Dr. Note Stéphanie: 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. Note Stéphanie
Largest movements
- Current investments +€12,428
up €12,428 (+17.5%), from €71,000 to €83,428
- Receivables within one year +€7,439
up €7,439 (+49.6%), from €15,013 to €22,452
- Tangible fixed assets -€6,278
down €6,278 (-64.2%), from €9,775 to €3,497
of which Furniture and vehicles: -€5,712
- Cash -€3,005
down €3,005 (-2.5%), from €122,590 to €119,585
mainly Current investments (-€12,428) and Receivables within one year (-€7,439)
- Accrued charges and deferred income +€7,148
up €7,148 (+2,199%), from €325 to €7,473
- Reserves +€4,761
up €4,761 (+2.2%), from €217,596 to €222,357
- Gross operating margin -€4,628
down €4,628 (-25.3%), from €18,297 to €13,669
- Depreciation -€4,405
down €4,405 (-41.2%), from €10,683 to €6,278
- Financial income +€710
up €710 (+2,319%), from €31 to €741
- Taxes -€217
down €217 (-7.1%), from €3,044 to €2,826
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 | €221,202 | €232,991 | +€11,790 | +5.3% |
| Fixed assets | 21/28 | €9,775 | €3,497 | -€6,278 | -64.2% |
| Tangible fixed assets | 22/27 | €9,775 | €3,497 | -€6,278 | -64.2% |
| Furniture and vehicles | 24 | €7,547 | €1,835 | -€5,712 | -75.7% |
| Other tangible fixed assets | 26 | €2,228 | €1,663 | -€566 | -25.4% |
| Current assets | 29/58 | €211,427 | €229,494 | +€18,067 | +8.5% |
| Amounts receivable within one year | 40/41 | €15,013 | €22,452 | +€7,439 | +49.6% |
| Other amounts receivable | 41 | €15,013 | €22,452 | +€7,439 | +49.6% |
| Current investments | 50/53 | €71,000 | €83,428 | +€12,428 | +17.5% |
| Cash at bank and in hand | 54/58 | €122,590 | €119,585 | -€3,005 | -2.5% |
| Deferred charges and accrued income | 490/1 | €2,823 | €4,028 | +€1,205 | +42.7% |
| Total equity and liabilities | 10/49 | €221,202 | €232,991 | +€11,790 | +5.3% |
| Equity | 10/15 | €219,596 | €224,357 | +€4,761 | +2.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €217,596 | €222,357 | +€4,761 | +2.2% |
| Distributable reserves | 133 | €217,596 | €222,357 | +€4,761 | +2.2% |
| Amounts payable | 17/49 | €1,606 | €8,634 | +€7,028 | +438% |
| Amounts payable within one year | 42/48 | €1,281 | €1,161 | -€119 | -9.3% |
| Trade debts | 44 | €781 | €661 | -€119 | -15.3% |
| Suppliers | 440/4 | €781 | €661 | -€119 | -15.3% |
| Taxes, remuneration and social security | 45 | €500 | €500 | = | 0.0% |
| Taxes | 450/3 | - | €0 | = | |
| Remuneration and social security | 454/9 | €500 | €500 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €325 | €7,473 | +€7,148 | +2,199% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,683 | €6,278 | -€4,405 | -41.2% |
| Other operating charges | 640/8 | €387 | €500 | +€112 | +29.0% |
| Gross operating margin | 9900 | €18,297 | €13,669 | -€4,628 | -25.3% |
| Operating profit (loss) | 9901 | €7,227 | €6,892 | -€335 | -4.6% |
| Financial income | 75/76B | €31 | €741 | +€710 | +2,319% |
| Recurring financial income | 75 | €31 | €741 | +€710 | +2,319% |
| Financial charges | 65/66B | €44 | €45 | +€2 | +3.4% |
| Recurring financial charges | 65 | €44 | €45 | +€2 | +3.4% |
| Profit (loss) for the period before taxes | 9903 | €7,214 | €7,587 | +€373 | +5.2% |
| Income taxes | 67/77 | €3,044 | €2,826 | -€217 | -7.1% |
| Profit (loss) for the period | 9904 | €4,170 | €4,761 | +€591 | +14.2% |
| Profit (loss) for the period to be appropriated | 9905 | €4,170 | €4,761 | +€591 | +14.2% |
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 30 October 2026 via checked.be.