Dr. Kesenne Katrien: 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. Kesenne Katrien
Largest movements
- Cash +€22,764
up €22,764 (+66.0%), from €34,499 to €57,264
mainly Net result for the year (+€17,541) and Receivables within one year (+€3,161)
- Receivables within one year -€3,161
down €3,161 (-31.6%), from €10,014 to €6,853
of which Trade receivables: -€7,014
- Reserves +€17,541
up €17,541 (+52.4%), from €33,449 to €50,990
- Other debts +€1,192
up €1,192 (+84.0%), from €1,420 to €2,612
- Gross operating margin -€8,494
down €8,494 (-25.0%), from €34,028 to €25,535
- Taxes -€2,225
down €2,225 (-23.7%), from €9,373 to €7,147
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 | €45,266 | €64,488 | +€19,222 | +42.5% |
| Fixed assets | 21/28 | €753 | €372 | -€381 | -50.6% |
| Tangible fixed assets | 22/27 | €753 | €372 | -€381 | -50.6% |
| Plant, machinery and equipment | 23 | €753 | €372 | -€381 | -50.6% |
| Current assets | 29/58 | €44,513 | €64,116 | +€19,604 | +44.0% |
| Amounts receivable within one year | 40/41 | €10,014 | €6,853 | -€3,161 | -31.6% |
| Trade receivables | 40 | €10,014 | €3,000 | -€7,014 | -70.0% |
| Other amounts receivable | 41 | €0 | €3,853 | +€3,853 | |
| Cash at bank and in hand | 54/58 | €34,499 | €57,264 | +€22,764 | +66.0% |
| Total equity and liabilities | 10/49 | €45,266 | €64,488 | +€19,222 | +42.5% |
| Equity | 10/15 | €36,449 | €53,990 | +€17,541 | +48.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €33,449 | €50,990 | +€17,541 | +52.4% |
| Distributable reserves | 133 | €33,449 | €50,990 | +€17,541 | +52.4% |
| Amounts payable | 17/49 | €8,817 | €10,499 | +€1,681 | +19.1% |
| Amounts payable within one year | 42/48 | €8,817 | €10,499 | +€1,681 | +19.1% |
| Trade debts | 44 | €25 | €514 | +€489 | +1,941% |
| Suppliers | 440/4 | €25 | €514 | +€489 | +1,941% |
| Taxes, remuneration and social security | 45 | €7,373 | €7,373 | = | 0.0% |
| Taxes | 450/3 | €7,373 | €7,373 | = | 0.0% |
| Other amounts payable | 47/48 | €1,420 | €2,612 | +€1,192 | +84.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €381 | €381 | = | 0.0% |
| Other operating charges | 640/8 | €387 | €465 | +€78 | +20.2% |
| Gross operating margin | 9900 | €34,028 | €25,535 | -€8,494 | -25.0% |
| Operating profit (loss) | 9901 | €33,260 | €24,688 | -€8,572 | -25.8% |
| Financial charges | 65/66B | €79 | €0 | -€79 | -100% |
| Recurring financial charges | 65 | €79 | €0 | -€79 | -100% |
| Profit (loss) for the period before taxes | 9903 | €33,181 | €24,688 | -€8,493 | -25.6% |
| Income taxes | 67/77 | €9,373 | €7,147 | -€2,225 | -23.7% |
| Profit (loss) for the period | 9904 | €23,809 | €17,541 | -€6,268 | -26.3% |
| Profit (loss) for the period to be appropriated | 9905 | €23,809 | €17,541 | -€6,268 | -26.3% |
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 25 October 2026 via checked.be.