Dr. Michèle Tack: 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. Michèle Tack
Largest movements
- Receivables within one year -€791,488
down €791,488 (-91.5%), from €864,714 to €73,226
of which Other amounts receivable: -€792,950
- Cash +€278,808
up €278,808 (+167%), from €166,477 to €445,285
mainly Receivables within one year (+€791,488) and Net result for the year (+€434,200)
- Reserves -€832,084
down €832,084 (-82.1%), from €1.0m to €180,953
- Other debts +€312,592
up €312,592 (+37,526%), from €833 to €313,425
- Tax, wage and social debts -€11,080
down €11,080 (-34.7%), from €31,975 to €20,895
- Gross operating margin -€40,356
down €40,356 (-6.5%), from €622,631 to €582,275
- Taxes -€12,401
down €12,401 (-8.1%), from €152,547 to €140,145
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 | €1,048,864 | €528,497 | -€520,366 | -49.6% |
| Fixed assets | 21/28 | €17,672 | €9,986 | -€7,686 | -43.5% |
| Tangible fixed assets | 22/27 | €17,672 | €9,986 | -€7,686 | -43.5% |
| Plant, machinery and equipment | 23 | €15,682 | €8,619 | -€7,064 | -45.0% |
| Furniture and vehicles | 24 | €931 | €671 | -€260 | -27.9% |
| Other tangible fixed assets | 26 | €1,059 | €696 | -€363 | -34.3% |
| Current assets | 29/58 | €1,031,192 | €518,512 | -€512,680 | -49.7% |
| Amounts receivable within one year | 40/41 | €864,714 | €73,226 | -€791,488 | -91.5% |
| Trade receivables | 40 | - | €1,462 | +€1,462 | |
| Other amounts receivable | 41 | €864,714 | €71,764 | -€792,950 | -91.7% |
| Cash at bank and in hand | 54/58 | €166,477 | €445,285 | +€278,808 | +167% |
| Total equity and liabilities | 10/49 | €1,048,864 | €528,497 | -€520,366 | -49.6% |
| Equity | 10/15 | €1,016,037 | €183,953 | -€832,084 | -81.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €1,013,037 | €180,953 | -€832,084 | -82.1% |
| Distributable reserves | 133 | €1,013,037 | €180,953 | -€832,084 | -82.1% |
| Amounts payable | 17/49 | €32,826 | €344,545 | +€311,718 | +950% |
| Amounts payable within one year | 42/48 | €32,826 | €344,545 | +€311,718 | +950% |
| Trade debts | 44 | €18 | €10,224 | +€10,206 | +56,732% |
| Suppliers | 440/4 | €18 | €10,224 | +€10,206 | +56,732% |
| Taxes, remuneration and social security | 45 | €31,975 | €20,895 | -€11,080 | -34.7% |
| Taxes | 450/3 | €31,975 | €20,895 | -€11,080 | -34.7% |
| Other amounts payable | 47/48 | €833 | €313,425 | +€312,592 | +37,526% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,686 | €7,686 | = | 0.0% |
| Other operating charges | 640/8 | €330 | €144 | -€186 | -56.3% |
| Gross operating margin | 9900 | €622,631 | €582,275 | -€40,356 | -6.5% |
| Operating profit (loss) | 9901 | €614,615 | €574,445 | -€40,170 | -6.5% |
| Financial income | 75/76B | €4,404 | €0 | -€4,404 | -100.0% |
| Recurring financial income | 75 | €4,404 | €0 | -€4,404 | -100.0% |
| Financial charges | 65/66B | €98 | €99 | +€1 | +1.3% |
| Recurring financial charges | 65 | €98 | €99 | +€1 | +1.3% |
| Profit (loss) for the period before taxes | 9903 | €618,921 | €574,346 | -€44,575 | -7.2% |
| Income taxes | 67/77 | €152,547 | €140,145 | -€12,401 | -8.1% |
| Profit (loss) for the period | 9904 | €466,374 | €434,200 | -€32,174 | -6.9% |
| Profit (loss) for the period to be appropriated | 9905 | €466,374 | €434,200 | -€32,174 | -6.9% |
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 24 October 2026 via checked.be.