DR. LAURA WERQUIN: 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 WERQUIN
Largest movements
- Cash -€198,738
down €198,738 (-62.1%), from €320,049 to €121,311
mainly Other debts (-€251,541) and Contributions, distributions and other (-€134,000)
- Receivables after one year -€16,010
no longer reported in 2025 (was €16,010)
- Deferred charges and accrued income +€5,117
up €5,117 (+62.6%), from €8,178 to €13,294
- Receivables within one year -€4,506
down €4,506 (-8.6%), from €52,343 to €47,838
of which Trade receivables: -€27,788
- Other debts -€251,541
down €251,541 (-99.5%), from €252,775 to €1,234
- Accrued charges and deferred income +€16,035
up €16,035 (+153%), from €10,482 to €26,517
- Reserves +€12,114
up €12,114 (+8.5%), from €142,600 to €154,715
- Tax, wage and social debts +€5,087
new in 2025: €5,087
- Gross operating margin +€17,516
up €17,516 (+9.6%), from €183,339 to €200,855
- Taxes +€8,760
up €8,760 (+21.1%), from €41,427 to €50,188
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 | €412,948 | €195,365 | -€217,583 | -52.7% |
| Fixed assets | 21/28 | €16,368 | €12,922 | -€3,446 | -21.1% |
| Tangible fixed assets | 22/27 | €6,368 | €2,922 | -€3,446 | -54.1% |
| Furniture and vehicles | 24 | €5,568 | €2,122 | -€3,446 | -61.9% |
| Other tangible fixed assets | 26 | €800 | €800 | = | 0.0% |
| Financial fixed assets | 28 | €10,000 | €10,000 | = | 0.0% |
| Current assets | 29/58 | €396,580 | €182,443 | -€214,136 | -54.0% |
| Amounts receivable after more than one year | 29 | €16,010 | - | -€16,010 | |
| Other amounts receivable | 291 | €16,010 | - | -€16,010 | |
| Amounts receivable within one year | 40/41 | €52,343 | €47,838 | -€4,506 | -8.6% |
| Trade receivables | 40 | €28,678 | €890 | -€27,788 | -96.9% |
| Other amounts receivable | 41 | €23,665 | €46,948 | +€23,282 | +98.4% |
| Cash at bank and in hand | 54/58 | €320,049 | €121,311 | -€198,738 | -62.1% |
| Deferred charges and accrued income | 490/1 | €8,178 | €13,294 | +€5,117 | +62.6% |
| Total equity and liabilities | 10/49 | €412,948 | €195,365 | -€217,583 | -52.7% |
| Equity | 10/15 | €144,600 | €156,715 | +€12,114 | +8.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €142,600 | €154,715 | +€12,114 | +8.5% |
| Distributable reserves | 133 | €142,600 | €154,715 | +€12,114 | +8.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €268,348 | €38,651 | -€229,697 | -85.6% |
| Amounts payable within one year | 42/48 | €257,866 | €12,134 | -€245,732 | -95.3% |
| Financial debts | 43 | €746 | €0 | -€746 | -100% |
| Credit institutions | 430/8 | €746 | €0 | -€746 | -100% |
| Trade debts | 44 | €4,344 | €5,812 | +€1,468 | +33.8% |
| Suppliers | 440/4 | €4,344 | €5,812 | +€1,468 | +33.8% |
| Taxes, remuneration and social security | 45 | - | €5,087 | +€5,087 | |
| Taxes | 450/3 | - | €5,087 | +€5,087 | |
| Other amounts payable | 47/48 | €252,775 | €1,234 | -€251,541 | -99.5% |
| Accrued charges and deferred income | 492/3 | €10,482 | €26,517 | +€16,035 | +153% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,205 | €3,446 | -€758 | -18.0% |
| Other operating charges | 640/8 | €1,140 | €1,167 | +€27 | +2.4% |
| Gross operating margin | 9900 | €183,339 | €200,855 | +€17,516 | +9.6% |
| Operating profit (loss) | 9901 | €177,995 | €196,242 | +€18,247 | +10.3% |
| Financial income | 75/76B | €1,825 | €477 | -€1,348 | -73.8% |
| Recurring financial income | 75 | €1,825 | €477 | -€1,348 | -73.8% |
| Financial charges | 65/66B | €355 | €418 | +€63 | +17.7% |
| Recurring financial charges | 65 | €355 | €418 | +€63 | +17.7% |
| Profit (loss) for the period before taxes | 9903 | €179,465 | €196,302 | +€16,836 | +9.4% |
| Income taxes | 67/77 | €41,427 | €50,188 | +€8,760 | +21.1% |
| Profit (loss) for the period | 9904 | €138,038 | €146,114 | +€8,076 | +5.9% |
| Profit (loss) for the period to be appropriated | 9905 | €138,038 | €146,114 | +€8,076 | +5.9% |
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 30 October 2026 via checked.be.