Dr. Laure Baisier: 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. Laure Baisier
Largest movements
- Cash +€108,368
up €108,368 (+67.3%), from €161,013 to €269,380
mainly Net result for the year (+€121,062) and Tax, wage and social debts (+€2,571)
- Receivables within one year +€13,423
up €13,423 (+24.4%), from €55,118 to €68,541
- Reserves +€121,062
up €121,062 (+57.8%), from €209,448 to €330,509
- Gross operating margin +€38,965
up €38,965 (+32.5%), from €119,711 to €158,676
- Taxes +€9,755
up €9,755 (+39.3%), from €24,807 to €34,562
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 | €218,183 | €339,041 | +€120,858 | +55.4% |
| Fixed assets | 21/28 | €2,052 | €1,119 | -€933 | -45.5% |
| Tangible fixed assets | 22/27 | €2,052 | €1,119 | -€933 | -45.5% |
| Plant, machinery and equipment | 23 | €2,052 | €1,119 | -€933 | -45.5% |
| Current assets | 29/58 | €216,131 | €337,922 | +€121,791 | +56.4% |
| Amounts receivable within one year | 40/41 | €55,118 | €68,541 | +€13,423 | +24.4% |
| Trade receivables | 40 | €55,118 | €68,541 | +€13,423 | +24.4% |
| Cash at bank and in hand | 54/58 | €161,013 | €269,380 | +€108,368 | +67.3% |
| Total equity and liabilities | 10/49 | €218,183 | €339,041 | +€120,858 | +55.4% |
| Equity | 10/15 | €211,948 | €333,009 | +€121,062 | +57.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €209,448 | €330,509 | +€121,062 | +57.8% |
| Distributable reserves | 133 | €209,448 | €330,509 | +€121,062 | +57.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €6,235 | €6,031 | -€204 | -3.3% |
| Amounts payable within one year | 42/48 | €6,235 | €6,031 | -€204 | -3.3% |
| Trade debts | 44 | €1,316 | €1,274 | -€41 | -3.1% |
| Suppliers | 440/4 | €1,316 | €1,274 | -€41 | -3.1% |
| Taxes, remuneration and social security | 45 | €821 | €3,392 | +€2,571 | +313% |
| Taxes | 450/3 | €821 | €3,392 | +€2,571 | +313% |
| Other amounts payable | 47/48 | €4,098 | €1,365 | -€2,733 | -66.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €747 | €933 | +€186 | +24.9% |
| Other operating charges | 640/8 | €448 | €800 | +€352 | +78.6% |
| Gross operating margin | 9900 | €119,711 | €158,676 | +€38,965 | +32.5% |
| Operating profit (loss) | 9901 | €118,516 | €156,944 | +€38,427 | +32.4% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1,360 | €1,320 | -€40 | -2.9% |
| Recurring financial charges | 65 | €1,360 | €1,320 | -€40 | -2.9% |
| Profit (loss) for the period before taxes | 9903 | €117,157 | €155,624 | +€38,467 | +32.8% |
| Income taxes | 67/77 | €24,807 | €34,562 | +€9,755 | +39.3% |
| Profit (loss) for the period | 9904 | €92,350 | €121,062 | +€28,712 | +31.1% |
| Profit (loss) for the period to be appropriated | 9905 | €92,350 | €121,062 | +€28,712 | +31.1% |
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 25 October 2026 via checked.be.