Dr. Katrien Dejaegher: 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 Dejaegher
Largest movements
- Cash +€74,518
up €74,518 (+67.8%), from €109,907 to €184,425
mainly Net result for the year (+€313,936) and Other debts (+€138,231)
- Receivables within one year +€13,878
up €13,878 (+10.5%), from €131,863 to €145,741
of which Trade receivables: +€12,169
- Deferred charges and accrued income +€7,221
up €7,221 (+39.5%), from €18,283 to €25,504
- Other debts +€138,231
up €138,231 (+44.1%), from €313,545 to €451,775
- Reserves -€50,064
down €50,064 (-95.6%), from €52,380 to €2,316
of which Tax-exempt reserves: -€50,520
- Gross operating margin +€45,142
up €45,142 (+12.3%), from €366,457 to €411,600
- Depreciation -€29,215
down €29,215 (-89.8%), from €32,549 to €3,334
- Taxes +€16,143
up €16,143 (+20.0%), from €80,659 to €96,802
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 | €394,819 | €482,418 | +€87,599 | +22.2% |
| Fixed assets | 21/28 | €10,807 | €7,473 | -€3,334 | -30.8% |
| Tangible fixed assets | 22/27 | €10,807 | €7,473 | -€3,334 | -30.8% |
| Plant, machinery and equipment | 23 | €9,351 | €7,051 | -€2,300 | -24.6% |
| Furniture and vehicles | 24 | €503 | €339 | -€165 | -32.7% |
| Other tangible fixed assets | 26 | €952 | €83 | -€869 | -91.2% |
| Current assets | 29/58 | €384,012 | €474,945 | +€90,933 | +23.7% |
| Amounts receivable after more than one year | 29 | €113,959 | €109,275 | -€4,684 | -4.1% |
| Other amounts receivable | 291 | €113,959 | €109,275 | -€4,684 | -4.1% |
| Amounts receivable within one year | 40/41 | €131,863 | €145,741 | +€13,878 | +10.5% |
| Trade receivables | 40 | €131,863 | €144,032 | +€12,169 | +9.2% |
| Other amounts receivable | 41 | - | €1,708 | +€1,708 | |
| Current investments | 50/53 | €10,000 | €10,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €109,907 | €184,425 | +€74,518 | +67.8% |
| Deferred charges and accrued income | 490/1 | €18,283 | €25,504 | +€7,221 | +39.5% |
| Total equity and liabilities | 10/49 | €394,819 | €482,418 | +€87,599 | +22.2% |
| Equity | 10/15 | €70,980 | €20,916 | -€50,064 | -70.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €52,380 | €2,316 | -€50,064 | -95.6% |
| Tax-exempt reserves | 132 | €50,520 | - | -€50,520 | |
| Distributable reserves | 133 | €1,860 | €2,316 | +€456 | +24.5% |
| Amounts payable | 17/49 | €323,839 | €461,502 | +€137,663 | +42.5% |
| Amounts payable after more than one year | 17 | €7,273 | €5,001 | -€2,272 | -31.2% |
| Financial debts | 170/4 | €7,273 | €5,001 | -€2,272 | -31.2% |
| Amounts payable within one year | 42/48 | €316,566 | €456,501 | +€139,935 | +44.2% |
| Current portion of amounts payable after more than one year | 42 | €2,165 | €2,272 | +€107 | +4.9% |
| Trade debts | 44 | €252 | €1,218 | +€966 | +383% |
| Suppliers | 440/4 | €252 | €1,218 | +€966 | +383% |
| Taxes, remuneration and social security | 45 | €605 | €1,237 | +€631 | +104% |
| Taxes | 450/3 | €605 | €1,237 | +€631 | +104% |
| Other amounts payable | 47/48 | €313,545 | €451,775 | +€138,231 | +44.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,549 | €3,334 | -€29,215 | -89.8% |
| Other operating charges | 640/8 | €1,094 | €1,109 | +€15 | +1.4% |
| Gross operating margin | 9900 | €366,457 | €411,600 | +€45,142 | +12.3% |
| Operating profit (loss) | 9901 | €332,815 | €407,157 | +€74,342 | +22.3% |
| Financial income | 75/76B | €3,526 | €4,469 | +€943 | +26.8% |
| Recurring financial income | 75 | €3,526 | €4,469 | +€943 | +26.8% |
| Financial charges | 65/66B | €1,034 | €889 | -€145 | -14.0% |
| Recurring financial charges | 65 | €1,034 | €889 | -€145 | -14.0% |
| Profit (loss) for the period before taxes | 9903 | €335,307 | €410,737 | +€75,431 | +22.5% |
| Income taxes | 67/77 | €80,659 | €96,802 | +€16,143 | +20.0% |
| Profit (loss) for the period | 9904 | €254,648 | €313,936 | +€59,288 | +23.3% |
| Transfer from tax-exempt reserves | 789 | €50,520 | €50,520 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €305,168 | €364,456 | +€59,288 | +19.4% |
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.