Dr. Isabel Eerens: 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. Isabel Eerens
Largest movements
- Cash +€145,413
up €145,413 (+94.3%), from €154,206 to €299,619
mainly Net result for the year (+€230,837) and Other debts (+€121,050)
- Current investments -€99,725
down €99,725 (-59.2%), from €168,396 to €68,671
- Tangible fixed assets -€32,621
down €32,621 (-11.8%), from €275,455 to €242,834
of which Furniture and vehicles: -€24,148
- Deferred charges and accrued income +€13,531
up €13,531 (+14.1%), from €95,650 to €109,180
- Receivables within one year +€12,175
up €12,175 (+7.9%), from €153,305 to €165,480
- Other debts +€121,050
up €121,050 (+61.1%), from €197,962 to €319,012
- Reserves -€88,176
down €88,176 (-15.2%), from €582,007 to €493,831
- Depreciation +€22,337
up €22,337 (+66.6%), from €33,520 to €55,858
- Financial charges +€20,891
up €20,891 (+5,204%), from €401 to €21,292
of which Non-recurring financial charges: +€19,552
- Gross operating margin +€19,480
up €19,480 (+5.0%), from €388,019 to €407,499
- Taxes +€4,608
up €4,608 (+4.7%), from €98,971 to €103,579
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 | €847,012 | €885,784 | +€38,772 | +4.6% |
| Fixed assets | 21/28 | €275,455 | €242,834 | -€32,621 | -11.8% |
| Tangible fixed assets | 22/27 | €275,455 | €242,834 | -€32,621 | -11.8% |
| Land and buildings | 22 | €113,208 | €106,978 | -€6,230 | -5.5% |
| Plant, machinery and equipment | 23 | €4,448 | €2,204 | -€2,243 | -50.4% |
| Furniture and vehicles | 24 | €157,799 | €133,652 | -€24,148 | -15.3% |
| Current assets | 29/58 | €571,557 | €642,950 | +€71,393 | +12.5% |
| Amounts receivable within one year | 40/41 | €153,305 | €165,480 | +€12,175 | +7.9% |
| Other amounts receivable | 41 | €153,305 | €165,480 | +€12,175 | +7.9% |
| Current investments | 50/53 | €168,396 | €68,671 | -€99,725 | -59.2% |
| Cash at bank and in hand | 54/58 | €154,206 | €299,619 | +€145,413 | +94.3% |
| Deferred charges and accrued income | 490/1 | €95,650 | €109,180 | +€13,531 | +14.1% |
| Total equity and liabilities | 10/49 | €847,012 | €885,784 | +€38,772 | +4.6% |
| Equity | 10/15 | €594,407 | €506,231 | -€88,176 | -14.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €582,007 | €493,831 | -€88,176 | -15.2% |
| Distributable reserves | 133 | €582,007 | €493,831 | -€88,176 | -15.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €252,605 | €379,553 | +€126,948 | +50.3% |
| Amounts payable within one year | 42/48 | €252,605 | €379,553 | +€126,948 | +50.3% |
| Financial debts | 43 | €20,586 | €24,103 | +€3,517 | +17.1% |
| Credit institutions | 430/8 | €20,586 | €24,103 | +€3,517 | +17.1% |
| Trade debts | 44 | €1,619 | €4,983 | +€3,364 | +208% |
| Suppliers | 440/4 | €1,619 | €4,983 | +€3,364 | +208% |
| Taxes, remuneration and social security | 45 | €32,438 | €31,454 | -€983 | -3.0% |
| Taxes | 450/3 | €32,438 | €31,454 | -€983 | -3.0% |
| Other amounts payable | 47/48 | €197,962 | €319,012 | +€121,050 | +61.1% |
| Remuneration, social security and pensions | 62 | €8,736 | €7,113 | -€1,624 | -18.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,520 | €55,858 | +€22,337 | +66.6% |
| Other operating charges | 640/8 | €1,461 | €897 | -€564 | -38.6% |
| Gross operating margin | 9900 | €388,019 | €407,499 | +€19,480 | +5.0% |
| Operating profit (loss) | 9901 | €344,302 | €343,632 | -€670 | -0.2% |
| Financial income | 75/76B | €10,611 | €12,075 | +€1,464 | +13.8% |
| Recurring financial income | 75 | €10,611 | €12,075 | +€1,464 | +13.8% |
| Financial charges | 65/66B | €401 | €21,292 | +€20,891 | +5,204% |
| Recurring financial charges | 65 | €401 | €1,740 | +€1,338 | +333% |
| Non-recurring financial charges | 66B | - | €19,552 | +€19,552 | |
| Profit (loss) for the period before taxes | 9903 | €354,512 | €334,415 | -€20,097 | -5.7% |
| Income taxes | 67/77 | €98,971 | €103,579 | +€4,608 | +4.7% |
| Profit (loss) for the period | 9904 | €255,541 | €230,837 | -€24,705 | -9.7% |
| Profit (loss) for the period to be appropriated | 9905 | €255,541 | €230,837 | -€24,705 | -9.7% |
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 26 October 2026 via checked.be.