Dr. Raf Celus: 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. Raf Celus
Largest movements
- Cash +€321,092
up €321,092 (+1,360%), from €23,611 to €344,703
mainly Net result for the year (+€162,696) and Current investments (+€160,000)
- Current investments -€160,000
no longer reported in 2025 (was €160,000)
- Intangible fixed assets -€12,500
down €12,500 (-16.7%), from €75,000 to €62,500
- Tangible fixed assets +€7,869
up €7,869 (+165%), from €4,771 to €12,640
of which Plant, machinery and equipment: +€4,104
- Deferred charges and accrued income -€6,846
down €6,846 (-20.4%), from €33,554 to €26,708
- Reserves +€162,696
up €162,696 (+62.6%), from €259,944 to €422,640
- Tax, wage and social debts -€14,522
down €14,522 (-57.2%), from €25,407 to €10,885
- Gross operating margin +€14,950
up €14,950 (+7.0%), from €212,331 to €227,281
- Financial income +€5,819
new in 2025: €5,819
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 | €297,203 | €449,436 | +€152,233 | +51.2% |
| Fixed assets | 21/28 | €79,771 | €75,140 | -€4,631 | -5.8% |
| Intangible fixed assets | 21 | €75,000 | €62,500 | -€12,500 | -16.7% |
| Tangible fixed assets | 22/27 | €4,771 | €12,640 | +€7,869 | +165% |
| Plant, machinery and equipment | 23 | €3,786 | €7,890 | +€4,104 | +108% |
| Furniture and vehicles | 24 | - | €3,272 | +€3,272 | |
| Other tangible fixed assets | 26 | €985 | €1,478 | +€493 | +50.1% |
| Current assets | 29/58 | €217,432 | €374,296 | +€156,864 | +72.1% |
| Amounts receivable within one year | 40/41 | €267 | €2,885 | +€2,618 | +981% |
| Other amounts receivable | 41 | €267 | €2,885 | +€2,618 | +981% |
| Current investments | 50/53 | €160,000 | - | -€160,000 | |
| Cash at bank and in hand | 54/58 | €23,611 | €344,703 | +€321,092 | +1,360% |
| Deferred charges and accrued income | 490/1 | €33,554 | €26,708 | -€6,846 | -20.4% |
| Total equity and liabilities | 10/49 | €297,203 | €449,436 | +€152,233 | +51.2% |
| Equity | 10/15 | €261,944 | €424,640 | +€162,696 | +62.1% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €259,944 | €422,640 | +€162,696 | +62.6% |
| Distributable reserves | 133 | €259,944 | €422,640 | +€162,696 | +62.6% |
| Amounts payable | 17/49 | €35,259 | €24,796 | -€10,463 | -29.7% |
| Amounts payable within one year | 42/48 | €35,259 | €24,796 | -€10,463 | -29.7% |
| Trade debts | 44 | €113 | €2,076 | +€1,963 | +1,737% |
| Suppliers | 440/4 | €113 | €2,076 | +€1,963 | +1,737% |
| Taxes, remuneration and social security | 45 | €25,407 | €10,885 | -€14,522 | -57.2% |
| Taxes | 450/3 | €25,407 | €10,885 | -€14,522 | -57.2% |
| Other amounts payable | 47/48 | €9,739 | €11,835 | +€2,096 | +21.5% |
| Non-recurring operating income | 76A | €342 | - | -€342 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,990 | €15,061 | +€2,071 | +15.9% |
| Other operating charges | 640/8 | €2,492 | €687 | -€1,805 | -72.4% |
| Gross operating margin | 9900 | €212,331 | €227,281 | +€14,950 | +7.0% |
| Operating profit (loss) | 9901 | €196,849 | €211,533 | +€14,684 | +7.5% |
| Financial income | 75/76B | - | €5,819 | +€5,819 | |
| Recurring financial income | 75 | - | €5,819 | +€5,819 | |
| Financial charges | 65/66B | €3,472 | €3,044 | -€428 | -12.3% |
| Recurring financial charges | 65 | €3,472 | €3,044 | -€428 | -12.3% |
| Profit (loss) for the period before taxes | 9903 | €193,377 | €214,308 | +€20,931 | +10.8% |
| Income taxes | 67/77 | €50,886 | €51,612 | +€726 | +1.4% |
| Profit (loss) for the period | 9904 | €142,491 | €162,696 | +€20,205 | +14.2% |
| Profit (loss) for the period to be appropriated | 9905 | €142,491 | €162,696 | +€20,205 | +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 14 October 2026 via checked.be.