Dr. Evy Lenaerts: 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. Evy Lenaerts
Largest movements
- Cash +€140,573
up €140,573 (+46.8%), from €300,585 to €441,158
mainly Net result for the year (+€138,726) and Depreciation (+€4,852)
- Reserves +€138,726
up €138,726 (+37.9%), from €365,926 to €504,653
- Gross operating margin -€22,803
down €22,803 (-10.9%), from €208,823 to €186,021
- Taxes -€5,995
down €5,995 (-13.0%), from €46,250 to €40,255
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 | €371,042 | €508,721 | +€137,678 | +37.1% |
| Fixed assets | 21/28 | €14,302 | €9,451 | -€4,852 | -33.9% |
| Tangible fixed assets | 22/27 | €14,302 | €9,451 | -€4,852 | -33.9% |
| Furniture and vehicles | 24 | €14,302 | €9,451 | -€4,852 | -33.9% |
| Current assets | 29/58 | €356,740 | €499,270 | +€142,530 | +40.0% |
| Amounts receivable within one year | 40/41 | €55,892 | €56,342 | +€450 | +0.8% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €55,892 | €56,342 | +€450 | +0.8% |
| Cash at bank and in hand | 54/58 | €300,585 | €441,158 | +€140,573 | +46.8% |
| Deferred charges and accrued income | 490/1 | €264 | €1,771 | +€1,507 | +571% |
| Total equity and liabilities | 10/49 | €371,042 | €508,721 | +€137,678 | +37.1% |
| Equity | 10/15 | €367,926 | €506,653 | +€138,726 | +37.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €365,926 | €504,653 | +€138,726 | +37.9% |
| Distributable reserves | 133 | €365,926 | €504,653 | +€138,726 | +37.9% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €3,116 | €2,068 | -€1,048 | -33.6% |
| Amounts payable within one year | 42/48 | €3,116 | €2,068 | -€1,048 | -33.6% |
| Trade debts | 44 | €3,116 | €2,068 | -€1,048 | -33.6% |
| Suppliers | 440/4 | €3,116 | €2,068 | -€1,048 | -33.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | - | €1,120 | +€1,120 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,852 | €4,852 | = | 0.0% |
| Other operating charges | 640/8 | €307 | €1,268 | +€961 | +313% |
| Operating charges capitalised as restructuring costs | 649 | - | -€342 | -€342 | |
| Gross operating margin | 9900 | €208,823 | €186,021 | -€22,803 | -10.9% |
| Operating profit (loss) | 9901 | €203,664 | €179,123 | -€24,542 | -12.1% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €107 | €142 | +€35 | +32.7% |
| Recurring financial charges | 65 | €107 | €142 | +€35 | +32.7% |
| Profit (loss) for the period before taxes | 9903 | €203,558 | €178,981 | -€24,577 | -12.1% |
| Income taxes | 67/77 | €46,250 | €40,255 | -€5,995 | -13.0% |
| Profit (loss) for the period | 9904 | €157,308 | €138,726 | -€18,582 | -11.8% |
| Profit (loss) for the period to be appropriated | 9905 | €157,308 | €138,726 | -€18,582 | -11.8% |
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 28 October 2026 via checked.be.