Dr. Katy Embrechts: 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. Katy Embrechts
Largest movements
- Current investments +€86,193
up €86,193 (+62.0%), from €139,056 to €225,249
- Receivables within one year -€74,513
down €74,513 (-93.7%), from €79,513 to €5,000
- Cash -€12,947
down €12,947 (-19.7%), from €65,564 to €52,618
mainly Contributions, distributions and other (-€109,000) and Current investments (-€86,193)
- Tangible fixed assets -€9,437
down €9,437 (-27.4%), from €34,495 to €25,058
- Deferred charges and accrued income +€7,945
up €7,945 (+55.2%), from €14,402 to €22,347
- Reserves -€26,499
down €26,499 (-9.4%), from €281,662 to €255,163
- Other debts +€20,672
new in 2025: €20,672
- Tax, wage and social debts +€11,516
up €11,516 (+264%), from €4,369 to €15,886
- Debts after one year -€8,195
down €8,195 (-32.2%), from €25,477 to €17,282
- Gross operating margin +€35,849
up €35,849 (+42.2%), from €84,880 to €120,729
- Taxes +€11,734
up €11,734 (+53.8%), from €21,824 to €33,558
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 | €333,030 | €330,272 | -€2,758 | -0.8% |
| Fixed assets | 21/28 | €34,495 | €25,058 | -€9,437 | -27.4% |
| Tangible fixed assets | 22/27 | €34,495 | €25,058 | -€9,437 | -27.4% |
| Furniture and vehicles | 24 | €34,495 | €25,058 | -€9,437 | -27.4% |
| Current assets | 29/58 | €298,534 | €305,213 | +€6,679 | +2.2% |
| Amounts receivable within one year | 40/41 | €79,513 | €5,000 | -€74,513 | -93.7% |
| Other amounts receivable | 41 | €79,513 | €5,000 | -€74,513 | -93.7% |
| Current investments | 50/53 | €139,056 | €225,249 | +€86,193 | +62.0% |
| Cash at bank and in hand | 54/58 | €65,564 | €52,618 | -€12,947 | -19.7% |
| Deferred charges and accrued income | 490/1 | €14,402 | €22,347 | +€7,945 | +55.2% |
| Total equity and liabilities | 10/49 | €333,030 | €330,272 | -€2,758 | -0.8% |
| Equity | 10/15 | €294,062 | €267,563 | -€26,499 | -9.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €281,662 | €255,163 | -€26,499 | -9.4% |
| Distributable reserves | 133 | €281,662 | €255,163 | -€26,499 | -9.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €38,968 | €62,708 | +€23,740 | +60.9% |
| Amounts payable after more than one year | 17 | €25,477 | €17,282 | -€8,195 | -32.2% |
| Financial debts | 170/4 | €25,477 | €17,282 | -€8,195 | -32.2% |
| Amounts payable within one year | 42/48 | €12,555 | €45,426 | +€32,871 | +262% |
| Current portion of amounts payable after more than one year | 42 | €7,911 | €8,195 | +€284 | +3.6% |
| Trade debts | 44 | €275 | €674 | +€399 | +145% |
| Suppliers | 440/4 | €275 | €674 | +€399 | +145% |
| Taxes, remuneration and social security | 45 | €4,369 | €15,886 | +€11,516 | +264% |
| Taxes | 450/3 | €4,369 | €15,886 | +€11,516 | +264% |
| Other amounts payable | 47/48 | - | €20,672 | +€20,672 | |
| Accrued charges and deferred income | 492/3 | €936 | €0 | -€936 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,285 | €9,437 | +€152 | +1.6% |
| Other operating charges | 640/8 | €1,524 | €1,129 | -€395 | -25.9% |
| Gross operating margin | 9900 | €84,880 | €120,729 | +€35,849 | +42.2% |
| Operating profit (loss) | 9901 | €74,071 | €110,163 | +€36,092 | +48.7% |
| Financial income | 75/76B | €6,463 | €7,403 | +€941 | +14.6% |
| Recurring financial income | 75 | €6,463 | €7,403 | +€941 | +14.6% |
| Financial charges | 65/66B | €1,452 | €1,507 | +€55 | +3.8% |
| Recurring financial charges | 65 | €1,452 | €1,507 | +€55 | +3.8% |
| Profit (loss) for the period before taxes | 9903 | €79,082 | €116,059 | +€36,978 | +46.8% |
| Income taxes | 67/77 | €21,824 | €33,558 | +€11,734 | +53.8% |
| Profit (loss) for the period | 9904 | €57,258 | €82,501 | +€25,244 | +44.1% |
| Profit (loss) for the period to be appropriated | 9905 | €57,258 | €82,501 | +€25,244 | +44.1% |
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 23 October 2026 via checked.be.