DR. LIESBETH AEYELS: what changed
DR. LIESBETH AEYELS
Largest movements
- Cash +€72,849
up €72,849 (+371%), from €19,640 to €92,489
mainly Net result for the year (+€170,959) and Depreciation (+€59,145)
- Receivables within one year +€40,405
up €40,405 (+19.6%), from €205,806 to €246,211
- Intangible fixed assets -€40,000
down €40,000 (-57.1%), from €70,000 to €30,000
- Deferred charges and accrued income -€33,400
down €33,400 (-47.1%), from €70,933 to €37,532
- Tangible fixed assets -€16,129
down €16,129 (-9.1%), from €178,072 to €161,942
of which Land and buildings: -€12,693
- Reserves +€170,959
up €170,959 (+127%), from €135,026 to €305,986
- Other debts -€85,000
no longer reported in 2025 (was €85,000)
- Debts after one year -€34,966
down €34,966 (-15.1%), from €232,142 to €197,176
- Tax, wage and social debts -€20,647
no longer reported in 2025 (was €20,647)
- Short-term financial debts -€6,147
down €6,147 (-54.9%), from €11,200 to €5,053
- Gross operating margin +€135,694
up €135,694 (+94.1%), from €144,197 to €279,891
- Taxes +€34,943
up €34,943 (+169%), from €20,622 to €55,564
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 | €549,925 | €573,650 | +€23,724 | +4.3% |
| Fixed assets | 21/28 | €253,547 | €197,417 | -€56,129 | -22.1% |
| Intangible fixed assets | 21 | €70,000 | €30,000 | -€40,000 | -57.1% |
| Tangible fixed assets | 22/27 | €178,072 | €161,942 | -€16,129 | -9.1% |
| Land and buildings | 22 | €164,721 | €152,028 | -€12,693 | -7.7% |
| Furniture and vehicles | 24 | €13,351 | €9,915 | -€3,437 | -25.7% |
| Financial fixed assets | 28 | €5,475 | €5,475 | = | 0.0% |
| Current assets | 29/58 | €296,378 | €376,232 | +€79,854 | +26.9% |
| Amounts receivable within one year | 40/41 | €205,806 | €246,211 | +€40,405 | +19.6% |
| Other amounts receivable | 41 | €205,806 | €246,211 | +€40,405 | +19.6% |
| Cash at bank and in hand | 54/58 | €19,640 | €92,489 | +€72,849 | +371% |
| Deferred charges and accrued income | 490/1 | €70,933 | €37,532 | -€33,400 | -47.1% |
| Total equity and liabilities | 10/49 | €549,925 | €573,650 | +€23,724 | +4.3% |
| Equity | 10/15 | €153,626 | €324,586 | +€170,959 | +111% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €135,026 | €305,986 | +€170,959 | +127% |
| Distributable reserves | 133 | €135,026 | €305,986 | +€170,959 | +127% |
| Amounts payable | 17/49 | €396,299 | €249,064 | -€147,235 | -37.2% |
| Amounts payable after more than one year | 17 | €232,142 | €197,176 | -€34,966 | -15.1% |
| Financial debts | 170/4 | €232,142 | €197,176 | -€34,966 | -15.1% |
| Amounts payable within one year | 42/48 | €157,376 | €45,752 | -€111,623 | -70.9% |
| Current portion of amounts payable after more than one year | 42 | €34,556 | €34,966 | +€410 | +1.2% |
| Financial debts | 43 | €11,200 | €5,053 | -€6,147 | -54.9% |
| Other loans | 439 | €11,200 | €5,053 | -€6,147 | -54.9% |
| Trade debts | 44 | €5,973 | €5,733 | -€239 | -4.0% |
| Suppliers | 440/4 | €5,973 | €5,733 | -€239 | -4.0% |
| Taxes, remuneration and social security | 45 | €20,647 | - | -€20,647 | |
| Taxes | 450/3 | €20,647 | - | -€20,647 | |
| Other amounts payable | 47/48 | €85,000 | - | -€85,000 | |
| Accrued charges and deferred income | 492/3 | €6,781 | €6,136 | -€645 | -9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,007 | €59,145 | +€138 | +0.2% |
| Other operating charges | 640/8 | €1,752 | €2,403 | +€651 | +37.2% |
| Gross operating margin | 9900 | €144,197 | €279,891 | +€135,694 | +94.1% |
| Operating profit (loss) | 9901 | €83,438 | €218,343 | +€134,905 | +162% |
| Financial income | 75/76B | €10,176 | €12,965 | +€2,789 | +27.4% |
| Recurring financial income | 75 | €10,176 | €12,965 | +€2,789 | +27.4% |
| Financial charges | 65/66B | €4,003 | €4,784 | +€781 | +19.5% |
| Recurring financial charges | 65 | €4,003 | €4,784 | +€781 | +19.5% |
| Profit (loss) for the period before taxes | 9903 | €89,611 | €226,524 | +€136,913 | +153% |
| Income taxes | 67/77 | €20,622 | €55,564 | +€34,943 | +169% |
| Profit (loss) for the period | 9904 | €68,989 | €170,959 | +€101,970 | +148% |
| Profit (loss) for the period to be appropriated | 9905 | €68,989 | €170,959 | +€101,970 | +148% |
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 8 November 2026 via checked.be.