Dr. Sarah Van Loo: 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. Sarah Van Loo
Largest movements
- Cash +€418,310
up €418,310 (+238%), from €175,628 to €593,938
mainly Net result for the year (+€209,180) and Current investments (+€200,000)
- Current investments -€200,000
no longer reported in 2025 (was €200,000)
- Intangible fixed assets -€35,000
down €35,000 (-14.3%), from €244,808 to €209,808
- Tangible fixed assets +€20,304
up €20,304 (+13.6%), from €149,802 to €170,106
of which Plant, machinery and equipment: +€28,260
- Reserves +€208,300
up €208,300 (+47.4%), from €439,350 to €647,650
- Debts after one year -€34,696
down €34,696 (-15.5%), from €223,271 to €188,574
- Tax, wage and social debts +€28,201
up €28,201 (+34.4%), from €82,027 to €110,228
- Depreciation -€16,933
down €16,933 (-25.6%), from €66,034 to €49,101
- Gross operating margin +€16,591
up €16,591 (+5.0%), from €334,408 to €350,999
- Taxes +€11,894
up €11,894 (+14.5%), from €82,093 to €93,986
- Financial income +€4,657
new in 2025: €4,657
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 | €785,452 | €995,250 | +€209,797 | +26.7% |
| Fixed assets | 21/28 | €397,185 | €382,489 | -€14,696 | -3.7% |
| Intangible fixed assets | 21 | €244,808 | €209,808 | -€35,000 | -14.3% |
| Tangible fixed assets | 22/27 | €149,802 | €170,106 | +€20,304 | +13.6% |
| Land and buildings | 22 | €118,927 | €115,389 | -€3,538 | -3.0% |
| Plant, machinery and equipment | 23 | €22,039 | €50,298 | +€28,260 | +128% |
| Furniture and vehicles | 24 | €8,837 | €4,419 | -€4,418 | -50.0% |
| Financial fixed assets | 28 | €2,575 | €2,575 | = | 0.0% |
| Current assets | 29/58 | €388,267 | €612,761 | +€224,494 | +57.8% |
| Current investments | 50/53 | €200,000 | - | -€200,000 | |
| Cash at bank and in hand | 54/58 | €175,628 | €593,938 | +€418,310 | +238% |
| Deferred charges and accrued income | 490/1 | €12,639 | €18,822 | +€6,184 | +48.9% |
| Total equity and liabilities | 10/49 | €785,452 | €995,250 | +€209,797 | +26.7% |
| Equity | 10/15 | €443,280 | €651,627 | +€208,347 | +47.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €439,350 | €647,650 | +€208,300 | +47.4% |
| Distributable reserves | 133 | €439,350 | €647,650 | +€208,300 | +47.4% |
| Profit (loss) carried forward | 14 | €930 | €977 | +€47 | +5.0% |
| Amounts payable | 17/49 | €342,172 | €343,623 | +€1,451 | +0.4% |
| Amounts payable after more than one year | 17 | €223,271 | €188,574 | -€34,696 | -15.5% |
| Financial debts | 170/4 | €223,271 | €188,574 | -€34,696 | -15.5% |
| Amounts payable within one year | 42/48 | €118,901 | €154,158 | +€35,256 | +29.7% |
| Current portion of amounts payable after more than one year | 42 | €34,315 | €34,696 | +€381 | +1.1% |
| Trade debts | 44 | €1,625 | €5,897 | +€4,272 | +263% |
| Suppliers | 440/4 | €1,625 | €5,897 | +€4,272 | +263% |
| Taxes, remuneration and social security | 45 | €82,027 | €110,228 | +€28,201 | +34.4% |
| Taxes | 450/3 | €82,027 | €110,228 | +€28,201 | +34.4% |
| Other amounts payable | 47/48 | €934 | €3,336 | +€2,402 | +257% |
| Accrued charges and deferred income | 492/3 | - | €891 | +€891 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,034 | €49,101 | -€16,933 | -25.6% |
| Other operating charges | 640/8 | €314 | €641 | +€328 | +104% |
| Gross operating margin | 9900 | €334,408 | €350,999 | +€16,591 | +5.0% |
| Operating profit (loss) | 9901 | €268,060 | €301,257 | +€33,197 | +12.4% |
| Financial income | 75/76B | - | €4,657 | +€4,657 | |
| Recurring financial income | 75 | - | €4,657 | +€4,657 | |
| Financial charges | 65/66B | €3,145 | €2,748 | -€397 | -12.6% |
| Recurring financial charges | 65 | €3,145 | €2,748 | -€397 | -12.6% |
| Profit (loss) for the period before taxes | 9903 | €264,915 | €303,166 | +€38,251 | +14.4% |
| Income taxes | 67/77 | €82,093 | €93,986 | +€11,894 | +14.5% |
| Profit (loss) for the period | 9904 | €182,822 | €209,180 | +€26,357 | +14.4% |
| Profit (loss) for the period to be appropriated | 9905 | €182,822 | €209,180 | +€26,357 | +14.4% |
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 18 October 2026 via checked.be.