Dr. Eveline De Cuypere: 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. Eveline De Cuypere
Largest movements
- Tangible fixed assets +€313,028
up €313,028 (+621%), from €50,369 to €363,396
of which Land and buildings: +€315,966
- Current investments -€126,687
down €126,687 (-28.2%), from €449,112 to €322,426
- Cash -€65,437
down €65,437 (-72.7%), from €89,988 to €24,551
mainly Investment in fixed assets (net) (-€386,568) and Contributions, distributions and other (-€39,587)
- Receivables within one year -€18,004
down €18,004 (-67.1%), from €26,826 to €8,822
of which Other amounts receivable: -€20,763
- Reserves +€110,306
up €110,306 (+18.8%), from €586,409 to €696,715
- Tax, wage and social debts -€10,480
down €10,480 (-64.1%), from €16,339 to €5,858
- Depreciation +€61,372
up €61,372 (+504%), from €12,168 to €73,540
- Gross operating margin +€59,337
up €59,337 (+30.1%), from €196,979 to €256,316
- Financial income +€10,831
up €10,831 (+52.7%), from €20,566 to €31,397
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 | €621,151 | €723,236 | +€102,085 | +16.4% |
| Fixed assets | 21/28 | €50,394 | €363,421 | +€313,028 | +621% |
| Tangible fixed assets | 22/27 | €50,369 | €363,396 | +€313,028 | +621% |
| Land and buildings | 22 | - | €315,966 | +€315,966 | |
| Plant, machinery and equipment | 23 | €2,004 | €3,072 | +€1,068 | +53.3% |
| Furniture and vehicles | 24 | €2,921 | €5,253 | +€2,333 | +79.9% |
| Other tangible fixed assets | 26 | €45,444 | €39,105 | -€6,338 | -13.9% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €570,758 | €359,815 | -€210,943 | -37.0% |
| Amounts receivable within one year | 40/41 | €26,826 | €8,822 | -€18,004 | -67.1% |
| Trade receivables | 40 | - | €2,759 | +€2,759 | |
| Other amounts receivable | 41 | €26,826 | €6,063 | -€20,763 | -77.4% |
| Current investments | 50/53 | €449,112 | €322,426 | -€126,687 | -28.2% |
| Cash at bank and in hand | 54/58 | €89,988 | €24,551 | -€65,437 | -72.7% |
| Deferred charges and accrued income | 490/1 | €4,832 | €4,017 | -€816 | -16.9% |
| Total equity and liabilities | 10/49 | €621,151 | €723,236 | +€102,085 | +16.4% |
| Equity | 10/15 | €598,609 | €708,915 | +€110,306 | +18.4% |
| Contributions | 10/11 | €12,200 | €12,200 | = | 0.0% |
| Reserves | 13 | €586,409 | €696,715 | +€110,306 | +18.8% |
| Distributable reserves | 133 | €586,409 | €696,715 | +€110,306 | +18.8% |
| Amounts payable | 17/49 | €22,542 | €14,321 | -€8,221 | -36.5% |
| Amounts payable within one year | 42/48 | €21,541 | €13,921 | -€7,620 | -35.4% |
| Trade debts | 44 | €5,203 | €8,063 | +€2,860 | +55.0% |
| Suppliers | 440/4 | €5,203 | €8,063 | +€2,860 | +55.0% |
| Taxes, remuneration and social security | 45 | €16,339 | €5,858 | -€10,480 | -64.1% |
| Taxes | 450/3 | €16,339 | €5,858 | -€10,480 | -64.1% |
| Accrued charges and deferred income | 492/3 | €1,001 | €400 | -€601 | -60.1% |
| Non-recurring operating income | 76A | - | €51 | +€51 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,168 | €73,540 | +€61,372 | +504% |
| Other operating charges | 640/8 | €126 | €144 | +€18 | +14.4% |
| Gross operating margin | 9900 | €196,979 | €256,316 | +€59,337 | +30.1% |
| Operating profit (loss) | 9901 | €184,685 | €182,632 | -€2,053 | -1.1% |
| Financial income | 75/76B | €20,566 | €31,397 | +€10,831 | +52.7% |
| Recurring financial income | 75 | €20,566 | €31,397 | +€10,831 | +52.7% |
| Financial charges | 65/66B | €873 | €1,336 | +€463 | +53.1% |
| Recurring financial charges | 65 | €873 | €1,336 | +€463 | +53.1% |
| Profit (loss) for the period before taxes | 9903 | €204,378 | €212,693 | +€8,315 | +4.1% |
| Income taxes | 67/77 | €62,151 | €62,800 | +€648 | +1.0% |
| Profit (loss) for the period | 9904 | €142,227 | €149,893 | +€7,667 | +5.4% |
| Profit (loss) for the period to be appropriated | 9905 | €142,227 | €149,893 | +€7,667 | +5.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.