Dr. Géraldine Van Cutsem: what changed
Dr. Géraldine Van Cutsem
Largest movements
- Cash +€74,451
up €74,451 (+128%), from €58,007 to €132,458
mainly Net result for the year (+€81,610) and Depreciation (+€11,762)
- Receivables within one year +€7,901
up €7,901 (+670%), from €1,180 to €9,081
of which Other amounts receivable: +€8,425
- Intangible fixed assets -€7,000
down €7,000 (-11.0%), from €63,583 to €56,583
- Tangible fixed assets -€3,720
down €3,720 (-41.9%), from €8,875 to €5,155
of which Furniture and vehicles: -€4,043
- Deferred charges and accrued income -€3,460
down €3,460 (-48.4%), from €7,145 to €3,686
- Profit (loss) carried forward +€81,610
up €81,610 (+116%), from €70,494 to €152,104
- Other debts -€10,608
down €10,608 (-18.2%), from €58,367 to €47,759
- Tax, wage and social debts -€2,294
down €2,294 (-45.7%), from €5,015 to €2,721
of which Taxes: -€2,272
- Taxes -€10,772
down €10,772 (-58.0%), from €18,575 to €7,803
- Gross operating margin +€1,676
up €1,676 (+1.7%), from €100,353 to €102,028
- Depreciation +€1,166
up €1,166 (+11.0%), from €10,596 to €11,762
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €138,884 | €207,057 | +€68,173 | +49.1% |
| Fixed assets | 21/28 | €72,552 | €61,832 | -€10,720 | -14.8% |
| Intangible fixed assets | 21 | €63,583 | €56,583 | -€7,000 | -11.0% |
| Tangible fixed assets | 22/27 | €8,875 | €5,155 | -€3,720 | -41.9% |
| Plant, machinery and equipment | 23 | €581 | €904 | +€324 | +55.7% |
| Furniture and vehicles | 24 | €8,295 | €4,251 | -€4,043 | -48.7% |
| Financial fixed assets | 28 | €94 | €94 | = | 0.0% |
| Current assets | 29/58 | €66,332 | €145,225 | +€78,892 | +119% |
| Amounts receivable within one year | 40/41 | €1,180 | €9,081 | +€7,901 | +670% |
| Trade receivables | 40 | €1,180 | €656 | -€524 | -44.4% |
| Other amounts receivable | 41 | - | €8,425 | +€8,425 | |
| Cash at bank and in hand | 54/58 | €58,007 | €132,458 | +€74,451 | +128% |
| Deferred charges and accrued income | 490/1 | €7,145 | €3,686 | -€3,460 | -48.4% |
| Total equity and liabilities | 10/49 | €138,884 | €207,057 | +€68,173 | +49.1% |
| Equity | 10/15 | €73,494 | €155,104 | +€81,610 | +111% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €70,494 | €152,104 | +€81,610 | +116% |
| Amounts payable | 17/49 | €65,391 | €51,953 | -€13,437 | -20.5% |
| Amounts payable within one year | 42/48 | €65,390 | €51,953 | -€13,437 | -20.5% |
| Trade debts | 44 | €2,007 | €1,473 | -€535 | -26.6% |
| Suppliers | 440/4 | €2,007 | €1,473 | -€535 | -26.6% |
| Taxes, remuneration and social security | 45 | €5,015 | €2,721 | -€2,294 | -45.7% |
| Taxes | 450/3 | €2,575 | €303 | -€2,272 | -88.2% |
| Remuneration and social security | 454/9 | €2,440 | €2,418 | -€22 | -0.9% |
| Other amounts payable | 47/48 | €58,367 | €47,759 | -€10,608 | -18.2% |
| Accrued charges and deferred income | 492/3 | €1 | €0 | -€1 | -57.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,596 | €11,762 | +€1,166 | +11.0% |
| Other operating charges | 640/8 | €260 | €308 | +€48 | +18.4% |
| Gross operating margin | 9900 | €100,353 | €102,028 | +€1,676 | +1.7% |
| Operating profit (loss) | 9901 | €89,496 | €89,958 | +€462 | +0.5% |
| Financial charges | 65/66B | €427 | €545 | +€118 | +27.6% |
| Recurring financial charges | 65 | €427 | €545 | +€118 | +27.6% |
| Profit (loss) for the period before taxes | 9903 | €89,069 | €89,413 | +€344 | +0.4% |
| Income taxes | 67/77 | €18,575 | €7,803 | -€10,772 | -58.0% |
| Profit (loss) for the period | 9904 | €70,494 | €81,610 | +€11,116 | +15.8% |
| Profit (loss) for the period to be appropriated | 9905 | €70,494 | €81,610 | +€11,116 | +15.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.