Dr. Mieke 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. Mieke Tack
Largest movements
- Cash +€111,626
up €111,626 (+95.0%), from €117,473 to €229,100
mainly Net result for the year (+€71,378) and Receivables within one year (+€61,567)
- Receivables within one year -€61,567
down €61,567 (-100%), from €61,567 to €0
- Tangible fixed assets -€18,423
down €18,423 (-29.2%), from €62,992 to €44,570
of which Plant, machinery and equipment: -€9,457
- Deferred charges and accrued income +€3,110
new in 2025: €3,110
- Reserves +€28,953
up €28,953 (+13.2%), from €219,528 to €248,480
of which Distributable reserves: +€241,480
- Tax, wage and social debts +€4,870
up €4,870 (+162%), from €3,000 to €7,870
- Gross operating margin +€53,826
up €53,826 (+66.6%), from €80,856 to €134,683
- Taxes +€20,057
up €20,057 (+107%), from €18,719 to €38,776
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 | €242,307 | €277,054 | +€34,747 | +14.3% |
| Fixed assets | 21/28 | €63,017 | €44,595 | -€18,423 | -29.2% |
| Tangible fixed assets | 22/27 | €62,992 | €44,570 | -€18,423 | -29.2% |
| Plant, machinery and equipment | 23 | €37,346 | €27,888 | -€9,457 | -25.3% |
| Furniture and vehicles | 24 | €23,677 | €15,457 | -€8,220 | -34.7% |
| Other tangible fixed assets | 26 | €1,969 | €1,224 | -€745 | -37.8% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €179,290 | €232,460 | +€53,170 | +29.7% |
| Amounts receivable within one year | 40/41 | €61,567 | €0 | -€61,567 | -100% |
| Other amounts receivable | 41 | €61,567 | €0 | -€61,567 | -100% |
| Current investments | 50/53 | €250 | €250 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €117,473 | €229,100 | +€111,626 | +95.0% |
| Deferred charges and accrued income | 490/1 | - | €3,110 | +€3,110 | |
| Total equity and liabilities | 10/49 | €242,307 | €277,054 | +€34,747 | +14.3% |
| Equity | 10/15 | €239,243 | €267,080 | +€27,837 | +11.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €219,528 | €248,480 | +€28,953 | +13.2% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100% |
| Tax-exempt reserves | 132 | €210,668 | €0 | -€210,668 | -100% |
| Distributable reserves | 133 | €7,000 | €248,480 | +€241,480 | +3,450% |
| Profit (loss) carried forward | 14 | €1,115 | €0 | -€1,115 | -100% |
| Amounts payable | 17/49 | €3,064 | €9,974 | +€6,910 | +226% |
| Amounts payable within one year | 42/48 | €3,064 | €9,903 | +€6,839 | +223% |
| Trade debts | 44 | €64 | €2,033 | +€1,969 | +3,070% |
| Suppliers | 440/4 | €64 | €2,033 | +€1,969 | +3,070% |
| Taxes, remuneration and social security | 45 | €3,000 | €7,870 | +€4,870 | +162% |
| Taxes | 450/3 | €3,000 | €7,870 | +€4,870 | +162% |
| Accrued charges and deferred income | 492/3 | - | €71 | +€71 | |
| Non-recurring operating income | 76A | - | €7,000 | +€7,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,280 | €20,071 | +€790 | +4.1% |
| Other operating charges | 640/8 | €496 | €387 | -€109 | -21.9% |
| Non-recurring operating charges | 66A | - | €3,100 | +€3,100 | |
| Gross operating margin | 9900 | €80,856 | €134,683 | +€53,826 | +66.6% |
| Operating profit (loss) | 9901 | €61,080 | €111,125 | +€50,045 | +81.9% |
| Financial income | 75/76B | €1 | €0 | -€1 | -96.7% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -96.7% |
| Financial charges | 65/66B | €39 | €971 | +€932 | +2,389% |
| Recurring financial charges | 65 | €39 | €971 | +€932 | +2,389% |
| Profit (loss) for the period before taxes | 9903 | €61,042 | €110,154 | +€49,113 | +80.5% |
| Income taxes | 67/77 | €18,719 | €38,776 | +€20,057 | +107% |
| Profit (loss) for the period | 9904 | €42,322 | €71,378 | +€29,056 | +68.7% |
| Transfer from tax-exempt reserves | 789 | - | €5,418 | +€5,418 | |
| Profit (loss) for the period to be appropriated | 9905 | €42,322 | €76,796 | +€34,474 | +81.5% |
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 24 October 2026 via checked.be.