Dr. Helena Van Keer: 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. Helena Van Keer
Largest movements
- Cash +€460,614
up €460,614 (+901%), from €51,102 to €511,716
mainly Net result for the year (+€408,612) and Current investments (+€250,000)
- Current investments -€250,000
down €250,000 (-50.0%), from €500,000 to €250,000
- Tangible fixed assets -€13,222
down €13,222 (-46.5%), from €28,427 to €15,205
of which Furniture and vehicles: -€12,775
- Reserves +€208,612
up €208,612 (+33.7%), from €618,722 to €827,334
- Gross operating margin +€76,186
up €76,186 (+16.9%), from €450,552 to €526,738
- Financial income +€28,391
up €28,391 (+283,909,600%), from €0 to €28,391
- Taxes +€14,523
up €14,523 (+12.4%), from €116,768 to €131,291
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 | €657,194 | €861,000 | +€203,806 | +31.0% |
| Fixed assets | 21/28 | €28,427 | €15,205 | -€13,222 | -46.5% |
| Tangible fixed assets | 22/27 | €28,427 | €15,205 | -€13,222 | -46.5% |
| Land and buildings | 22 | €1,198 | €750 | -€448 | -37.4% |
| Furniture and vehicles | 24 | €27,229 | €14,455 | -€12,775 | -46.9% |
| Current assets | 29/58 | €628,768 | €845,796 | +€217,028 | +34.5% |
| Amounts receivable within one year | 40/41 | €75,885 | €82,664 | +€6,779 | +8.9% |
| Trade receivables | 40 | €6,262 | €70,013 | +€63,751 | +1,018% |
| Other amounts receivable | 41 | €69,623 | €12,651 | -€56,971 | -81.8% |
| Current investments | 50/53 | €500,000 | €250,000 | -€250,000 | -50.0% |
| Cash at bank and in hand | 54/58 | €51,102 | €511,716 | +€460,614 | +901% |
| Deferred charges and accrued income | 490/1 | €1,780 | €1,415 | -€365 | -20.5% |
| Total equity and liabilities | 10/49 | €657,194 | €861,000 | +€203,806 | +31.0% |
| Equity | 10/15 | €637,322 | €845,934 | +€208,612 | +32.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €618,722 | €827,334 | +€208,612 | +33.7% |
| Distributable reserves | 133 | €618,722 | €827,334 | +€208,612 | +33.7% |
| Amounts payable | 17/49 | €19,872 | €15,066 | -€4,806 | -24.2% |
| Amounts payable within one year | 42/48 | €19,872 | €15,066 | -€4,806 | -24.2% |
| Trade debts | 44 | €3,104 | €2,187 | -€918 | -29.6% |
| Suppliers | 440/4 | €3,104 | €2,187 | -€918 | -29.6% |
| Taxes, remuneration and social security | 45 | €16,768 | €12,879 | -€3,889 | -23.2% |
| Taxes | 450/3 | €16,768 | €12,879 | -€3,889 | -23.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,650 | €13,222 | -€427 | -3.1% |
| Other operating charges | 640/8 | €1,249 | €1,536 | +€286 | +22.9% |
| Gross operating margin | 9900 | €450,552 | €526,738 | +€76,186 | +16.9% |
| Operating profit (loss) | 9901 | €435,653 | €511,980 | +€76,327 | +17.5% |
| Financial income | 75/76B | €0 | €28,391 | +€28,391 | +283,909,600% |
| Recurring financial income | 75 | €0 | €28,391 | +€28,391 | +283,909,600% |
| Financial charges | 65/66B | €163 | €469 | +€306 | +188% |
| Recurring financial charges | 65 | €163 | €469 | +€306 | +188% |
| Profit (loss) for the period before taxes | 9903 | €435,490 | €539,903 | +€104,413 | +24.0% |
| Income taxes | 67/77 | €116,768 | €131,291 | +€14,523 | +12.4% |
| Profit (loss) for the period | 9904 | €318,722 | €408,612 | +€89,890 | +28.2% |
| Profit (loss) for the period to be appropriated | 9905 | €318,722 | €408,612 | +€89,890 | +28.2% |
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 31 October 2026 via checked.be.