Dr. Lize Magchiels: 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. Lize Magchiels
Largest movements
- Current investments -€99,850
no longer reported in 2025 (was €99,850)
- Cash -€80,799
down €80,799 (-46.8%), from €172,738 to €91,938
mainly Contributions, distributions and other (-€356,657) and Investment in fixed assets (net) (-€36,317)
- Tangible fixed assets +€34,196
up €34,196 (+977%), from €3,502 to €37,698
- Deferred charges and accrued income -€5,396
down €5,396 (-75.5%), from €7,146 to €1,751
- Reserves -€265,906
no longer reported in 2025 (was €265,906)
- Other debts +€76,427
up €76,427 (+13,107%), from €583 to €77,010
- Debts after one year +€32,083
new in 2025: €32,083
- Tax, wage and social debts +€6,092
up €6,092 (+58.0%), from €10,499 to €16,592
- Accrued charges and deferred income -€4,129
down €4,129 (-99.1%), from €4,166 to €38
- Gross operating margin -€25,677
down €25,677 (-17.7%), from €144,716 to €119,040
- Taxes -€6,393
down €6,393 (-20.5%), from €31,134 to €24,741
- Depreciation -€2,487
down €2,487 (-54.0%), from €4,608 to €2,121
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 | €284,706 | €132,348 | -€152,358 | -53.5% |
| Fixed assets | 21/28 | €3,502 | €37,698 | +€34,196 | +977% |
| Tangible fixed assets | 22/27 | €3,502 | €37,698 | +€34,196 | +977% |
| Furniture and vehicles | 24 | €3,502 | €37,698 | +€34,196 | +977% |
| Current assets | 29/58 | €281,204 | €94,650 | -€186,554 | -66.3% |
| Amounts receivable within one year | 40/41 | €1,470 | €961 | -€509 | -34.6% |
| Trade receivables | 40 | €1,115 | - | -€1,115 | |
| Other amounts receivable | 41 | €355 | €961 | +€606 | +170% |
| Current investments | 50/53 | €99,850 | - | -€99,850 | |
| Cash at bank and in hand | 54/58 | €172,738 | €91,938 | -€80,799 | -46.8% |
| Deferred charges and accrued income | 490/1 | €7,146 | €1,751 | -€5,396 | -75.5% |
| Total equity and liabilities | 10/49 | €284,706 | €132,348 | -€152,358 | -53.5% |
| Equity | 10/15 | €268,406 | €2,500 | -€265,906 | -99.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €265,906 | - | -€265,906 | |
| Distributable reserves | 133 | €265,906 | - | -€265,906 | |
| Amounts payable | 17/49 | €16,300 | €129,848 | +€113,548 | +697% |
| Amounts payable after more than one year | 17 | - | €32,083 | +€32,083 | |
| Financial debts | 170/4 | - | €32,083 | +€32,083 | |
| Amounts payable within one year | 42/48 | €12,134 | €97,727 | +€85,593 | +705% |
| Current portion of amounts payable after more than one year | 42 | - | €2,917 | +€2,917 | |
| Trade debts | 44 | €1,051 | €1,209 | +€157 | +15.0% |
| Suppliers | 440/4 | €1,051 | €1,209 | +€157 | +15.0% |
| Taxes, remuneration and social security | 45 | €10,499 | €16,592 | +€6,092 | +58.0% |
| Taxes | 450/3 | €10,499 | €16,592 | +€6,092 | +58.0% |
| Other amounts payable | 47/48 | €583 | €77,010 | +€76,427 | +13,107% |
| Accrued charges and deferred income | 492/3 | €4,166 | €38 | -€4,129 | -99.1% |
| Non-recurring operating income | 76A | - | €4,803 | +€4,803 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,608 | €2,121 | -€2,487 | -54.0% |
| Other operating charges | 640/8 | €816 | €997 | +€181 | +22.2% |
| Gross operating margin | 9900 | €144,716 | €119,040 | -€25,677 | -17.7% |
| Operating profit (loss) | 9901 | €139,292 | €115,922 | -€23,370 | -16.8% |
| Financial income | 75/76B | €1,334 | €935 | -€400 | -29.9% |
| Recurring financial income | 75 | €1,334 | €935 | -€400 | -29.9% |
| Financial charges | 65/66B | €322 | €1,365 | +€1,042 | +323% |
| Recurring financial charges | 65 | €322 | €172 | -€151 | -46.7% |
| Non-recurring financial charges | 66B | - | €1,193 | +€1,193 | |
| Profit (loss) for the period before taxes | 9903 | €140,304 | €115,492 | -€24,812 | -17.7% |
| Income taxes | 67/77 | €31,134 | €24,741 | -€6,393 | -20.5% |
| Profit (loss) for the period | 9904 | €109,170 | €90,752 | -€18,419 | -16.9% |
| Profit (loss) for the period to be appropriated | 9905 | €109,170 | €90,752 | -€18,419 | -16.9% |
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 27 October 2026 via checked.be.