DR. LIESBETH AERTS: 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. LIESBETH AERTS
Largest movements
- Cash +€151,162
up €151,162 (+173%), from €87,595 to €238,758
mainly Net result for the year (+€130,896) and Trade debts (+€22,498)
- Deferred charges and accrued income -€6,482
down €6,482 (-65.6%), from €9,881 to €3,400
- Reserves +€130,063
up €130,063 (+181%), from €71,715 to €201,778
- Trade debts +€22,498
new in 2025: €22,498
- Tax, wage and social debts -€10,827
down €10,827 (-48.0%), from €22,535 to €11,708
- Other debts +€2,622
up €2,622 (+314%), from €834 to €3,456
- Gross operating margin +€79,882
up €79,882 (+83.5%), from €95,642 to €175,524
- Taxes +€21,173
up €21,173 (+94.0%), from €22,535 to €43,708
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 | €99,084 | €243,439 | +€144,355 | +146% |
| Fixed assets | 21/28 | €1,608 | €1,282 | -€325 | -20.2% |
| Tangible fixed assets | 22/27 | €1,608 | €1,282 | -€325 | -20.2% |
| Furniture and vehicles | 24 | €1,608 | €1,282 | -€325 | -20.2% |
| Current assets | 29/58 | €97,477 | €242,157 | +€144,681 | +148% |
| Cash at bank and in hand | 54/58 | €87,595 | €238,758 | +€151,162 | +173% |
| Deferred charges and accrued income | 490/1 | €9,881 | €3,400 | -€6,482 | -65.6% |
| Total equity and liabilities | 10/49 | €99,084 | €243,439 | +€144,355 | +146% |
| Equity | 10/15 | €75,715 | €205,778 | +€130,063 | +172% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €71,715 | €201,778 | +€130,063 | +181% |
| Distributable reserves | 133 | €71,715 | €201,778 | +€130,063 | +181% |
| Amounts payable | 17/49 | €23,369 | €37,662 | +€14,293 | +61.2% |
| Amounts payable within one year | 42/48 | €23,369 | €37,662 | +€14,293 | +61.2% |
| Trade debts | 44 | - | €22,498 | +€22,498 | |
| Suppliers | 440/4 | - | €22,498 | +€22,498 | |
| Taxes, remuneration and social security | 45 | €22,535 | €11,708 | -€10,827 | -48.0% |
| Taxes | 450/3 | €22,535 | €11,708 | -€10,827 | -48.0% |
| Other amounts payable | 47/48 | €834 | €3,456 | +€2,622 | +314% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20 | €325 | +€306 | +1,559% |
| Other operating charges | 640/8 | €505 | €550 | +€44 | +8.8% |
| Gross operating margin | 9900 | €95,642 | €175,524 | +€79,882 | +83.5% |
| Operating profit (loss) | 9901 | €95,117 | €174,649 | +€79,532 | +83.6% |
| Financial charges | 65/66B | €34 | €45 | +€11 | +33.3% |
| Recurring financial charges | 65 | €34 | €45 | +€11 | +33.3% |
| Profit (loss) for the period before taxes | 9903 | €95,083 | €174,604 | +€79,521 | +83.6% |
| Income taxes | 67/77 | €22,535 | €43,708 | +€21,173 | +94.0% |
| Profit (loss) for the period | 9904 | €72,548 | €130,896 | +€58,347 | +80.4% |
| Profit (loss) for the period to be appropriated | 9905 | €72,548 | €130,896 | +€58,347 | +80.4% |
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 20 October 2026 via checked.be.