Dr. Lise Aerts: 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. Lise Aerts
Largest movements
- Current investments +€76,000
new in 2025: €76,000
- Cash -€20,312
down €20,312 (-19.1%), from €106,386 to €86,074
mainly Current investments (-€76,000) and Tax, wage and social debts (-€21,141)
- Receivables within one year -€5,652
down €5,652 (-70.3%), from €8,036 to €2,384
of which Trade receivables: -€5,652
- Profit (loss) carried forward +€78,906
up €78,906 (+85.6%), from €92,133 to €171,039
- Tax, wage and social debts -€21,141
down €21,141 (-99.6%), from €21,226 to €85
- Accrued charges and deferred income -€4,125
down €4,125 (-100%), from €4,125 to €0
- Trade debts -€3,993
down €3,993 (-100%), from €3,993 to €0
- Depreciation +€1,595
up €1,595 (+202%), from €789 to €2,383
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 | €124,520 | €174,125 | +€49,604 | +39.8% |
| Fixed assets | 21/28 | €8,233 | €7,108 | -€1,124 | -13.7% |
| Tangible fixed assets | 22/27 | €8,233 | €7,108 | -€1,124 | -13.7% |
| Plant, machinery and equipment | 23 | €1,050 | €1,397 | +€347 | +33.0% |
| Furniture and vehicles | 24 | €7,182 | €5,711 | -€1,471 | -20.5% |
| Current assets | 29/58 | €116,288 | €167,016 | +€50,729 | +43.6% |
| Amounts receivable within one year | 40/41 | €8,036 | €2,384 | -€5,652 | -70.3% |
| Trade receivables | 40 | €8,036 | €2,384 | -€5,652 | -70.3% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | - | €76,000 | +€76,000 | |
| Cash at bank and in hand | 54/58 | €106,386 | €86,074 | -€20,312 | -19.1% |
| Deferred charges and accrued income | 490/1 | €1,866 | €2,559 | +€693 | +37.1% |
| Total equity and liabilities | 10/49 | €124,520 | €174,125 | +€49,604 | +39.8% |
| Equity | 10/15 | €95,133 | €174,039 | +€78,906 | +82.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €92,133 | €171,039 | +€78,906 | +85.6% |
| Amounts payable | 17/49 | €29,387 | €85 | -€29,302 | -99.7% |
| Amounts payable within one year | 42/48 | €25,262 | €85 | -€25,177 | -99.7% |
| Trade debts | 44 | €3,993 | €0 | -€3,993 | -100% |
| Suppliers | 440/4 | €3,993 | €0 | -€3,993 | -100% |
| Taxes, remuneration and social security | 45 | €21,226 | €85 | -€21,141 | -99.6% |
| Taxes | 450/3 | €21,226 | €85 | -€21,141 | -99.6% |
| Other amounts payable | 47/48 | €44 | €0 | -€44 | -100% |
| Accrued charges and deferred income | 492/3 | €4,125 | €0 | -€4,125 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €789 | €2,383 | +€1,595 | +202% |
| Gross operating margin | 9900 | €101,185 | €101,696 | +€511 | +0.5% |
| Operating profit (loss) | 9901 | €100,397 | €99,313 | -€1,084 | -1.1% |
| Financial charges | 65/66B | €283 | €321 | +€38 | +13.5% |
| Recurring financial charges | 65 | €283 | €321 | +€38 | +13.5% |
| Profit (loss) for the period before taxes | 9903 | €100,114 | €98,991 | -€1,122 | -1.1% |
| Income taxes | 67/77 | €20,428 | €20,085 | -€342 | -1.7% |
| Profit (loss) for the period | 9904 | €79,686 | €78,906 | -€780 | -1.0% |
| Profit (loss) for the period to be appropriated | 9905 | €79,686 | €78,906 | -€780 | -1.0% |
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 20 October 2026 via checked.be.