Dr. Isabel Poppe: what changed
Dr. Isabel Poppe
Largest movements
- Receivables within one year +€80,640
up €80,640 (+39.5%), from €204,183 to €284,823
- Cash +€23,300
up €23,300 (+55.0%), from €42,375 to €65,675
mainly Net result for the year (+€119,542) and Depreciation (+€9,895)
- Tangible fixed assets -€9,895
down €9,895 (-26.0%), from €38,030 to €28,135
of which Other tangible fixed assets: -€8,548
- Deferred charges and accrued income +€6,867
up €6,867 (+61.7%), from €11,131 to €17,998
- Current investments +€6,133
up €6,133 (+33.9%), from €18,110 to €24,243
- Reserves +€119,542
up €119,542 (+43.4%), from €275,685 to €395,227
- Tax, wage and social debts -€11,889
down €11,889 (-68.1%), from €17,470 to €5,581
- Gross operating margin +€11,963
up €11,963 (+7.8%), from €153,149 to €165,112
- Taxes +€3,046
up €3,046 (+9.4%), from €32,349 to €35,394
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €313,829 | €420,874 | +€107,045 | +34.1% |
| Fixed assets | 21/28 | €38,030 | €28,135 | -€9,895 | -26.0% |
| Tangible fixed assets | 22/27 | €38,030 | €28,135 | -€9,895 | -26.0% |
| Furniture and vehicles | 24 | €3,083 | €1,736 | -€1,347 | -43.7% |
| Other tangible fixed assets | 26 | €34,948 | €26,400 | -€8,548 | -24.5% |
| Current assets | 29/58 | €275,799 | €392,739 | +€116,940 | +42.4% |
| Amounts receivable within one year | 40/41 | €204,183 | €284,823 | +€80,640 | +39.5% |
| Other amounts receivable | 41 | €204,183 | €284,823 | +€80,640 | +39.5% |
| Current investments | 50/53 | €18,110 | €24,243 | +€6,133 | +33.9% |
| Cash at bank and in hand | 54/58 | €42,375 | €65,675 | +€23,300 | +55.0% |
| Deferred charges and accrued income | 490/1 | €11,131 | €17,998 | +€6,867 | +61.7% |
| Total equity and liabilities | 10/49 | €313,829 | €420,874 | +€107,045 | +34.1% |
| Equity | 10/15 | €294,285 | €413,827 | +€119,542 | +40.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €275,685 | €395,227 | +€119,542 | +43.4% |
| Distributable reserves | 133 | €275,685 | €395,227 | +€119,542 | +43.4% |
| Amounts payable | 17/49 | €19,544 | €7,047 | -€12,497 | -63.9% |
| Amounts payable within one year | 42/48 | €19,544 | €7,047 | -€12,497 | -63.9% |
| Trade debts | 44 | €2,074 | €1,466 | -€608 | -29.3% |
| Suppliers | 440/4 | €2,074 | €1,466 | -€608 | -29.3% |
| Taxes, remuneration and social security | 45 | €17,470 | €5,581 | -€11,889 | -68.1% |
| Taxes | 450/3 | €17,470 | €5,581 | -€11,889 | -68.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,328 | €9,895 | +€1,567 | +18.8% |
| Other operating charges | 640/8 | €753 | €742 | -€11 | -1.4% |
| Gross operating margin | 9900 | €153,149 | €165,112 | +€11,963 | +7.8% |
| Operating profit (loss) | 9901 | €144,068 | €154,474 | +€10,406 | +7.2% |
| Financial income | 75/76B | €788 | €576 | -€212 | -26.9% |
| Recurring financial income | 75 | €788 | €576 | -€212 | -26.9% |
| Financial charges | 65/66B | -€379 | €114 | +€493 | |
| Recurring financial charges | 65 | -€379 | €114 | +€493 | |
| Profit (loss) for the period before taxes | 9903 | €145,235 | €154,936 | +€9,701 | +6.7% |
| Income taxes | 67/77 | €32,349 | €35,394 | +€3,046 | +9.4% |
| Profit (loss) for the period | 9904 | €112,886 | €119,542 | +€6,656 | +5.9% |
| Profit (loss) for the period to be appropriated | 9905 | €112,886 | €119,542 | +€6,656 | +5.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.