Dr Katrien Lagey: 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 Lagey
Largest movements
- Cash +€117,493
up €117,493 (+16.3%), from €720,324 to €837,818
mainly Net result for the year (+€245,263) and Other debts (+€187,265)
- Receivables after one year -€110,000
down €110,000 (-44.0%), from €250,000 to €140,000
- Receivables within one year -€22,631
down €22,631 (-93.5%), from €24,199 to €1,567
of which Other amounts receivable: -€24,199
- Other debts +€187,265
up €187,265 (+367%), from €51,071 to €238,337
- Reserves -€180,503
down €180,503 (-19.5%), from €926,492 to €745,988
of which Distributable reserves: -€180,503
- Debts after one year -€41,708
down €41,708 (-31.9%), from €130,650 to €88,942
- Tax, wage and social debts +€31,786
up €31,786 (+69.4%), from €45,795 to €77,581
of which Taxes: +€24,714
- Depreciation +€20,201
up €20,201 (+61.5%), from €32,838 to €53,039
- Gross operating margin -€13,116
down €13,116 (-2.8%), from €467,235 to €454,119
- Taxes -€11,347
down €11,347 (-9.5%), from €119,472 to €108,125
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 | €1,297,368 | €1,297,141 | -€226 | 0.0% |
| Fixed assets | 21/28 | €189,155 | €189,036 | -€119 | -0.1% |
| Tangible fixed assets | 22/27 | €189,155 | €189,036 | -€119 | -0.1% |
| Land and buildings | 22 | €87,609 | €62,615 | -€24,994 | -28.5% |
| Plant, machinery and equipment | 23 | €17,936 | €59,315 | +€41,380 | +231% |
| Furniture and vehicles | 24 | €83,611 | €67,105 | -€16,505 | -19.7% |
| Current assets | 29/58 | €1,108,213 | €1,108,106 | -€107 | 0.0% |
| Amounts receivable after more than one year | 29 | €250,000 | €140,000 | -€110,000 | -44.0% |
| Other amounts receivable | 291 | €250,000 | €140,000 | -€110,000 | -44.0% |
| Amounts receivable within one year | 40/41 | €24,199 | €1,567 | -€22,631 | -93.5% |
| Trade receivables | 40 | - | €1,567 | +€1,567 | |
| Other amounts receivable | 41 | €24,199 | €0 | -€24,199 | -100% |
| Current investments | 50/53 | €108,668 | €121,539 | +€12,871 | +11.8% |
| Cash at bank and in hand | 54/58 | €720,324 | €837,818 | +€117,493 | +16.3% |
| Deferred charges and accrued income | 490/1 | €5,022 | €7,182 | +€2,160 | +43.0% |
| Total equity and liabilities | 10/49 | €1,297,368 | €1,297,141 | -€226 | 0.0% |
| Equity | 10/15 | €940,752 | €760,248 | -€180,503 | -19.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €926,492 | €745,988 | -€180,503 | -19.5% |
| Tax-exempt reserves | 132 | €20,000 | €20,000 | = | 0.0% |
| Distributable reserves | 133 | €906,492 | €725,988 | -€180,503 | -19.9% |
| Profit (loss) carried forward | 14 | €1,860 | €1,860 | = | 0.0% |
| Amounts payable | 17/49 | €356,616 | €536,893 | +€180,277 | +50.6% |
| Amounts payable after more than one year | 17 | €130,650 | €88,942 | -€41,708 | -31.9% |
| Financial debts | 170/4 | €130,650 | €88,942 | -€41,708 | -31.9% |
| Amounts payable within one year | 42/48 | €225,966 | €447,951 | +€221,985 | +98.2% |
| Current portion of amounts payable after more than one year | 42 | €39,961 | €41,708 | +€1,747 | +4.4% |
| Financial debts | 43 | €25,393 | €27,111 | +€1,718 | +6.8% |
| Credit institutions | 430/8 | €25,393 | €27,111 | +€1,718 | +6.8% |
| Trade debts | 44 | €18,556 | €16,414 | -€2,141 | -11.5% |
| Suppliers | 440/4 | €18,556 | €16,414 | -€2,141 | -11.5% |
| Advances received on contracts in progress | 46 | €45,190 | €46,800 | +€1,610 | +3.6% |
| Taxes, remuneration and social security | 45 | €45,795 | €77,581 | +€31,786 | +69.4% |
| Taxes | 450/3 | €40,482 | €65,196 | +€24,714 | +61.0% |
| Remuneration and social security | 454/9 | €5,313 | €12,385 | +€7,072 | +133% |
| Other amounts payable | 47/48 | €51,071 | €238,337 | +€187,265 | +367% |
| Non-recurring operating income | 76A | €19,023 | €0 | -€19,023 | -100% |
| Remuneration, social security and pensions | 62 | €44,171 | €44,570 | +€399 | +0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,838 | €53,039 | +€20,201 | +61.5% |
| Other operating charges | 640/8 | €2,569 | €3,288 | +€718 | +28.0% |
| Gross operating margin | 9900 | €467,235 | €454,119 | -€13,116 | -2.8% |
| Operating profit (loss) | 9901 | €387,657 | €353,223 | -€34,434 | -8.9% |
| Financial income | 75/76B | €12,861 | €11,099 | -€1,762 | -13.7% |
| Recurring financial income | 75 | €12,861 | €11,099 | -€1,762 | -13.7% |
| Financial charges | 65/66B | €7,947 | €10,935 | +€2,988 | +37.6% |
| Recurring financial charges | 65 | €7,947 | €10,935 | +€2,988 | +37.6% |
| Profit (loss) for the period before taxes | 9903 | €392,571 | €353,387 | -€39,184 | -10.0% |
| Income taxes | 67/77 | €119,472 | €108,125 | -€11,347 | -9.5% |
| Profit (loss) for the period | 9904 | €273,099 | €245,263 | -€27,837 | -10.2% |
| Profit (loss) for the period to be appropriated | 9905 | €273,099 | €245,263 | -€27,837 | -10.2% |
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 15 October 2026 via checked.be.