Dr. Joke Van Ginkel: 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 Van Ginkel
Largest movements
- Cash -€13,083
down €13,083 (-35.4%), from €36,990 to €23,907
mainly Contributions, distributions and other (-€32,000) and Current investments (-€12,000)
- Current investments +€12,000
up €12,000 (+44.4%), from €27,000 to €39,000
- Intangible fixed assets -€9,973
down €9,973 (-100%), from €9,973 to €0
- Receivables within one year +€7,887
up €7,887 (+493%), from €1,601 to €9,488
of which Trade receivables: +€7,308
- Tangible fixed assets +€4,808
up €4,808 (+69.1%), from €6,954 to €11,763
of which Furniture and vehicles: +€5,588
- Reserves +€11,795
up €11,795 (+31.2%), from €37,776 to €49,571
- Other debts -€10,315
down €10,315 (-24.4%), from €42,315 to €32,000
- Gross operating margin +€37,116
up €37,116 (+105%), from €35,348 to €72,464
- Taxes +€9,386
up €9,386 (+146%), from €6,442 to €15,828
- Other operating charges -€3,159
down €3,159 (-84.7%), from €3,732 to €573
- Financial income +€962
new in 2025: €962
- Depreciation +€895
up €895 (+7.4%), from €12,025 to €12,920
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 | €84,096 | €85,159 | +€1,063 | +1.3% |
| Fixed assets | 21/28 | €16,927 | €11,763 | -€5,164 | -30.5% |
| Intangible fixed assets | 21 | €9,973 | €0 | -€9,973 | -100% |
| Tangible fixed assets | 22/27 | €6,954 | €11,763 | +€4,808 | +69.1% |
| Furniture and vehicles | 24 | €2,913 | €8,501 | +€5,588 | +192% |
| Other tangible fixed assets | 26 | €4,042 | €3,262 | -€780 | -19.3% |
| Current assets | 29/58 | €67,169 | €73,396 | +€6,227 | +9.3% |
| Amounts receivable within one year | 40/41 | €1,601 | €9,488 | +€7,887 | +493% |
| Trade receivables | 40 | €1,601 | €8,909 | +€7,308 | +456% |
| Other amounts receivable | 41 | - | €579 | +€579 | |
| Current investments | 50/53 | €27,000 | €39,000 | +€12,000 | +44.4% |
| Cash at bank and in hand | 54/58 | €36,990 | €23,907 | -€13,083 | -35.4% |
| Deferred charges and accrued income | 490/1 | €1,578 | €1,001 | -€577 | -36.6% |
| Total equity and liabilities | 10/49 | €84,096 | €85,159 | +€1,063 | +1.3% |
| Equity | 10/15 | €39,276 | €51,071 | +€11,795 | +30.0% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €37,776 | €49,571 | +€11,795 | +31.2% |
| Distributable reserves | 133 | €37,776 | €49,571 | +€11,795 | +31.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €44,820 | €34,088 | -€10,732 | -23.9% |
| Amounts payable within one year | 42/48 | €44,820 | €34,088 | -€10,732 | -23.9% |
| Trade debts | 44 | €580 | €548 | -€31 | -5.4% |
| Suppliers | 440/4 | €580 | €548 | -€31 | -5.4% |
| Taxes, remuneration and social security | 45 | €1,926 | €1,539 | -€386 | -20.1% |
| Taxes | 450/3 | €1,926 | €1,539 | -€386 | -20.1% |
| Other amounts payable | 47/48 | €42,315 | €32,000 | -€10,315 | -24.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,025 | €12,920 | +€895 | +7.4% |
| Other operating charges | 640/8 | €3,732 | €573 | -€3,159 | -84.7% |
| Gross operating margin | 9900 | €35,348 | €72,464 | +€37,116 | +105% |
| Operating profit (loss) | 9901 | €19,591 | €58,971 | +€39,380 | +201% |
| Financial income | 75/76B | - | €962 | +€962 | |
| Recurring financial income | 75 | - | €962 | +€962 | |
| Financial charges | 65/66B | €712 | €311 | -€401 | -56.4% |
| Recurring financial charges | 65 | €712 | €311 | -€401 | -56.4% |
| Profit (loss) for the period before taxes | 9903 | €18,879 | €59,623 | +€40,744 | +216% |
| Income taxes | 67/77 | €6,442 | €15,828 | +€9,386 | +146% |
| Profit (loss) for the period | 9904 | €12,437 | €43,795 | +€31,358 | +252% |
| Profit (loss) for the period to be appropriated | 9905 | €12,437 | €43,795 | +€31,358 | +252% |
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 27 October 2026 via checked.be.