Dr. Lise Kustermans: 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 Kustermans
Largest movements
- Current investments -€176,536
no longer reported in 2025 (was €176,536)
- Deferred charges and accrued income +€161,724
up €161,724 (+144%), from €112,637 to €274,362
- Cash +€137,601
up €137,601 (+1,834%), from €7,504 to €145,105
mainly Net result for the year (+€417,292) and Other debts (+€414,239)
- Tangible fixed assets -€20,226
down €20,226 (-27.7%), from €73,012 to €52,786
- Other debts +€414,239
new in 2025: €414,239
- Profit (loss) carried forward -€372,708
down €372,708 (-100.0%), from €372,761 to €53
- Tax, wage and social debts +€60,381
up €60,381 (+17,901%), from €337 to €60,719
- Gross operating margin +€259,935
up €259,935 (+83.2%), from €312,556 to €572,490
- Taxes +€66,560
up €66,560 (+96.2%), from €69,160 to €135,720
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 | €378,760 | €481,117 | +€102,357 | +27.0% |
| Fixed assets | 21/28 | €73,012 | €52,786 | -€20,226 | -27.7% |
| Tangible fixed assets | 22/27 | €73,012 | €52,786 | -€20,226 | -27.7% |
| Furniture and vehicles | 24 | €73,012 | €52,786 | -€20,226 | -27.7% |
| Current assets | 29/58 | €305,748 | €428,331 | +€122,583 | +40.1% |
| Amounts receivable within one year | 40/41 | €9,071 | €8,865 | -€206 | -2.3% |
| Trade receivables | 40 | €191 | - | -€191 | |
| Other amounts receivable | 41 | €8,880 | €8,865 | -€15 | -0.2% |
| Current investments | 50/53 | €176,536 | - | -€176,536 | |
| Cash at bank and in hand | 54/58 | €7,504 | €145,105 | +€137,601 | +1,834% |
| Deferred charges and accrued income | 490/1 | €112,637 | €274,362 | +€161,724 | +144% |
| Total equity and liabilities | 10/49 | €378,760 | €481,117 | +€102,357 | +27.0% |
| Equity | 10/15 | €377,761 | €5,053 | -€372,708 | -98.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €372,761 | €53 | -€372,708 | -100.0% |
| Amounts payable | 17/49 | €999 | €476,065 | +€475,066 | +47,537% |
| Amounts payable within one year | 42/48 | €663 | €475,897 | +€475,234 | +71,641% |
| Trade debts | 44 | €326 | €939 | +€613 | +188% |
| Suppliers | 440/4 | €326 | €939 | +€613 | +188% |
| Taxes, remuneration and social security | 45 | €337 | €60,719 | +€60,381 | +17,901% |
| Taxes | 450/3 | €337 | €60,719 | +€60,381 | +17,901% |
| Other amounts payable | 47/48 | - | €414,239 | +€414,239 | |
| Accrued charges and deferred income | 492/3 | €336 | €168 | -€168 | -50.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,738 | €20,226 | -€512 | -2.5% |
| Other operating charges | 640/8 | €118 | €916 | +€798 | +676% |
| Gross operating margin | 9900 | €312,556 | €572,490 | +€259,935 | +83.2% |
| Operating profit (loss) | 9901 | €291,700 | €551,349 | +€259,649 | +89.0% |
| Financial income | 75/76B | €700 | €1,962 | +€1,262 | +180% |
| Recurring financial income | 75 | €700 | €1,962 | +€1,262 | +180% |
| Financial charges | 65/66B | €242 | €299 | +€57 | +23.8% |
| Recurring financial charges | 65 | €242 | €299 | +€57 | +23.8% |
| Profit (loss) for the period before taxes | 9903 | €292,158 | €553,011 | +€260,853 | +89.3% |
| Income taxes | 67/77 | €69,160 | €135,720 | +€66,560 | +96.2% |
| Profit (loss) for the period | 9904 | €222,998 | €417,292 | +€194,294 | +87.1% |
| Profit (loss) for the period to be appropriated | 9905 | €222,998 | €417,292 | +€194,294 | +87.1% |
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.