Dr. Olivia Fleurbaey: 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. Olivia Fleurbaey
Largest movements
- Cash +€12,564
up €12,564 (+77.8%), from €16,153 to €28,717
mainly Net result for the year (+€30,733) and Tax, wage and social debts (+€2,866)
- Receivables within one year +€11,448
new in 2025: €11,448
- Tangible fixed assets +€3,579
up €3,579 (+264%), from €1,357 to €4,936
of which Other tangible fixed assets: +€3,376
- Deferred charges and accrued income +€745
up €745 (+79.6%), from €936 to €1,681
- Profit (loss) carried forward +€29,900
up €29,900 (+436%), from €6,851 to €36,751
- Tax, wage and social debts +€2,866
up €2,866 (+218%), from €1,313 to €4,178
- Accrued charges and deferred income -€2,520
down €2,520 (-56.4%), from €4,468 to €1,947
- Trade debts -€1,909
down €1,909 (-96.4%), from €1,980 to €72
- Gross operating margin +€29,433
up €29,433 (+220%), from €13,352 to €42,784
- Taxes +€5,866
up €5,866 (+177%), from €3,313 to €9,178
- Financial charges +€789
up €789 (+90.2%), from €875 to €1,664
- Depreciation +€529
up €529 (+84.4%), from €626 to €1,155
- Financial income +€445
new in 2025: €445
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 | €18,446 | €46,781 | +€28,336 | +154% |
| Fixed assets | 21/28 | €1,357 | €4,936 | +€3,579 | +264% |
| Tangible fixed assets | 22/27 | €1,357 | €4,936 | +€3,579 | +264% |
| Plant, machinery and equipment | 23 | €1,357 | €1,559 | +€203 | +14.9% |
| Other tangible fixed assets | 26 | - | €3,376 | +€3,376 | |
| Current assets | 29/58 | €17,089 | €41,846 | +€24,757 | +145% |
| Amounts receivable within one year | 40/41 | - | €11,448 | +€11,448 | |
| Other amounts receivable | 41 | - | €11,448 | +€11,448 | |
| Cash at bank and in hand | 54/58 | €16,153 | €28,717 | +€12,564 | +77.8% |
| Deferred charges and accrued income | 490/1 | €936 | €1,681 | +€745 | +79.6% |
| Total equity and liabilities | 10/49 | €18,446 | €46,781 | +€28,336 | +154% |
| Equity | 10/15 | €9,851 | €39,751 | +€29,900 | +304% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,851 | €36,751 | +€29,900 | +436% |
| Amounts payable | 17/49 | €8,594 | €7,030 | -€1,564 | -18.2% |
| Amounts payable within one year | 42/48 | €4,127 | €5,083 | +€956 | +23.2% |
| Trade debts | 44 | €1,980 | €72 | -€1,909 | -96.4% |
| Suppliers | 440/4 | €1,980 | €72 | -€1,909 | -96.4% |
| Taxes, remuneration and social security | 45 | €1,313 | €4,178 | +€2,866 | +218% |
| Taxes | 450/3 | €1,313 | €4,178 | +€2,866 | +218% |
| Other amounts payable | 47/48 | €834 | €833 | -€1 | -0.1% |
| Accrued charges and deferred income | 492/3 | €4,468 | €1,947 | -€2,520 | -56.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €626 | €1,155 | +€529 | +84.4% |
| Other operating charges | 640/8 | €854 | €500 | -€354 | -41.5% |
| Gross operating margin | 9900 | €13,352 | €42,784 | +€29,433 | +220% |
| Operating profit (loss) | 9901 | €11,872 | €41,130 | +€29,258 | +246% |
| Financial income | 75/76B | - | €445 | +€445 | |
| Recurring financial income | 75 | - | €445 | +€445 | |
| Financial charges | 65/66B | €875 | €1,664 | +€789 | +90.2% |
| Recurring financial charges | 65 | €875 | €1,664 | +€789 | +90.2% |
| Profit (loss) for the period before taxes | 9903 | €10,997 | €39,911 | +€28,914 | +263% |
| Income taxes | 67/77 | €3,313 | €9,178 | +€5,866 | +177% |
| Profit (loss) for the period | 9904 | €7,684 | €30,733 | +€23,049 | +300% |
| Profit (loss) for the period to be appropriated | 9905 | €7,684 | €30,733 | +€23,049 | +300% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.