Dr. Katrien Cuppens: 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 Cuppens
Largest movements
- Tangible fixed assets -€387,675
down €387,675 (-99.7%), from €388,818 to €1,143
of which Land and buildings: -€386,239
- Cash +€162,130
up €162,130 (+144%), from €112,758 to €274,888
mainly Investment in fixed assets (net) (+€378,739) and Net result for the year (+€121,963)
- Receivables within one year -€41,330
down €41,330 (-72.1%), from €57,308 to €15,978
- Financial fixed assets +€7,500
new in 2025: €7,500
- Debts after one year -€215,097
no longer reported in 2025 (was €215,097)
- Other debts -€69,500
no longer reported in 2025 (was €69,500)
- Reserves +€26,963
up €26,963 (+11.0%), from €244,978 to €271,940
- Gross operating margin +€36,236
up €36,236 (+27.7%), from €130,692 to €166,928
- Depreciation -€31,589
down €31,589 (-95.7%), from €33,024 to €1,436
- Taxes +€15,856
up €15,856 (+75.6%), from €20,979 to €36,835
- Other operating charges +€2,595
up €2,595 (+291%), from €892 to €3,486
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 | €612,516 | €354,858 | -€257,658 | -42.1% |
| Fixed assets | 21/28 | €388,818 | €8,643 | -€380,175 | -97.8% |
| Tangible fixed assets | 22/27 | €388,818 | €1,143 | -€387,675 | -99.7% |
| Land and buildings | 22 | €386,239 | - | -€386,239 | |
| Furniture and vehicles | 24 | €2,579 | €1,143 | -€1,436 | -55.7% |
| Financial fixed assets | 28 | - | €7,500 | +€7,500 | |
| Current assets | 29/58 | €223,698 | €346,215 | +€122,517 | +54.8% |
| Amounts receivable within one year | 40/41 | €57,308 | €15,978 | -€41,330 | -72.1% |
| Other amounts receivable | 41 | €57,308 | €15,978 | -€41,330 | -72.1% |
| Cash at bank and in hand | 54/58 | €112,758 | €274,888 | +€162,130 | +144% |
| Deferred charges and accrued income | 490/1 | €53,632 | €55,348 | +€1,717 | +3.2% |
| Total equity and liabilities | 10/49 | €612,516 | €354,858 | -€257,658 | -42.1% |
| Equity | 10/15 | €257,378 | €284,340 | +€26,963 | +10.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €244,978 | €271,940 | +€26,963 | +11.0% |
| Distributable reserves | 133 | €244,978 | €271,940 | +€26,963 | +11.0% |
| Amounts payable | 17/49 | €355,138 | €70,518 | -€284,621 | -80.1% |
| Amounts payable after more than one year | 17 | €215,097 | - | -€215,097 | |
| Financial debts | 170/4 | €215,097 | - | -€215,097 | |
| Amounts payable within one year | 42/48 | €140,041 | €70,518 | -€69,524 | -49.6% |
| Current portion of amounts payable after more than one year | 42 | €37,372 | €35,000 | -€2,372 | -6.3% |
| Trade debts | 44 | €770 | €3,454 | +€2,684 | +349% |
| Suppliers | 440/4 | €770 | €3,454 | +€2,684 | +349% |
| Taxes, remuneration and social security | 45 | €32,399 | €32,064 | -€336 | -1.0% |
| Taxes | 450/3 | €32,399 | €32,064 | -€336 | -1.0% |
| Other amounts payable | 47/48 | €69,500 | - | -€69,500 | |
| Non-recurring operating income | 76A | - | €44,658 | +€44,658 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,024 | €1,436 | -€31,589 | -95.7% |
| Other operating charges | 640/8 | €892 | €3,486 | +€2,595 | +291% |
| Gross operating margin | 9900 | €130,692 | €166,928 | +€36,236 | +27.7% |
| Operating profit (loss) | 9901 | €96,776 | €162,006 | +€65,230 | +67.4% |
| Financial income | 75/76B | €3,397 | €2,041 | -€1,356 | -39.9% |
| Recurring financial income | 75 | €3,397 | €2,041 | -€1,356 | -39.9% |
| Financial charges | 65/66B | €4,461 | €5,250 | +€789 | +17.7% |
| Recurring financial charges | 65 | €4,461 | €5,250 | +€789 | +17.7% |
| Profit (loss) for the period before taxes | 9903 | €95,713 | €158,797 | +€63,085 | +65.9% |
| Income taxes | 67/77 | €20,979 | €36,835 | +€15,856 | +75.6% |
| Profit (loss) for the period | 9904 | €74,734 | €121,963 | +€47,229 | +63.2% |
| Profit (loss) for the period to be appropriated | 9905 | €74,734 | €121,963 | +€47,229 | +63.2% |
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 28 October 2026 via checked.be.