Dr Isabelle SCHAAPS: 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 Isabelle SCHAAPS
Largest movements
- Tangible fixed assets +€65,448
up €65,448 (+523.8%), from €12,496 to €77,944
of which Plant, machinery and equipment: +€68,698
- Cash +€10,383
up €10,383 (+784.2%), from €1,324 to €11,707
mainly Other debts (+€80,182) and Depreciation (+€16,336)
- Stocks and contracts +€5,731
up €5,731 (+50.3%), from €11,398 to €17,129
- Other debts +€80,182
up €80,182 (+319.4%), from €25,107 to €105,289
- Tax, wage and social debts +€2,079
up €2,079 (+306.6%), from €678 to €2,757
- Gross operating margin +€17,846
up €17,846, from -€1,387 to €16,459
- Depreciation +€14,282
up €14,282 (+695.3%), from €2,054 to €16,336
- Other operating charges +€948
new in 2025: €948
- Financial charges +€176
up €176 (+1035.3%), from €17 to €193
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.
Cash bridge derived
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 | €25,392 | €106,780 | +€81,388 | +320.5% |
| Fixed assets | 21/28 | €12,496 | €77,944 | +€65,448 | +523.8% |
| Tangible fixed assets | 22/27 | €12,496 | €77,944 | +€65,448 | +523.8% |
| Plant, machinery and equipment | 23 | €4,378 | €73,076 | +€68,698 | +1569.2% |
| Furniture and vehicles | 24 | €8,118 | €4,868 | -€3,250 | -40.0% |
| Current assets | 29/58 | €12,896 | €28,836 | +€15,940 | +123.6% |
| Stocks and contracts in progress | 3 | €11,398 | €17,129 | +€5,731 | +50.3% |
| Stocks | 30/36 | €11,398 | €17,129 | +€5,731 | +50.3% |
| Amounts receivable within one year | 40/41 | €174 | - | -€174 | |
| Trade receivables | 40 | €174 | - | -€174 | |
| Cash at bank and in hand | 54/58 | €1,324 | €11,707 | +€10,383 | +784.2% |
| Total equity and liabilities | 10/49 | €25,392 | €106,780 | +€81,388 | +320.5% |
| Equity | 10/15 | -€434 | -€1,404 | -€970 | -223.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,434 | -€4,404 | -€970 | -28.2% |
| Amounts payable | 17/49 | €25,826 | €108,184 | +€82,358 | +318.9% |
| Amounts payable within one year | 42/48 | €25,826 | €108,184 | +€82,358 | +318.9% |
| Trade debts | 44 | €41 | €138 | +€97 | +236.6% |
| Suppliers | 440/4 | €41 | €138 | +€97 | +236.6% |
| Taxes, remuneration and social security | 45 | €678 | €2,757 | +€2,079 | +306.6% |
| Taxes | 450/3 | €678 | €2,757 | +€2,079 | +306.6% |
| Other amounts payable | 47/48 | €25,107 | €105,289 | +€80,182 | +319.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,054 | €16,336 | +€14,282 | +695.3% |
| Other operating charges | 640/8 | - | €948 | +€948 | |
| Gross operating margin | 9900 | -€1,387 | €16,459 | +€17,846 | |
| Operating profit (loss) | 9901 | -€3,441 | -€825 | +€2,616 | +76.0% |
| Financial income | 75/76B | €24 | €48 | +€24 | +100.0% |
| Recurring financial income | 75 | €24 | €48 | +€24 | +100.0% |
| Financial charges | 65/66B | €17 | €193 | +€176 | +1035.3% |
| Recurring financial charges | 65 | €17 | €193 | +€176 | +1035.3% |
| Profit (loss) for the period before taxes | 9903 | -€3,434 | -€970 | +€2,464 | +71.8% |
| Profit (loss) for the period | 9904 | -€3,434 | -€970 | +€2,464 | +71.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,434 | -€970 | +€2,464 | +71.8% |
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 12 October 2026 via checked.be.