Dr. Leen Vandecasteele: 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 Vandecasteele
Largest movements
- Cash -€137,497
down €137,497 (-94.5%), from €145,559 to €8,062
mainly Contributions, distributions and other (-€150,000) and Current investments (-€68,076)
- Current investments +€68,076
new in 2025: €68,076
- Receivables within one year +€9,137
up €9,137 (+21.4%), from €42,761 to €51,898
- Tangible fixed assets -€3,904
down €3,904 (-42.8%), from €9,129 to €5,224
of which Furniture and vehicles: -€3,421
- Reserves -€82,820
down €82,820 (-50.0%), from €165,542 to €82,722
- Other debts +€17,799
up €17,799 (+2,314%), from €769 to €18,568
- Debts after one year -€3,918
down €3,918 (-52.2%), from €7,510 to €3,592
- Gross operating margin -€23,018
down €23,018 (-21.1%), from €109,071 to €86,053
- Taxes -€5,186
down €5,186 (-23.2%), from €22,319 to €17,133
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 | €204,913 | €138,073 | -€66,840 | -32.6% |
| Fixed assets | 21/28 | €12,379 | €7,475 | -€4,905 | -39.6% |
| Intangible fixed assets | 21 | €3,251 | €2,250 | -€1,000 | -30.8% |
| Tangible fixed assets | 22/27 | €9,129 | €5,224 | -€3,904 | -42.8% |
| Plant, machinery and equipment | 23 | €483 | €0 | -€483 | -100% |
| Furniture and vehicles | 24 | €8,646 | €5,224 | -€3,421 | -39.6% |
| Current assets | 29/58 | €192,534 | €130,598 | -€61,936 | -32.2% |
| Amounts receivable within one year | 40/41 | €42,761 | €51,898 | +€9,137 | +21.4% |
| Other amounts receivable | 41 | €42,761 | €51,898 | +€9,137 | +21.4% |
| Current investments | 50/53 | - | €68,076 | +€68,076 | |
| Cash at bank and in hand | 54/58 | €145,559 | €8,062 | -€137,497 | -94.5% |
| Deferred charges and accrued income | 490/1 | €4,215 | €2,563 | -€1,652 | -39.2% |
| Total equity and liabilities | 10/49 | €204,913 | €138,073 | -€66,840 | -32.6% |
| Equity | 10/15 | €169,542 | €86,722 | -€82,820 | -48.8% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €165,542 | €82,722 | -€82,820 | -50.0% |
| Distributable reserves | 133 | €165,542 | €82,722 | -€82,820 | -50.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €35,372 | €51,351 | +€15,979 | +45.2% |
| Amounts payable after more than one year | 17 | €7,510 | €3,592 | -€3,918 | -52.2% |
| Financial debts | 170/4 | €7,510 | €3,592 | -€3,918 | -52.2% |
| Amounts payable within one year | 42/48 | €27,861 | €47,759 | +€19,898 | +71.4% |
| Current portion of amounts payable after more than one year | 42 | €3,918 | €3,918 | = | 0.0% |
| Trade debts | 44 | €958 | €1,178 | +€220 | +23.0% |
| Suppliers | 440/4 | €958 | €1,178 | +€220 | +23.0% |
| Taxes, remuneration and social security | 45 | €22,216 | €24,095 | +€1,879 | +8.5% |
| Taxes | 450/3 | €22,216 | €24,095 | +€1,879 | +8.5% |
| Other amounts payable | 47/48 | €769 | €18,568 | +€17,799 | +2,314% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,475 | €4,905 | -€570 | -10.4% |
| Other operating charges | 640/8 | €419 | €585 | +€166 | +39.6% |
| Gross operating margin | 9900 | €109,071 | €86,053 | -€23,018 | -21.1% |
| Operating profit (loss) | 9901 | €103,177 | €80,563 | -€22,614 | -21.9% |
| Financial income | 75/76B | €4,144 | €3,906 | -€238 | -5.7% |
| Recurring financial income | 75 | €4,144 | €3,906 | -€238 | -5.7% |
| Financial charges | 65/66B | €44 | €157 | +€113 | +260% |
| Recurring financial charges | 65 | €44 | €157 | +€113 | +260% |
| Profit (loss) for the period before taxes | 9903 | €107,277 | €84,313 | -€22,965 | -21.4% |
| Income taxes | 67/77 | €22,319 | €17,133 | -€5,186 | -23.2% |
| Profit (loss) for the period | 9904 | €84,959 | €67,180 | -€17,778 | -20.9% |
| Profit (loss) for the period to be appropriated | 9905 | €84,959 | €67,180 | -€17,778 | -20.9% |
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 31 October 2026 via checked.be.