Dr. Sarah Keulemans: what changed
Dr. Sarah Keulemans
Largest movements
- Cash -€83,394
down €83,394 (-55.5%), from €150,192 to €66,798
mainly Contributions, distributions and other (-€283,824) and Tax, wage and social debts (-€19,294)
- Tangible fixed assets -€20,871
down €20,871 (-30.8%), from €67,663 to €46,792
of which Furniture and vehicles: -€16,832
- Receivables within one year -€20,382
down €20,382 (-91.6%), from €22,258 to €1,876
of which Other amounts receivable: -€20,382
- Deferred charges and accrued income -€3,907
down €3,907 (-4.2%), from €92,594 to €88,687
- Reserves -€96,220
down €96,220 (-71.3%), from €135,014 to €38,794
- Tax, wage and social debts -€19,294
down €19,294 (-62.9%), from €30,663 to €11,369
of which Taxes: -€19,294
- Other debts -€10,739
down €10,739 (-6.2%), from €173,337 to €162,598
- Financial income -€10,120
down €10,120 (-93.2%), from €10,854 to €735
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €352,708 | €224,153 | -€128,555 | -36.4% |
| Fixed assets | 21/28 | €67,663 | €46,792 | -€20,871 | -30.8% |
| Tangible fixed assets | 22/27 | €67,663 | €46,792 | -€20,871 | -30.8% |
| Land and buildings | 22 | €34,424 | €30,770 | -€3,654 | -10.6% |
| Plant, machinery and equipment | 23 | €1,725 | €1,340 | -€385 | -22.3% |
| Furniture and vehicles | 24 | €31,514 | €14,682 | -€16,832 | -53.4% |
| Current assets | 29/58 | €285,045 | €177,361 | -€107,684 | -37.8% |
| Amounts receivable within one year | 40/41 | €22,258 | €1,876 | -€20,382 | -91.6% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €22,258 | €1,876 | -€20,382 | -91.6% |
| Current investments | 50/53 | €20,000 | €20,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €150,192 | €66,798 | -€83,394 | -55.5% |
| Deferred charges and accrued income | 490/1 | €92,594 | €88,687 | -€3,907 | -4.2% |
| Total equity and liabilities | 10/49 | €352,708 | €224,153 | -€128,555 | -36.4% |
| Equity | 10/15 | €143,614 | €47,394 | -€96,220 | -67.0% |
| Contributions | 10/11 | €8,600 | €8,600 | = | 0.0% |
| Reserves | 13 | €135,014 | €38,794 | -€96,220 | -71.3% |
| Distributable reserves | 133 | €135,014 | €38,794 | -€96,220 | -71.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €209,094 | €176,759 | -€32,335 | -15.5% |
| Amounts payable within one year | 42/48 | €209,094 | €176,759 | -€32,335 | -15.5% |
| Trade debts | 44 | €5,094 | €2,792 | -€2,302 | -45.2% |
| Suppliers | 440/4 | €5,094 | €2,792 | -€2,302 | -45.2% |
| Taxes, remuneration and social security | 45 | €30,663 | €11,369 | -€19,294 | -62.9% |
| Taxes | 450/3 | €30,663 | €11,369 | -€19,294 | -62.9% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €173,337 | €162,598 | -€10,739 | -6.2% |
| Remuneration, social security and pensions | 62 | €250 | €0 | -€250 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,149 | €20,871 | +€1,723 | +9.0% |
| Other operating charges | 640/8 | €1,665 | €762 | -€903 | -54.2% |
| Gross operating margin | 9900 | €265,901 | €267,328 | +€1,427 | +0.5% |
| Operating profit (loss) | 9901 | €244,836 | €245,694 | +€857 | +0.4% |
| Financial income | 75/76B | €10,854 | €735 | -€10,120 | -93.2% |
| Recurring financial income | 75 | €10,854 | €735 | -€10,120 | -93.2% |
| Financial charges | 65/66B | €196 | €683 | +€487 | +249% |
| Recurring financial charges | 65 | €196 | €683 | +€487 | +249% |
| Profit (loss) for the period before taxes | 9903 | €255,495 | €245,745 | -€9,749 | -3.8% |
| Income taxes | 67/77 | €57,742 | €58,141 | +€400 | +0.7% |
| Profit (loss) for the period | 9904 | €197,753 | €187,604 | -€10,149 | -5.1% |
| Profit (loss) for the period to be appropriated | 9905 | €197,753 | €187,604 | -€10,149 | -5.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 May 2025 and 31 May 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.