Dr. Miranda Zeegers: 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. Miranda Zeegers
Largest movements
- Current investments +€238,142
up €238,142 (+112%), from €212,172 to €450,314
- Cash +€85,433
up €85,433 (+29.9%), from €285,596 to €371,029
mainly Other debts (+€366,708) and Net result for the year (+€285,779)
- Tangible fixed assets -€36,750
down €36,750 (-4.4%), from €844,528 to €807,778
of which Land and buildings: -€23,812
- Other debts +€366,708
up €366,708 (+73.0%), from €502,463 to €869,171
- Reserves -€95,154
down €95,154 (-10.0%), from €951,863 to €856,708
- Tax, wage and social debts +€20,378
up €20,378 (+173%), from €11,792 to €32,170
- Financial income +€83,230
up €83,230 (+8,224%), from €1,012 to €84,242
- Financial charges +€19,928
up €19,928 (+50.7%), from €39,337 to €59,266
- Taxes +€15,205
up €15,205 (+15.2%), from €100,333 to €115,539
- Gross operating margin +€11,592
up €11,592 (+2.8%), from €409,020 to €420,612
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 | €1,481,825 | €1,770,849 | +€289,025 | +19.5% |
| Fixed assets | 21/28 | €844,528 | €807,778 | -€36,750 | -4.4% |
| Tangible fixed assets | 22/27 | €844,528 | €807,778 | -€36,750 | -4.4% |
| Land and buildings | 22 | €795,473 | €771,662 | -€23,812 | -3.0% |
| Furniture and vehicles | 24 | €49,055 | €36,116 | -€12,939 | -26.4% |
| Current assets | 29/58 | €637,297 | €963,072 | +€325,775 | +51.1% |
| Amounts receivable within one year | 40/41 | €139,529 | €140,302 | +€772 | +0.6% |
| Trade receivables | 40 | €124,455 | €125,333 | +€878 | +0.7% |
| Other amounts receivable | 41 | €15,074 | €14,969 | -€105 | -0.7% |
| Current investments | 50/53 | €212,172 | €450,314 | +€238,142 | +112% |
| Cash at bank and in hand | 54/58 | €285,596 | €371,029 | +€85,433 | +29.9% |
| Deferred charges and accrued income | 490/1 | - | €1,427 | +€1,427 | |
| Total equity and liabilities | 10/49 | €1,481,825 | €1,770,849 | +€289,025 | +19.5% |
| Equity | 10/15 | €964,263 | €869,108 | -€95,154 | -9.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €951,863 | €856,708 | -€95,154 | -10.0% |
| Distributable reserves | 133 | €951,863 | €856,708 | -€95,154 | -10.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €517,562 | €901,741 | +€384,179 | +74.2% |
| Amounts payable within one year | 42/48 | €517,162 | €901,341 | +€384,179 | +74.3% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €2,907 | €0 | -€2,907 | -100% |
| Suppliers | 440/4 | €2,907 | €0 | -€2,907 | -100% |
| Taxes, remuneration and social security | 45 | €11,792 | €32,170 | +€20,378 | +173% |
| Taxes | 450/3 | €11,792 | €32,170 | +€20,378 | +173% |
| Other amounts payable | 47/48 | €502,463 | €869,171 | +€366,708 | +73.0% |
| Accrued charges and deferred income | 492/3 | €400 | €400 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,767 | €41,240 | +€473 | +1.2% |
| Other operating charges | 640/8 | €3,731 | €3,032 | -€699 | -18.7% |
| Gross operating margin | 9900 | €409,020 | €420,612 | +€11,592 | +2.8% |
| Operating profit (loss) | 9901 | €364,522 | €376,340 | +€11,818 | +3.2% |
| Financial income | 75/76B | €1,012 | €84,242 | +€83,230 | +8,224% |
| Recurring financial income | 75 | €1,012 | €84,242 | +€83,230 | +8,224% |
| Financial charges | 65/66B | €39,337 | €59,266 | +€19,928 | +50.7% |
| Recurring financial charges | 65 | €39,337 | €59,266 | +€19,928 | +50.7% |
| Profit (loss) for the period before taxes | 9903 | €326,197 | €401,317 | +€75,120 | +23.0% |
| Income taxes | 67/77 | €100,333 | €115,539 | +€15,205 | +15.2% |
| Profit (loss) for the period | 9904 | €225,863 | €285,779 | +€59,915 | +26.5% |
| Profit (loss) for the period to be appropriated | 9905 | €225,863 | €285,779 | +€59,915 | +26.5% |
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 31 October 2026 via checked.be.