Dr. Luc Harlet: 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. Luc Harlet
Largest movements
- Current investments +€250,000
up €250,000 (+45.9%), from €544,200 to €794,200
- Cash +€64,749
up €64,749 (+35.4%), from €182,953 to €247,702
mainly Other debts (+€400,117) and Net result for the year (+€290,775)
- Receivables within one year -€59,497
down €59,497 (-13.2%), from €450,282 to €390,785
- Tangible fixed assets -€31,359
down €31,359 (-39.2%), from €80,068 to €48,709
of which Furniture and vehicles: -€21,760
- Other debts +€400,117
new in 2025: €400,117
- Reserves -€184,223
down €184,223 (-15.3%), from €1.2m to €1.0m
of which Distributable reserves: -€184,223
- Tax, wage and social debts +€18,315
up €18,315 (+60.3%), from €30,371 to €48,686
- Financial charges +€34,210
up €34,210, from -€32,609 to €1,601
- Gross operating margin +€29,981
up €29,981 (+7.3%), from €409,876 to €439,857
- Other operating charges +€10,470
up €10,470 (+521%), from €2,012 to €12,482
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 | €1,260,632 | €1,487,573 | +€226,941 | +18.0% |
| Fixed assets | 21/28 | €80,186 | €48,827 | -€31,359 | -39.1% |
| Tangible fixed assets | 22/27 | €80,068 | €48,709 | -€31,359 | -39.2% |
| Land and buildings | 22 | €7,301 | €0 | -€7,301 | -100% |
| Furniture and vehicles | 24 | €69,239 | €47,479 | -€21,760 | -31.4% |
| Other tangible fixed assets | 26 | €3,527 | €1,229 | -€2,298 | -65.2% |
| Financial fixed assets | 28 | €118 | €118 | = | 0.0% |
| Current assets | 29/58 | €1,180,446 | €1,438,746 | +€258,300 | +21.9% |
| Amounts receivable within one year | 40/41 | €450,282 | €390,785 | -€59,497 | -13.2% |
| Other amounts receivable | 41 | €450,282 | €390,785 | -€59,497 | -13.2% |
| Current investments | 50/53 | €544,200 | €794,200 | +€250,000 | +45.9% |
| Cash at bank and in hand | 54/58 | €182,953 | €247,702 | +€64,749 | +35.4% |
| Deferred charges and accrued income | 490/1 | €3,011 | €6,059 | +€3,048 | +101% |
| Total equity and liabilities | 10/49 | €1,260,632 | €1,487,573 | +€226,941 | +18.0% |
| Equity | 10/15 | €1,222,015 | €1,037,792 | -€184,223 | -15.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,202,015 | €1,017,792 | -€184,223 | -15.3% |
| Tax-exempt reserves | 132 | €9,000 | €9,000 | = | 0.0% |
| Distributable reserves | 133 | €1,193,015 | €1,008,792 | -€184,223 | -15.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €38,617 | €449,781 | +€411,164 | +1,065% |
| Amounts payable within one year | 42/48 | €31,307 | €448,811 | +€417,504 | +1,334% |
| Trade debts | 44 | €936 | €8 | -€928 | -99.1% |
| Suppliers | 440/4 | €936 | €8 | -€928 | -99.1% |
| Taxes, remuneration and social security | 45 | €30,371 | €48,686 | +€18,315 | +60.3% |
| Taxes | 450/3 | €30,371 | €48,686 | +€18,315 | +60.3% |
| Other amounts payable | 47/48 | - | €400,117 | +€400,117 | |
| Accrued charges and deferred income | 492/3 | €7,310 | €970 | -€6,339 | -86.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,977 | €28,999 | -€1,978 | -6.4% |
| Other operating charges | 640/8 | €2,012 | €12,482 | +€10,470 | +521% |
| Gross operating margin | 9900 | €409,876 | €439,857 | +€29,981 | +7.3% |
| Operating profit (loss) | 9901 | €376,887 | €398,376 | +€21,488 | +5.7% |
| Financial income | 75/76B | €24,313 | €25,448 | +€1,136 | +4.7% |
| Recurring financial income | 75 | €24,313 | €25,448 | +€1,136 | +4.7% |
| Financial charges | 65/66B | -€32,609 | €1,601 | +€34,210 | |
| Recurring financial charges | 65 | -€32,609 | €1,601 | +€34,210 | |
| Profit (loss) for the period before taxes | 9903 | €433,808 | €422,223 | -€11,586 | -2.7% |
| Income taxes | 67/77 | €130,096 | €131,448 | +€1,352 | +1.0% |
| Profit (loss) for the period | 9904 | €303,713 | €290,775 | -€12,938 | -4.3% |
| Profit (loss) for the period to be appropriated | 9905 | €303,713 | €290,775 | -€12,938 | -4.3% |
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 22 October 2026 via checked.be.