Dr. Maureen Van Erkel: 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. Maureen Van Erkel
Largest movements
- Current investments -€106,000
down €106,000 (-53.5%), from €198,000 to €92,000
- Receivables within one year -€67,179
down €67,179 (-81.9%), from €82,009 to €14,830
of which Other amounts receivable: -€68,242
- Cash +€58,445
up €58,445 (+36.2%), from €161,594 to €220,039
mainly Net result for the year (+€183,678) and Other debts (+€147,872)
- Tangible fixed assets +€5,701
up €5,701 (+77.8%), from €7,327 to €13,028
of which Plant, machinery and equipment: +€6,008
- Reserves -€214,679
down €214,679 (-53.9%), from €398,357 to €183,678
- Other debts +€147,872
new in 2025: €147,872
- Tax, wage and social debts -€42,763
down €42,763 (-97.9%), from €43,691 to €928
of which Taxes: -€43,057
- Gross operating margin +€46,936
up €46,936 (+23.3%), from €201,118 to €248,054
- Taxes +€11,839
up €11,839 (+27.1%), from €43,691 to €55,530
- Financial income -€3,143
down €3,143 (-56.4%), from €5,573 to €2,429
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 | €451,735 | €343,018 | -€108,716 | -24.1% |
| Fixed assets | 21/28 | €7,327 | €13,028 | +€5,701 | +77.8% |
| Tangible fixed assets | 22/27 | €7,327 | €13,028 | +€5,701 | +77.8% |
| Plant, machinery and equipment | 23 | €4,456 | €10,464 | +€6,008 | +135% |
| Furniture and vehicles | 24 | €2,871 | €2,564 | -€306 | -10.7% |
| Current assets | 29/58 | €444,408 | €329,990 | -€114,418 | -25.7% |
| Amounts receivable within one year | 40/41 | €82,009 | €14,830 | -€67,179 | -81.9% |
| Trade receivables | 40 | €13,767 | €14,830 | +€1,063 | +7.7% |
| Other amounts receivable | 41 | €68,242 | €0 | -€68,242 | -100% |
| Current investments | 50/53 | €198,000 | €92,000 | -€106,000 | -53.5% |
| Cash at bank and in hand | 54/58 | €161,594 | €220,039 | +€58,445 | +36.2% |
| Deferred charges and accrued income | 490/1 | €2,805 | €3,121 | +€316 | +11.3% |
| Total equity and liabilities | 10/49 | €451,735 | €343,018 | -€108,716 | -24.1% |
| Equity | 10/15 | €399,357 | €184,678 | -€214,679 | -53.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €398,357 | €183,678 | -€214,679 | -53.9% |
| Distributable reserves | 133 | €398,357 | €183,678 | -€214,679 | -53.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €52,378 | €158,341 | +€105,963 | +202% |
| Amounts payable within one year | 42/48 | €52,378 | €158,341 | +€105,963 | +202% |
| Trade debts | 44 | €8,687 | €9,541 | +€853 | +9.8% |
| Suppliers | 440/4 | €8,687 | €9,541 | +€853 | +9.8% |
| Taxes, remuneration and social security | 45 | €43,691 | €928 | -€42,763 | -97.9% |
| Taxes | 450/3 | €43,691 | €634 | -€43,057 | -98.5% |
| Remuneration and social security | 454/9 | - | €294 | +€294 | |
| Other amounts payable | 47/48 | - | €147,872 | +€147,872 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,354 | €2,225 | -€2,129 | -48.9% |
| Other operating charges | 640/8 | €8,017 | €6,080 | -€1,937 | -24.2% |
| Gross operating margin | 9900 | €201,118 | €248,054 | +€46,936 | +23.3% |
| Operating profit (loss) | 9901 | €188,747 | €239,749 | +€51,002 | +27.0% |
| Financial income | 75/76B | €5,573 | €2,429 | -€3,143 | -56.4% |
| Recurring financial income | 75 | €5,573 | €2,429 | -€3,143 | -56.4% |
| Financial charges | 65/66B | €3,195 | €2,971 | -€224 | -7.0% |
| Recurring financial charges | 65 | €3,195 | €2,971 | -€224 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | €191,125 | €239,207 | +€48,082 | +25.2% |
| Income taxes | 67/77 | €43,691 | €55,530 | +€11,839 | +27.1% |
| Profit (loss) for the period | 9904 | €147,434 | €183,678 | +€36,243 | +24.6% |
| Profit (loss) for the period to be appropriated | 9905 | €147,434 | €183,678 | +€36,243 | +24.6% |
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 25 October 2026 via checked.be.