Dr. Karolien Cooremans: what changed
Dr. Karolien Cooremans
Largest movements
- Current investments +€150,000
new in 2025: €150,000
- Tangible fixed assets +€77,778
up €77,778 (+79.0%), from €98,402 to €176,180
of which Furniture and vehicles: +€94,611
- Receivables within one year -€66,178
down €66,178 (-73.0%), from €90,709 to €24,531
- Cash -€17,296
down €17,296 (-52.4%), from €33,001 to €15,705
mainly Current investments (-€150,000) and Investment in fixed assets (net) (-€99,233)
- Stocks and contracts +€4,481
up €4,481 (+22.6%), from €19,832 to €24,313
- Reserves +€152,293
up €152,293 (+61.3%), from €248,500 to €400,793
- Tax, wage and social debts -€4,198
no longer reported in 2025 (was €4,198)
- Gross operating margin +€69,195
up €69,195 (+40.7%), from €169,995 to €239,190
- Taxes +€21,016
up €21,016 (+47.0%), from €44,758 to €65,775
- Depreciation +€6,863
up €6,863 (+47.0%), from €14,591 to €21,454
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €245,306 | €392,753 | +€147,447 | +60.1% |
| Fixed assets | 21/28 | €98,402 | €176,180 | +€77,778 | +79.0% |
| Tangible fixed assets | 22/27 | €98,402 | €176,180 | +€77,778 | +79.0% |
| Plant, machinery and equipment | 23 | €44,974 | €32,735 | -€12,239 | -27.2% |
| Furniture and vehicles | 24 | €25,524 | €120,135 | +€94,611 | +371% |
| Other tangible fixed assets | 26 | €27,904 | €23,309 | -€4,595 | -16.5% |
| Current assets | 29/58 | €146,904 | €216,574 | +€69,669 | +47.4% |
| Stocks and contracts in progress | 3 | €19,832 | €24,313 | +€4,481 | +22.6% |
| Stocks | 30/36 | €19,832 | €24,313 | +€4,481 | +22.6% |
| Amounts receivable within one year | 40/41 | €90,709 | €24,531 | -€66,178 | -73.0% |
| Other amounts receivable | 41 | €90,709 | €24,531 | -€66,178 | -73.0% |
| Current investments | 50/53 | - | €150,000 | +€150,000 | |
| Cash at bank and in hand | 54/58 | €33,001 | €15,705 | -€17,296 | -52.4% |
| Deferred charges and accrued income | 490/1 | €3,363 | €2,025 | -€1,338 | -39.8% |
| Total equity and liabilities | 10/49 | €245,306 | €392,753 | +€147,447 | +60.1% |
| Equity | 10/15 | €239,445 | €391,738 | +€152,293 | +63.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €248,500 | €400,793 | +€152,293 | +61.3% |
| Distributable reserves | 133 | €248,500 | €400,793 | +€152,293 | +61.3% |
| Profit (loss) carried forward | 14 | -€21,455 | -€21,455 | = | 0.0% |
| Amounts payable | 17/49 | €5,861 | €1,015 | -€4,846 | -82.7% |
| Amounts payable within one year | 42/48 | €5,861 | €1,015 | -€4,846 | -82.7% |
| Trade debts | 44 | €1,664 | €1,015 | -€648 | -39.0% |
| Suppliers | 440/4 | €1,664 | €1,015 | -€648 | -39.0% |
| Taxes, remuneration and social security | 45 | €4,198 | - | -€4,198 | |
| Taxes | 450/3 | €4,198 | - | -€4,198 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,591 | €21,454 | +€6,863 | +47.0% |
| Other operating charges | 640/8 | €899 | €928 | +€30 | +3.3% |
| Gross operating margin | 9900 | €169,995 | €239,190 | +€69,195 | +40.7% |
| Operating profit (loss) | 9901 | €154,505 | €216,808 | +€62,303 | +40.3% |
| Financial income | 75/76B | €1,287 | €1,466 | +€180 | +14.0% |
| Recurring financial income | 75 | €1,287 | €1,466 | +€180 | +14.0% |
| Financial charges | 65/66B | €186 | €206 | +€20 | +10.5% |
| Recurring financial charges | 65 | €186 | €206 | +€20 | +10.5% |
| Profit (loss) for the period before taxes | 9903 | €155,605 | €218,068 | +€62,463 | +40.1% |
| Income taxes | 67/77 | €44,758 | €65,775 | +€21,016 | +47.0% |
| Profit (loss) for the period | 9904 | €110,847 | €152,293 | +€41,446 | +37.4% |
| Profit (loss) for the period to be appropriated | 9905 | €110,847 | €152,293 | +€41,446 | +37.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.