Dr. Selene Kock: 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. Selene Kock
Largest movements
- Receivables within one year +€289,059
up €289,059 (+117%), from €246,294 to €535,354
of which Other amounts receivable: +€260,876
- Cash -€36,270
down €36,270 (-86.6%), from €41,886 to €5,616
mainly Receivables within one year (-€289,059) and Debts after one year (-€19,313)
- Tangible fixed assets -€18,784
down €18,784 (-14.0%), from €134,474 to €115,690
- Deferred charges and accrued income +€17,721
up €17,721 (+385%), from €4,601 to €22,322
- Reserves +€244,208
new in 2025: €244,208
- Tax, wage and social debts +€24,791
up €24,791 (+34.9%), from €71,005 to €95,796
of which Taxes: +€21,643
- Debts after one year -€19,313
down €19,313 (-17.1%), from €112,703 to €93,390
- Gross operating margin +€98,477
up €98,477 (+34.2%), from €288,147 to €386,624
- Taxes +€43,971
up €43,971 (+64.0%), from €68,677 to €112,648
- Staff costs +€23,181
new in 2025: €23,181
- Depreciation +€6,092
up €6,092 (+39.3%), from €15,491 to €21,583
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 | €427,256 | €678,982 | +€251,725 | +58.9% |
| Fixed assets | 21/28 | €134,474 | €115,690 | -€18,784 | -14.0% |
| Tangible fixed assets | 22/27 | €134,474 | €115,690 | -€18,784 | -14.0% |
| Furniture and vehicles | 24 | €134,474 | €115,690 | -€18,784 | -14.0% |
| Current assets | 29/58 | €292,782 | €563,291 | +€270,510 | +92.4% |
| Amounts receivable within one year | 40/41 | €246,294 | €535,354 | +€289,059 | +117% |
| Trade receivables | 40 | €25,244 | €53,428 | +€28,184 | +112% |
| Other amounts receivable | 41 | €221,050 | €481,926 | +€260,876 | +118% |
| Cash at bank and in hand | 54/58 | €41,886 | €5,616 | -€36,270 | -86.6% |
| Deferred charges and accrued income | 490/1 | €4,601 | €22,322 | +€17,721 | +385% |
| Total equity and liabilities | 10/49 | €427,256 | €678,982 | +€251,725 | +58.9% |
| Equity | 10/15 | €217,063 | €461,270 | +€244,208 | +113% |
| Contributions | 10/11 | €120 | €120 | = | 0.0% |
| Reserves | 13 | - | €244,208 | +€244,208 | |
| Distributable reserves | 133 | - | €244,208 | +€244,208 | |
| Profit (loss) carried forward | 14 | €216,943 | €216,943 | = | 0.0% |
| Amounts payable | 17/49 | €210,193 | €217,711 | +€7,518 | +3.6% |
| Amounts payable after more than one year | 17 | €112,703 | €93,390 | -€19,313 | -17.1% |
| Financial debts | 170/4 | €112,703 | €93,390 | -€19,313 | -17.1% |
| Amounts payable within one year | 42/48 | €94,647 | €120,011 | +€25,364 | +26.8% |
| Current portion of amounts payable after more than one year | 42 | €18,682 | €19,313 | +€630 | +3.4% |
| Trade debts | 44 | €4,960 | €4,902 | -€57 | -1.2% |
| Suppliers | 440/4 | €4,960 | €4,902 | -€57 | -1.2% |
| Taxes, remuneration and social security | 45 | €71,005 | €95,796 | +€24,791 | +34.9% |
| Taxes | 450/3 | €71,005 | €92,648 | +€21,643 | +30.5% |
| Remuneration and social security | 454/9 | - | €3,148 | +€3,148 | |
| Accrued charges and deferred income | 492/3 | €2,844 | €4,310 | +€1,466 | +51.6% |
| Remuneration, social security and pensions | 62 | - | €23,181 | +€23,181 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,491 | €21,583 | +€6,092 | +39.3% |
| Other operating charges | 640/8 | €526 | €907 | +€380 | +72.2% |
| Gross operating margin | 9900 | €288,147 | €386,624 | +€98,477 | +34.2% |
| Operating profit (loss) | 9901 | €272,130 | €340,954 | +€68,824 | +25.3% |
| Financial income | 75/76B | €18,262 | €21,229 | +€2,967 | +16.2% |
| Recurring financial income | 75 | €18,262 | €21,229 | +€2,967 | +16.2% |
| Financial charges | 65/66B | €4,773 | €5,327 | +€554 | +11.6% |
| Recurring financial charges | 65 | €4,773 | €5,327 | +€554 | +11.6% |
| Profit (loss) for the period before taxes | 9903 | €285,619 | €356,856 | +€71,236 | +24.9% |
| Income taxes | 67/77 | €68,677 | €112,648 | +€43,971 | +64.0% |
| Profit (loss) for the period | 9904 | €216,943 | €244,208 | +€27,265 | +12.6% |
| Profit (loss) for the period to be appropriated | 9905 | €216,943 | €244,208 | +€27,265 | +12.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.