Dr. Liesbeth Heremans: 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 Heremans
Largest movements
- Cash +€762,745
up €762,745 (+130%), from €587,972 to €1.4m
mainly Current investments (+€728,004) and Net result for the year (+€304,278)
- Current investments -€728,004
down €728,004 (-79.7%), from €913,564 to €185,560
- Tangible fixed assets -€35,568
down €35,568 (-33.9%), from €104,984 to €69,416
of which Furniture and vehicles: -€23,518
- Tax, wage and social debts -€38,463
down €38,463 (-55.9%), from €68,771 to €30,308
of which Taxes: -€38,435
- Reserves +€22,089
up €22,089 (+1.3%), from €1.7m to €1.7m
- Financial income +€17,767
up €17,767 (+50.5%), from €35,209 to €52,976
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 | €1,744,179 | €1,738,881 | -€5,298 | -0.3% |
| Fixed assets | 21/28 | €104,984 | €69,416 | -€35,568 | -33.9% |
| Tangible fixed assets | 22/27 | €104,984 | €69,416 | -€35,568 | -33.9% |
| Plant, machinery and equipment | 23 | €8,175 | €5,511 | -€2,663 | -32.6% |
| Furniture and vehicles | 24 | €55,889 | €32,371 | -€23,518 | -42.1% |
| Other tangible fixed assets | 26 | €40,920 | €31,534 | -€9,386 | -22.9% |
| Current assets | 29/58 | €1,639,195 | €1,669,465 | +€30,270 | +1.8% |
| Amounts receivable within one year | 40/41 | €3,482 | €0 | -€3,482 | -100% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €3,482 | €0 | -€3,482 | -100% |
| Current investments | 50/53 | €913,564 | €185,560 | -€728,004 | -79.7% |
| Cash at bank and in hand | 54/58 | €587,972 | €1,350,718 | +€762,745 | +130% |
| Deferred charges and accrued income | 490/1 | €134,177 | €133,188 | -€989 | -0.7% |
| Total equity and liabilities | 10/49 | €1,744,179 | €1,738,881 | -€5,298 | -0.3% |
| Equity | 10/15 | €1,669,121 | €1,691,210 | +€22,089 | +1.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,656,721 | €1,678,810 | +€22,089 | +1.3% |
| Distributable reserves | 133 | €1,656,721 | €1,678,810 | +€22,089 | +1.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €75,059 | €47,671 | -€27,387 | -36.5% |
| Amounts payable within one year | 42/48 | €75,059 | €47,671 | -€27,387 | -36.5% |
| Trade debts | 44 | €2,256 | €937 | -€1,319 | -58.5% |
| Suppliers | 440/4 | €2,256 | €937 | -€1,319 | -58.5% |
| Taxes, remuneration and social security | 45 | €68,771 | €30,308 | -€38,463 | -55.9% |
| Taxes | 450/3 | €66,343 | €27,908 | -€38,435 | -57.9% |
| Remuneration and social security | 454/9 | €2,428 | €2,400 | -€28 | -1.2% |
| Other amounts payable | 47/48 | €4,031 | €16,425 | +€12,394 | +307% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,878 | €33,960 | -€919 | -2.6% |
| Other operating charges | 640/8 | €2,175 | €2,236 | +€62 | +2.8% |
| Non-recurring operating charges | 66A | - | €1,609 | +€1,609 | |
| Gross operating margin | 9900 | €422,687 | €421,215 | -€1,472 | -0.3% |
| Operating profit (loss) | 9901 | €385,634 | €383,411 | -€2,223 | -0.6% |
| Financial income | 75/76B | €35,209 | €52,976 | +€17,767 | +50.5% |
| Recurring financial income | 75 | €35,209 | €52,976 | +€17,767 | +50.5% |
| Financial charges | 65/66B | €1,983 | €3,652 | +€1,669 | +84.2% |
| Recurring financial charges | 65 | €1,983 | €3,652 | +€1,669 | +84.2% |
| Profit (loss) for the period before taxes | 9903 | €418,860 | €432,734 | +€13,875 | +3.3% |
| Income taxes | 67/77 | €129,540 | €128,456 | -€1,084 | -0.8% |
| Profit (loss) for the period | 9904 | €289,320 | €304,278 | +€14,958 | +5.2% |
| Profit (loss) for the period to be appropriated | 9905 | €289,320 | €304,278 | +€14,958 | +5.2% |
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 22 October 2026 via checked.be.