Dr. Ilse Larmuseau: 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 Larmuseau
Largest movements
- Cash +€107,471
up €107,471 (+43.0%), from €250,191 to €357,661
mainly Net result for the year (+€111,366) and Depreciation (+€34,508)
- Receivables within one year +€19,846
up €19,846 (+77.4%), from €25,625 to €45,470
of which Trade receivables: +€19,846
- Tangible fixed assets -€10,374
down €10,374 (-4.6%), from €225,255 to €214,881
of which Land and buildings: -€27,060
- Reserves +€111,366
up €111,366 (+35.2%), from €316,576 to €427,942
- Tax, wage and social debts +€26,076
up €26,076 (+163%), from €15,983 to €42,059
of which Taxes: +€26,214
- Trade debts +€22,270
up €22,270 (+378%), from €5,897 to €28,168
- Current portion of long-term debt -€13,895
down €13,895 (-66.5%), from €20,907 to €7,012
- Other debts -€12,500
down €12,500 (-43.7%), from €28,587 to €16,087
- Gross operating margin +€32,588
up €32,588 (+19.6%), from €166,203 to €198,790
- Taxes +€17,712
up €17,712 (+51.3%), from €34,524 to €52,236
- Financial charges -€13,240
down €13,240 (-88.2%), from €15,014 to €1,774
- Depreciation -€2,312
down €2,312 (-6.3%), from €36,819 to €34,508
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 | €501,990 | €619,180 | +€117,190 | +23.3% |
| Fixed assets | 21/28 | €225,255 | €214,881 | -€10,374 | -4.6% |
| Tangible fixed assets | 22/27 | €225,255 | €214,881 | -€10,374 | -4.6% |
| Land and buildings | 22 | €205,446 | €178,386 | -€27,060 | -13.2% |
| Plant, machinery and equipment | 23 | €5,643 | €4,595 | -€1,049 | -18.6% |
| Furniture and vehicles | 24 | €14,166 | €31,900 | +€17,734 | +125% |
| Current assets | 29/58 | €276,736 | €404,300 | +€127,564 | +46.1% |
| Amounts receivable within one year | 40/41 | €25,625 | €45,470 | +€19,846 | +77.4% |
| Trade receivables | 40 | €24,828 | €44,674 | +€19,846 | +79.9% |
| Other amounts receivable | 41 | €797 | €797 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €250,191 | €357,661 | +€107,471 | +43.0% |
| Deferred charges and accrued income | 490/1 | €920 | €1,168 | +€248 | +26.9% |
| Total equity and liabilities | 10/49 | €501,990 | €619,180 | +€117,190 | +23.3% |
| Equity | 10/15 | €413,576 | €524,942 | +€111,366 | +26.9% |
| Contributions | 10/11 | €97,000 | €97,000 | = | 0.0% |
| Reserves | 13 | €316,576 | €427,942 | +€111,366 | +35.2% |
| Distributable reserves | 133 | €316,576 | €427,942 | +€111,366 | +35.2% |
| Amounts payable | 17/49 | €88,414 | €94,238 | +€5,824 | +6.6% |
| Amounts payable after more than one year | 17 | €7,012 | - | -€7,012 | |
| Financial debts | 170/4 | €7,012 | - | -€7,012 | |
| Amounts payable within one year | 42/48 | €71,374 | €93,326 | +€21,952 | +30.8% |
| Current portion of amounts payable after more than one year | 42 | €20,907 | €7,012 | -€13,895 | -66.5% |
| Trade debts | 44 | €5,897 | €28,168 | +€22,270 | +378% |
| Suppliers | 440/4 | €5,897 | €28,168 | +€22,270 | +378% |
| Taxes, remuneration and social security | 45 | €15,983 | €42,059 | +€26,076 | +163% |
| Taxes | 450/3 | €15,845 | €42,059 | +€26,214 | +165% |
| Remuneration and social security | 454/9 | €138 | - | -€138 | |
| Other amounts payable | 47/48 | €28,587 | €16,087 | -€12,500 | -43.7% |
| Accrued charges and deferred income | 492/3 | €10,027 | €912 | -€9,115 | -90.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,819 | €34,508 | -€2,312 | -6.3% |
| Other operating charges | 640/8 | €150 | €128 | -€22 | -14.7% |
| Gross operating margin | 9900 | €166,203 | €198,790 | +€32,588 | +19.6% |
| Operating profit (loss) | 9901 | €129,233 | €164,154 | +€34,921 | +27.0% |
| Financial income | 75/76B | €770 | €1,221 | +€451 | +58.6% |
| Recurring financial income | 75 | €770 | €1,221 | +€451 | +58.6% |
| Financial charges | 65/66B | €15,014 | €1,774 | -€13,240 | -88.2% |
| Recurring financial charges | 65 | €15,014 | €1,774 | -€13,240 | -88.2% |
| Profit (loss) for the period before taxes | 9903 | €114,989 | €163,602 | +€48,612 | +42.3% |
| Income taxes | 67/77 | €34,524 | €52,236 | +€17,712 | +51.3% |
| Profit (loss) for the period | 9904 | €80,465 | €111,366 | +€30,901 | +38.4% |
| Profit (loss) for the period to be appropriated | 9905 | €80,465 | €111,366 | +€30,901 | +38.4% |
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 30 October 2026 via checked.be.