Dr. Joke Aerts: 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. Joke Aerts
Largest movements
- Cash -€6,880
down €6,880 (-26.2%), from €26,265 to €19,385
mainly Contributions, distributions and other (-€60,000) and Investment in fixed assets (net) (-€5,754)
- Tangible fixed assets +€2,031
up €2,031 (+44.0%), from €4,618 to €6,649
- Deferred charges and accrued income +€603
up €603 (+3.5%), from €17,026 to €17,629
- Reserves -€32,144
down €32,144 (-96.7%), from €33,242 to €1,098
- Other debts +€26,178
up €26,178 (+616%), from €4,250 to €30,428
- Accrued charges and deferred income +€1,664
up €1,664 (+31.3%), from €5,317 to €6,981
- Gross operating margin -€5,381
down €5,381 (-11.4%), from €47,069 to €41,688
- Taxes -€1,045
down €1,045 (-11.5%), from €9,120 to €8,075
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 | €47,909 | €43,663 | -€4,246 | -8.9% |
| Fixed assets | 21/28 | €4,618 | €6,649 | +€2,031 | +44.0% |
| Tangible fixed assets | 22/27 | €4,618 | €6,649 | +€2,031 | +44.0% |
| Furniture and vehicles | 24 | €4,618 | €6,649 | +€2,031 | +44.0% |
| Current assets | 29/58 | €43,291 | €37,014 | -€6,277 | -14.5% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €26,265 | €19,385 | -€6,880 | -26.2% |
| Deferred charges and accrued income | 490/1 | €17,026 | €17,629 | +€603 | +3.5% |
| Total equity and liabilities | 10/49 | €47,909 | €43,663 | -€4,246 | -8.9% |
| Equity | 10/15 | €34,242 | €2,098 | -€32,144 | -93.9% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €33,242 | €1,098 | -€32,144 | -96.7% |
| Distributable reserves | 133 | €33,242 | €1,098 | -€32,144 | -96.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €13,666 | €41,564 | +€27,898 | +204% |
| Amounts payable within one year | 42/48 | €8,349 | €34,583 | +€26,234 | +314% |
| Trade debts | 44 | €180 | €114 | -€67 | -36.9% |
| Suppliers | 440/4 | €180 | €114 | -€67 | -36.9% |
| Taxes, remuneration and social security | 45 | €3,919 | €4,042 | +€123 | +3.1% |
| Taxes | 450/3 | €3,919 | - | -€3,919 | |
| Remuneration and social security | 454/9 | - | €4,042 | +€4,042 | |
| Other amounts payable | 47/48 | €4,250 | €30,428 | +€26,178 | +616% |
| Accrued charges and deferred income | 492/3 | €5,317 | €6,981 | +€1,664 | +31.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,333 | €3,722 | +€389 | +11.7% |
| Other operating charges | 640/8 | €1,180 | €1,594 | +€413 | +35.0% |
| Gross operating margin | 9900 | €47,069 | €41,688 | -€5,381 | -11.4% |
| Operating profit (loss) | 9901 | €42,555 | €36,371 | -€6,184 | -14.5% |
| Financial income | 75/76B | €2 | €117 | +€115 | +6,273% |
| Recurring financial income | 75 | €2 | €117 | +€115 | +6,273% |
| Financial charges | 65/66B | €201 | €557 | +€356 | +177% |
| Recurring financial charges | 65 | €201 | €557 | +€356 | +177% |
| Profit (loss) for the period before taxes | 9903 | €42,356 | €35,931 | -€6,424 | -15.2% |
| Income taxes | 67/77 | €9,120 | €8,075 | -€1,045 | -11.5% |
| Profit (loss) for the period | 9904 | €33,236 | €27,856 | -€5,380 | -16.2% |
| Profit (loss) for the period to be appropriated | 9905 | €33,236 | €27,856 | -€5,380 | -16.2% |
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 24 October 2026 via checked.be.