Dr. Katrien Putseys: 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 Putseys
Largest movements
- Receivables after one year -€50,000
down €50,000 (-10.0%), from €500,000 to €450,000
- Tangible fixed assets +€31,763
up €31,763 (+17.0%), from €186,819 to €218,582
of which Furniture and vehicles: +€67,857
- Cash +€29,536
up €29,536 (+12.5%), from €236,679 to €266,215
mainly Net result for the year (+€141,014) and Depreciation (+€54,576)
- Receivables within one year +€25,892
up €25,892 (+22.0%), from €117,861 to €143,753
of which Other amounts receivable: +€27,122
- Reserves +€57,021
up €57,021 (+8.1%), from €702,615 to €759,635
- Debts after one year -€17,500
down €17,500 (-25.0%), from €70,000 to €52,500
- Other debts -€11,981
down €11,981 (-6.1%), from €196,229 to €184,248
- Financial income +€17,936
up €17,936 (+146.3%), from €12,260 to €30,197
- Depreciation +€14,080
up €14,080 (+34.8%), from €40,496 to €54,576
- Gross operating margin +€13,384
up €13,384 (+5.8%), from €229,006 to €242,390
- Taxes +€6,338
up €6,338 (+11.4%), from €55,558 to €61,896
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 | €1,053,540 | €1,089,016 | +€35,476 | +3.4% |
| Fixed assets | 21/28 | €186,819 | €218,582 | +€31,763 | +17.0% |
| Tangible fixed assets | 22/27 | €186,819 | €218,582 | +€31,763 | +17.0% |
| Land and buildings | 22 | €47,500 | €47,500 | = | 0.0% |
| Plant, machinery and equipment | 23 | €32,313 | €15,379 | -€16,934 | -52.4% |
| Furniture and vehicles | 24 | - | €67,857 | +€67,857 | |
| Leasing and similar rights | 25 | €103,250 | €82,250 | -€21,000 | -20.3% |
| Other tangible fixed assets | 26 | €3,756 | €5,596 | +€1,840 | +49.0% |
| Current assets | 29/58 | €866,721 | €870,434 | +€3,713 | +0.4% |
| Amounts receivable after more than one year | 29 | €500,000 | €450,000 | -€50,000 | -10.0% |
| Other amounts receivable | 291 | €500,000 | €450,000 | -€50,000 | -10.0% |
| Amounts receivable within one year | 40/41 | €117,861 | €143,753 | +€25,892 | +22.0% |
| Trade receivables | 40 | €104,887 | €103,656 | -€1,231 | -1.2% |
| Other amounts receivable | 41 | €12,974 | €40,097 | +€27,122 | +209.0% |
| Cash at bank and in hand | 54/58 | €236,679 | €266,215 | +€29,536 | +12.5% |
| Deferred charges and accrued income | 490/1 | €12,180 | €10,466 | -€1,714 | -14.1% |
| Total equity and liabilities | 10/49 | €1,053,540 | €1,089,016 | +€35,476 | +3.4% |
| Equity | 10/15 | €762,615 | €819,635 | +€57,021 | +7.5% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €702,615 | €759,635 | +€57,021 | +8.1% |
| Distributable reserves | 133 | €702,615 | €759,635 | +€57,021 | +8.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €290,925 | €269,381 | -€21,544 | -7.4% |
| Amounts payable after more than one year | 17 | €70,000 | €52,500 | -€17,500 | -25.0% |
| Financial debts | 170/4 | €70,000 | €52,500 | -€17,500 | -25.0% |
| Amounts payable within one year | 42/48 | €220,925 | €216,881 | -€4,044 | -1.8% |
| Current portion of amounts payable after more than one year | 42 | €17,500 | €17,500 | = | 0.0% |
| Trade debts | 44 | €196 | €133 | -€63 | -32.3% |
| Suppliers | 440/4 | €196 | €133 | -€63 | -32.3% |
| Taxes, remuneration and social security | 45 | €7,000 | €15,000 | +€8,000 | +114.3% |
| Taxes | 450/3 | €4,000 | €12,000 | +€8,000 | +200.0% |
| Remuneration and social security | 454/9 | €3,000 | €3,000 | = | 0.0% |
| Other amounts payable | 47/48 | €196,229 | €184,248 | -€11,981 | -6.1% |
| Non-recurring operating income | 76A | - | €3,800 | +€3,800 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,496 | €54,576 | +€14,080 | +34.8% |
| Other operating charges | 640/8 | €4,247 | €4,315 | +€68 | +1.6% |
| Gross operating margin | 9900 | €229,006 | €242,390 | +€13,384 | +5.8% |
| Operating profit (loss) | 9901 | €184,264 | €183,498 | -€765 | -0.4% |
| Financial income | 75/76B | €12,260 | €30,197 | +€17,936 | +146.3% |
| Recurring financial income | 75 | €12,260 | €30,197 | +€17,936 | +146.3% |
| Financial charges | 65/66B | €12,026 | €10,784 | -€1,242 | -10.3% |
| Recurring financial charges | 65 | €12,026 | €10,784 | -€1,242 | -10.3% |
| Profit (loss) for the period before taxes | 9903 | €184,498 | €202,911 | +€18,413 | +10.0% |
| Income taxes | 67/77 | €55,558 | €61,896 | +€6,338 | +11.4% |
| Profit (loss) for the period | 9904 | €128,940 | €141,014 | +€12,074 | +9.4% |
| Profit (loss) for the period to be appropriated | 9905 | €128,940 | €141,014 | +€12,074 | +9.4% |
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 6 October 2026 via checked.be.