Dr Héloïse Bourbier: what changed
Two fiscal 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 Héloïse Bourbier
Largest movements
- Tangible fixed assets +€195,597
up €195,597 (+6318.4%), from €3,096 to €198,693
of which Land and buildings: +€197,682
- Cash -€63,480
down €63,480 (-60.7%), from €104,551 to €41,071
mainly Investment in fixed assets (net) (-€216,961) and Contributions, distributions and other (-€54,000)
- Receivables within one year +€14,666
up €14,666 (+164.8%), from €8,901 to €23,567
of which Other amounts receivable: +€15,116
- Debts after one year +€152,892
new in 2025: €152,892
- Reserves -€11,000
down €11,000 (-20.4%), from €54,000 to €43,000
- Tax, wage and social debts +€2,993
up €2,993 (+23.6%), from €12,687 to €15,680
- Gross operating margin +€19,995
up €19,995 (+32.7%), from €61,078 to €81,073
- Depreciation +€19,025
up €19,025 (+813.7%), from €2,338 to €21,364
- Financial charges +€3,532
up €3,532 (+2045.9%), from €173 to €3,705
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.
Cash bridge derived
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 | €116,548 | €263,331 | +€146,783 | +125.9% |
| Fixed assets | 21/28 | €3,096 | €198,693 | +€195,597 | +6318.4% |
| Tangible fixed assets | 22/27 | €3,096 | €198,693 | +€195,597 | +6318.4% |
| Land and buildings | 22 | - | €197,682 | +€197,682 | |
| Furniture and vehicles | 24 | €3,096 | €1,010 | -€2,085 | -67.4% |
| Current assets | 29/58 | €113,452 | €64,638 | -€48,814 | -43.0% |
| Amounts receivable within one year | 40/41 | €8,901 | €23,567 | +€14,666 | +164.8% |
| Trade receivables | 40 | €1,495 | €1,045 | -€450 | -30.1% |
| Other amounts receivable | 41 | €7,406 | €22,522 | +€15,116 | +204.1% |
| Cash at bank and in hand | 54/58 | €104,551 | €41,071 | -€63,480 | -60.7% |
| Total equity and liabilities | 10/49 | €116,548 | €263,331 | +€146,783 | +125.9% |
| Equity | 10/15 | €103,624 | €93,226 | -€10,398 | -10.0% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €54,000 | €43,000 | -€11,000 | -20.4% |
| Distributable reserves | 133 | €54,000 | €43,000 | -€11,000 | -20.4% |
| Profit (loss) carried forward | 14 | €45,624 | €46,226 | +€602 | +1.3% |
| Amounts payable | 17/49 | €12,924 | €170,105 | +€157,181 | +1216.2% |
| Amounts payable after more than one year | 17 | - | €152,892 | +€152,892 | |
| Financial debts | 170/4 | - | €152,892 | +€152,892 | |
| Amounts payable within one year | 42/48 | €12,924 | €17,213 | +€4,289 | +33.2% |
| Trade debts | 44 | €237 | €1,533 | +€1,297 | +547.8% |
| Suppliers | 440/4 | €237 | €1,533 | +€1,297 | +547.8% |
| Taxes, remuneration and social security | 45 | €12,687 | €15,680 | +€2,993 | +23.6% |
| Taxes | 450/3 | €12,687 | €15,680 | +€2,993 | +23.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,338 | €21,364 | +€19,025 | +813.7% |
| Other operating charges | 640/8 | - | €441 | +€441 | |
| Non-recurring operating charges | 66A | €792 | - | -€792 | |
| Gross operating margin | 9900 | €61,078 | €81,073 | +€19,995 | +32.7% |
| Operating profit (loss) | 9901 | €57,947 | €59,268 | +€1,321 | +2.3% |
| Financial income | 75/76B | €373 | €811 | +€438 | +117.2% |
| Recurring financial income | 75 | €373 | €811 | +€438 | +117.2% |
| Financial charges | 65/66B | €173 | €3,705 | +€3,532 | +2045.9% |
| Recurring financial charges | 65 | €173 | €3,705 | +€3,532 | +2045.9% |
| Profit (loss) for the period before taxes | 9903 | €58,148 | €56,374 | -€1,774 | -3.1% |
| Income taxes | 67/77 | €12,626 | €12,772 | +€146 | +1.2% |
| Profit (loss) for the period | 9904 | €45,522 | €43,602 | -€1,920 | -4.2% |
| Profit (loss) for the period to be appropriated | 9905 | €45,522 | €43,602 | -€1,920 | -4.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.