Dr. Liesbeth Casselman: what changed
Dr. Liesbeth Casselman
Largest movements
- Receivables after one year -€100,000
down €100,000 (-90.9%), from €110,000 to €10,000
- Cash -€74,402
down €74,402 (-36.6%), from €203,144 to €128,742
mainly Contributions, distributions and other (-€319,444) and Tax, wage and social debts (-€37,007)
- Receivables within one year -€5,886
down €5,886 (-11.2%), from €52,435 to €46,549
of which Other amounts receivable: -€8,877
- Reserves -€149,305
down €149,305 (-46.7%), from €319,444 to €170,139
- Tax, wage and social debts -€37,007
down €37,007 (-82.1%), from €45,048 to €8,041
- Other debts +€6,578
new in 2025: €6,578
- Gross operating margin +€32,491
up €32,491 (+17.2%), from €188,673 to €221,164
- Taxes +€7,993
up €7,993 (+17.9%), from €44,758 to €52,751
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 | €366,982 | €187,886 | -€179,096 | -48.8% |
| Current assets | 29/58 | €366,982 | €187,886 | -€179,096 | -48.8% |
| Amounts receivable after more than one year | 29 | €110,000 | €10,000 | -€100,000 | -90.9% |
| Other amounts receivable | 291 | €110,000 | €10,000 | -€100,000 | -90.9% |
| Amounts receivable within one year | 40/41 | €52,435 | €46,549 | -€5,886 | -11.2% |
| Trade receivables | 40 | €43,557 | €46,549 | +€2,991 | +6.9% |
| Other amounts receivable | 41 | €8,877 | - | -€8,877 | |
| Cash at bank and in hand | 54/58 | €203,144 | €128,742 | -€74,402 | -36.6% |
| Deferred charges and accrued income | 490/1 | €1,403 | €2,595 | +€1,192 | +84.9% |
| Total equity and liabilities | 10/49 | €366,982 | €187,886 | -€179,096 | -48.8% |
| Equity | 10/15 | €320,444 | €171,139 | -€149,305 | -46.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €319,444 | €170,139 | -€149,305 | -46.7% |
| Distributable reserves | 133 | €319,444 | €170,139 | -€149,305 | -46.7% |
| Amounts payable | 17/49 | €46,538 | €16,748 | -€29,790 | -64.0% |
| Amounts payable within one year | 42/48 | €45,067 | €15,185 | -€29,881 | -66.3% |
| Trade debts | 44 | €19 | €566 | +€547 | +2,928% |
| Suppliers | 440/4 | €19 | €566 | +€547 | +2,928% |
| Taxes, remuneration and social security | 45 | €45,048 | €8,041 | -€37,007 | -82.1% |
| Taxes | 450/3 | €45,048 | €8,041 | -€37,007 | -82.1% |
| Other amounts payable | 47/48 | - | €6,578 | +€6,578 | |
| Accrued charges and deferred income | 492/3 | €1,472 | €1,562 | +€91 | +6.2% |
| Other operating charges | 640/8 | €115 | €126 | +€11 | +9.6% |
| Gross operating margin | 9900 | €188,673 | €221,164 | +€32,491 | +17.2% |
| Operating profit (loss) | 9901 | €188,558 | €221,038 | +€32,480 | +17.2% |
| Financial income | 75/76B | €780 | €1,925 | +€1,146 | +147% |
| Recurring financial income | 75 | €780 | €1,925 | +€1,146 | +147% |
| Financial charges | 65/66B | €118 | €74 | -€45 | -37.7% |
| Recurring financial charges | 65 | €118 | €74 | -€45 | -37.7% |
| Profit (loss) for the period before taxes | 9903 | €189,220 | €222,890 | +€33,670 | +17.8% |
| Income taxes | 67/77 | €44,758 | €52,751 | +€7,993 | +17.9% |
| Profit (loss) for the period | 9904 | €144,462 | €170,139 | +€25,676 | +17.8% |
| Profit (loss) for the period to be appropriated | 9905 | €144,462 | €170,139 | +€25,676 | +17.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.