Dr. Michelle Sagaert: 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. Michelle Sagaert
Largest movements
- Receivables within one year +€140,623
up €140,623 (+200%), from €70,344 to €210,967
of which Other amounts receivable: +€149,547
- Cash -€67,156
down €67,156 (-86.6%), from €77,526 to €10,371
mainly Receivables within one year (-€140,623) and Contributions, distributions and other (-€75,747)
- Deferred charges and accrued income +€3,390
up €3,390 (+82.2%), from €4,124 to €7,514
- Intangible fixed assets -€2,770
down €2,770 (-13.5%), from €20,587 to €17,817
- Debts after one year +€81,396
new in 2025: €81,396
- Reserves -€64,676
down €64,676 (-85.4%), from €75,747 to €11,071
- Other debts +€53,266
up €53,266 (+51.0%), from €104,546 to €157,812
- Current portion of long-term debt +€8,604
new in 2025: €8,604
- Accrued charges and deferred income -€3,169
down €3,169 (-61.1%), from €5,189 to €2,021
- Gross operating margin -€85,484
down €85,484 (-79.7%), from €107,302 to €21,818
- Taxes -€15,851
down €15,851 (-79.6%), from €19,909 to €4,058
- Financial charges -€4,024
down €4,024 (-66.0%), from €6,095 to €2,071
- Financial income +€1,556
up €1,556 (+63.0%), from €2,469 to €4,025
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 | €188,844 | €263,311 | +€74,467 | +39.4% |
| Fixed assets | 21/28 | €36,849 | €34,459 | -€2,390 | -6.5% |
| Intangible fixed assets | 21 | €20,587 | €17,817 | -€2,770 | -13.5% |
| Tangible fixed assets | 22/27 | €16,262 | €16,642 | +€380 | +2.3% |
| Plant, machinery and equipment | 23 | €3,374 | €2,057 | -€1,317 | -39.0% |
| Furniture and vehicles | 24 | €10,648 | €7,103 | -€3,544 | -33.3% |
| Other tangible fixed assets | 26 | €2,239 | €7,481 | +€5,241 | +234% |
| Current assets | 29/58 | €151,995 | €228,852 | +€76,857 | +50.6% |
| Amounts receivable within one year | 40/41 | €70,344 | €210,967 | +€140,623 | +200% |
| Trade receivables | 40 | €55,032 | €46,108 | -€8,924 | -16.2% |
| Other amounts receivable | 41 | €15,312 | €164,860 | +€149,547 | +977% |
| Cash at bank and in hand | 54/58 | €77,526 | €10,371 | -€67,156 | -86.6% |
| Deferred charges and accrued income | 490/1 | €4,124 | €7,514 | +€3,390 | +82.2% |
| Total equity and liabilities | 10/49 | €188,844 | €263,311 | +€74,467 | +39.4% |
| Equity | 10/15 | €76,747 | €12,071 | -€64,676 | -84.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €75,747 | €11,071 | -€64,676 | -85.4% |
| Distributable reserves | 133 | €75,747 | €11,071 | -€64,676 | -85.4% |
| Amounts payable | 17/49 | €112,096 | €251,240 | +€139,143 | +124% |
| Amounts payable after more than one year | 17 | - | €81,396 | +€81,396 | |
| Other amounts payable | 178/9 | - | €81,396 | +€81,396 | |
| Amounts payable within one year | 42/48 | €106,907 | €167,823 | +€60,916 | +57.0% |
| Current portion of amounts payable after more than one year | 42 | - | €8,604 | +€8,604 | |
| Trade debts | 44 | €527 | €1,032 | +€505 | +95.7% |
| Suppliers | 440/4 | €527 | €1,032 | +€505 | +95.7% |
| Taxes, remuneration and social security | 45 | €1,834 | €375 | -€1,459 | -79.6% |
| Taxes | 450/3 | €1,834 | €375 | -€1,459 | -79.6% |
| Other amounts payable | 47/48 | €104,546 | €157,812 | +€53,266 | +51.0% |
| Accrued charges and deferred income | 492/3 | €5,189 | €2,021 | -€3,169 | -61.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,904 | €8,517 | +€613 | +7.8% |
| Other operating charges | 640/8 | €115 | €126 | +€11 | +9.6% |
| Gross operating margin | 9900 | €107,302 | €21,818 | -€85,484 | -79.7% |
| Operating profit (loss) | 9901 | €99,283 | €13,175 | -€86,108 | -86.7% |
| Financial income | 75/76B | €2,469 | €4,025 | +€1,556 | +63.0% |
| Recurring financial income | 75 | €2,469 | €4,025 | +€1,556 | +63.0% |
| Financial charges | 65/66B | €6,095 | €2,071 | -€4,024 | -66.0% |
| Recurring financial charges | 65 | €6,095 | €2,071 | -€4,024 | -66.0% |
| Profit (loss) for the period before taxes | 9903 | €95,656 | €15,129 | -€80,528 | -84.2% |
| Income taxes | 67/77 | €19,909 | €4,058 | -€15,851 | -79.6% |
| Profit (loss) for the period | 9904 | €75,747 | €11,071 | -€64,676 | -85.4% |
| Profit (loss) for the period to be appropriated | 9905 | €75,747 | €11,071 | -€64,676 | -85.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.