Dr. Leen Sinnaeve: what changed
Dr. Leen Sinnaeve
Largest movements
- Receivables after one year -€25,000
down €25,000 (-25.0%), from €100,000 to €75,000
- Deferred charges and accrued income -€11,167
down €11,167 (-33.6%), from €33,185 to €22,018
- Cash -€3,150
down €3,150 (-9.7%), from €32,511 to €29,361
mainly Contributions, distributions and other (-€94,000) and Other debts (-€31,015)
- Receivables within one year -€2,492
down €2,492 (-46.3%), from €5,381 to €2,888
- Other debts -€31,015
down €31,015 (-27.0%), from €115,000 to €83,985
- Current portion of long-term debt -€11,649
down €11,649 (-84.1%), from €13,849 to €2,199
- Tax, wage and social debts +€2,852
up €2,852 (+25.4%), from €11,248 to €14,100
- Debts after one year -€2,326
no longer reported in 2025 (was €2,326)
- Gross operating margin -€26,042
down €26,042 (-17.2%), from €151,032 to €124,990
- Taxes -€6,136
down €6,136 (-18.2%), from €33,748 to €27,612
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €171,077 | €129,268 | -€41,809 | -24.4% |
| Current assets | 29/58 | €171,077 | €129,268 | -€41,809 | -24.4% |
| Amounts receivable after more than one year | 29 | €100,000 | €75,000 | -€25,000 | -25.0% |
| Other amounts receivable | 291 | €100,000 | €75,000 | -€25,000 | -25.0% |
| Amounts receivable within one year | 40/41 | €5,381 | €2,888 | -€2,492 | -46.3% |
| Other amounts receivable | 41 | €5,381 | €2,888 | -€2,492 | -46.3% |
| Cash at bank and in hand | 54/58 | €32,511 | €29,361 | -€3,150 | -9.7% |
| Deferred charges and accrued income | 490/1 | €33,185 | €22,018 | -€11,167 | -33.6% |
| Total equity and liabilities | 10/49 | €171,077 | €129,268 | -€41,809 | -24.4% |
| Equity | 10/15 | €18,699 | €19,336 | +€636 | +3.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €99 | €736 | +€636 | +640% |
| Distributable reserves | 133 | €99 | €736 | +€636 | +640% |
| Amounts payable | 17/49 | €152,377 | €109,932 | -€42,446 | -27.9% |
| Amounts payable after more than one year | 17 | €2,326 | - | -€2,326 | |
| Financial debts | 170/4 | €2,326 | - | -€2,326 | |
| Amounts payable within one year | 42/48 | €150,052 | €109,932 | -€40,120 | -26.7% |
| Current portion of amounts payable after more than one year | 42 | €13,849 | €2,199 | -€11,649 | -84.1% |
| Financial debts | 43 | €9,068 | €9,438 | +€370 | +4.1% |
| Other loans | 439 | €9,068 | €9,438 | +€370 | +4.1% |
| Trade debts | 44 | €887 | €209 | -€677 | -76.4% |
| Suppliers | 440/4 | €887 | €209 | -€677 | -76.4% |
| Taxes, remuneration and social security | 45 | €11,248 | €14,100 | +€2,852 | +25.4% |
| Taxes | 450/3 | €11,248 | €14,100 | +€2,852 | +25.4% |
| Other amounts payable | 47/48 | €115,000 | €83,985 | -€31,015 | -27.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94 | - | -€94 | |
| Other operating charges | 640/8 | €2,789 | €2,747 | -€42 | -1.5% |
| Gross operating margin | 9900 | €151,032 | €124,990 | -€26,042 | -17.2% |
| Operating profit (loss) | 9901 | €148,149 | €122,243 | -€25,905 | -17.5% |
| Financial income | 75/76B | - | €231 | +€231 | |
| Recurring financial income | 75 | - | €231 | +€231 | |
| Financial charges | 65/66B | €668 | €226 | -€442 | -66.1% |
| Recurring financial charges | 65 | €668 | €226 | -€442 | -66.1% |
| Profit (loss) for the period before taxes | 9903 | €147,481 | €122,248 | -€25,233 | -17.1% |
| Income taxes | 67/77 | €33,748 | €27,612 | -€6,136 | -18.2% |
| Profit (loss) for the period | 9904 | €113,733 | €94,636 | -€19,096 | -16.8% |
| Profit (loss) for the period to be appropriated | 9905 | €113,733 | €94,636 | -€19,096 | -16.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.