Dr. Miriam Bouckaert: 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. Miriam Bouckaert
Largest movements
- Cash +€44,491
up €44,491 (+45.4%), from €97,897 to €142,388
mainly Net result for the year (+€78,352) and Tax, wage and social debts (+€5,178)
- Reserves +€66,497
up €66,497 (+574.7%), from €11,570 to €78,068
of which Distributable reserves: +€66,497
- Other debts -€39,998
down €39,998 (-25.0%), from €159,954 to €119,956
- Profit (loss) carried forward +€11,855
up €11,855, from -€11,855 to €0
- Tax, wage and social debts +€5,178
up €5,178 (+69.0%), from €7,500 to €12,678
of which Remuneration and social security: +€3,500
- Gross operating margin +€42,672
up €42,672 (+80.5%), from €52,999 to €95,671
- Taxes +€16,638
up €16,638 (+5501.0%), from €302 to €16,941
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.
Cash bridge derived
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 | €186,536 | €229,602 | +€43,066 | +23.1% |
| Fixed assets | 21/28 | €3,395 | €3,395 | = | 0.0% |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Financial fixed assets | 28 | €3,395 | €3,395 | = | 0.0% |
| Current assets | 29/58 | €183,141 | €226,208 | +€43,066 | +23.5% |
| Amounts receivable within one year | 40/41 | €39,957 | €38,087 | -€1,870 | -4.7% |
| Other amounts receivable | 41 | €39,957 | €38,087 | -€1,870 | -4.7% |
| Current investments | 50/53 | €45,288 | €45,733 | +€445 | +1.0% |
| Cash at bank and in hand | 54/58 | €97,897 | €142,388 | +€44,491 | +45.4% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €186,536 | €229,602 | +€43,066 | +23.1% |
| Equity | 10/15 | €18,315 | €96,668 | +€78,352 | +427.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €11,570 | €78,068 | +€66,497 | +574.7% |
| Tax-exempt reserves | 132 | €11,570 | €11,570 | = | 0.0% |
| Distributable reserves | 133 | - | €66,497 | +€66,497 | |
| Profit (loss) carried forward | 14 | -€11,855 | €0 | +€11,855 | |
| Amounts payable | 17/49 | €168,221 | €132,934 | -€35,286 | -21.0% |
| Amounts payable within one year | 42/48 | €168,221 | €132,934 | -€35,286 | -21.0% |
| Trade debts | 44 | €766 | €300 | -€466 | -60.9% |
| Suppliers | 440/4 | €766 | €300 | -€466 | -60.9% |
| Taxes, remuneration and social security | 45 | €7,500 | €12,678 | +€5,178 | +69.0% |
| Taxes | 450/3 | €7,500 | €9,178 | +€1,678 | +22.4% |
| Remuneration and social security | 454/9 | €0 | €3,500 | +€3,500 | |
| Other amounts payable | 47/48 | €159,954 | €119,956 | -€39,998 | -25.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €222 | €0 | -€222 | -100.0% |
| Other operating charges | 640/8 | €957 | €672 | -€285 | -29.8% |
| Gross operating margin | 9900 | €52,999 | €95,671 | +€42,672 | +80.5% |
| Operating profit (loss) | 9901 | €51,820 | €94,999 | +€43,179 | +83.3% |
| Financial income | 75/76B | €374 | €946 | +€573 | +153.2% |
| Recurring financial income | 75 | €374 | €946 | +€573 | +153.2% |
| Financial charges | 65/66B | €57 | €653 | +€596 | +1052.3% |
| Recurring financial charges | 65 | €57 | €653 | +€596 | +1052.3% |
| Profit (loss) for the period before taxes | 9903 | €52,138 | €95,293 | +€43,156 | +82.8% |
| Income taxes | 67/77 | €302 | €16,941 | +€16,638 | +5501.0% |
| Profit (loss) for the period | 9904 | €51,835 | €78,352 | +€26,517 | +51.2% |
| Profit (loss) for the period to be appropriated | 9905 | €51,835 | €78,352 | +€26,517 | +51.2% |
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 12 October 2026 via checked.be.