Dr. Leen Kerremans: 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. Leen Kerremans
Largest movements
- Cash -€25,624
down €25,624 (-16.2%), from €157,833 to €132,209
mainly Other debts (-€153,723) and Investment in fixed assets (net) (-€6,109)
- Intangible fixed assets -€20,500
down €20,500 (-11.5%), from €177,648 to €157,148
- Tangible fixed assets +€4,557
up €4,557 (+302%), from €1,511 to €6,068
of which Furniture and vehicles: +€4,284
- Other debts -€153,723
down €153,723 (-76.0%), from €202,165 to €48,443
- Profit (loss) carried forward +€69,455
up €69,455 (+1,321%), from €5,259 to €74,714
- Tax, wage and social debts +€23,603
up €23,603 (+85.1%), from €27,749 to €51,352
of which Taxes: +€23,603
- Reserves +€20,000
up €20,000 (+19.0%), from €105,000 to €125,000
- Gross operating margin -€3,261
down €3,261 (-2.4%), from €137,152 to €133,891
- Financial income +€2,827
up €2,827 (+1,362%), from €208 to €3,035
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 | €344,296 | €302,781 | -€41,515 | -12.1% |
| Fixed assets | 21/28 | €179,159 | €163,216 | -€15,943 | -8.9% |
| Intangible fixed assets | 21 | €177,648 | €157,148 | -€20,500 | -11.5% |
| Tangible fixed assets | 22/27 | €1,511 | €6,068 | +€4,557 | +302% |
| Plant, machinery and equipment | 23 | €1,511 | €1,784 | +€273 | +18.1% |
| Furniture and vehicles | 24 | - | €4,284 | +€4,284 | |
| Current assets | 29/58 | €165,137 | €139,565 | -€25,572 | -15.5% |
| Amounts receivable within one year | 40/41 | €7,085 | €5,353 | -€1,733 | -24.5% |
| Trade receivables | 40 | €7,085 | €5,353 | -€1,733 | -24.5% |
| Cash at bank and in hand | 54/58 | €157,833 | €132,209 | -€25,624 | -16.2% |
| Deferred charges and accrued income | 490/1 | €219 | €2,003 | +€1,784 | +815% |
| Total equity and liabilities | 10/49 | €344,296 | €302,781 | -€41,515 | -12.1% |
| Equity | 10/15 | €113,259 | €202,714 | +€89,455 | +79.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €105,000 | €125,000 | +€20,000 | +19.0% |
| Distributable reserves | 133 | €105,000 | €125,000 | +€20,000 | +19.0% |
| Profit (loss) carried forward | 14 | €5,259 | €74,714 | +€69,455 | +1,321% |
| Amounts payable | 17/49 | €231,037 | €100,067 | -€130,970 | -56.7% |
| Amounts payable within one year | 42/48 | €231,037 | €100,067 | -€130,970 | -56.7% |
| Financial debts | 43 | €146 | €156 | +€11 | +7.4% |
| Other loans | 439 | €146 | €156 | +€11 | +7.4% |
| Trade debts | 44 | €977 | €116 | -€861 | -88.1% |
| Suppliers | 440/4 | €977 | €116 | -€861 | -88.1% |
| Taxes, remuneration and social security | 45 | €27,749 | €51,352 | +€23,603 | +85.1% |
| Taxes | 450/3 | €25,849 | €49,452 | +€23,603 | +91.3% |
| Remuneration and social security | 454/9 | €1,900 | €1,900 | = | 0.0% |
| Other amounts payable | 47/48 | €202,165 | €48,443 | -€153,723 | -76.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,055 | €22,052 | +€997 | +4.7% |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | €137,152 | €133,891 | -€3,261 | -2.4% |
| Operating profit (loss) | 9901 | €115,591 | €111,319 | -€4,272 | -3.7% |
| Financial income | 75/76B | €208 | €3,035 | +€2,827 | +1,362% |
| Recurring financial income | 75 | €208 | €3,035 | +€2,827 | +1,362% |
| Financial charges | 65/66B | €365 | €500 | +€136 | +37.2% |
| Recurring financial charges | 65 | €365 | €500 | +€136 | +37.2% |
| Profit (loss) for the period before taxes | 9903 | €115,434 | €113,853 | -€1,581 | -1.4% |
| Income taxes | 67/77 | €24,737 | €24,399 | -€338 | -1.4% |
| Profit (loss) for the period | 9904 | €90,697 | €89,455 | -€1,242 | -1.4% |
| Profit (loss) for the period to be appropriated | 9905 | €90,697 | €89,455 | -€1,242 | -1.4% |
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 27 October 2026 via checked.be.