Dr. Karolien Vaes: what changed
Dr. Karolien Vaes
Largest movements
- Cash +€81,666
up €81,666 (+91.9%), from €88,856 to €170,521
mainly Other debts (+€146,109) and Net result for the year (+€71,593)
- Tangible fixed assets -€8,249
down €8,249 (-22.6%), from €36,512 to €28,264
of which Furniture and vehicles: -€5,091
- Other debts +€146,109
up €146,109 (+1,469%), from €9,948 to €156,056
- Reserves -€74,907
down €74,907 (-77.3%), from €96,860 to €21,953
of which Distributable reserves: -€74,112
- Trade debts +€2,885
up €2,885 (+52.3%), from €5,512 to €8,397
- Gross operating margin -€4,149
down €4,149 (-3.6%), from €114,962 to €110,813
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 | €130,920 | €205,006 | +€74,086 | +56.6% |
| Fixed assets | 21/28 | €36,512 | €28,264 | -€8,249 | -22.6% |
| Tangible fixed assets | 22/27 | €36,512 | €28,264 | -€8,249 | -22.6% |
| Land and buildings | 22 | €7,018 | €4,063 | -€2,955 | -42.1% |
| Plant, machinery and equipment | 23 | €5,520 | €5,317 | -€203 | -3.7% |
| Furniture and vehicles | 24 | €23,975 | €18,884 | -€5,091 | -21.2% |
| Current assets | 29/58 | €94,407 | €176,742 | +€82,335 | +87.2% |
| Amounts receivable within one year | 40/41 | €5,552 | €6,221 | +€669 | +12.0% |
| Other amounts receivable | 41 | €5,552 | €6,221 | +€669 | +12.0% |
| Cash at bank and in hand | 54/58 | €88,856 | €170,521 | +€81,666 | +91.9% |
| Total equity and liabilities | 10/49 | €130,920 | €205,006 | +€74,086 | +56.6% |
| Equity | 10/15 | €115,460 | €40,553 | -€74,907 | -64.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €96,860 | €21,953 | -€74,907 | -77.3% |
| Tax-exempt reserves | 132 | €795 | - | -€795 | |
| Distributable reserves | 133 | €96,065 | €21,953 | -€74,112 | -77.1% |
| Amounts payable | 17/49 | €15,460 | €164,453 | +€148,993 | +964% |
| Amounts payable within one year | 42/48 | €15,460 | €164,453 | +€148,993 | +964% |
| Trade debts | 44 | €5,512 | €8,397 | +€2,885 | +52.3% |
| Suppliers | 440/4 | €5,512 | €8,397 | +€2,885 | +52.3% |
| Other amounts payable | 47/48 | €9,948 | €156,056 | +€146,109 | +1,469% |
| Remuneration, social security and pensions | 62 | €1,837 | €1,276 | -€562 | -30.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,914 | €14,697 | -€216 | -1.4% |
| Other operating charges | 640/8 | €1,347 | €1,182 | -€165 | -12.3% |
| Gross operating margin | 9900 | €114,962 | €110,813 | -€4,149 | -3.6% |
| Operating profit (loss) | 9901 | €96,864 | €93,658 | -€3,206 | -3.3% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €156 | €139 | -€17 | -11.1% |
| Recurring financial charges | 65 | €156 | €139 | -€17 | -11.1% |
| Profit (loss) for the period before taxes | 9903 | €96,708 | €93,519 | -€3,189 | -3.3% |
| Income taxes | 67/77 | €22,596 | €21,927 | -€669 | -3.0% |
| Profit (loss) for the period | 9904 | €74,112 | €71,593 | -€2,520 | -3.4% |
| Transfer from tax-exempt reserves | 789 | - | €795 | +€795 | |
| Profit (loss) for the period to be appropriated | 9905 | €74,112 | €72,387 | -€1,725 | -2.3% |
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 3 November 2026 via checked.be.