Dr.Katrien Haems: 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 Haems
Largest movements
- Cash +€225,497
up €225,497 (+287%), from €78,699 to €304,195
mainly Current investments (+€154,987) and Net result for the year (+€67,739)
- Current investments -€154,987
down €154,987 (-62.9%), from €246,588 to €91,600
- Tangible fixed assets -€30,511
down €30,511 (-15.7%), from €193,931 to €163,421
of which Furniture and vehicles: -€15,883
- Reserves +€32,457
up €32,457 (+14.3%), from €227,040 to €259,497
- Tax, wage and social debts +€16,661
up €16,661 (+78.9%), from €21,120 to €37,781
of which Taxes: +€18,196
- Debts after one year -€11,824
down €11,824 (-56.7%), from €20,844 to €9,020
- Gross operating margin -€24,871
down €24,871 (-12.4%), from €200,572 to €175,701
- Staff costs -€11,992
down €11,992 (-22.6%), from €53,067 to €41,074
- Taxes +€7,130
up €7,130 (+21.1%), from €33,788 to €40,918
- Financial income +€5,430
up €5,430 (+201%), from €2,701 to €8,131
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 | €556,015 | €593,623 | +€37,608 | +6.8% |
| Fixed assets | 21/28 | €194,051 | €163,541 | -€30,511 | -15.7% |
| Tangible fixed assets | 22/27 | €193,931 | €163,421 | -€30,511 | -15.7% |
| Land and buildings | 22 | €149,338 | €134,527 | -€14,810 | -9.9% |
| Plant, machinery and equipment | 23 | €2,230 | €2,413 | +€183 | +8.2% |
| Furniture and vehicles | 24 | €42,364 | €26,480 | -€15,883 | -37.5% |
| Financial fixed assets | 28 | €120 | €120 | = | 0.0% |
| Current assets | 29/58 | €361,964 | €430,082 | +€68,118 | +18.8% |
| Amounts receivable within one year | 40/41 | €34,749 | €31,959 | -€2,790 | -8.0% |
| Trade receivables | 40 | €16,137 | €12,689 | -€3,448 | -21.4% |
| Other amounts receivable | 41 | €18,612 | €19,270 | +€658 | +3.5% |
| Current investments | 50/53 | €246,588 | €91,600 | -€154,987 | -62.9% |
| Cash at bank and in hand | 54/58 | €78,699 | €304,195 | +€225,497 | +287% |
| Deferred charges and accrued income | 490/1 | €1,929 | €2,327 | +€398 | +20.6% |
| Total equity and liabilities | 10/49 | €556,015 | €593,623 | +€37,608 | +6.8% |
| Equity | 10/15 | €477,714 | €510,170 | +€32,457 | +6.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €227,040 | €259,497 | +€32,457 | +14.3% |
| Distributable reserves | 133 | €227,040 | €259,497 | +€32,457 | +14.3% |
| Profit (loss) carried forward | 14 | €238,273 | €238,273 | = | 0.0% |
| Amounts payable | 17/49 | €78,302 | €83,453 | +€5,151 | +6.6% |
| Amounts payable after more than one year | 17 | €20,844 | €9,020 | -€11,824 | -56.7% |
| Financial debts | 170/4 | €20,844 | €9,020 | -€11,824 | -56.7% |
| Amounts payable within one year | 42/48 | €57,457 | €74,432 | +€16,975 | +29.5% |
| Current portion of amounts payable after more than one year | 42 | €11,596 | €11,824 | +€228 | +2.0% |
| Trade debts | 44 | €24,742 | €24,827 | +€85 | +0.3% |
| Suppliers | 440/4 | €24,742 | €24,827 | +€85 | +0.3% |
| Taxes, remuneration and social security | 45 | €21,120 | €37,781 | +€16,661 | +78.9% |
| Taxes | 450/3 | €14,978 | €33,174 | +€18,196 | +121% |
| Remuneration and social security | 454/9 | €6,142 | €4,607 | -€1,535 | -25.0% |
| Remuneration, social security and pensions | 62 | €53,067 | €41,074 | -€11,992 | -22.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,096 | €32,040 | -€56 | -0.2% |
| Other operating charges | 640/8 | €1,232 | €1,519 | +€287 | +23.3% |
| Gross operating margin | 9900 | €200,572 | €175,701 | -€24,871 | -12.4% |
| Operating profit (loss) | 9901 | €114,177 | €101,068 | -€13,109 | -11.5% |
| Financial income | 75/76B | €2,701 | €8,131 | +€5,430 | +201% |
| Recurring financial income | 75 | €2,701 | €8,131 | +€5,430 | +201% |
| Financial charges | 65/66B | €789 | €542 | -€247 | -31.3% |
| Recurring financial charges | 65 | €789 | €542 | -€247 | -31.3% |
| Profit (loss) for the period before taxes | 9903 | €116,090 | €108,657 | -€7,433 | -6.4% |
| Income taxes | 67/77 | €33,788 | €40,918 | +€7,130 | +21.1% |
| Profit (loss) for the period | 9904 | €82,302 | €67,739 | -€14,563 | -17.7% |
| Profit (loss) for the period to be appropriated | 9905 | €82,302 | €67,739 | -€14,563 | -17.7% |
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 18 October 2026 via checked.be.