Dr. Laura Andries: 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. Laura Andries
Largest movements
- Cash +€159,714
up €159,714 (+615%), from €25,973 to €185,687
mainly Current investments (+€100,000) and Net result for the year (+€80,754)
- Current investments -€100,000
no longer reported in 2025 (was €100,000)
- Deferred charges and accrued income +€23,534
up €23,534 (+143%), from €16,450 to €39,985
- Receivables within one year -€5,170
no longer reported in 2025 (was €5,170)
- Reserves +€81,108
up €81,108 (+43.7%), from €185,413 to €266,521
- Other debts -€3,767
down €3,767 (-69.3%), from €5,433 to €1,665
- Gross operating margin -€21,632
down €21,632 (-17.3%), from €125,055 to €103,423
- Taxes -€3,767
down €3,767 (-14.0%), from €26,915 to €23,149
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 | €200,253 | €278,710 | +€78,456 | +39.2% |
| Fixed assets | 21/28 | €7,659 | €8,038 | +€378 | +4.9% |
| Tangible fixed assets | 22/27 | €7,659 | €8,038 | +€378 | +4.9% |
| Plant, machinery and equipment | 23 | €5,165 | €6,225 | +€1,061 | +20.5% |
| Furniture and vehicles | 24 | €2,495 | €1,812 | -€682 | -27.3% |
| Current assets | 29/58 | €192,594 | €270,672 | +€78,078 | +40.5% |
| Amounts receivable after more than one year | 29 | €45,000 | €45,000 | = | 0.0% |
| Trade receivables | 290 | €45,000 | €45,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €5,170 | - | -€5,170 | |
| Other amounts receivable | 41 | €5,170 | - | -€5,170 | |
| Current investments | 50/53 | €100,000 | - | -€100,000 | |
| Cash at bank and in hand | 54/58 | €25,973 | €185,687 | +€159,714 | +615% |
| Deferred charges and accrued income | 490/1 | €16,450 | €39,985 | +€23,534 | +143% |
| Total equity and liabilities | 10/49 | €200,253 | €278,710 | +€78,456 | +39.2% |
| Equity | 10/15 | €189,267 | €270,021 | +€80,754 | +42.7% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €185,413 | €266,521 | +€81,108 | +43.7% |
| Distributable reserves | 133 | €185,413 | €266,521 | +€81,108 | +43.7% |
| Profit (loss) carried forward | 14 | €355 | - | -€355 | |
| Amounts payable | 17/49 | €10,986 | €8,689 | -€2,297 | -20.9% |
| Amounts payable within one year | 42/48 | €10,986 | €7,552 | -€3,434 | -31.3% |
| Trade debts | 44 | - | €125 | +€125 | |
| Suppliers | 440/4 | - | €125 | +€125 | |
| Taxes, remuneration and social security | 45 | €5,554 | €5,762 | +€208 | +3.8% |
| Taxes | 450/3 | €5,554 | €5,762 | +€208 | +3.8% |
| Other amounts payable | 47/48 | €5,433 | €1,665 | -€3,767 | -69.3% |
| Accrued charges and deferred income | 492/3 | - | €1,137 | +€1,137 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €733 | €1,900 | +€1,167 | +159% |
| Other operating charges | 640/8 | €505 | €585 | +€80 | +15.8% |
| Gross operating margin | 9900 | €125,055 | €103,423 | -€21,632 | -17.3% |
| Operating profit (loss) | 9901 | €123,817 | €100,938 | -€22,879 | -18.5% |
| Financial income | 75/76B | €2,867 | €3,114 | +€247 | +8.6% |
| Recurring financial income | 75 | €2,867 | €3,114 | +€247 | +8.6% |
| Financial charges | 65/66B | €135 | €150 | +€15 | +11.1% |
| Recurring financial charges | 65 | €135 | €150 | +€15 | +11.1% |
| Profit (loss) for the period before taxes | 9903 | €126,549 | €103,902 | -€22,647 | -17.9% |
| Income taxes | 67/77 | €26,915 | €23,149 | -€3,767 | -14.0% |
| Profit (loss) for the period | 9904 | €99,634 | €80,754 | -€18,880 | -18.9% |
| Profit (loss) for the period to be appropriated | 9905 | €99,634 | €80,754 | -€18,880 | -18.9% |
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 28 October 2026 via checked.be.