Dr. Julie Eelen: 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. Julie Eelen
Largest movements
- Receivables within one year -€57,259
down €57,259 (-36.4%), from €157,389 to €100,130
of which Other amounts receivable: -€90,317
- Cash -€29,809
down €29,809 (-21.0%), from €141,818 to €112,009
mainly Contributions, distributions and other (-€239,065) and Tax, wage and social debts (-€31,879)
- Current investments +€5,500
up €5,500 (+100%), from €5,500 to €11,000
- Reserves -€91,613
down €91,613 (-38.3%), from €239,065 to €147,452
- Other debts +€52,656
up €52,656, from €0 to €52,656
- Tax, wage and social debts -€31,879
down €31,879 (-56.6%), from €56,322 to €24,443
- Trade debts -€11,866
down €11,866 (-91.4%), from €12,987 to €1,120
- Gross operating margin +€73,294
up €73,294 (+61.1%), from €120,012 to €193,306
- Taxes +€19,448
up €19,448 (+72.0%), from €26,996 to €46,443
- Financial income +€2,222
up €2,222 (+62.1%), from €3,576 to €5,798
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 | €313,374 | €230,671 | -€82,702 | -26.4% |
| Current assets | 29/58 | €313,374 | €230,671 | -€82,702 | -26.4% |
| Amounts receivable within one year | 40/41 | €157,389 | €100,130 | -€57,259 | -36.4% |
| Trade receivables | 40 | €67,072 | €100,130 | +€33,058 | +49.3% |
| Other amounts receivable | 41 | €90,317 | €0 | -€90,317 | -100% |
| Current investments | 50/53 | €5,500 | €11,000 | +€5,500 | +100% |
| Cash at bank and in hand | 54/58 | €141,818 | €112,009 | -€29,809 | -21.0% |
| Deferred charges and accrued income | 490/1 | €8,666 | €7,532 | -€1,134 | -13.1% |
| Total equity and liabilities | 10/49 | €313,374 | €230,671 | -€82,702 | -26.4% |
| Equity | 10/15 | €244,065 | €152,452 | -€91,613 | -37.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €239,065 | €147,452 | -€91,613 | -38.3% |
| Distributable reserves | 133 | €239,065 | €147,452 | -€91,613 | -38.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €69,309 | €78,219 | +€8,910 | +12.9% |
| Amounts payable within one year | 42/48 | €69,309 | €78,219 | +€8,910 | +12.9% |
| Trade debts | 44 | €12,987 | €1,120 | -€11,866 | -91.4% |
| Suppliers | 440/4 | €12,987 | €1,120 | -€11,866 | -91.4% |
| Taxes, remuneration and social security | 45 | €56,322 | €24,443 | -€31,879 | -56.6% |
| Taxes | 450/3 | €56,322 | €24,443 | -€31,879 | -56.6% |
| Other amounts payable | 47/48 | €0 | €52,656 | +€52,656 | |
| Other operating charges | 640/8 | €2,040 | €2,000 | -€40 | -2.0% |
| Gross operating margin | 9900 | €120,012 | €193,306 | +€73,294 | +61.1% |
| Operating profit (loss) | 9901 | €117,972 | €191,306 | +€73,334 | +62.2% |
| Financial income | 75/76B | €3,576 | €5,798 | +€2,222 | +62.1% |
| Recurring financial income | 75 | €3,576 | €5,798 | +€2,222 | +62.1% |
| Financial charges | 65/66B | €2,328 | €3,209 | +€881 | +37.9% |
| Recurring financial charges | 65 | €2,328 | €3,209 | +€881 | +37.9% |
| Profit (loss) for the period before taxes | 9903 | €119,220 | €193,895 | +€74,675 | +62.6% |
| Income taxes | 67/77 | €26,996 | €46,443 | +€19,448 | +72.0% |
| Profit (loss) for the period | 9904 | €92,224 | €147,452 | +€55,227 | +59.9% |
| Profit (loss) for the period to be appropriated | 9905 | €92,224 | €147,452 | +€55,227 | +59.9% |
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 25 October 2026 via checked.be.