31.1% |
| Financial debts | 170/4 | €63,908 | €44,001 | -€19,907 | -31.1% |
| Amounts payable within one year | 42/48 | €395,871 | €158,970 | -€236,901 | -59.8% |
| Current portion of amounts payable after more than one year | 42 | €19,160 | €19,907 | +€747 | +3.9% |
| Trade debts | 44 | €11,394 | €14,335 | +€2,941 | +25.8% |
| Suppliers | 440/4 | €11,394 | €14,335 | +€2,941 | +25.8% |
| Taxes, remuneration and social security | 45 | €25,826 | €66,070 | +€40,245 | +156% |
| Taxes | 450/3 | €25,003 | €64,994 | +€39,991 | +160% |
| Remuneration and social security | 454/9 | €822 | €1,076 | +€254 | +30.9% |
| Other amounts payable | 47/48 | €339,491 | €58,658 | -€280,833 | -82.7% |
| Accrued charges and deferred income | 492/3 | €3,657 | €1,664 | -€1,993 | -54.5% |
| Remuneration, social security and pensions | 62 | €16,318 | €16,494 | +€176 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,818 | €86,888 | +€19,069 | +28.1% |
| Other operating charges | 640/8 | €126 | €128 | +€2 | +1.6% |
| Gross operating margin | 9900 | €450,404 | €596,984 | +€146,579 | +32.5% |
| Operating profit (loss) | 9901 | €366,142 | €493,474 | +€127,332 | +34.8% |
| Financial income | 75/76B | €71 | €3 | -€68 | -95.8% |
| Recurring financial income | 75 | €71 | €3 | -€68 | -95.8% |
| Financial charges | 65/66B | €7,758 | €3,130 | -€4,628 | -59.7% |
| Recurring financial charges | 65 | €7,758 | €3,130 | -€4,628 | -59.7% |
| Profit (loss) for the period before taxes | 9903 | €358,455 | €490,347 | +€131,892 | +36.8% |
| Income taxes | 67/77 | €87,657 | €122,337 | +€34,680 | +39.6% |
| Profit (loss) for the period | 9904 | €270,798 | €368,010 | +€97,212 | +35.9% |
| Profit (loss) for the period to be appropriated | 9905 | €270,798 | €368,010 | +€97,212 | +35.9% |
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 22 October 2026 via checked.be.