Dr. Sofie De Meulder: 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. Sofie De Meulder
Largest movements
- Cash +€196,480
up €196,480 (+142%), from €138,158 to €334,639
mainly Net result for the year (+€229,182) and Tax, wage and social debts (+€71,056)
- Receivables within one year +€27,756
up €27,756 (+12.8%), from €216,553 to €244,309
- Tangible fixed assets +€8,599
up €8,599 (+66.3%), from €12,967 to €21,566
- Reserves +€229,182
up €229,182 (+101%), from €225,938 to €455,119
- Tax, wage and social debts +€71,056
up €71,056 (+139%), from €51,001 to €122,057
of which Taxes: +€71,056
- Other debts -€65,579
down €65,579 (-78.0%), from €84,061 to €18,482
- Gross operating margin +€95,440
up €95,440 (+45.0%), from €212,120 to €307,560
- Taxes +€24,370
up €24,370 (+51.1%), from €47,668 to €72,038
- Financial charges -€3,245
down €3,245 (-48.4%), from €6,705 to €3,460
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 | €370,001 | €604,773 | +€234,773 | +63.5% |
| Fixed assets | 21/28 | €13,508 | €22,107 | +€8,599 | +63.7% |
| Tangible fixed assets | 22/27 | €12,967 | €21,566 | +€8,599 | +66.3% |
| Land and buildings | 22 | - | €3,881 | +€3,881 | |
| Plant, machinery and equipment | 23 | €466 | €1,933 | +€1,467 | +315% |
| Furniture and vehicles | 24 | - | €3,605 | +€3,605 | |
| Other tangible fixed assets | 26 | €12,502 | €12,147 | -€355 | -2.8% |
| Financial fixed assets | 28 | €541 | €541 | = | 0.0% |
| Current assets | 29/58 | €356,493 | €582,666 | +€226,174 | +63.4% |
| Amounts receivable within one year | 40/41 | €216,553 | €244,309 | +€27,756 | +12.8% |
| Other amounts receivable | 41 | €216,553 | €244,309 | +€27,756 | +12.8% |
| Cash at bank and in hand | 54/58 | €138,158 | €334,639 | +€196,480 | +142% |
| Deferred charges and accrued income | 490/1 | €1,782 | €3,719 | +€1,937 | +109% |
| Total equity and liabilities | 10/49 | €370,001 | €604,773 | +€234,773 | +63.5% |
| Equity | 10/15 | €226,938 | €456,119 | +€229,182 | +101% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €225,938 | €455,119 | +€229,182 | +101% |
| Distributable reserves | 133 | €225,938 | €455,119 | +€229,182 | +101% |
| Amounts payable | 17/49 | €143,063 | €148,654 | +€5,591 | +3.9% |
| Amounts payable within one year | 42/48 | €137,660 | €146,264 | +€8,604 | +6.3% |
| Trade debts | 44 | €2,598 | €5,725 | +€3,127 | +120% |
| Suppliers | 440/4 | €2,598 | €5,725 | +€3,127 | +120% |
| Taxes, remuneration and social security | 45 | €51,001 | €122,057 | +€71,056 | +139% |
| Taxes | 450/3 | €49,674 | €120,730 | +€71,056 | +143% |
| Remuneration and social security | 454/9 | €1,327 | €1,327 | = | 0.0% |
| Other amounts payable | 47/48 | €84,061 | €18,482 | -€65,579 | -78.0% |
| Accrued charges and deferred income | 492/3 | €5,403 | €2,389 | -€3,013 | -55.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,056 | €2,967 | +€911 | +44.3% |
| Other operating charges | 640/8 | €126 | €128 | +€2 | +1.6% |
| Gross operating margin | 9900 | €212,120 | €307,560 | +€95,440 | +45.0% |
| Operating profit (loss) | 9901 | €209,937 | €304,465 | +€94,527 | +45.0% |
| Financial income | 75/76B | - | €215 | +€215 | |
| Recurring financial income | 75 | - | €215 | +€215 | |
| Financial charges | 65/66B | €6,705 | €3,460 | -€3,245 | -48.4% |
| Recurring financial charges | 65 | €6,705 | €3,460 | -€3,245 | -48.4% |
| Profit (loss) for the period before taxes | 9903 | €203,233 | €301,220 | +€97,987 | +48.2% |
| Income taxes | 67/77 | €47,668 | €72,038 | +€24,370 | +51.1% |
| Profit (loss) for the period | 9904 | €155,565 | €229,182 | +€73,617 | +47.3% |
| Profit (loss) for the period to be appropriated | 9905 | €155,565 | €229,182 | +€73,617 | +47.3% |
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 17 October 2026 via checked.be.