Dr. Ilse Cox: 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. Ilse Cox
Largest movements
- Cash +€49,493
up €49,493 (+70.7%), from €70,016 to €119,510
mainly Net result for the year (+€74,769) and Depreciation (+€3,616)
- Deferred charges and accrued income +€3,936
up €3,936 (+480%), from €820 to €4,755
- Tangible fixed assets -€3,616
down €3,616 (-33.2%), from €10,878 to €7,261
- Receivables within one year +€3,225
up €3,225 (+46.1%), from €6,989 to €10,214
of which Other amounts receivable: +€3,737
- Reserves +€74,769
up €74,769 (+128%), from €58,374 to €133,142
- Tax, wage and social debts -€17,780
down €17,780 (-76.9%), from €23,111 to €5,331
- Trade debts -€2,031
down €2,031 (-61.6%), from €3,298 to €1,267
- Other debts -€1,920
no longer reported in 2025 (was €1,920)
- Gross operating margin +€16,869
up €16,869 (+20.8%), from €81,074 to €97,942
- Depreciation +€3,046
up €3,046 (+534%), from €570 to €3,616
- Taxes -€2,780
down €2,780 (-12.6%), from €22,061 to €19,281
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 | €88,702 | €141,740 | +€53,038 | +59.8% |
| Fixed assets | 21/28 | €10,878 | €7,261 | -€3,616 | -33.2% |
| Tangible fixed assets | 22/27 | €10,878 | €7,261 | -€3,616 | -33.2% |
| Furniture and vehicles | 24 | €10,878 | €7,261 | -€3,616 | -33.2% |
| Current assets | 29/58 | €77,825 | €134,479 | +€56,654 | +72.8% |
| Amounts receivable within one year | 40/41 | €6,989 | €10,214 | +€3,225 | +46.1% |
| Trade receivables | 40 | €512 | - | -€512 | |
| Other amounts receivable | 41 | €6,477 | €10,214 | +€3,737 | +57.7% |
| Cash at bank and in hand | 54/58 | €70,016 | €119,510 | +€49,493 | +70.7% |
| Deferred charges and accrued income | 490/1 | €820 | €4,755 | +€3,936 | +480% |
| Total equity and liabilities | 10/49 | €88,702 | €141,740 | +€53,038 | +59.8% |
| Equity | 10/15 | €60,374 | €135,142 | +€74,769 | +124% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €58,374 | €133,142 | +€74,769 | +128% |
| Distributable reserves | 133 | €58,374 | €133,142 | +€74,769 | +128% |
| Amounts payable | 17/49 | €28,329 | €6,598 | -€21,731 | -76.7% |
| Amounts payable within one year | 42/48 | €28,329 | €6,598 | -€21,731 | -76.7% |
| Trade debts | 44 | €3,298 | €1,267 | -€2,031 | -61.6% |
| Suppliers | 440/4 | €3,298 | €1,267 | -€2,031 | -61.6% |
| Taxes, remuneration and social security | 45 | €23,111 | €5,331 | -€17,780 | -76.9% |
| Taxes | 450/3 | €23,111 | €5,331 | -€17,780 | -76.9% |
| Other amounts payable | 47/48 | €1,920 | - | -€1,920 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €570 | €3,616 | +€3,046 | +534% |
| Other operating charges | 640/8 | - | €342 | +€342 | |
| Gross operating margin | 9900 | €81,074 | €97,942 | +€16,869 | +20.8% |
| Operating profit (loss) | 9901 | €80,503 | €93,984 | +€13,481 | +16.7% |
| Financial income | 75/76B | €196 | €426 | +€230 | +117% |
| Recurring financial income | 75 | €196 | €426 | +€230 | +117% |
| Financial charges | 65/66B | €265 | €360 | +€96 | +36.2% |
| Recurring financial charges | 65 | €265 | €360 | +€96 | +36.2% |
| Profit (loss) for the period before taxes | 9903 | €80,435 | €94,049 | +€13,615 | +16.9% |
| Income taxes | 67/77 | €22,061 | €19,281 | -€2,780 | -12.6% |
| Profit (loss) for the period | 9904 | €58,374 | €74,769 | +€16,395 | +28.1% |
| Profit (loss) for the period to be appropriated | 9905 | €58,374 | €74,769 | +€16,395 | +28.1% |
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 24 October 2026 via checked.be.