Dr. Sofie Demeulenaere: 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 Demeulenaere
Largest movements
- Deferred charges and accrued income -€32,190
down €32,190 (-93.4%), from €34,452 to €2,262
- Cash +€30,958
up €30,958 (+23.7%), from €130,428 to €161,386
mainly Deferred charges and accrued income (+€32,190) and Receivables within one year (+€3,743)
- Receivables within one year -€3,743
down €3,743 (-79.7%), from €4,694 to €951
- Profit (loss) carried forward -€5,493
down €5,493 (-2.6%), from €210,468 to €204,974
- Gross operating margin -€128,490
down €128,490, from €124,285 to -€4,205
- Taxes -€26,197
down €26,197 (-99.5%), from €26,329 to €132
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 | €213,544 | €208,168 | -€5,377 | -2.5% |
| Fixed assets | 21/28 | €3,971 | €3,569 | -€402 | -10.1% |
| Tangible fixed assets | 22/27 | €3,971 | €3,569 | -€402 | -10.1% |
| Plant, machinery and equipment | 23 | €3,971 | €3,569 | -€402 | -10.1% |
| Current assets | 29/58 | €209,574 | €204,599 | -€4,975 | -2.4% |
| Amounts receivable within one year | 40/41 | €4,694 | €951 | -€3,743 | -79.7% |
| Other amounts receivable | 41 | €4,694 | €951 | -€3,743 | -79.7% |
| Current investments | 50/53 | €40,000 | €40,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €130,428 | €161,386 | +€30,958 | +23.7% |
| Deferred charges and accrued income | 490/1 | €34,452 | €2,262 | -€32,190 | -93.4% |
| Total equity and liabilities | 10/49 | €213,544 | €208,168 | -€5,377 | -2.5% |
| Equity | 10/15 | €212,968 | €207,474 | -€5,493 | -2.6% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €210,468 | €204,974 | -€5,493 | -2.6% |
| Amounts payable | 17/49 | €577 | €693 | +€117 | +20.2% |
| Amounts payable within one year | 42/48 | €577 | €693 | +€117 | +20.2% |
| Other amounts payable | 47/48 | €577 | €693 | +€117 | +20.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47 | €402 | +€355 | +751.2% |
| Other operating charges | 640/8 | €337 | €710 | +€373 | +110.8% |
| Gross operating margin | 9900 | €124,285 | -€4,205 | -€128,490 | |
| Operating profit (loss) | 9901 | €123,901 | -€5,316 | -€129,217 | |
| Financial income | 75/76B | €83 | €0 | -€83 | -100.0% |
| Recurring financial income | 75 | €83 | €0 | -€83 | -100.0% |
| Financial charges | 65/66B | €72 | €45 | -€27 | -37.3% |
| Recurring financial charges | 65 | €72 | €45 | -€27 | -37.3% |
| Profit (loss) for the period before taxes | 9903 | €123,913 | -€5,361 | -€129,274 | |
| Income taxes | 67/77 | €26,329 | €132 | -€26,197 | -99.5% |
| Profit (loss) for the period | 9904 | €97,584 | -€5,493 | -€103,078 | |
| Profit (loss) for the period to be appropriated | 9905 | €97,584 | -€5,493 | -€103,078 |
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 12 October 2026 via checked.be.