Dr. Liesa Hoet: 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. Liesa Hoet
Largest movements
- Cash +€206,101
up €206,101 (+1,035%), from €19,917 to €226,018
mainly Net result for the year (+€178,769) and Depreciation (+€27,102)
- Tangible fixed assets -€18,254
down €18,254 (-5.5%), from €333,109 to €314,855
of which Furniture and vehicles: -€10,213
- Reserves +€337,585
up €337,585 (+375%), from €90,000 to €427,585
of which Distributable reserves: +€253,385
- Profit (loss) carried forward -€158,816
down €158,816 (-100%), from €158,816 to €0
- Other debts +€8,035
up €8,035 (+7.6%), from €105,684 to €113,719
- Depreciation -€26,251
down €26,251 (-49.2%), from €53,352 to €27,102
- Taxes +€5,376
up €5,376 (+10.0%), from €53,839 to €59,215
- Gross operating margin -€3,020
down €3,020 (-1.1%), from €276,707 to €273,687
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 | €388,020 | €572,063 | +€184,043 | +47.4% |
| Fixed assets | 21/28 | €333,110 | €314,855 | -€18,254 | -5.5% |
| Intangible fixed assets | 21 | €0 | €0 | -€0 | -31.3% |
| Tangible fixed assets | 22/27 | €333,109 | €314,855 | -€18,254 | -5.5% |
| Land and buildings | 22 | €182,016 | €175,580 | -€6,436 | -3.5% |
| Plant, machinery and equipment | 23 | €4,575 | €4,316 | -€259 | -5.7% |
| Furniture and vehicles | 24 | €64,933 | €54,720 | -€10,213 | -15.7% |
| Other tangible fixed assets | 26 | €81,585 | €80,239 | -€1,346 | -1.6% |
| Current assets | 29/58 | €54,910 | €257,207 | +€202,297 | +368% |
| Amounts receivable within one year | 40/41 | €32,953 | €28,106 | -€4,847 | -14.7% |
| Trade receivables | 40 | €11,792 | €7,321 | -€4,471 | -37.9% |
| Other amounts receivable | 41 | €21,161 | €20,785 | -€376 | -1.8% |
| Cash at bank and in hand | 54/58 | €19,917 | €226,018 | +€206,101 | +1,035% |
| Deferred charges and accrued income | 490/1 | €2,040 | €3,083 | +€1,044 | +51.2% |
| Total equity and liabilities | 10/49 | €388,020 | €572,063 | +€184,043 | +47.4% |
| Equity | 10/15 | €267,366 | €446,135 | +€178,769 | +66.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €90,000 | €427,585 | +€337,585 | +375% |
| Tax-exempt reserves | 132 | - | €84,200 | +€84,200 | |
| Distributable reserves | 133 | €90,000 | €343,385 | +€253,385 | +282% |
| Profit (loss) carried forward | 14 | €158,816 | €0 | -€158,816 | -100% |
| Amounts payable | 17/49 | €120,653 | €125,927 | +€5,274 | +4.4% |
| Amounts payable within one year | 42/48 | €112,336 | €118,319 | +€5,983 | +5.3% |
| Trade debts | 44 | €6,276 | €4,601 | -€1,676 | -26.7% |
| Suppliers | 440/4 | €6,276 | €4,601 | -€1,676 | -26.7% |
| Taxes, remuneration and social security | 45 | €376 | €0 | -€376 | -100% |
| Taxes | 450/3 | €376 | €0 | -€376 | -100% |
| Other amounts payable | 47/48 | €105,684 | €113,719 | +€8,035 | +7.6% |
| Accrued charges and deferred income | 492/3 | €8,317 | €7,608 | -€709 | -8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,352 | €27,102 | -€26,251 | -49.2% |
| Other operating charges | 640/8 | €1,646 | €673 | -€973 | -59.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €276,707 | €273,687 | -€3,020 | -1.1% |
| Operating profit (loss) | 9901 | €221,709 | €245,913 | +€24,204 | +10.9% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €8,639 | €7,928 | -€711 | -8.2% |
| Recurring financial charges | 65 | €8,639 | €7,928 | -€711 | -8.2% |
| Profit (loss) for the period before taxes | 9903 | €213,070 | €237,985 | +€24,914 | +11.7% |
| Income taxes | 67/77 | €53,839 | €59,215 | +€5,376 | +10.0% |
| Profit (loss) for the period | 9904 | €159,231 | €178,769 | +€19,538 | +12.3% |
| Transfer to tax-exempt reserves | 689 | - | €84,200 | +€84,200 | |
| Profit (loss) for the period to be appropriated | 9905 | €159,231 | €94,569 | -€64,662 | -40.6% |
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 1 November 2026 via checked.be.