Dr. ISABELLE BARET: what changed
Dr. ISABELLE BARET
Largest movements
- Tangible fixed assets +€394,709
up €394,709 (+1,332%), from €29,624 to €424,333
of which Land and buildings: +€358,252
- Current investments -€150,000
no longer reported in 2025 (was €150,000)
- Receivables within one year -€21,215
down €21,215 (-98.4%), from €21,562 to €347
of which Trade receivables: -€21,459
- Cash +€7,534
up €7,534 (+3.0%), from €247,444 to €254,978
mainly Current investments (+€150,000) and Debts after one year (+€125,625)
- Debts after one year +€125,625
new in 2025: €125,625
- Reserves +€83,450
up €83,450 (+19.5%), from €426,911 to €510,361
of which Distributable reserves: +€85,450
- Current portion of long-term debt +€13,448
new in 2025: €13,448
- Tax, wage and social debts +€8,264
up €8,264 (+124%), from €6,673 to €14,937
of which Taxes: +€8,424
- Gross operating margin +€19,046
up €19,046 (+15.7%), from €121,393 to €140,438
- Depreciation +€11,973
up €11,973 (+136%), from €8,793 to €20,766
- Financial income -€4,860
down €4,860 (-68.7%), from €7,078 to €2,218
- Financial charges +€3,047
up €3,047 (+205%), from €1,484 to €4,531
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 | €448,630 | €680,971 | +€232,341 | +51.8% |
| Fixed assets | 21/28 | €29,624 | €424,333 | +€394,709 | +1,332% |
| Tangible fixed assets | 22/27 | €29,624 | €424,333 | +€394,709 | +1,332% |
| Land and buildings | 22 | - | €358,252 | +€358,252 | |
| Plant, machinery and equipment | 23 | €4,304 | €49,201 | +€44,897 | +1,043% |
| Furniture and vehicles | 24 | €25,320 | €16,880 | -€8,440 | -33.3% |
| Current assets | 29/58 | €419,006 | €256,639 | -€162,368 | -38.8% |
| Amounts receivable within one year | 40/41 | €21,562 | €347 | -€21,215 | -98.4% |
| Trade receivables | 40 | €21,562 | €103 | -€21,459 | -99.5% |
| Other amounts receivable | 41 | - | €244 | +€244 | |
| Current investments | 50/53 | €150,000 | - | -€150,000 | |
| Cash at bank and in hand | 54/58 | €247,444 | €254,978 | +€7,534 | +3.0% |
| Deferred charges and accrued income | 490/1 | - | €1,313 | +€1,313 | |
| Total equity and liabilities | 10/49 | €448,630 | €680,971 | +€232,341 | +51.8% |
| Equity | 10/15 | €441,011 | €524,481 | +€83,470 | +18.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €426,911 | €510,361 | +€83,450 | +19.5% |
| Non-distributable reserves | 130/1 | €2,000 | - | -€2,000 | |
| Reserves not available under the articles | 1311 | €2,000 | - | -€2,000 | |
| Distributable reserves | 133 | €424,911 | €510,361 | +€85,450 | +20.1% |
| Profit (loss) carried forward | 14 | €1,701 | €1,721 | +€20 | +1.2% |
| Amounts payable | 17/49 | €7,619 | €156,490 | +€148,871 | +1,954% |
| Amounts payable after more than one year | 17 | - | €125,625 | +€125,625 | |
| Financial debts | 170/4 | - | €125,625 | +€125,625 | |
| Amounts payable within one year | 42/48 | €7,619 | €30,865 | +€23,246 | +305% |
| Current portion of amounts payable after more than one year | 42 | - | €13,448 | +€13,448 | |
| Trade debts | 44 | €938 | €2,481 | +€1,542 | +164% |
| Suppliers | 440/4 | €938 | €2,481 | +€1,542 | +164% |
| Taxes, remuneration and social security | 45 | €6,673 | €14,937 | +€8,264 | +124% |
| Taxes | 450/3 | €6,513 | €14,937 | +€8,424 | +129% |
| Remuneration and social security | 454/9 | €160 | - | -€160 | |
| Other amounts payable | 47/48 | €7 | - | -€7 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,793 | €20,766 | +€11,973 | +136% |
| Other operating charges | 640/8 | €384 | €313 | -€71 | -18.6% |
| Gross operating margin | 9900 | €121,393 | €140,438 | +€19,046 | +15.7% |
| Operating profit (loss) | 9901 | €112,216 | €119,359 | +€7,144 | +6.4% |
| Financial income | 75/76B | €7,078 | €2,218 | -€4,860 | -68.7% |
| Recurring financial income | 75 | €7,078 | €2,218 | -€4,860 | -68.7% |
| Financial charges | 65/66B | €1,484 | €4,531 | +€3,047 | +205% |
| Recurring financial charges | 65 | €1,484 | €4,531 | +€3,047 | +205% |
| Profit (loss) for the period before taxes | 9903 | €117,810 | €117,047 | -€763 | -0.6% |
| Income taxes | 67/77 | €33,636 | €33,577 | -€60 | -0.2% |
| Profit (loss) for the period | 9904 | €84,173 | €83,470 | -€703 | -0.8% |
| Profit (loss) for the period to be appropriated | 9905 | €84,173 | €83,470 | -€703 | -0.8% |
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 8 November 2026 via checked.be.