Dr. Jolien Faes: 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. Jolien Faes
Largest movements
- Current investments +€99,850
new in 2025: €99,850
- Tangible fixed assets -€21,119
down €21,119 (-10.3%), from €205,848 to €184,729
of which Land and buildings: -€11,728
- Cash -€13,426
down €13,426 (-6.5%), from €205,291 to €191,865
mainly Contributions, distributions and other (-€155,106) and Current investments (-€99,850)
- Other debts +€155,106
new in 2025: €155,106
- Reserves -€63,307
down €63,307 (-24.9%), from €254,106 to €190,799
- Tax, wage and social debts -€13,853
down €13,853 (-75.6%), from €18,319 to €4,465
- Debts after one year -€10,216
down €10,216 (-5.7%), from €180,433 to €170,217
- Gross operating margin +€7,874
up €7,874 (+5.5%), from €143,343 to €151,216
- Taxes -€3,803
down €3,803 (-9.9%), from €38,319 to €34,516
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 | €482,007 | €549,651 | +€67,644 | +14.0% |
| Fixed assets | 21/28 | €205,848 | €184,729 | -€21,119 | -10.3% |
| Tangible fixed assets | 22/27 | €205,848 | €184,729 | -€21,119 | -10.3% |
| Land and buildings | 22 | €192,206 | €180,478 | -€11,728 | -6.1% |
| Furniture and vehicles | 24 | €13,641 | €4,250 | -€9,391 | -68.8% |
| Current assets | 29/58 | €276,159 | €364,923 | +€88,764 | +32.1% |
| Amounts receivable after more than one year | 29 | €60,000 | €60,000 | = | 0.0% |
| Other amounts receivable | 291 | €60,000 | €60,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €10,466 | €13,208 | +€2,742 | +26.2% |
| Trade receivables | 40 | - | €40 | +€40 | |
| Other amounts receivable | 41 | €10,466 | €13,168 | +€2,702 | +25.8% |
| Current investments | 50/53 | - | €99,850 | +€99,850 | |
| Cash at bank and in hand | 54/58 | €205,291 | €191,865 | -€13,426 | -6.5% |
| Deferred charges and accrued income | 490/1 | €402 | €0 | -€402 | -100% |
| Total equity and liabilities | 10/49 | €482,007 | €549,651 | +€67,644 | +14.0% |
| Equity | 10/15 | €272,706 | €209,399 | -€63,307 | -23.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €254,106 | €190,799 | -€63,307 | -24.9% |
| Distributable reserves | 133 | €254,106 | €190,799 | -€63,307 | -24.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €209,301 | €340,252 | +€130,952 | +62.6% |
| Amounts payable after more than one year | 17 | €180,433 | €170,217 | -€10,216 | -5.7% |
| Financial debts | 170/4 | €180,433 | €170,217 | -€10,216 | -5.7% |
| Amounts payable within one year | 42/48 | €28,867 | €170,035 | +€141,168 | +489% |
| Current portion of amounts payable after more than one year | 42 | €10,085 | €10,216 | +€131 | +1.3% |
| Trade debts | 44 | €464 | €248 | -€217 | -46.7% |
| Suppliers | 440/4 | €464 | €248 | -€217 | -46.7% |
| Taxes, remuneration and social security | 45 | €18,319 | €4,465 | -€13,853 | -75.6% |
| Taxes | 450/3 | €18,319 | €4,465 | -€13,853 | -75.6% |
| Other amounts payable | 47/48 | - | €155,106 | +€155,106 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,625 | €21,119 | +€494 | +2.4% |
| Other operating charges | 640/8 | €1,171 | €1,206 | +€35 | +3.0% |
| Gross operating margin | 9900 | €143,343 | €151,216 | +€7,874 | +5.5% |
| Operating profit (loss) | 9901 | €121,547 | €128,891 | +€7,344 | +6.0% |
| Financial income | 75/76B | €402 | €1,088 | +€685 | +170% |
| Recurring financial income | 75 | €402 | €1,088 | +€685 | +170% |
| Financial charges | 65/66B | €3,540 | €3,664 | +€124 | +3.5% |
| Recurring financial charges | 65 | €3,540 | €3,664 | +€124 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | €118,409 | €126,315 | +€7,906 | +6.7% |
| Income taxes | 67/77 | €38,319 | €34,516 | -€3,803 | -9.9% |
| Profit (loss) for the period | 9904 | €80,090 | €91,799 | +€11,709 | +14.6% |
| Profit (loss) for the period to be appropriated | 9905 | €80,090 | €91,799 | +€11,709 | +14.6% |
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 26 October 2026 via checked.be.