Dr. Kris LEROUX: 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. Kris LEROUX
Largest movements
- Receivables after one year -€233,419
down €233,419 (-82.4%), from €283,419 to €50,000
- Current investments +€151,606
up €151,606 (+23.8%), from €636,017 to €787,623
- Cash +€149,203
up €149,203 (+255.9%), from €58,307 to €207,510
mainly Receivables after one year (+€233,419) and Receivables within one year (+€119,246)
- Receivables within one year -€119,246
down €119,246 (-65.1%), from €183,191 to €63,945
- Tangible fixed assets -€35,541
down €35,541 (-26.3%), from €135,016 to €99,475
- Reserves -€79,549
down €79,549 (-7.7%), from €1.0m to €959,235
of which Distributable reserves: -€79,549
- Profit (loss) carried forward +€48,809
up €48,809 (+81.3%), from -€60,027 to -€11,218
- Debts after one year -€30,857
down €30,857 (-36.3%), from €85,083 to €54,226
- Financial income +€6,764
up €6,764 (+232.0%), from €2,916 to €9,680
- Gross operating margin +€3,215
up €3,215 (+3.3%), from €98,406 to €101,622
- Taxes +€2,525
up €2,525 (+17.5%), from €14,389 to €16,914
- Staff costs -€1,141
down €1,141 (-100.0%), from €1,141 to €0
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,315,160 | €1,254,733 | -€60,427 | -4.6% |
| Fixed assets | 21/28 | €152,016 | €116,475 | -€35,541 | -23.4% |
| Tangible fixed assets | 22/27 | €135,016 | €99,475 | -€35,541 | -26.3% |
| Furniture and vehicles | 24 | €135,016 | €99,475 | -€35,541 | -26.3% |
| Financial fixed assets | 28 | €17,000 | €17,000 | = | 0.0% |
| Current assets | 29/58 | €1,163,144 | €1,138,258 | -€24,886 | -2.1% |
| Amounts receivable after more than one year | 29 | €283,419 | €50,000 | -€233,419 | -82.4% |
| Other amounts receivable | 291 | €283,419 | €50,000 | -€233,419 | -82.4% |
| Amounts receivable within one year | 40/41 | €183,191 | €63,945 | -€119,246 | -65.1% |
| Other amounts receivable | 41 | €183,191 | €63,945 | -€119,246 | -65.1% |
| Current investments | 50/53 | €636,017 | €787,623 | +€151,606 | +23.8% |
| Cash at bank and in hand | 54/58 | €58,307 | €207,510 | +€149,203 | +255.9% |
| Deferred charges and accrued income | 490/1 | €2,210 | €29,180 | +€26,970 | +1220.6% |
| Total equity and liabilities | 10/49 | €1,315,160 | €1,254,733 | -€60,427 | -4.6% |
| Equity | 10/15 | €1,198,757 | €1,168,017 | -€30,740 | -2.6% |
| Contributions | 10/11 | €220,000 | €220,000 | = | 0.0% |
| Reserves | 13 | €1,038,784 | €959,235 | -€79,549 | -7.7% |
| Tax-exempt reserves | 132 | €48 | €48 | = | 0.0% |
| Distributable reserves | 133 | €1,038,737 | €959,188 | -€79,549 | -7.7% |
| Profit (loss) carried forward | 14 | -€60,027 | -€11,218 | +€48,809 | +81.3% |
| Amounts payable | 17/49 | €116,403 | €86,716 | -€29,687 | -25.5% |
| Amounts payable after more than one year | 17 | €85,083 | €54,226 | -€30,857 | -36.3% |
| Financial debts | 170/4 | €85,083 | €54,226 | -€30,857 | -36.3% |
| Amounts payable within one year | 42/48 | €31,321 | €32,491 | +€1,170 | +3.7% |
| Current portion of amounts payable after more than one year | 42 | €29,658 | €30,857 | +€1,199 | +4.0% |
| Financial debts | 43 | €1,662 | €99 | -€1,563 | -94.0% |
| Credit institutions | 430/8 | €1,662 | €99 | -€1,563 | -94.0% |
| Trade debts | 44 | €0 | €1,534 | +€1,534 | |
| Suppliers | 440/4 | €0 | €1,534 | +€1,534 | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €1,141 | €0 | -€1,141 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,905 | €37,020 | +€115 | +0.3% |
| Other operating charges | 640/8 | €1,155 | €1,185 | +€31 | +2.7% |
| Non-recurring operating charges | 66A | €99,718 | €0 | -€99,718 | -100.0% |
| Gross operating margin | 9900 | €98,406 | €101,622 | +€3,215 | +3.3% |
| Operating profit (loss) | 9901 | -€40,513 | €63,416 | +€103,929 | |
| Financial income | 75/76B | €2,916 | €9,680 | +€6,764 | +232.0% |
| Recurring financial income | 75 | €2,916 | €9,680 | +€6,764 | +232.0% |
| Financial charges | 65/66B | €8,042 | €7,373 | -€669 | -8.3% |
| Recurring financial charges | 65 | €8,042 | €7,373 | -€669 | -8.3% |
| Profit (loss) for the period before taxes | 9903 | -€45,639 | €65,723 | +€111,362 | |
| Income taxes | 67/77 | €14,389 | €16,914 | +€2,525 | +17.5% |
| Profit (loss) for the period | 9904 | -€60,027 | €48,809 | +€108,837 | |
| Transfer from tax-exempt reserves | 789 | €315,750 | €0 | -€315,750 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €255,723 | €48,809 | -€206,913 | -80.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.