Dr. Kathleen Dreesen: 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. Kathleen Dreesen
Largest movements
- Cash -€222,194
down €222,194 (-70.3%), from €316,290 to €94,095
mainly Contributions, distributions and other (-€481,562) and Receivables within one year (-€7,882)
- Receivables within one year +€7,882
new in 2025: €7,882
- Tangible fixed assets +€5,844
up €5,844 (+206%), from €2,840 to €8,685
- Reserves -€403,000
down €403,000 (-99.9%), from €403,214 to €214
- Other debts +€187,839
up €187,839 (+6,282%), from €2,990 to €190,829
- Short-term financial debts +€8,839
new in 2025: €8,839
- Gross operating margin -€94,600
down €94,600 (-46.2%), from €204,881 to €110,281
- Taxes -€20,225
down €20,225 (-42.5%), from €47,581 to €27,356
- Financial charges +€2,793
up €2,793 (+1,490%), from €187 to €2,981
- Financial income -€2,730
down €2,730 (-77.5%), from €3,524 to €794
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 | €438,621 | €231,685 | -€206,935 | -47.2% |
| Fixed assets | 21/28 | €2,840 | €8,685 | +€5,844 | +206% |
| Tangible fixed assets | 22/27 | €2,840 | €8,685 | +€5,844 | +206% |
| Furniture and vehicles | 24 | €2,840 | €8,685 | +€5,844 | +206% |
| Current assets | 29/58 | €435,781 | €223,001 | -€212,780 | -48.8% |
| Amounts receivable within one year | 40/41 | - | €7,882 | +€7,882 | |
| Other amounts receivable | 41 | - | €7,882 | +€7,882 | |
| Current investments | 50/53 | €114,946 | €114,957 | +€11 | 0.0% |
| Cash at bank and in hand | 54/58 | €316,290 | €94,095 | -€222,194 | -70.3% |
| Deferred charges and accrued income | 490/1 | €4,546 | €6,067 | +€1,521 | +33.5% |
| Total equity and liabilities | 10/49 | €438,621 | €231,685 | -€206,935 | -47.2% |
| Equity | 10/15 | €408,214 | €5,214 | -€403,000 | -98.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €403,214 | €214 | -€403,000 | -99.9% |
| Distributable reserves | 133 | €403,214 | €214 | -€403,000 | -99.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €30,407 | €226,471 | +€196,065 | +645% |
| Amounts payable within one year | 42/48 | €26,219 | €222,195 | +€195,977 | +747% |
| Financial debts | 43 | - | €8,839 | +€8,839 | |
| Credit institutions | 430/8 | - | €8,839 | +€8,839 | |
| Trade debts | 44 | €6,755 | €3,573 | -€3,182 | -47.1% |
| Suppliers | 440/4 | €6,755 | €3,573 | -€3,182 | -47.1% |
| Taxes, remuneration and social security | 45 | €16,474 | €18,954 | +€2,481 | +15.1% |
| Taxes | 450/3 | €14,112 | €16,633 | +€2,521 | +17.9% |
| Remuneration and social security | 454/9 | €2,361 | €2,321 | -€40 | -1.7% |
| Other amounts payable | 47/48 | €2,990 | €190,829 | +€187,839 | +6,282% |
| Accrued charges and deferred income | 492/3 | €4,188 | €4,276 | +€88 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39 | €1,714 | +€1,674 | +4,244% |
| Other operating charges | 640/8 | €449 | €462 | +€12 | +2.8% |
| Gross operating margin | 9900 | €204,881 | €110,281 | -€94,600 | -46.2% |
| Operating profit (loss) | 9901 | €204,392 | €108,105 | -€96,287 | -47.1% |
| Financial income | 75/76B | €3,524 | €794 | -€2,730 | -77.5% |
| Recurring financial income | 75 | €3,524 | €794 | -€2,730 | -77.5% |
| Financial charges | 65/66B | €187 | €2,981 | +€2,793 | +1,490% |
| Recurring financial charges | 65 | €187 | €2,981 | +€2,793 | +1,490% |
| Profit (loss) for the period before taxes | 9903 | €207,729 | €105,919 | -€101,811 | -49.0% |
| Income taxes | 67/77 | €47,581 | €27,356 | -€20,225 | -42.5% |
| Profit (loss) for the period | 9904 | €160,148 | €78,562 | -€81,586 | -50.9% |
| Profit (loss) for the period to be appropriated | 9905 | €160,148 | €78,562 | -€81,586 | -50.9% |
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 29 October 2026 via checked.be.