Dr. Lisa Ceulemans: 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. Lisa Ceulemans
Largest movements
- Financial fixed assets +€94,003
up €94,003 (+41,779%), from €225 to €94,228
- Cash +€12,347
up €12,347 (+17.9%), from €69,007 to €81,354
mainly Net result for the year (+€58,787) and Debts after one year (+€31,608)
- Receivables within one year +€8,061
up €8,061 (+76.5%), from €10,544 to €18,605
- Reserves +€58,787
up €58,787 (+76.5%), from €76,827 to €135,614
- Debts after one year +€31,608
new in 2025: €31,608
- Current portion of long-term debt +€24,484
new in 2025: €24,484
- Other debts -€3,780
down €3,780 (-95.8%), from €3,947 to €167
- Tax, wage and social debts +€3,074
up €3,074 (+144%), from €2,138 to €5,212
- Gross operating margin -€20,058
down €20,058 (-20.1%), from €99,947 to €79,889
- Taxes -€4,426
down €4,426 (-22.5%), from €19,638 to €15,212
- Financial charges +€2,432
up €2,432 (+365%), from €666 to €3,097
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 | €87,778 | €201,147 | +€113,369 | +129% |
| Fixed assets | 21/28 | €8,033 | €100,848 | +€92,815 | +1,155% |
| Tangible fixed assets | 22/27 | €7,808 | €6,621 | -€1,188 | -15.2% |
| Plant, machinery and equipment | 23 | €2,330 | €2,064 | -€266 | -11.4% |
| Furniture and vehicles | 24 | €5,479 | €4,557 | -€922 | -16.8% |
| Financial fixed assets | 28 | €225 | €94,228 | +€94,003 | +41,779% |
| Current assets | 29/58 | €79,744 | €100,298 | +€20,554 | +25.8% |
| Amounts receivable within one year | 40/41 | €10,544 | €18,605 | +€8,061 | +76.5% |
| Trade receivables | 40 | €10,544 | €18,605 | +€8,061 | +76.5% |
| Cash at bank and in hand | 54/58 | €69,007 | €81,354 | +€12,347 | +17.9% |
| Deferred charges and accrued income | 490/1 | €194 | €339 | +€146 | +75.2% |
| Total equity and liabilities | 10/49 | €87,778 | €201,147 | +€113,369 | +129% |
| Equity | 10/15 | €79,327 | €138,114 | +€58,787 | +74.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €76,827 | €135,614 | +€58,787 | +76.5% |
| Distributable reserves | 133 | €76,827 | €135,614 | +€58,787 | +76.5% |
| Amounts payable | 17/49 | €8,451 | €63,033 | +€54,582 | +646% |
| Amounts payable after more than one year | 17 | - | €31,608 | +€31,608 | |
| Financial debts | 170/4 | - | €31,608 | +€31,608 | |
| Amounts payable within one year | 42/48 | €8,451 | €31,424 | +€22,974 | +272% |
| Current portion of amounts payable after more than one year | 42 | - | €24,484 | +€24,484 | |
| Trade debts | 44 | €2,365 | €1,561 | -€804 | -34.0% |
| Suppliers | 440/4 | €2,365 | €1,561 | -€804 | -34.0% |
| Taxes, remuneration and social security | 45 | €2,138 | €5,212 | +€3,074 | +144% |
| Taxes | 450/3 | €2,138 | €5,212 | +€3,074 | +144% |
| Other amounts payable | 47/48 | €3,947 | €167 | -€3,780 | -95.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,504 | €2,637 | +€133 | +5.3% |
| Other operating charges | 640/8 | €313 | €156 | -€157 | -50.1% |
| Gross operating margin | 9900 | €99,947 | €79,889 | -€20,058 | -20.1% |
| Operating profit (loss) | 9901 | €97,131 | €77,096 | -€20,034 | -20.6% |
| Financial charges | 65/66B | €666 | €3,097 | +€2,432 | +365% |
| Recurring financial charges | 65 | €666 | €3,097 | +€2,432 | +365% |
| Profit (loss) for the period before taxes | 9903 | €96,465 | €73,999 | -€22,466 | -23.3% |
| Income taxes | 67/77 | €19,638 | €15,212 | -€4,426 | -22.5% |
| Profit (loss) for the period | 9904 | €76,827 | €58,787 | -€18,040 | -23.5% |
| Profit (loss) for the period to be appropriated | 9905 | €76,827 | €58,787 | -€18,040 | -23.5% |
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 19 October 2026 via checked.be.