Dr. Karen Put: 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. Karen Put
Largest movements
- Current investments +€54,351
up €54,351 (+54.5%), from €99,742 to €154,093
- Cash -€49,667
down €49,667 (-54.5%), from €91,079 to €41,412
mainly Contributions, distributions and other (-€88,288) and Current investments (-€54,351)
- Accrued charges and deferred income +€11,493
up €11,493 (+1,224%), from €939 to €12,432
- Reserves -€7,604
down €7,604 (-3.4%), from €225,605 to €218,001
- Depreciation -€14,434
down €14,434 (-89.6%), from €16,104 to €1,669
- Gross operating margin +€8,133
up €8,133 (+8.6%), from €94,477 to €102,610
- Taxes +€5,231
up €5,231 (+34.1%), from €15,344 to €20,575
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 | €247,171 | €250,811 | +€3,641 | +1.5% |
| Fixed assets | 21/28 | €4,517 | €2,848 | -€1,669 | -37.0% |
| Tangible fixed assets | 22/27 | €4,517 | €2,848 | -€1,669 | -37.0% |
| Plant, machinery and equipment | 23 | €2,029 | €1,507 | -€522 | -25.7% |
| Furniture and vehicles | 24 | €2,488 | €1,341 | -€1,147 | -46.1% |
| Current assets | 29/58 | €242,654 | €247,964 | +€5,310 | +2.2% |
| Amounts receivable after more than one year | 29 | €24,000 | €24,000 | = | 0.0% |
| Other amounts receivable | 291 | €24,000 | €24,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €18,182 | €17,360 | -€822 | -4.5% |
| Other amounts receivable | 41 | €18,182 | €17,360 | -€822 | -4.5% |
| Current investments | 50/53 | €99,742 | €154,093 | +€54,351 | +54.5% |
| Cash at bank and in hand | 54/58 | €91,079 | €41,412 | -€49,667 | -54.5% |
| Deferred charges and accrued income | 490/1 | €9,651 | €11,099 | +€1,447 | +15.0% |
| Total equity and liabilities | 10/49 | €247,171 | €250,811 | +€3,641 | +1.5% |
| Equity | 10/15 | €244,205 | €236,601 | -€7,604 | -3.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €225,605 | €218,001 | -€7,604 | -3.4% |
| Distributable reserves | 133 | €225,605 | €218,001 | -€7,604 | -3.4% |
| Amounts payable | 17/49 | €2,965 | €14,210 | +€11,245 | +379% |
| Amounts payable within one year | 42/48 | €2,026 | €1,778 | -€248 | -12.2% |
| Current portion of amounts payable after more than one year | 42 | €1,287 | - | -€1,287 | |
| Trade debts | 44 | €159 | €90 | -€68 | -43.0% |
| Suppliers | 440/4 | €159 | €90 | -€68 | -43.0% |
| Taxes, remuneration and social security | 45 | - | €1,643 | +€1,643 | |
| Taxes | 450/3 | - | €1,643 | +€1,643 | |
| Other amounts payable | 47/48 | €581 | €45 | -€536 | -92.2% |
| Accrued charges and deferred income | 492/3 | €939 | €12,432 | +€11,493 | +1,224% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,104 | €1,669 | -€14,434 | -89.6% |
| Other operating charges | 640/8 | €613 | €686 | +€74 | +12.1% |
| Non-recurring operating charges | 66A | €3,000 | - | -€3,000 | |
| Gross operating margin | 9900 | €94,477 | €102,610 | +€8,133 | +8.6% |
| Operating profit (loss) | 9901 | €74,761 | €100,254 | +€25,493 | +34.1% |
| Financial income | 75/76B | €2,984 | €3,735 | +€751 | +25.2% |
| Recurring financial income | 75 | €2,984 | €3,735 | +€751 | +25.2% |
| Financial charges | 65/66B | €2,986 | €2,730 | -€256 | -8.6% |
| Recurring financial charges | 65 | €2,986 | €2,730 | -€256 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | €74,759 | €101,259 | +€26,500 | +35.4% |
| Income taxes | 67/77 | €15,344 | €20,575 | +€5,231 | +34.1% |
| Profit (loss) for the period | 9904 | €59,415 | €80,684 | +€21,269 | +35.8% |
| Profit (loss) for the period to be appropriated | 9905 | €59,415 | €80,684 | +€21,269 | +35.8% |
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 31 October 2026 via checked.be.