Dr Maude Kasel: 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 Maude Kasel
Largest movements
- Cash +€38,086
up €38,086 (+687%), from €5,544 to €43,630
mainly Net result for the year (+€34,318) and Other debts (+€25,000)
- Receivables within one year +€21,289
up €21,289 (+71.4%), from €29,826 to €51,114
- Intangible fixed assets -€8,500
down €8,500 (-21.1%), from €40,375 to €31,875
- Tangible fixed assets -€2,710
down €2,710 (-5.4%), from €49,794 to €47,084
of which Other tangible fixed assets: -€2,714
- Profit (loss) carried forward +€34,318
up €34,318 (+86.6%), from €39,641 to €73,959
- Other debts +€25,000
new in 2025: €25,000
- Debts after one year -€13,629
down €13,629 (-24.7%), from €55,092 to €41,463
- Tax, wage and social debts +€9,383
up €9,383 (+103%), from €9,147 to €18,530
- Trade debts -€7,091
down €7,091 (-88.3%), from €8,027 to €937
- Gross operating margin +€14,784
up €14,784 (+29.5%), from €50,120 to €64,904
- Taxes +€3,436
up €3,436 (+37.6%), from €9,147 to €12,583
- Financial income +€3,360
up €3,360 (+189%), from €1,779 to €5,140
- Depreciation +€1,060
up €1,060 (+7.2%), from €14,814 to €15,874
- Financial charges -€872
down €872 (-22.3%), from €3,912 to €3,039
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 | €131,228 | €179,390 | +€48,162 | +36.7% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €92,369 | €81,159 | -€11,210 | -12.1% |
| Intangible fixed assets | 21 | €40,375 | €31,875 | -€8,500 | -21.1% |
| Tangible fixed assets | 22/27 | €49,794 | €47,084 | -€2,710 | -5.4% |
| Plant, machinery and equipment | 23 | €1,716 | €1,569 | -€146 | -8.5% |
| Furniture and vehicles | 24 | €4,815 | €4,965 | +€151 | +3.1% |
| Other tangible fixed assets | 26 | €43,264 | €40,549 | -€2,714 | -6.3% |
| Financial fixed assets | 28 | €2,200 | €2,200 | = | 0.0% |
| Current assets | 29/58 | €38,859 | €98,231 | +€59,372 | +153% |
| Amounts receivable within one year | 40/41 | €29,826 | €51,114 | +€21,289 | +71.4% |
| Other amounts receivable | 41 | €29,826 | €51,114 | +€21,289 | +71.4% |
| Cash at bank and in hand | 54/58 | €5,544 | €43,630 | +€38,086 | +687% |
| Deferred charges and accrued income | 490/1 | €3,490 | €3,487 | -€3 | -0.1% |
| Total equity and liabilities | 10/49 | €131,228 | €179,390 | +€48,162 | +36.7% |
| Equity | 10/15 | €44,641 | €78,959 | +€34,318 | +76.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €39,641 | €73,959 | +€34,318 | +86.6% |
| Amounts payable | 17/49 | €86,587 | €100,432 | +€13,844 | +16.0% |
| Amounts payable after more than one year | 17 | €55,092 | €41,463 | -€13,629 | -24.7% |
| Financial debts | 170/4 | €55,092 | €41,463 | -€13,629 | -24.7% |
| Amounts payable within one year | 42/48 | €31,433 | €58,969 | +€27,536 | +87.6% |
| Current portion of amounts payable after more than one year | 42 | €14,259 | €14,502 | +€243 | +1.7% |
| Trade debts | 44 | €8,027 | €937 | -€7,091 | -88.3% |
| Suppliers | 440/4 | €8,027 | €937 | -€7,091 | -88.3% |
| Taxes, remuneration and social security | 45 | €9,147 | €18,530 | +€9,383 | +103% |
| Taxes | 450/3 | €9,147 | €18,530 | +€9,383 | +103% |
| Other amounts payable | 47/48 | - | €25,000 | +€25,000 | |
| Accrued charges and deferred income | 492/3 | €63 | €0 | -€63 | -100% |
| Remuneration, social security and pensions | 62 | €60 | €0 | -€60 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,814 | €15,874 | +€1,060 | +7.2% |
| Other operating charges | 640/8 | €772 | €786 | +€14 | +1.9% |
| Non-recurring operating charges | 66A | - | €3,443 | +€3,443 | |
| Gross operating margin | 9900 | €50,120 | €64,904 | +€14,784 | +29.5% |
| Operating profit (loss) | 9901 | €34,474 | €44,800 | +€10,327 | +30.0% |
| Financial income | 75/76B | €1,779 | €5,140 | +€3,360 | +189% |
| Recurring financial income | 75 | €1,779 | €5,140 | +€3,360 | +189% |
| Financial charges | 65/66B | €3,912 | €3,039 | -€872 | -22.3% |
| Recurring financial charges | 65 | €3,912 | €3,039 | -€872 | -22.3% |
| Profit (loss) for the period before taxes | 9903 | €32,342 | €46,901 | +€14,559 | +45.0% |
| Income taxes | 67/77 | €9,147 | €12,583 | +€3,436 | +37.6% |
| Profit (loss) for the period | 9904 | €23,195 | €34,318 | +€11,123 | +48.0% |
| Profit (loss) for the period to be appropriated | 9905 | €23,195 | €34,318 | +€11,123 | +48.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.