Dr. Katherine Celis Ruiz: what changed
Dr. Katherine Celis Ruiz
Largest movements
- Receivables after one year +€15,000
new in 2025: €15,000
- Cash -€13,360
down €13,360 (-48.1%), from €27,753 to €14,392
mainly Receivables after one year (-€15,000) and Debts after one year (-€12,154)
- Tangible fixed assets -€11,900
down €11,900 (-33.0%), from €36,025 to €24,125
- Receivables within one year +€2,323
up €2,323 (+29.6%), from €7,837 to €10,160
of which Trade receivables: +€1,557
- Debts after one year -€12,154
down €12,154 (-46.8%), from €25,970 to €13,816
- Reserves +€10,429
up €10,429 (+43.1%), from €24,217 to €34,647
- Tax, wage and social debts -€6,439
down €6,439 (-60.7%), from €10,602 to €4,163
of which Taxes: -€4,297
- Accrued charges and deferred income -€1,017
down €1,017 (-24.5%), from €4,159 to €3,141
- Gross operating margin -€19,284
down €19,284 (-41.9%), from €46,056 to €26,772
- Taxes -€5,597
down €5,597 (-66.2%), from €8,460 to €2,863
- Financial charges -€478
down €478 (-22.5%), from €2,124 to €1,647
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 | €80,412 | €71,748 | -€8,664 | -10.8% |
| Fixed assets | 21/28 | €36,025 | €24,125 | -€11,900 | -33.0% |
| Tangible fixed assets | 22/27 | €36,025 | €24,125 | -€11,900 | -33.0% |
| Furniture and vehicles | 24 | €36,025 | €24,125 | -€11,900 | -33.0% |
| Current assets | 29/58 | €44,387 | €47,623 | +€3,236 | +7.3% |
| Amounts receivable after more than one year | 29 | - | €15,000 | +€15,000 | |
| Other amounts receivable | 291 | - | €15,000 | +€15,000 | |
| Amounts receivable within one year | 40/41 | €7,837 | €10,160 | +€2,323 | +29.6% |
| Trade receivables | 40 | - | €1,557 | +€1,557 | |
| Other amounts receivable | 41 | €7,837 | €8,603 | +€766 | +9.8% |
| Cash at bank and in hand | 54/58 | €27,753 | €14,392 | -€13,360 | -48.1% |
| Deferred charges and accrued income | 490/1 | €8,798 | €8,071 | -€727 | -8.3% |
| Total equity and liabilities | 10/49 | €80,412 | €71,748 | -€8,664 | -10.8% |
| Equity | 10/15 | €27,217 | €37,647 | +€10,429 | +38.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €24,217 | €34,647 | +€10,429 | +43.1% |
| Distributable reserves | 133 | €24,217 | €34,647 | +€10,429 | +43.1% |
| Amounts payable | 17/49 | €53,195 | €34,102 | -€19,094 | -35.9% |
| Amounts payable after more than one year | 17 | €25,970 | €13,816 | -€12,154 | -46.8% |
| Financial debts | 170/4 | €25,970 | €13,816 | -€12,154 | -46.8% |
| Amounts payable within one year | 42/48 | €23,067 | €17,144 | -€5,923 | -25.7% |
| Current portion of amounts payable after more than one year | 42 | €11,604 | €12,154 | +€549 | +4.7% |
| Trade debts | 44 | €860 | €471 | -€389 | -45.2% |
| Suppliers | 440/4 | €860 | €471 | -€389 | -45.2% |
| Taxes, remuneration and social security | 45 | €10,602 | €4,163 | -€6,439 | -60.7% |
| Taxes | 450/3 | €8,460 | €4,163 | -€4,297 | -50.8% |
| Remuneration and social security | 454/9 | €2,142 | - | -€2,142 | |
| Other amounts payable | 47/48 | - | €356 | +€356 | |
| Accrued charges and deferred income | 492/3 | €4,159 | €3,141 | -€1,017 | -24.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,575 | €11,900 | +€325 | +2.8% |
| Other operating charges | 640/8 | €433 | €379 | -€55 | -12.6% |
| Gross operating margin | 9900 | €46,056 | €26,772 | -€19,284 | -41.9% |
| Operating profit (loss) | 9901 | €34,048 | €14,494 | -€19,554 | -57.4% |
| Financial income | 75/76B | €197 | €445 | +€249 | +126% |
| Recurring financial income | 75 | €197 | €445 | +€249 | +126% |
| Financial charges | 65/66B | €2,124 | €1,647 | -€478 | -22.5% |
| Recurring financial charges | 65 | €2,124 | €1,647 | -€478 | -22.5% |
| Profit (loss) for the period before taxes | 9903 | €32,120 | €13,292 | -€18,828 | -58.6% |
| Income taxes | 67/77 | €8,460 | €2,863 | -€5,597 | -66.2% |
| Profit (loss) for the period | 9904 | €23,660 | €10,429 | -€13,231 | -55.9% |
| Profit (loss) for the period to be appropriated | 9905 | €23,660 | €10,429 | -€13,231 | -55.9% |
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 8 November 2026 via checked.be.