Dr. Katrien Bruyninckx: 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 Bruyninckx
Largest movements
- Receivables within one year -€27,813
no longer reported in 2025 (was €27,813)
- Current investments +€27,180
new in 2025: €27,180
- Deferred charges and accrued income -€21,723
down €21,723 (-72.3%), from €30,042 to €8,319
- Tangible fixed assets -€7,907
down €7,907 (-25.2%), from €31,322 to €23,415
of which Furniture and vehicles: -€4,404
- Cash +€5,292
up €5,292 (+6.4%), from €82,097 to €87,389
mainly Receivables within one year (+€27,813) and Deferred charges and accrued income (+€21,723)
- Reserves -€37,838
down €37,838 (-21.8%), from €173,677 to €135,839
- Other debts +€7,537
new in 2025: €7,537
- Tax, wage and social debts +€4,503
up €4,503 (+26.2%), from €17,156 to €21,659
- Gross operating margin -€121,755
down €121,755 (-78.7%), from €154,622 to €32,866
- Taxes -€26,585
down €26,585 (-85.3%), from €31,156 to €4,570
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 | €195,418 | €167,747 | -€27,672 | -14.2% |
| Fixed assets | 21/28 | €55,467 | €44,860 | -€10,607 | -19.1% |
| Intangible fixed assets | 21 | €23,545 | €20,845 | -€2,700 | -11.5% |
| Tangible fixed assets | 22/27 | €31,322 | €23,415 | -€7,907 | -25.2% |
| Land and buildings | 22 | €13,894 | €12,088 | -€1,805 | -13.0% |
| Plant, machinery and equipment | 23 | €2,556 | €858 | -€1,698 | -66.4% |
| Furniture and vehicles | 24 | €14,872 | €10,468 | -€4,404 | -29.6% |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €139,951 | €122,887 | -€17,064 | -12.2% |
| Amounts receivable within one year | 40/41 | €27,813 | - | -€27,813 | |
| Other amounts receivable | 41 | €27,813 | - | -€27,813 | |
| Current investments | 50/53 | - | €27,180 | +€27,180 | |
| Cash at bank and in hand | 54/58 | €82,097 | €87,389 | +€5,292 | +6.4% |
| Deferred charges and accrued income | 490/1 | €30,042 | €8,319 | -€21,723 | -72.3% |
| Total equity and liabilities | 10/49 | €195,418 | €167,747 | -€27,672 | -14.2% |
| Equity | 10/15 | €174,677 | €136,839 | -€37,838 | -21.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €173,677 | €135,839 | -€37,838 | -21.8% |
| Distributable reserves | 133 | €173,677 | €135,839 | -€37,838 | -21.8% |
| Amounts payable | 17/49 | €20,742 | €30,908 | +€10,166 | +49.0% |
| Amounts payable within one year | 42/48 | €20,742 | €30,908 | +€10,166 | +49.0% |
| Trade debts | 44 | €3,586 | €1,711 | -€1,874 | -52.3% |
| Suppliers | 440/4 | €3,586 | €1,711 | -€1,874 | -52.3% |
| Taxes, remuneration and social security | 45 | €17,156 | €21,659 | +€4,503 | +26.2% |
| Taxes | 450/3 | €17,156 | €21,659 | +€4,503 | +26.2% |
| Other amounts payable | 47/48 | - | €7,537 | +€7,537 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,838 | €10,607 | -€231 | -2.1% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €154,622 | €32,866 | -€121,755 | -78.7% |
| Operating profit (loss) | 9901 | €143,397 | €21,859 | -€121,537 | -84.8% |
| Financial income | 75/76B | €0 | €224 | +€224 | +2,239,400% |
| Recurring financial income | 75 | €0 | €224 | +€224 | +2,239,400% |
| Financial charges | 65/66B | €44 | €351 | +€307 | +706% |
| Recurring financial charges | 65 | €44 | €351 | +€307 | +706% |
| Profit (loss) for the period before taxes | 9903 | €143,353 | €21,733 | -€121,620 | -84.8% |
| Income taxes | 67/77 | €31,156 | €4,570 | -€26,585 | -85.3% |
| Profit (loss) for the period | 9904 | €112,197 | €17,162 | -€95,035 | -84.7% |
| Profit (loss) for the period to be appropriated | 9905 | €112,197 | €17,162 | -€95,035 | -84.7% |
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 19 October 2026 via checked.be.