DR. LISBETH VANDENABEELE: 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. LISBETH VANDENABEELE
Largest movements
- Receivables within one year -€9,167
down €9,167 (-4.9%), from €186,837 to €177,670
of which Other amounts receivable: -€9,004
- Reserves -€17,967
down €17,967 (-7.8%), from €230,854 to €212,887
of which Distributable reserves: -€17,967
- Other debts +€7,653
up €7,653 (+6.7%), from €114,915 to €122,568
- Gross operating margin -€24,489
down €24,489 (-7.8%), from €314,228 to €289,740
- Taxes -€5,126
down €5,126 (-7.1%), from €72,553 to €67,427
- Financial charges -€3,821
down €3,821 (-30.4%), from €12,554 to €8,733
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 | €369,069 | €357,489 | -€11,580 | -3.1% |
| Fixed assets | 21/28 | €25,615 | €22,060 | -€3,554 | -13.9% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €25,515 | €21,960 | -€3,554 | -13.9% |
| Furniture and vehicles | 24 | €16,900 | €14,537 | -€2,363 | -14.0% |
| Other tangible fixed assets | 26 | €8,615 | €7,424 | -€1,191 | -13.8% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €343,454 | €335,429 | -€8,025 | -2.3% |
| Amounts receivable within one year | 40/41 | €186,837 | €177,670 | -€9,167 | -4.9% |
| Trade receivables | 40 | €1,700 | €1,538 | -€163 | -9.6% |
| Other amounts receivable | 41 | €185,137 | €176,133 | -€9,004 | -4.9% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €156,617 | €157,758 | +€1,141 | +0.7% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €369,069 | €357,489 | -€11,580 | -3.1% |
| Equity | 10/15 | €249,454 | €231,487 | -€17,967 | -7.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €230,854 | €212,887 | -€17,967 | -7.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €228,994 | €211,027 | -€17,967 | -7.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €119,615 | €126,002 | +€6,387 | +5.3% |
| Amounts payable within one year | 42/48 | €119,615 | €126,002 | +€6,387 | +5.3% |
| Trade debts | 44 | €919 | €836 | -€83 | -9.0% |
| Suppliers | 440/4 | €919 | €836 | -€83 | -9.0% |
| Taxes, remuneration and social security | 45 | €3,781 | €2,599 | -€1,182 | -31.3% |
| Taxes | 450/3 | €3,781 | €2,599 | -€1,182 | -31.3% |
| Other amounts payable | 47/48 | €114,915 | €122,568 | +€7,653 | +6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,668 | €3,554 | +€886 | +33.2% |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | €314,228 | €289,740 | -€24,489 | -7.8% |
| Operating profit (loss) | 9901 | €311,055 | €285,666 | -€25,389 | -8.2% |
| Financial income | 75/76B | €3,166 | €1,521 | -€1,645 | -52.0% |
| Recurring financial income | 75 | €3,166 | €1,521 | -€1,645 | -52.0% |
| Financial charges | 65/66B | €12,554 | €8,733 | -€3,821 | -30.4% |
| Recurring financial charges | 65 | €12,554 | €8,733 | -€3,821 | -30.4% |
| Profit (loss) for the period before taxes | 9903 | €301,668 | €278,454 | -€23,214 | -7.7% |
| Income taxes | 67/77 | €72,553 | €67,427 | -€5,126 | -7.1% |
| Profit (loss) for the period | 9904 | €229,115 | €211,027 | -€18,088 | -7.9% |
| Profit (loss) for the period to be appropriated | 9905 | €229,115 | €211,027 | -€18,088 | -7.9% |
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 29 October 2026 via checked.be.