Dr. Lenaerts Patrick: 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. Lenaerts Patrick
Largest movements
- Cash +€46,124
up €46,124 (+20.0%), from €230,160 to €276,284
mainly Net result for the year (+€106,573) and Other debts (+€2,963)
- Reserves +€57,829
up €57,829 (+29.1%), from €198,433 to €256,262
- Tax, wage and social debts -€13,253
down €13,253 (-55.4%), from €23,910 to €10,657
- Other debts +€2,963
new in 2025: €2,963
- Gross operating margin +€38,090
up €38,090 (+31.0%), from €122,890 to €160,981
- Taxes +€14,692
up €14,692 (+40.5%), from €36,235 to €50,927
- Financial income -€3,415
down €3,415 (-99.9%), from €3,417 to €3
of which Financial income: -€1,915
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 | €236,928 | €284,451 | +€47,523 | +20.1% |
| Fixed assets | 21/28 | €3,687 | €2,841 | -€847 | -23.0% |
| Tangible fixed assets | 22/27 | €3,687 | €2,841 | -€847 | -23.0% |
| Land and buildings | 22 | €728 | €0 | -€728 | -100% |
| Plant, machinery and equipment | 23 | €2,841 | €2,841 | = | 0.0% |
| Furniture and vehicles | 24 | €119 | €0 | -€119 | -100% |
| Current assets | 29/58 | €233,240 | €281,611 | +€48,370 | +20.7% |
| Amounts receivable within one year | 40/41 | €2,134 | €4,238 | +€2,104 | +98.6% |
| Trade receivables | 40 | €0 | €2,507 | +€2,507 | |
| Other amounts receivable | 41 | €2,134 | €1,731 | -€403 | -18.9% |
| Cash at bank and in hand | 54/58 | €230,160 | €276,284 | +€46,124 | +20.0% |
| Deferred charges and accrued income | 490/1 | €946 | €1,089 | +€143 | +15.1% |
| Total equity and liabilities | 10/49 | €236,928 | €284,451 | +€47,523 | +20.1% |
| Equity | 10/15 | €212,251 | €270,080 | +€57,829 | +27.2% |
| Contributions | 10/11 | €13,818 | €13,818 | = | 0.0% |
| Reserves | 13 | €198,433 | €256,262 | +€57,829 | +29.1% |
| Distributable reserves | 133 | €198,433 | €256,262 | +€57,829 | +29.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €24,677 | €14,371 | -€10,306 | -41.8% |
| Amounts payable within one year | 42/48 | €24,677 | €14,371 | -€10,306 | -41.8% |
| Trade debts | 44 | €767 | €750 | -€16 | -2.1% |
| Suppliers | 440/4 | €767 | €750 | -€16 | -2.1% |
| Taxes, remuneration and social security | 45 | €23,910 | €10,657 | -€13,253 | -55.4% |
| Taxes | 450/3 | €23,910 | €10,657 | -€13,253 | -55.4% |
| Other amounts payable | 47/48 | - | €2,963 | +€2,963 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €518 | €119 | -€399 | -77.1% |
| Other operating charges | 640/8 | €2,216 | €2,472 | +€256 | +11.6% |
| Non-recurring operating charges | 66A | - | €728 | +€728 | |
| Gross operating margin | 9900 | €122,890 | €160,981 | +€38,090 | +31.0% |
| Operating profit (loss) | 9901 | €120,157 | €157,662 | +€37,505 | +31.2% |
| Financial income | 75/76B | €3,417 | €3 | -€3,415 | -99.9% |
| Recurring financial income | 75 | €1,917 | €3 | -€1,915 | -99.9% |
| Non-recurring financial income | 76B | €1,500 | €0 | -€1,500 | -100% |
| Financial charges | 65/66B | €43 | €165 | +€122 | +280% |
| Recurring financial charges | 65 | €43 | €165 | +€122 | +280% |
| Profit (loss) for the period before taxes | 9903 | €123,531 | €157,500 | +€33,969 | +27.5% |
| Income taxes | 67/77 | €36,235 | €50,927 | +€14,692 | +40.5% |
| Profit (loss) for the period | 9904 | €87,296 | €106,573 | +€19,277 | +22.1% |
| Profit (loss) for the period to be appropriated | 9905 | €87,296 | €106,573 | +€19,277 | +22.1% |
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 17 October 2026 via checked.be.