Dr. Sofie Hulsbosch: what changed
Two fiscal 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 Hulsbosch
Largest movements
- Current investments -€180,000
down €180,000 (-72.7%), from €247,674 to €67,674
- Cash +€143,064
up €143,064 (+262.8%), from €54,434 to €197,498
mainly Current investments (+€180,000) and Net result for the year (+€154,638)
- Tangible fixed assets -€6,351
down €6,351 (-25.9%), from €24,488 to €18,137
of which Other tangible fixed assets: -€3,985
- Other debts -€46,263
down €46,263 (-29.3%), from €157,779 to €111,516
- Accrued charges and deferred income +€6,704
up €6,704 (+744.5%), from €900 to €7,604
- Financial charges +€6,138
up €6,138 (+208.4%), from €2,946 to €9,084
- Gross operating margin -€5,999
down €5,999 (-2.7%), from €220,707 to €214,708
- Financial income +€5,811
up €5,811 (+32230.1%), from €18 to €5,829
- Taxes -€2,974
down €2,974 (-5.8%), from €51,667 to €48,694
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 | €346,543 | €302,728 | -€43,816 | -12.6% |
| Fixed assets | 21/28 | €34,025 | €27,675 | -€6,351 | -18.7% |
| Tangible fixed assets | 22/27 | €24,488 | €18,137 | -€6,351 | -25.9% |
| Plant, machinery and equipment | 23 | €1,145 | €944 | -€200 | -17.5% |
| Furniture and vehicles | 24 | €6,773 | €4,608 | -€2,165 | -32.0% |
| Other tangible fixed assets | 26 | €16,570 | €12,585 | -€3,985 | -24.1% |
| Financial fixed assets | 28 | €9,538 | €9,538 | = | 0.0% |
| Current assets | 29/58 | €312,518 | €275,053 | -€37,465 | -12.0% |
| Amounts receivable within one year | 40/41 | €6,634 | €4,126 | -€2,508 | -37.8% |
| Trade receivables | 40 | €229 | €1,089 | +€860 | +375.5% |
| Other amounts receivable | 41 | €6,405 | €3,037 | -€3,368 | -52.6% |
| Current investments | 50/53 | €247,674 | €67,674 | -€180,000 | -72.7% |
| Cash at bank and in hand | 54/58 | €54,434 | €197,498 | +€143,064 | +262.8% |
| Deferred charges and accrued income | 490/1 | €3,776 | €5,755 | +€1,979 | +52.4% |
| Total equity and liabilities | 10/49 | €346,543 | €302,728 | -€43,816 | -12.6% |
| Equity | 10/15 | €177,595 | €177,233 | -€362 | -0.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €158,995 | €158,633 | -€362 | -0.2% |
| Distributable reserves | 133 | €158,995 | €158,633 | -€362 | -0.2% |
| Amounts payable | 17/49 | €168,948 | €125,495 | -€43,453 | -25.7% |
| Amounts payable within one year | 42/48 | €168,048 | €117,891 | -€50,157 | -29.8% |
| Trade debts | 44 | €8,260 | €6,375 | -€1,885 | -22.8% |
| Suppliers | 440/4 | €8,260 | €6,375 | -€1,885 | -22.8% |
| Taxes, remuneration and social security | 45 | €2,009 | - | -€2,009 | |
| Taxes | 450/3 | €2,009 | - | -€2,009 | |
| Other amounts payable | 47/48 | €157,779 | €111,516 | -€46,263 | -29.3% |
| Accrued charges and deferred income | 492/3 | €900 | €7,604 | +€6,704 | +744.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,636 | €7,536 | +€900 | +13.6% |
| Other operating charges | 640/8 | €826 | €586 | -€240 | -29.1% |
| Gross operating margin | 9900 | €220,707 | €214,708 | -€5,999 | -2.7% |
| Operating profit (loss) | 9901 | €213,246 | €206,586 | -€6,659 | -3.1% |
| Financial income | 75/76B | €18 | €5,829 | +€5,811 | +32230.1% |
| Recurring financial income | 75 | €18 | €5,829 | +€5,811 | +32230.1% |
| Financial charges | 65/66B | €2,946 | €9,084 | +€6,138 | +208.4% |
| Recurring financial charges | 65 | €2,946 | €9,084 | +€6,138 | +208.4% |
| Profit (loss) for the period before taxes | 9903 | €210,318 | €203,332 | -€6,986 | -3.3% |
| Income taxes | 67/77 | €51,667 | €48,694 | -€2,974 | -5.8% |
| Profit (loss) for the period | 9904 | €158,650 | €154,638 | -€4,013 | -2.5% |
| Profit (loss) for the period to be appropriated | 9905 | €158,650 | €154,638 | -€4,013 | -2.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.