Dr. Joke Barzeele: 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 Barzeele
Largest movements
- Receivables within one year +€291,731
up €291,731 (+949%), from €30,736 to €322,467
of which Other amounts receivable: +€290,552
- Cash -€55,076
down €55,076 (-11.4%), from €481,378 to €426,301
mainly Receivables within one year (-€291,731) and Contributions, distributions and other (-€52,000)
- Tangible fixed assets -€21,396
down €21,396 (-22.3%), from €95,816 to €74,420
- Current investments +€13,500
up €13,500 (+23.5%), from €57,465 to €70,965
- Other debts +€203,500
up €203,500 (+306%), from €66,431 to €269,930
- Reserves +€30,000
up €30,000 (+7.0%), from €431,052 to €461,052
- Gross operating margin -€14,183
down €14,183 (-9.1%), from €156,680 to €142,498
- Taxes -€7,107
down €7,107 (-18.6%), from €38,205 to €31,098
- Financial charges +€6,748
up €6,748 (+428%), from €1,575 to €8,323
- Financial income +€5,392
up €5,392 (+330%), from €1,632 to €7,024
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 | €667,190 | €897,151 | +€229,961 | +34.5% |
| Fixed assets | 21/28 | €95,816 | €74,420 | -€21,396 | -22.3% |
| Tangible fixed assets | 22/27 | €95,816 | €74,420 | -€21,396 | -22.3% |
| Land and buildings | 22 | €58,500 | €53,625 | -€4,875 | -8.3% |
| Plant, machinery and equipment | 23 | €9,530 | €4,636 | -€4,894 | -51.4% |
| Furniture and vehicles | 24 | €19,659 | €9,504 | -€10,156 | -51.7% |
| Other tangible fixed assets | 26 | €8,127 | €6,655 | -€1,472 | -18.1% |
| Current assets | 29/58 | €571,374 | €822,731 | +€251,357 | +44.0% |
| Amounts receivable within one year | 40/41 | €30,736 | €322,467 | +€291,731 | +949% |
| Trade receivables | 40 | €3,236 | €4,415 | +€1,179 | +36.4% |
| Other amounts receivable | 41 | €27,500 | €318,052 | +€290,552 | +1,057% |
| Current investments | 50/53 | €57,465 | €70,965 | +€13,500 | +23.5% |
| Cash at bank and in hand | 54/58 | €481,378 | €426,301 | -€55,076 | -11.4% |
| Deferred charges and accrued income | 490/1 | €1,795 | €2,997 | +€1,202 | +66.9% |
| Total equity and liabilities | 10/49 | €667,190 | €897,151 | +€229,961 | +34.5% |
| Equity | 10/15 | €582,281 | €613,255 | +€30,975 | +5.3% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €431,052 | €461,052 | +€30,000 | +7.0% |
| Distributable reserves | 133 | €431,052 | €461,052 | +€30,000 | +7.0% |
| Profit (loss) carried forward | 14 | €1,229 | €2,203 | +€975 | +79.3% |
| Amounts payable | 17/49 | €84,909 | €283,895 | +€198,986 | +234% |
| Amounts payable within one year | 42/48 | €83,068 | €275,776 | +€192,708 | +232% |
| Trade debts | 44 | €3,923 | €1,855 | -€2,067 | -52.7% |
| Suppliers | 440/4 | €3,923 | €1,855 | -€2,067 | -52.7% |
| Taxes, remuneration and social security | 45 | €12,715 | €3,990 | -€8,725 | -68.6% |
| Taxes | 450/3 | €12,715 | €3,990 | -€8,725 | -68.6% |
| Other amounts payable | 47/48 | €66,431 | €269,930 | +€203,500 | +306% |
| Accrued charges and deferred income | 492/3 | €1,841 | €8,119 | +€6,278 | +341% |
| Remuneration, social security and pensions | 62 | - | €643 | +€643 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,967 | €25,145 | +€179 | +0.7% |
| Other operating charges | 640/8 | €1,174 | €1,339 | +€164 | +14.0% |
| Gross operating margin | 9900 | €156,680 | €142,498 | -€14,183 | -9.1% |
| Operating profit (loss) | 9901 | €130,539 | €115,371 | -€15,169 | -11.6% |
| Financial income | 75/76B | €1,632 | €7,024 | +€5,392 | +330% |
| Recurring financial income | 75 | €1,632 | €7,024 | +€5,392 | +330% |
| Financial charges | 65/66B | €1,575 | €8,323 | +€6,748 | +428% |
| Recurring financial charges | 65 | €1,575 | €8,323 | +€6,748 | +428% |
| Profit (loss) for the period before taxes | 9903 | €130,597 | €114,072 | -€16,524 | -12.7% |
| Income taxes | 67/77 | €38,205 | €31,098 | -€7,107 | -18.6% |
| Profit (loss) for the period | 9904 | €92,392 | €82,975 | -€9,418 | -10.2% |
| Profit (loss) for the period to be appropriated | 9905 | €92,392 | €82,975 | -€9,418 | -10.2% |
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 28 October 2026 via checked.be.