Dr. Katrien Bols: 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. Katrien Bols
Largest movements
- Receivables after one year -€120,579
no longer reported in 2025 (was €120,579)
- Deferred charges and accrued income -€40,888
down €40,888 (-95.2%), from €42,941 to €2,052
- Cash +€26,239
up €26,239 (+43.6%), from €60,171 to €86,410
mainly Receivables after one year (+€120,579) and Net result for the year (+€72,368)
- Intangible fixed assets -€17,500
down €17,500 (-30.0%), from €58,333 to €40,834
- Reserves -€227,632
down €227,632 (-69.4%), from €327,941 to €100,309
- Other debts +€72,045
up €72,045 (+578%), from €12,464 to €84,508
- Gross operating margin +€23,341
up €23,341 (+26.7%), from €87,330 to €110,671
- Taxes +€4,854
up €4,854 (+30.8%), from €15,734 to €20,587
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 | €375,651 | €218,431 | -€157,221 | -41.9% |
| Fixed assets | 21/28 | €65,151 | €45,694 | -€19,457 | -29.9% |
| Intangible fixed assets | 21 | €58,333 | €40,834 | -€17,500 | -30.0% |
| Tangible fixed assets | 22/27 | €6,818 | €4,861 | -€1,957 | -28.7% |
| Plant, machinery and equipment | 23 | €6,818 | €4,861 | -€1,957 | -28.7% |
| Current assets | 29/58 | €310,500 | €172,736 | -€137,764 | -44.4% |
| Amounts receivable after more than one year | 29 | €120,579 | - | -€120,579 | |
| Trade receivables | 290 | €120,579 | - | -€120,579 | |
| Amounts receivable within one year | 40/41 | €11,810 | €9,275 | -€2,535 | -21.5% |
| Trade receivables | 40 | - | €4,348 | +€4,348 | |
| Other amounts receivable | 41 | €11,810 | €4,927 | -€6,883 | -58.3% |
| Current investments | 50/53 | €75,000 | €75,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €60,171 | €86,410 | +€26,239 | +43.6% |
| Deferred charges and accrued income | 490/1 | €42,941 | €2,052 | -€40,888 | -95.2% |
| Total equity and liabilities | 10/49 | €375,651 | €218,431 | -€157,221 | -41.9% |
| Equity | 10/15 | €346,491 | €118,859 | -€227,632 | -65.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €327,941 | €100,309 | -€227,632 | -69.4% |
| Distributable reserves | 133 | €327,941 | €100,309 | -€227,632 | -69.4% |
| Amounts payable | 17/49 | €29,161 | €99,572 | +€70,411 | +241% |
| Amounts payable within one year | 42/48 | €29,161 | €99,572 | +€70,411 | +241% |
| Financial debts | 43 | €8,467 | €8,426 | -€41 | -0.5% |
| Credit institutions | 430/8 | €8,467 | €8,426 | -€41 | -0.5% |
| Trade debts | 44 | €4,081 | €2,918 | -€1,163 | -28.5% |
| Suppliers | 440/4 | €4,081 | €2,918 | -€1,163 | -28.5% |
| Taxes, remuneration and social security | 45 | €4,149 | €3,720 | -€429 | -10.3% |
| Taxes | 450/3 | €1,449 | €3,720 | +€2,271 | +157% |
| Remuneration and social security | 454/9 | €2,700 | - | -€2,700 | |
| Other amounts payable | 47/48 | €12,464 | €84,508 | +€72,045 | +578% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,245 | €20,842 | +€597 | +2.9% |
| Other operating charges | 640/8 | €236 | €226 | -€10 | -4.2% |
| Gross operating margin | 9900 | €87,330 | €110,671 | +€23,341 | +26.7% |
| Operating profit (loss) | 9901 | €66,849 | €89,603 | +€22,754 | +34.0% |
| Financial income | 75/76B | €4,720 | €4,219 | -€501 | -10.6% |
| Recurring financial income | 75 | €4,720 | €4,219 | -€501 | -10.6% |
| Financial charges | 65/66B | €1,028 | €866 | -€162 | -15.7% |
| Recurring financial charges | 65 | €1,028 | €866 | -€162 | -15.7% |
| Profit (loss) for the period before taxes | 9903 | €70,541 | €92,955 | +€22,415 | +31.8% |
| Income taxes | 67/77 | €15,734 | €20,587 | +€4,854 | +30.8% |
| Profit (loss) for the period | 9904 | €54,807 | €72,368 | +€17,561 | +32.0% |
| Profit (loss) for the period to be appropriated | 9905 | €54,807 | €72,368 | +€17,561 | +32.0% |
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 24 October 2026 via checked.be.