Dr. Lisa Vandeputte: 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 Vandeputte
Largest movements
- Cash -€48,275
down €48,275 (-31.4%), from €153,986 to €105,711
mainly Contributions, distributions and other (-€131,077) and Investment in fixed assets (net) (-€27,400)
- Tangible fixed assets +€25,306
new in 2025: €25,306
- Intangible fixed assets -€16,000
down €16,000 (-13.6%), from €117,786 to €101,786
- Receivables within one year +€11,843
up €11,843 (+25.4%), from €46,568 to €58,410
of which Trade receivables: +€11,706
- Reserves -€93,784
down €93,784 (-71.5%), from €131,077 to €37,293
- Other debts +€68,966
up €68,966 (+46.7%), from €147,597 to €216,562
- Gross operating margin -€11,753
down €11,753 (-15.3%), from €76,576 to €64,823
- Taxes -€3,681
down €3,681 (-29.3%), from €12,544 to €8,863
- Depreciation +€2,094
up €2,094 (+13.1%), from €16,000 to €18,094
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 | €318,340 | €291,213 | -€27,127 | -8.5% |
| Fixed assets | 21/28 | €117,786 | €127,092 | +€9,306 | +7.9% |
| Intangible fixed assets | 21 | €117,786 | €101,786 | -€16,000 | -13.6% |
| Tangible fixed assets | 22/27 | - | €25,306 | +€25,306 | |
| Furniture and vehicles | 24 | - | €25,306 | +€25,306 | |
| Current assets | 29/58 | €200,554 | €164,121 | -€36,433 | -18.2% |
| Amounts receivable within one year | 40/41 | €46,568 | €58,410 | +€11,843 | +25.4% |
| Trade receivables | 40 | €46,568 | €58,273 | +€11,706 | +25.1% |
| Other amounts receivable | 41 | €0 | €137 | +€137 | |
| Cash at bank and in hand | 54/58 | €153,986 | €105,711 | -€48,275 | -31.4% |
| Total equity and liabilities | 10/49 | €318,340 | €291,213 | -€27,127 | -8.5% |
| Equity | 10/15 | €134,077 | €40,293 | -€93,784 | -69.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €131,077 | €37,293 | -€93,784 | -71.5% |
| Distributable reserves | 133 | €131,077 | €37,293 | -€93,784 | -71.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €184,263 | €250,920 | +€66,657 | +36.2% |
| Amounts payable within one year | 42/48 | €152,302 | €220,958 | +€68,657 | +45.1% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €4,705 | €4,396 | -€309 | -6.6% |
| Taxes | 450/3 | €4,705 | €4,396 | -€309 | -6.6% |
| Other amounts payable | 47/48 | €147,597 | €216,562 | +€68,966 | +46.7% |
| Accrued charges and deferred income | 492/3 | €31,962 | €29,962 | -€2,000 | -6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,000 | €18,094 | +€2,094 | +13.1% |
| Other operating charges | 640/8 | €126 | €528 | +€402 | +319% |
| Gross operating margin | 9900 | €76,576 | €64,823 | -€11,753 | -15.3% |
| Operating profit (loss) | 9901 | €60,450 | €46,201 | -€14,249 | -23.6% |
| Financial charges | 65/66B | €90 | €45 | -€44 | -49.5% |
| Recurring financial charges | 65 | €90 | €45 | -€44 | -49.5% |
| Profit (loss) for the period before taxes | 9903 | €60,361 | €46,156 | -€14,205 | -23.5% |
| Income taxes | 67/77 | €12,544 | €8,863 | -€3,681 | -29.3% |
| Profit (loss) for the period | 9904 | €47,816 | €37,293 | -€10,524 | -22.0% |
| Profit (loss) for the period to be appropriated | 9905 | €47,816 | €37,293 | -€10,524 | -22.0% |
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 1 November 2026 via checked.be.