Dr. Margot Stenveld: 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. Margot Stenveld
Largest movements
- Cash +€15,528
up €15,528 (+17.8%), from €87,167 to €102,694
mainly Net result for the year (+€117,678) and Other debts (+€30,042)
- Deferred charges and accrued income +€9,737
up €9,737 (+82.6%), from €11,793 to €21,530
- Other debts +€30,042
up €30,042 (+38.8%), from €77,448 to €107,489
- Tax, wage and social debts -€6,397
down €6,397 (-40.2%), from €15,900 to €9,503
- Accrued charges and deferred income +€1,391
up €1,391 (+30.2%), from €4,609 to €6,000
- Gross operating margin +€42,167
up €42,167 (+37.8%), from €111,455 to €153,622
- Taxes +€10,399
up €10,399 (+45.5%), from €22,851 to €33,250
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 | €100,296 | €126,589 | +€26,292 | +26.2% |
| Fixed assets | 21/28 | €1,336 | €2,364 | +€1,028 | +76.9% |
| Tangible fixed assets | 22/27 | €1,336 | €2,364 | +€1,028 | +76.9% |
| Plant, machinery and equipment | 23 | €1,336 | €2,364 | +€1,028 | +76.9% |
| Current assets | 29/58 | €98,960 | €124,224 | +€25,264 | +25.5% |
| Cash at bank and in hand | 54/58 | €87,167 | €102,694 | +€15,528 | +17.8% |
| Deferred charges and accrued income | 490/1 | €11,793 | €21,530 | +€9,737 | +82.6% |
| Total equity and liabilities | 10/49 | €100,296 | €126,589 | +€26,292 | +26.2% |
| Equity | 10/15 | €2,000 | €2,000 | = | 0.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Amounts payable | 17/49 | €98,296 | €124,589 | +€26,292 | +26.7% |
| Amounts payable within one year | 42/48 | €93,687 | €118,589 | +€24,901 | +26.6% |
| Trade debts | 44 | €340 | €1,596 | +€1,257 | +370% |
| Suppliers | 440/4 | €340 | €1,596 | +€1,257 | +370% |
| Taxes, remuneration and social security | 45 | €15,900 | €9,503 | -€6,397 | -40.2% |
| Taxes | 450/3 | €15,900 | €9,503 | -€6,397 | -40.2% |
| Other amounts payable | 47/48 | €77,448 | €107,489 | +€30,042 | +38.8% |
| Accrued charges and deferred income | 492/3 | €4,609 | €6,000 | +€1,391 | +30.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,088 | €1,618 | +€530 | +48.7% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Non-recurring operating charges | 66A | - | €526 | +€526 | |
| Gross operating margin | 9900 | €111,455 | €153,622 | +€42,167 | +37.8% |
| Operating profit (loss) | 9901 | €109,980 | €151,078 | +€41,099 | +37.4% |
| Financial charges | 65/66B | €135 | €150 | +€15 | +11.1% |
| Recurring financial charges | 65 | €135 | €150 | +€15 | +11.1% |
| Profit (loss) for the period before taxes | 9903 | €109,845 | €150,928 | +€41,084 | +37.4% |
| Income taxes | 67/77 | €22,851 | €33,250 | +€10,399 | +45.5% |
| Profit (loss) for the period | 9904 | €86,994 | €117,678 | +€30,684 | +35.3% |
| Profit (loss) for the period to be appropriated | 9905 | €86,994 | €117,678 | +€30,684 | +35.3% |
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 27 October 2026 via checked.be.