Dr. Katrien Van Den Abeele: 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 Van Den Abeele
Largest movements
- Cash +€76,453
up €76,453 (+53.3%), from €143,324 to €219,777
mainly Other debts (+€257,604) and Net result for the year (+€58,499)
- Tangible fixed assets -€38,938
down €38,938 (-6.2%), from €625,553 to €586,615
of which Land and buildings: -€19,669
- Other debts +€257,604
up €257,604 (+285%), from €90,512 to €348,116
- Debts after one year -€106,634
down €106,634 (-96.4%), from €110,638 to €4,005
- Reserves -€99,699
down €99,699 (-19.9%), from €501,920 to €402,222
- Trade debts -€17,296
down €17,296 (-62.8%), from €27,548 to €10,251
- Gross operating margin +€28,192
up €28,192 (+23.8%), from €118,632 to €146,825
- Other operating charges +€9,632
up €9,632 (+297%), from €3,245 to €12,878
- Depreciation -€7,906
down €7,906 (-22.8%), from €34,725 to €26,819
- Taxes +€7,427
up €7,427 (+36.5%), from €20,331 to €27,758
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 | €773,116 | €811,433 | +€38,317 | +5.0% |
| Fixed assets | 21/28 | €625,553 | €586,615 | -€38,938 | -6.2% |
| Tangible fixed assets | 22/27 | €625,553 | €586,615 | -€38,938 | -6.2% |
| Land and buildings | 22 | €585,003 | €565,334 | -€19,669 | -3.4% |
| Plant, machinery and equipment | 23 | €576 | €61 | -€515 | -89.4% |
| Furniture and vehicles | 24 | €35,424 | €16,670 | -€18,754 | -52.9% |
| Other tangible fixed assets | 26 | €4,550 | €4,550 | = | 0.0% |
| Current assets | 29/58 | €147,563 | €224,818 | +€77,255 | +52.4% |
| Amounts receivable within one year | 40/41 | €1,106 | - | -€1,106 | |
| Trade receivables | 40 | €1,106 | - | -€1,106 | |
| Cash at bank and in hand | 54/58 | €143,324 | €219,777 | +€76,453 | +53.3% |
| Deferred charges and accrued income | 490/1 | €3,133 | €5,041 | +€1,908 | +60.9% |
| Total equity and liabilities | 10/49 | €773,116 | €811,433 | +€38,317 | +5.0% |
| Equity | 10/15 | €514,320 | €414,622 | -€99,699 | -19.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €501,920 | €402,222 | -€99,699 | -19.9% |
| Distributable reserves | 133 | €501,920 | €402,222 | -€99,699 | -19.9% |
| Amounts payable | 17/49 | €258,795 | €396,811 | +€138,016 | +53.3% |
| Amounts payable after more than one year | 17 | €110,638 | €4,005 | -€106,634 | -96.4% |
| Financial debts | 170/4 | €110,638 | €4,005 | -€106,634 | -96.4% |
| Amounts payable within one year | 42/48 | €134,106 | €376,814 | +€242,708 | +181% |
| Current portion of amounts payable after more than one year | 42 | €6,352 | €6,634 | +€282 | +4.4% |
| Trade debts | 44 | €27,548 | €10,251 | -€17,296 | -62.8% |
| Suppliers | 440/4 | €27,548 | €10,251 | -€17,296 | -62.8% |
| Taxes, remuneration and social security | 45 | €9,694 | €11,813 | +€2,119 | +21.9% |
| Taxes | 450/3 | €6,192 | €8,427 | +€2,235 | +36.1% |
| Remuneration and social security | 454/9 | €3,502 | €3,385 | -€116 | -3.3% |
| Other amounts payable | 47/48 | €90,512 | €348,116 | +€257,604 | +285% |
| Accrued charges and deferred income | 492/3 | €14,051 | €15,993 | +€1,941 | +13.8% |
| Remuneration, social security and pensions | 62 | €647 | - | -€647 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,725 | €26,819 | -€7,906 | -22.8% |
| Other operating charges | 640/8 | €3,245 | €12,878 | +€9,632 | +297% |
| Non-recurring operating charges | 66A | - | €5,159 | +€5,159 | |
| Gross operating margin | 9900 | €118,632 | €146,825 | +€28,192 | +23.8% |
| Operating profit (loss) | 9901 | €80,015 | €101,970 | +€21,954 | +27.4% |
| Financial income | 75/76B | €159 | €580 | +€420 | +264% |
| Recurring financial income | 75 | €159 | €580 | +€420 | +264% |
| Financial charges | 65/66B | €15,039 | €16,292 | +€1,253 | +8.3% |
| Recurring financial charges | 65 | €15,039 | €16,292 | +€1,253 | +8.3% |
| Profit (loss) for the period before taxes | 9903 | €65,136 | €86,257 | +€21,121 | +32.4% |
| Income taxes | 67/77 | €20,331 | €27,758 | +€7,427 | +36.5% |
| Profit (loss) for the period | 9904 | €44,805 | €58,499 | +€13,695 | +30.6% |
| Profit (loss) for the period to be appropriated | 9905 | €44,805 | €58,499 | +€13,695 | +30.6% |
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 13 October 2026 via checked.be.