Dr. Katrien Renders: 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 Renders
Largest movements
- Receivables after one year -€201,016
down €201,016 (-100.0%), from €201,016 to €0
- Cash +€173,247
up €173,247 (+560.2%), from €30,925 to €204,172
mainly Receivables after one year (+€201,016) and Net result for the year (+€149,266)
- Current investments -€83,382
down €83,382 (-20.7%), from €403,382 to €320,000
- Tangible fixed assets +€48,431
up €48,431 (+196.8%), from €24,605 to €73,036
of which Furniture and vehicles: +€48,639
- Receivables within one year +€42,365
up €42,365 (+30.9%), from €137,056 to €179,421
- Other debts -€226,745
down €226,745 (-100.0%), from €226,745 to €0
- Reserves +€149,266
up €149,266 (+26.3%), from €567,002 to €716,268
- Debts after one year +€44,400
up €44,400 (+321.2%), from €13,823 to €58,223
- Current portion of long-term debt +€17,895
up €17,895 (+153.0%), from €11,695 to €29,590
- Gross operating margin -€22,826
down €22,826 (-10.0%), from €229,174 to €206,348
- Depreciation -€10,404
down €10,404 (-88.3%), from €11,788 to €1,383
- Financial income +€4,861
up €4,861 (+52.2%), from €9,309 to €14,169
- Taxes -€2,958
down €2,958 (-4.4%), from €67,840 to €64,882
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 | €857,302 | €832,546 | -€24,756 | -2.9% |
| Fixed assets | 21/28 | €24,605 | €73,036 | +€48,431 | +196.8% |
| Tangible fixed assets | 22/27 | €24,605 | €73,036 | +€48,431 | +196.8% |
| Plant, machinery and equipment | 23 | €429 | €222 | -€208 | -48.3% |
| Furniture and vehicles | 24 | €24,175 | €72,814 | +€48,639 | +201.2% |
| Current assets | 29/58 | €832,697 | €759,510 | -€73,187 | -8.8% |
| Amounts receivable after more than one year | 29 | €201,016 | €0 | -€201,016 | -100.0% |
| Other amounts receivable | 291 | €201,016 | €0 | -€201,016 | -100.0% |
| Amounts receivable within one year | 40/41 | €137,056 | €179,421 | +€42,365 | +30.9% |
| Other amounts receivable | 41 | €137,056 | €179,421 | +€42,365 | +30.9% |
| Current investments | 50/53 | €403,382 | €320,000 | -€83,382 | -20.7% |
| Cash at bank and in hand | 54/58 | €30,925 | €204,172 | +€173,247 | +560.2% |
| Deferred charges and accrued income | 490/1 | €60,317 | €55,916 | -€4,401 | -7.3% |
| Total equity and liabilities | 10/49 | €857,302 | €832,546 | -€24,756 | -2.9% |
| Equity | 10/15 | €581,602 | €730,868 | +€149,266 | +25.7% |
| Contributions | 10/11 | €14,600 | €14,600 | = | 0.0% |
| Reserves | 13 | €567,002 | €716,268 | +€149,266 | +26.3% |
| Distributable reserves | 133 | €567,002 | €716,268 | +€149,266 | +26.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €275,699 | €101,678 | -€174,022 | -63.1% |
| Amounts payable after more than one year | 17 | €13,823 | €58,223 | +€44,400 | +321.2% |
| Financial debts | 170/4 | €13,823 | €58,223 | +€44,400 | +321.2% |
| Amounts payable within one year | 42/48 | €261,350 | €43,455 | -€217,895 | -83.4% |
| Current portion of amounts payable after more than one year | 42 | €11,695 | €29,590 | +€17,895 | +153.0% |
| Trade debts | 44 | €3,128 | €1,837 | -€1,291 | -41.3% |
| Suppliers | 440/4 | €3,128 | €1,837 | -€1,291 | -41.3% |
| Taxes, remuneration and social security | 45 | €19,782 | €12,028 | -€7,754 | -39.2% |
| Taxes | 450/3 | €19,782 | €12,028 | -€7,754 | -39.2% |
| Other amounts payable | 47/48 | €226,745 | €0 | -€226,745 | -100.0% |
| Accrued charges and deferred income | 492/3 | €527 | €0 | -€527 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,788 | €1,383 | -€10,404 | -88.3% |
| Other operating charges | 640/8 | €2,199 | €2,941 | +€743 | +33.8% |
| Gross operating margin | 9900 | €229,174 | €206,348 | -€22,826 | -10.0% |
| Operating profit (loss) | 9901 | €215,187 | €202,023 | -€13,164 | -6.1% |
| Financial income | 75/76B | €9,309 | €14,169 | +€4,861 | +52.2% |
| Recurring financial income | 75 | €9,309 | €14,169 | +€4,861 | +52.2% |
| Financial charges | 65/66B | €675 | €2,045 | +€1,370 | +202.8% |
| Recurring financial charges | 65 | €675 | €2,045 | +€1,370 | +202.8% |
| Profit (loss) for the period before taxes | 9903 | €223,821 | €214,148 | -€9,673 | -4.3% |
| Income taxes | 67/77 | €67,840 | €64,882 | -€2,958 | -4.4% |
| Profit (loss) for the period | 9904 | €155,981 | €149,266 | -€6,716 | -4.3% |
| Profit (loss) for the period to be appropriated | 9905 | €155,981 | €149,266 | -€6,716 | -4.3% |
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 4 October 2026 via checked.be.