Dr. Katrien Devos: what changed
Two fiscal 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 Devos
Largest movements
- Cash -€89,424
down €89,424 (-56.2%), from €159,083 to €69,659
mainly Other debts (-€117,588) and Contributions, distributions and other (-€105,173)
- Tangible fixed assets +€50,529
up €50,529 (+1498.2%), from €3,373 to €53,901
- Intangible fixed assets -€28,603
down €28,603 (-40.1%), from €71,412 to €42,809
- Deferred charges and accrued income -€12,973
down €12,973 (-23.1%), from €56,084 to €43,111
- Receivables within one year +€5,348
up €5,348 (+244.8%), from €2,185 to €7,533
- Other debts -€117,588
down €117,588 (-44.0%), from €267,376 to €149,787
- Debts after one year +€34,408
new in 2025: €34,408
- Current portion of long-term debt +€9,857
new in 2025: €9,857
- Gross operating margin -€12,710
down €12,710 (-6.8%), from €187,148 to €174,438
- Depreciation +€8,941
up €8,941 (+28.5%), from €31,381 to €40,322
- Taxes -€5,027
down €5,027 (-14.4%), from €34,859 to €29,833
- Financial income +€3,785
up €3,785 (+2507.2%), from €151 to €3,936
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.
Cash bridge derived
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 | €292,137 | €217,014 | -€75,123 | -25.7% |
| Fixed assets | 21/28 | €74,785 | €96,710 | +€21,925 | +29.3% |
| Intangible fixed assets | 21 | €71,412 | €42,809 | -€28,603 | -40.1% |
| Tangible fixed assets | 22/27 | €3,373 | €53,901 | +€50,529 | +1498.2% |
| Furniture and vehicles | 24 | €3,373 | €53,901 | +€50,529 | +1498.2% |
| Current assets | 29/58 | €217,352 | €120,304 | -€97,048 | -44.7% |
| Amounts receivable within one year | 40/41 | €2,185 | €7,533 | +€5,348 | +244.8% |
| Other amounts receivable | 41 | €2,185 | €7,533 | +€5,348 | +244.8% |
| Cash at bank and in hand | 54/58 | €159,083 | €69,659 | -€89,424 | -56.2% |
| Deferred charges and accrued income | 490/1 | €56,084 | €43,111 | -€12,973 | -23.1% |
| Total equity and liabilities | 10/49 | €292,137 | €217,014 | -€75,123 | -25.7% |
| Equity | 10/15 | €18,550 | €18,550 | = | 0.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €273,587 | €198,464 | -€75,123 | -27.5% |
| Amounts payable after more than one year | 17 | - | €34,408 | +€34,408 | |
| Financial debts | 170/4 | - | €34,408 | +€34,408 | |
| Amounts payable within one year | 42/48 | €271,850 | €161,899 | -€109,951 | -40.4% |
| Current portion of amounts payable after more than one year | 42 | - | €9,857 | +€9,857 | |
| Financial debts | 43 | €18 | €83 | +€65 | +363.3% |
| Credit institutions | 430/8 | €18 | €83 | +€65 | +363.3% |
| Trade debts | 44 | €3,314 | €1,030 | -€2,285 | -68.9% |
| Suppliers | 440/4 | €3,314 | €1,030 | -€2,285 | -68.9% |
| Taxes, remuneration and social security | 45 | €1,142 | €1,142 | = | 0.0% |
| Taxes | 450/3 | €982 | €982 | = | 0.0% |
| Remuneration and social security | 454/9 | €160 | €160 | = | 0.0% |
| Other amounts payable | 47/48 | €267,376 | €149,787 | -€117,588 | -44.0% |
| Accrued charges and deferred income | 492/3 | €1,737 | €2,157 | +€420 | +24.2% |
| Non-recurring operating income | 76A | - | €6,000 | +€6,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,381 | €40,322 | +€8,941 | +28.5% |
| Other operating charges | 640/8 | €761 | €528 | -€233 | -30.6% |
| Gross operating margin | 9900 | €187,148 | €174,438 | -€12,710 | -6.8% |
| Operating profit (loss) | 9901 | €155,007 | €133,588 | -€21,419 | -13.8% |
| Financial income | 75/76B | €151 | €3,936 | +€3,785 | +2507.2% |
| Recurring financial income | 75 | €151 | €3,936 | +€3,785 | +2507.2% |
| Financial charges | 65/66B | €964 | €2,519 | +€1,555 | +161.4% |
| Recurring financial charges | 65 | €964 | €2,519 | +€1,555 | +161.4% |
| Profit (loss) for the period before taxes | 9903 | €154,194 | €135,006 | -€19,188 | -12.4% |
| Income taxes | 67/77 | €34,859 | €29,833 | -€5,027 | -14.4% |
| Profit (loss) for the period | 9904 | €119,335 | €105,173 | -€14,161 | -11.9% |
| Profit (loss) for the period to be appropriated | 9905 | €119,335 | €105,173 | -€14,161 | -11.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.