Dr. Katrien Mertens: 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 Mertens
Largest movements
- Receivables within one year +€155,533
up €155,533 (+35.0%), from €443,870 to €599,402
of which Other amounts receivable: +€155,771
- Deferred charges and accrued income -€46,982
down €46,982 (-51.6%), from €91,079 to €44,098
- Cash +€44,040
up €44,040 (+159%), from €27,619 to €71,659
mainly Net result for the year (+€170,814) and Deferred charges and accrued income (+€46,982)
- Tangible fixed assets +€24,528
up €24,528 (+149%), from €16,482 to €41,010
of which Furniture and vehicles: +€27,390
- Reserves +€170,814
up €170,814 (+18.6%), from €916,444 to €1.1m
of which Distributable reserves: +€170,814
- Debts after one year +€28,599
up €28,599 (+698%), from €4,095 to €32,694
- Tax, wage and social debts -€20,051
down €20,051 (-27.7%), from €72,416 to €52,365
- Short-term financial debts -€16,651
down €16,651 (-52.4%), from €31,764 to €15,113
- Financial income -€101,779
down €101,779 (-70.0%), from €145,402 to €43,623
- Taxes -€57,463
down €57,463 (-41.1%), from €139,979 to €82,515
- Gross operating margin +€10,616
up €10,616 (+4.1%), from €261,373 to €271,989
- Depreciation -€3,622
down €3,622 (-33.9%), from €10,697 to €7,075
- Financial charges +€3,024
up €3,024 (+102%), from €2,959 to €5,983
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 | €1,057,050 | €1,234,169 | +€177,119 | +16.8% |
| Fixed assets | 21/28 | €16,482 | €41,010 | +€24,528 | +149% |
| Tangible fixed assets | 22/27 | €16,482 | €41,010 | +€24,528 | +149% |
| Land and buildings | 22 | €4,406 | €1,544 | -€2,862 | -65.0% |
| Furniture and vehicles | 24 | €12,076 | €39,466 | +€27,390 | +227% |
| Current assets | 29/58 | €1,040,568 | €1,193,159 | +€152,591 | +14.7% |
| Amounts receivable after more than one year | 29 | €478,000 | €478,000 | = | 0.0% |
| Trade receivables | 290 | €478,000 | €478,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €443,870 | €599,402 | +€155,533 | +35.0% |
| Trade receivables | 40 | €14,035 | €13,797 | -€238 | -1.7% |
| Other amounts receivable | 41 | €429,834 | €585,605 | +€155,771 | +36.2% |
| Cash at bank and in hand | 54/58 | €27,619 | €71,659 | +€44,040 | +159% |
| Deferred charges and accrued income | 490/1 | €91,079 | €44,098 | -€46,982 | -51.6% |
| Total equity and liabilities | 10/49 | €1,057,050 | €1,234,169 | +€177,119 | +16.8% |
| Equity | 10/15 | €928,844 | €1,099,659 | +€170,814 | +18.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €916,444 | €1,087,259 | +€170,814 | +18.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €914,584 | €1,085,399 | +€170,814 | +18.7% |
| Amounts payable | 17/49 | €128,206 | €134,510 | +€6,304 | +4.9% |
| Amounts payable after more than one year | 17 | €4,095 | €32,694 | +€28,599 | +698% |
| Financial debts | 170/4 | €4,095 | €32,694 | +€28,599 | +698% |
| Amounts payable within one year | 42/48 | €122,737 | €98,168 | -€24,569 | -20.0% |
| Current portion of amounts payable after more than one year | 42 | €6,856 | €16,861 | +€10,005 | +146% |
| Financial debts | 43 | €31,764 | €15,113 | -€16,651 | -52.4% |
| Credit institutions | 430/8 | €31,764 | €15,113 | -€16,651 | -52.4% |
| Trade debts | 44 | €11,702 | €13,829 | +€2,127 | +18.2% |
| Suppliers | 440/4 | €11,702 | €13,829 | +€2,127 | +18.2% |
| Taxes, remuneration and social security | 45 | €72,416 | €52,365 | -€20,051 | -27.7% |
| Taxes | 450/3 | €72,416 | €52,365 | -€20,051 | -27.7% |
| Accrued charges and deferred income | 492/3 | €1,374 | €3,648 | +€2,274 | +166% |
| Non-recurring operating income | 76A | - | €43,963 | +€43,963 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,697 | €7,075 | -€3,622 | -33.9% |
| Other operating charges | 640/8 | €3,765 | €2,649 | -€1,116 | -29.6% |
| Non-recurring operating charges | 66A | - | €46,576 | +€46,576 | |
| Gross operating margin | 9900 | €261,373 | €271,989 | +€10,616 | +4.1% |
| Operating profit (loss) | 9901 | €246,911 | €215,689 | -€31,221 | -12.6% |
| Financial income | 75/76B | €145,402 | €43,623 | -€101,779 | -70.0% |
| Recurring financial income | 75 | €145,402 | €43,623 | -€101,779 | -70.0% |
| Financial charges | 65/66B | €2,959 | €5,983 | +€3,024 | +102% |
| Recurring financial charges | 65 | €2,959 | €5,983 | +€3,024 | +102% |
| Profit (loss) for the period before taxes | 9903 | €389,354 | €253,330 | -€136,025 | -34.9% |
| Income taxes | 67/77 | €139,979 | €82,515 | -€57,463 | -41.1% |
| Profit (loss) for the period | 9904 | €249,375 | €170,814 | -€78,561 | -31.5% |
| Profit (loss) for the period to be appropriated | 9905 | €249,375 | €170,814 | -€78,561 | -31.5% |
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.