Dr Laurence Thielemans: 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 Laurence Thielemans
Largest movements
- Tangible fixed assets -€8,810
down €8,810 (-6.0%), from €147,338 to €138,528
- Cash -€8,610
down €8,610 (-2.6%), from €325,926 to €317,316
mainly Contributions, distributions and other (-€92,169) and Tax, wage and social debts (-€29,987)
- Other debts +€89,101
up €89,101 (+462%), from €19,281 to €108,382
- Profit (loss) carried forward -€47,745
no longer reported in 2025 (was €47,745)
- Tax, wage and social debts -€29,987
down €29,987 (-57.0%), from €52,626 to €22,638
of which Taxes: -€18,230
- Trade debts -€17,387
down €17,387 (-83.9%), from €20,728 to €3,341
- Debts after one year -€10,479
down €10,479 (-17.2%), from €60,792 to €50,313
- Gross operating margin -€41,780
down €41,780 (-54.5%), from €76,646 to €34,866
- Taxes -€33,549
down €33,549, from €13,772 to -€19,776
- Other operating charges -€1,062
down €1,062 (-94.2%), from €1,128 to €66
- Financial income -€917
down €917 (-32.5%), from €2,820 to €1,903
- Depreciation -€889
down €889 (-5.7%), from €15,679 to €14,790
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 | €473,264 | €456,872 | -€16,392 | -3.5% |
| Fixed assets | 21/28 | €147,338 | €138,528 | -€8,810 | -6.0% |
| Tangible fixed assets | 22/27 | €147,338 | €138,528 | -€8,810 | -6.0% |
| Land and buildings | 22 | €110,967 | €106,865 | -€4,102 | -3.7% |
| Plant, machinery and equipment | 23 | €3,298 | €2,238 | -€1,060 | -32.1% |
| Furniture and vehicles | 24 | €33,073 | €29,425 | -€3,648 | -11.0% |
| Current assets | 29/58 | €325,926 | €318,344 | -€7,582 | -2.3% |
| Amounts receivable within one year | 40/41 | - | €1,028 | +€1,028 | |
| Trade receivables | 40 | - | €1,028 | +€1,028 | |
| Cash at bank and in hand | 54/58 | €325,926 | €317,316 | -€8,610 | -2.6% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €473,264 | €456,872 | -€16,392 | -3.5% |
| Equity | 10/15 | €309,464 | €261,719 | -€47,745 | -15.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €258,719 | €258,719 | = | 0.0% |
| Distributable reserves | 133 | €258,719 | €258,719 | = | 0.0% |
| Profit (loss) carried forward | 14 | €47,745 | - | -€47,745 | |
| Amounts payable | 17/49 | €163,800 | €195,153 | +€31,352 | +19.1% |
| Amounts payable after more than one year | 17 | €60,792 | €50,313 | -€10,479 | -17.2% |
| Financial debts | 170/4 | €60,792 | €50,313 | -€10,479 | -17.2% |
| Amounts payable within one year | 42/48 | €103,008 | €144,839 | +€41,831 | +40.6% |
| Current portion of amounts payable after more than one year | 42 | €10,374 | €10,479 | +€105 | +1.0% |
| Trade debts | 44 | €20,728 | €3,341 | -€17,387 | -83.9% |
| Suppliers | 440/4 | €20,728 | €3,341 | -€17,387 | -83.9% |
| Taxes, remuneration and social security | 45 | €52,626 | €22,638 | -€29,987 | -57.0% |
| Taxes | 450/3 | €37,199 | €18,968 | -€18,230 | -49.0% |
| Remuneration and social security | 454/9 | €15,427 | €3,670 | -€11,757 | -76.2% |
| Other amounts payable | 47/48 | €19,281 | €108,382 | +€89,101 | +462% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,679 | €14,790 | -€889 | -5.7% |
| Other operating charges | 640/8 | €1,128 | €66 | -€1,062 | -94.2% |
| Non-recurring operating charges | 66A | - | -€3,630 | -€3,630 | |
| Gross operating margin | 9900 | €76,646 | €34,866 | -€41,780 | -54.5% |
| Operating profit (loss) | 9901 | €59,840 | €23,640 | -€36,200 | -60.5% |
| Financial income | 75/76B | €2,820 | €1,903 | -€917 | -32.5% |
| Recurring financial income | 75 | €2,820 | €1,903 | -€917 | -32.5% |
| Financial charges | 65/66B | €1,142 | €896 | -€247 | -21.6% |
| Recurring financial charges | 65 | €1,142 | €896 | -€247 | -21.6% |
| Profit (loss) for the period before taxes | 9903 | €61,517 | €24,648 | -€36,870 | -59.9% |
| Income taxes | 67/77 | €13,772 | -€19,776 | -€33,549 | |
| Profit (loss) for the period | 9904 | €47,745 | €44,424 | -€3,321 | -7.0% |
| Profit (loss) for the period to be appropriated | 9905 | €47,745 | €44,424 | -€3,321 | -7.0% |
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.