dr. Nathalie Bosserez: what changed
Two fiscal 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. Nathalie Bosserez
Largest movements
- Current investments -€148,979
down €148,979 (-70.5%), from €211,255 to €62,276
- Cash +€27,040
up €27,040 (+12.3%), from €219,052 to €246,092
mainly Net result for the year (+€225,836) and Current investments (+€148,979)
- Tangible fixed assets -€14,050
down €14,050 (-19.5%), from €72,014 to €57,964
of which Furniture and vehicles: -€12,945
- Other debts -€317,958
down €317,958 (-58.0%), from €547,991 to €230,033
- Reserves +€225,836
up €225,836, from €0 to €225,836
- Tax, wage and social debts -€37,253
down €37,253 (-100.0%), from €37,253 to €0
- Gross operating margin +€22,399
up €22,399 (+7.6%), from €293,413 to €315,812
- Taxes +€6,964
up €6,964 (+10.4%), from €66,756 to €73,721
- Financial income +€3,959
up €3,959 (+125.5%), from €3,156 to €7,115
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 | €604,699 | €476,124 | -€128,575 | -21.3% |
| Fixed assets | 21/28 | €72,114 | €58,064 | -€14,050 | -19.5% |
| Tangible fixed assets | 22/27 | €72,014 | €57,964 | -€14,050 | -19.5% |
| Plant, machinery and equipment | 23 | €622 | €469 | -€154 | -24.7% |
| Furniture and vehicles | 24 | €64,773 | €51,828 | -€12,945 | -20.0% |
| Other tangible fixed assets | 26 | €6,619 | €5,667 | -€951 | -14.4% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €532,584 | €418,060 | -€114,525 | -21.5% |
| Amounts receivable within one year | 40/41 | €449 | €2,170 | +€1,721 | +383.3% |
| Trade receivables | 40 | €449 | €0 | -€449 | -100.0% |
| Other amounts receivable | 41 | €0 | €2,170 | +€2,170 | |
| Current investments | 50/53 | €211,255 | €62,276 | -€148,979 | -70.5% |
| Cash at bank and in hand | 54/58 | €219,052 | €246,092 | +€27,040 | +12.3% |
| Deferred charges and accrued income | 490/1 | €101,829 | €107,521 | +€5,693 | +5.6% |
| Total equity and liabilities | 10/49 | €604,699 | €476,124 | -€128,575 | -21.3% |
| Equity | 10/15 | €18,600 | €244,436 | +€225,836 | +1214.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €0 | €225,836 | +€225,836 | |
| Distributable reserves | 133 | €0 | €225,836 | +€225,836 | |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €586,099 | €231,688 | -€354,411 | -60.5% |
| Amounts payable within one year | 42/48 | €585,365 | €231,688 | -€353,677 | -60.4% |
| Financial debts | 43 | €121 | €576 | +€455 | +376.0% |
| Credit institutions | 430/8 | €121 | €576 | +€455 | +376.0% |
| Trade debts | 44 | €0 | €1,079 | +€1,079 | |
| Suppliers | 440/4 | €0 | €1,079 | +€1,079 | |
| Taxes, remuneration and social security | 45 | €37,253 | €0 | -€37,253 | -100.0% |
| Taxes | 450/3 | €37,253 | €0 | -€37,253 | -100.0% |
| Other amounts payable | 47/48 | €547,991 | €230,033 | -€317,958 | -58.0% |
| Accrued charges and deferred income | 492/3 | €734 | €0 | -€734 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,837 | €22,116 | +€278 | +1.3% |
| Other operating charges | 640/8 | €621 | €1,043 | +€422 | +67.9% |
| Gross operating margin | 9900 | €293,413 | €315,812 | +€22,399 | +7.6% |
| Operating profit (loss) | 9901 | €270,954 | €292,652 | +€21,698 | +8.0% |
| Financial income | 75/76B | €3,156 | €7,115 | +€3,959 | +125.5% |
| Recurring financial income | 75 | €3,156 | €7,115 | +€3,959 | +125.5% |
| Financial charges | 65/66B | €101 | €211 | +€110 | +109.3% |
| Recurring financial charges | 65 | €101 | €211 | +€110 | +109.3% |
| Profit (loss) for the period before taxes | 9903 | €274,009 | €299,556 | +€25,547 | +9.3% |
| Income taxes | 67/77 | €66,756 | €73,721 | +€6,964 | +10.4% |
| Profit (loss) for the period | 9904 | €207,253 | €225,836 | +€18,583 | +9.0% |
| Profit (loss) for the period to be appropriated | 9905 | €207,253 | €225,836 | +€18,583 | +9.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.