Dr. Hannelore Bode: 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. Hannelore Bode
Largest movements
- Cash +€68,393
up €68,393 (+198%), from €34,484 to €102,877
mainly Net result for the year (+€398,429) and Other debts (+€228,078)
- Deferred charges and accrued income +€33,952
up €33,952 (+35.3%), from €96,299 to €130,251
- Current investments -€25,598
down €25,598 (-4.9%), from €520,635 to €495,036
- Other debts +€228,078
up €228,078 (+80.6%), from €282,836 to €510,915
- Reserves -€150,107
down €150,107 (-41.6%), from €361,050 to €210,943
- Gross operating margin +€113,397
up €113,397 (+28.4%), from €399,613 to €513,010
- Taxes +€27,886
up €27,886 (+28.3%), from €98,700 to €126,587
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 | €657,636 | €735,607 | +€77,971 | +11.9% |
| Fixed assets | 21/28 | €257 | €0 | -€257 | -100% |
| Tangible fixed assets | 22/27 | €257 | €0 | -€257 | -100% |
| Plant, machinery and equipment | 23 | €257 | €0 | -€257 | -100% |
| Current assets | 29/58 | €657,379 | €735,607 | +€78,228 | +11.9% |
| Amounts receivable within one year | 40/41 | €5,962 | €7,443 | +€1,481 | +24.8% |
| Other amounts receivable | 41 | €5,962 | €7,443 | +€1,481 | +24.8% |
| Current investments | 50/53 | €520,635 | €495,036 | -€25,598 | -4.9% |
| Cash at bank and in hand | 54/58 | €34,484 | €102,877 | +€68,393 | +198% |
| Deferred charges and accrued income | 490/1 | €96,299 | €130,251 | +€33,952 | +35.3% |
| Total equity and liabilities | 10/49 | €657,636 | €735,607 | +€77,971 | +11.9% |
| Equity | 10/15 | €371,050 | €220,943 | -€150,107 | -40.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €361,050 | €210,943 | -€150,107 | -41.6% |
| Distributable reserves | 133 | €361,050 | €210,943 | -€150,107 | -41.6% |
| Amounts payable | 17/49 | €286,586 | €514,665 | +€228,078 | +79.6% |
| Amounts payable within one year | 42/48 | €286,586 | €514,665 | +€228,078 | +79.6% |
| Taxes, remuneration and social security | 45 | €3,750 | €3,750 | = | 0.0% |
| Taxes | 450/3 | €3,750 | €3,750 | = | 0.0% |
| Other amounts payable | 47/48 | €282,836 | €510,915 | +€228,078 | +80.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €659 | €257 | -€403 | -61.1% |
| Other operating charges | 640/8 | €577 | €593 | +€16 | +2.8% |
| Gross operating margin | 9900 | €399,613 | €513,010 | +€113,397 | +28.4% |
| Operating profit (loss) | 9901 | €398,376 | €512,160 | +€113,783 | +28.6% |
| Financial income | 75/76B | €15,541 | €13,431 | -€2,110 | -13.6% |
| Recurring financial income | 75 | €15,541 | €13,431 | -€2,110 | -13.6% |
| Financial charges | 65/66B | €527 | €575 | +€48 | +9.1% |
| Recurring financial charges | 65 | €527 | €575 | +€48 | +9.1% |
| Profit (loss) for the period before taxes | 9903 | €413,390 | €525,016 | +€111,626 | +27.0% |
| Income taxes | 67/77 | €98,700 | €126,587 | +€27,886 | +28.3% |
| Profit (loss) for the period | 9904 | €314,690 | €398,429 | +€83,739 | +26.6% |
| Profit (loss) for the period to be appropriated | 9905 | €314,690 | €398,429 | +€83,739 | +26.6% |
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 21 October 2026 via checked.be.