DR KATRIEN SANDERS: 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 SANDERS
Largest movements
- Cash -€26,367
down €26,367 (-30.5%), from €86,467 to €60,100
mainly Contributions, distributions and other (-€95,624) and Receivables within one year (-€13,243)
- Receivables within one year +€13,243
up €13,243 (+261%), from €5,080 to €18,323
of which Other amounts receivable: +€18,323
- Deferred charges and accrued income -€12,400
down €12,400 (-45.7%), from €27,105 to €14,705
- Reserves -€14,198
down €14,198 (-14.8%), from €95,624 to €81,427
- Tax, wage and social debts -€9,971
no longer reported in 2025 (was €9,971)
- Other debts -€3,143
down €3,143 (-75.9%), from €4,143 to €999
- Gross operating margin -€18,976
down €18,976 (-15.0%), from €126,480 to €107,504
- Taxes -€5,044
down €5,044 (-18.9%), from €26,721 to €21,677
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 | €129,309 | €102,933 | -€26,376 | -20.4% |
| Fixed assets | 21/28 | €10,657 | €9,805 | -€852 | -8.0% |
| Tangible fixed assets | 22/27 | €10,657 | €9,805 | -€852 | -8.0% |
| Plant, machinery and equipment | 23 | €1,665 | €3,172 | +€1,508 | +90.6% |
| Furniture and vehicles | 24 | €8,992 | €6,633 | -€2,360 | -26.2% |
| Current assets | 29/58 | €118,652 | €93,128 | -€25,524 | -21.5% |
| Amounts receivable within one year | 40/41 | €5,080 | €18,323 | +€13,243 | +261% |
| Trade receivables | 40 | €5,080 | - | -€5,080 | |
| Other amounts receivable | 41 | - | €18,323 | +€18,323 | |
| Cash at bank and in hand | 54/58 | €86,467 | €60,100 | -€26,367 | -30.5% |
| Deferred charges and accrued income | 490/1 | €27,105 | €14,705 | -€12,400 | -45.7% |
| Total equity and liabilities | 10/49 | €129,309 | €102,933 | -€26,376 | -20.4% |
| Equity | 10/15 | €114,224 | €100,027 | -€14,198 | -12.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €95,624 | €81,427 | -€14,198 | -14.8% |
| Distributable reserves | 133 | €95,624 | €81,427 | -€14,198 | -14.8% |
| Amounts payable | 17/49 | €15,084 | €2,906 | -€12,178 | -80.7% |
| Amounts payable within one year | 42/48 | €15,084 | €2,906 | -€12,178 | -80.7% |
| Trade debts | 44 | €970 | €1,907 | +€936 | +96.5% |
| Suppliers | 440/4 | €970 | €1,907 | +€936 | +96.5% |
| Taxes, remuneration and social security | 45 | €9,971 | - | -€9,971 | |
| Taxes | 450/3 | €9,971 | - | -€9,971 | |
| Other amounts payable | 47/48 | €4,143 | €999 | -€3,143 | -75.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,118 | €3,663 | -€455 | -11.0% |
| Other operating charges | 640/8 | €569 | €639 | +€70 | +12.3% |
| Gross operating margin | 9900 | €126,480 | €107,504 | -€18,976 | -15.0% |
| Operating profit (loss) | 9901 | €121,793 | €103,203 | -€18,591 | -15.3% |
| Financial charges | 65/66B | €128 | €99 | -€29 | -22.4% |
| Recurring financial charges | 65 | €128 | €99 | -€29 | -22.4% |
| Profit (loss) for the period before taxes | 9903 | €121,666 | €103,104 | -€18,562 | -15.3% |
| Income taxes | 67/77 | €26,721 | €21,677 | -€5,044 | -18.9% |
| Profit (loss) for the period | 9904 | €94,945 | €81,427 | -€13,518 | -14.2% |
| Profit (loss) for the period to be appropriated | 9905 | €94,945 | €81,427 | -€13,518 | -14.2% |
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 19 October 2026 via checked.be.