Dr. Laure Scheepers: 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 Scheepers
Largest movements
- Current investments +€32,000
up €32,000 (+27.8%), from €115,034 to €147,034
- Cash +€29,607
up €29,607 (+120%), from €24,758 to €54,365
mainly Net result for the year (+€59,884) and Depreciation (+€3,355)
- Receivables within one year -€2,914
down €2,914 (-70.9%), from €4,112 to €1,197
- Reserves +€59,884
up €59,884 (+37.8%), from €158,294 to €218,178
- Gross operating margin +€27,246
up €27,246 (+51.7%), from €52,706 to €79,952
- Taxes +€5,424
up €5,424 (+49.8%), from €10,888 to €16,312
- Depreciation +€1,169
up €1,169 (+53.5%), from €2,185 to €3,355
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 | €165,150 | €226,114 | +€60,964 | +36.9% |
| Fixed assets | 21/28 | €17,795 | €19,819 | +€2,024 | +11.4% |
| Tangible fixed assets | 22/27 | €17,795 | €19,819 | +€2,024 | +11.4% |
| Plant, machinery and equipment | 23 | €1,296 | €532 | -€764 | -59.0% |
| Furniture and vehicles | 24 | €16,499 | €19,287 | +€2,788 | +16.9% |
| Current assets | 29/58 | €147,355 | €206,295 | +€58,940 | +40.0% |
| Amounts receivable within one year | 40/41 | €4,112 | €1,197 | -€2,914 | -70.9% |
| Other amounts receivable | 41 | €4,112 | €1,197 | -€2,914 | -70.9% |
| Current investments | 50/53 | €115,034 | €147,034 | +€32,000 | +27.8% |
| Cash at bank and in hand | 54/58 | €24,758 | €54,365 | +€29,607 | +120% |
| Deferred charges and accrued income | 490/1 | €3,451 | €3,698 | +€247 | +7.2% |
| Total equity and liabilities | 10/49 | €165,150 | €226,114 | +€60,964 | +36.9% |
| Equity | 10/15 | €163,294 | €223,178 | +€59,884 | +36.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Capital | 10 | €5,000 | - | -€5,000 | |
| Issued capital | 100 | €5,000 | - | -€5,000 | |
| Reserves | 13 | €158,294 | €218,178 | +€59,884 | +37.8% |
| Distributable reserves | 133 | €158,294 | €218,178 | +€59,884 | +37.8% |
| Amounts payable | 17/49 | €1,856 | €2,936 | +€1,080 | +58.2% |
| Amounts payable within one year | 42/48 | €1,856 | €2,936 | +€1,080 | +58.2% |
| Trade debts | 44 | €1,230 | €2,858 | +€1,629 | +132% |
| Suppliers | 440/4 | €1,230 | €2,858 | +€1,629 | +132% |
| Taxes, remuneration and social security | 45 | €160 | - | -€160 | |
| Remuneration and social security | 454/9 | €160 | - | -€160 | |
| Other amounts payable | 47/48 | €466 | €77 | -€389 | -83.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,185 | €3,355 | +€1,169 | +53.5% |
| Other operating charges | 640/8 | €362 | €365 | +€3 | +0.9% |
| Gross operating margin | 9900 | €52,706 | €79,952 | +€27,246 | +51.7% |
| Operating profit (loss) | 9901 | €50,159 | €76,233 | +€26,074 | +52.0% |
| Financial income | 75/76B | €1,911 | €1,876 | -€35 | -1.8% |
| Recurring financial income | 75 | €1,911 | €1,876 | -€35 | -1.8% |
| Financial charges | 65/66B | €2,165 | €1,913 | -€253 | -11.7% |
| Recurring financial charges | 65 | €2,165 | €1,913 | -€253 | -11.7% |
| Profit (loss) for the period before taxes | 9903 | €49,904 | €76,196 | +€26,292 | +52.7% |
| Income taxes | 67/77 | €10,888 | €16,312 | +€5,424 | +49.8% |
| Profit (loss) for the period | 9904 | €39,016 | €59,884 | +€20,868 | +53.5% |
| Profit (loss) for the period to be appropriated | 9905 | €39,016 | €59,884 | +€20,868 | +53.5% |
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 26 October 2026 via checked.be.