Dr. Sieglinde Coninx: 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. Sieglinde Coninx
Largest movements
- Tangible fixed assets +€51,772
up €51,772 (+1937.3%), from €2,672 to €54,444
of which Furniture and vehicles: +€52,115
- Cash +€14,294
up €14,294 (+29.3%), from €48,768 to €63,062
mainly Net result for the year (+€52,288) and Debts after one year (+€35,109)
- Current investments +€9,723
up €9,723 (+6.6%), from €147,023 to €156,746
- Deferred charges and accrued income +€5,313
up €5,313 (+36.7%), from €14,475 to €19,788
- Receivables within one year -€3,606
down €3,606 (-100.0%), from €3,606 to €0
of which Trade receivables: -€3,606
- Debts after one year +€35,109
new in 2025: €35,109
- Other debts +€16,647
up €16,647 (+50.8%), from €32,798 to €49,445
- Tax, wage and social debts +€8,687
up €8,687 (+333.1%), from €2,608 to €11,295
of which Taxes: +€6,219
- Current portion of long-term debt +€8,500
up €8,500, from €0 to €8,500
- Reserves +€3,584
up €3,584 (+2.4%), from €149,999 to €153,584
- Gross operating margin +€20,948
up €20,948 (+36.1%), from €58,059 to €79,007
- Taxes +€6,156
up €6,156 (+37.9%), from €16,252 to €22,409
- Depreciation +€3,845
up €3,845 (+269.3%), from €1,428 to €5,273
- Financial income +€1,373
up €1,373 (+151.7%), from €905 to €2,278
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.
Cash bridge derived
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 | €216,545 | €294,039 | +€77,494 | +35.8% |
| Fixed assets | 21/28 | €2,672 | €54,444 | +€51,772 | +1937.3% |
| Tangible fixed assets | 22/27 | €2,672 | €54,444 | +€51,772 | +1937.3% |
| Plant, machinery and equipment | 23 | €878 | €535 | -€343 | -39.1% |
| Furniture and vehicles | 24 | €1,795 | €53,909 | +€52,115 | +2903.7% |
| Current assets | 29/58 | €213,872 | €239,595 | +€25,723 | +12.0% |
| Amounts receivable within one year | 40/41 | €3,606 | €0 | -€3,606 | -100.0% |
| Trade receivables | 40 | €3,606 | €0 | -€3,606 | -100.0% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €147,023 | €156,746 | +€9,723 | +6.6% |
| Cash at bank and in hand | 54/58 | €48,768 | €63,062 | +€14,294 | +29.3% |
| Deferred charges and accrued income | 490/1 | €14,475 | €19,788 | +€5,313 | +36.7% |
| Total equity and liabilities | 10/49 | €216,545 | €294,039 | +€77,494 | +35.8% |
| Equity | 10/15 | €172,864 | €176,449 | +€3,584 | +2.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €149,999 | €153,584 | +€3,584 | +2.4% |
| Distributable reserves | 133 | €149,999 | €153,584 | +€3,584 | +2.4% |
| Profit (loss) carried forward | 14 | €10,465 | €10,465 | = | 0.0% |
| Amounts payable | 17/49 | €43,680 | €117,590 | +€73,910 | +169.2% |
| Amounts payable after more than one year | 17 | - | €35,109 | +€35,109 | |
| Financial debts | 170/4 | - | €35,109 | +€35,109 | |
| Amounts payable within one year | 42/48 | €35,405 | €70,967 | +€35,561 | +100.4% |
| Current portion of amounts payable after more than one year | 42 | €0 | €8,500 | +€8,500 | |
| Trade debts | 44 | €0 | €1,727 | +€1,727 | |
| Suppliers | 440/4 | €0 | €1,727 | +€1,727 | |
| Taxes, remuneration and social security | 45 | €2,608 | €11,295 | +€8,687 | +333.1% |
| Taxes | 450/3 | €2,608 | €8,826 | +€6,219 | +238.5% |
| Remuneration and social security | 454/9 | €0 | €2,469 | +€2,469 | |
| Other amounts payable | 47/48 | €32,798 | €49,445 | +€16,647 | +50.8% |
| Accrued charges and deferred income | 492/3 | €8,275 | €11,515 | +€3,240 | +39.2% |
| Non-recurring operating income | 76A | - | €15,125 | +€15,125 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,428 | €5,273 | +€3,845 | +269.3% |
| Other operating charges | 640/8 | €623 | €878 | +€255 | +40.8% |
| Gross operating margin | 9900 | €58,059 | €79,007 | +€20,948 | +36.1% |
| Operating profit (loss) | 9901 | €56,008 | €72,856 | +€16,848 | +30.1% |
| Financial income | 75/76B | €905 | €2,278 | +€1,373 | +151.7% |
| Recurring financial income | 75 | €905 | €2,278 | +€1,373 | +151.7% |
| Financial charges | 65/66B | €90 | €438 | +€348 | +384.6% |
| Recurring financial charges | 65 | €90 | €438 | +€348 | +384.6% |
| Profit (loss) for the period before taxes | 9903 | €56,823 | €74,696 | +€17,874 | +31.5% |
| Income taxes | 67/77 | €16,252 | €22,409 | +€6,156 | +37.9% |
| Profit (loss) for the period | 9904 | €40,570 | €52,288 | +€11,717 | +28.9% |
| Profit (loss) for the period to be appropriated | 9905 | €40,570 | €52,288 | +€11,717 | +28.9% |
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 9 October 2026 via checked.be.