Dr. Katrien Hoet: 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 Hoet
Largest movements
- Cash -€100,187
down €100,187 (-45.8%), from €218,670 to €118,482
mainly Other debts (-€213,914) and Tax, wage and social debts (-€68,268)
- Deferred charges and accrued income -€32,997
down €32,997 (-52.4%), from €62,997 to €30,000
- Tangible fixed assets -€13,295
down €13,295 (-22.4%), from €59,335 to €46,041
of which Furniture and vehicles: -€12,015
- Receivables within one year +€5,040
new in 2025: €5,040
- Other debts -€213,914
no longer reported in 2025 (was €213,914)
- Profit (loss) carried forward +€155,763
new in 2025: €155,763
- Tax, wage and social debts -€68,268
down €68,268 (-89.9%), from €75,955 to €7,687
of which Taxes: -€71,392
- Trade debts -€12,511
down €12,511 (-82.9%), from €15,093 to €2,582
- Reserves +€10,000
up €10,000 (+200%), from €5,000 to €15,000
- Gross operating margin -€122,080
down €122,080 (-34.5%), from €354,346 to €232,266
- Taxes -€33,460
down €33,460 (-40.2%), from €83,227 to €49,767
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 | €346,002 | €207,563 | -€138,439 | -40.0% |
| Fixed assets | 21/28 | €60,335 | €47,041 | -€13,295 | -22.0% |
| Tangible fixed assets | 22/27 | €59,335 | €46,041 | -€13,295 | -22.4% |
| Land and buildings | 22 | €11,768 | €10,489 | -€1,280 | -10.9% |
| Furniture and vehicles | 24 | €47,567 | €35,552 | -€12,015 | -25.3% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €285,667 | €160,522 | -€125,145 | -43.8% |
| Amounts receivable within one year | 40/41 | - | €5,040 | +€5,040 | |
| Other amounts receivable | 41 | - | €5,040 | +€5,040 | |
| Current investments | 50/53 | €4,000 | €7,000 | +€3,000 | +75.0% |
| Cash at bank and in hand | 54/58 | €218,670 | €118,482 | -€100,187 | -45.8% |
| Deferred charges and accrued income | 490/1 | €62,997 | €30,000 | -€32,997 | -52.4% |
| Total equity and liabilities | 10/49 | €346,002 | €207,563 | -€138,439 | -40.0% |
| Equity | 10/15 | €8,000 | €173,763 | +€165,763 | +2,072% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €5,000 | €15,000 | +€10,000 | +200% |
| Distributable reserves | 133 | €5,000 | €15,000 | +€10,000 | +200% |
| Profit (loss) carried forward | 14 | - | €155,763 | +€155,763 | |
| Amounts payable | 17/49 | €338,002 | €33,800 | -€304,202 | -90.0% |
| Amounts payable after more than one year | 17 | €24,276 | €15,166 | -€9,110 | -37.5% |
| Financial debts | 170/4 | €24,276 | €15,166 | -€9,110 | -37.5% |
| Amounts payable within one year | 42/48 | €313,726 | €18,634 | -€295,092 | -94.1% |
| Current portion of amounts payable after more than one year | 42 | €8,763 | €8,364 | -€399 | -4.6% |
| Trade debts | 44 | €15,093 | €2,582 | -€12,511 | -82.9% |
| Suppliers | 440/4 | €15,093 | €2,582 | -€12,511 | -82.9% |
| Taxes, remuneration and social security | 45 | €75,955 | €7,687 | -€68,268 | -89.9% |
| Taxes | 450/3 | €75,955 | €4,563 | -€71,392 | -94.0% |
| Remuneration and social security | 454/9 | - | €3,124 | +€3,124 | |
| Other amounts payable | 47/48 | €213,914 | - | -€213,914 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,702 | €13,295 | +€2,592 | +24.2% |
| Other operating charges | 640/8 | €2,239 | €2,780 | +€541 | +24.2% |
| Gross operating margin | 9900 | €354,346 | €232,266 | -€122,080 | -34.5% |
| Operating profit (loss) | 9901 | €341,405 | €216,192 | -€125,213 | -36.7% |
| Financial income | 75/76B | €34 | €679 | +€645 | +1,918% |
| Recurring financial income | 75 | €34 | €679 | +€645 | +1,918% |
| Financial charges | 65/66B | €1,691 | €1,341 | -€349 | -20.7% |
| Recurring financial charges | 65 | €1,691 | €1,341 | -€349 | -20.7% |
| Profit (loss) for the period before taxes | 9903 | €339,748 | €215,529 | -€124,219 | -36.6% |
| Income taxes | 67/77 | €83,227 | €49,767 | -€33,460 | -40.2% |
| Profit (loss) for the period | 9904 | €256,521 | €165,763 | -€90,759 | -35.4% |
| Profit (loss) for the period to be appropriated | 9905 | €256,521 | €165,763 | -€90,759 | -35.4% |
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 23 October 2026 via checked.be.