Dr. Sofie Lemmens: 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 Lemmens
Largest movements
- Current investments +€100,000
new in 2025: €100,000
- Cash -€52,350
down €52,350 (-35.4%), from €147,826 to €95,476
mainly Contributions, distributions and other (-€163,888) and Current investments (-€100,000)
- Deferred charges and accrued income +€13,875
up €13,875 (+46.2%), from €30,039 to €43,914
- Tangible fixed assets -€4,115
down €4,115 (-14.0%), from €29,299 to €25,185
of which Other tangible fixed assets: -€2,346
- Reserves -€163,888
no longer reported in 2025 (was €163,888)
- Other debts +€115,537
up €115,537 (+453.2%), from €25,494 to €141,031
- Profit (loss) carried forward +€110,142
new in 2025: €110,142
- Trade debts -€36,605
down €36,605 (-95.0%), from €38,545 to €1,940
- Accrued charges and deferred income +€27,099
up €27,099 (+753.9%), from €3,595 to €30,694
- Gross operating margin +€21,697
up €21,697 (+16.1%), from €134,542 to €156,239
- Taxes +€10,677
up €10,677 (+38.8%), from €27,524 to €38,201
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 | €243,141 | €299,950 | +€56,808 | +23.4% |
| Fixed assets | 21/28 | €29,299 | €25,185 | -€4,115 | -14.0% |
| Tangible fixed assets | 22/27 | €29,299 | €25,185 | -€4,115 | -14.0% |
| Plant, machinery and equipment | 23 | €1,446 | €651 | -€794 | -54.9% |
| Furniture and vehicles | 24 | €2,435 | €1,461 | -€974 | -40.0% |
| Other tangible fixed assets | 26 | €25,419 | €23,073 | -€2,346 | -9.2% |
| Current assets | 29/58 | €213,842 | €274,765 | +€60,923 | +28.5% |
| Amounts receivable within one year | 40/41 | €35,977 | €35,375 | -€603 | -1.7% |
| Trade receivables | 40 | €126 | - | -€126 | |
| Other amounts receivable | 41 | €35,851 | €35,375 | -€476 | -1.3% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €147,826 | €95,476 | -€52,350 | -35.4% |
| Deferred charges and accrued income | 490/1 | €30,039 | €43,914 | +€13,875 | +46.2% |
| Total equity and liabilities | 10/49 | €243,141 | €299,950 | +€56,808 | +23.4% |
| Equity | 10/15 | €164,888 | €111,142 | -€53,745 | -32.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €163,888 | - | -€163,888 | |
| Distributable reserves | 133 | €163,888 | - | -€163,888 | |
| Profit (loss) carried forward | 14 | - | €110,142 | +€110,142 | |
| Amounts payable | 17/49 | €78,254 | €188,807 | +€110,554 | +141.3% |
| Amounts payable within one year | 42/48 | €74,659 | €158,113 | +€83,454 | +111.8% |
| Financial debts | 43 | €10,143 | €15,142 | +€4,999 | +49.3% |
| Credit institutions | 430/8 | €10,143 | €15,142 | +€4,999 | +49.3% |
| Trade debts | 44 | €38,545 | €1,940 | -€36,605 | -95.0% |
| Suppliers | 440/4 | €38,545 | €1,940 | -€36,605 | -95.0% |
| Taxes, remuneration and social security | 45 | €476 | - | -€476 | |
| Taxes | 450/3 | €476 | - | -€476 | |
| Other amounts payable | 47/48 | €25,494 | €141,031 | +€115,537 | +453.2% |
| Accrued charges and deferred income | 492/3 | €3,595 | €30,694 | +€27,099 | +753.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,672 | €4,115 | +€442 | +12.0% |
| Other operating charges | 640/8 | €1,133 | €1,038 | -€95 | -8.4% |
| Gross operating margin | 9900 | €134,542 | €156,239 | +€21,697 | +16.1% |
| Operating profit (loss) | 9901 | €129,736 | €151,086 | +€21,349 | +16.5% |
| Financial income | 75/76B | €809 | €1,324 | +€515 | +63.7% |
| Recurring financial income | 75 | €809 | €1,324 | +€515 | +63.7% |
| Financial charges | 65/66B | €4,572 | €4,066 | -€506 | -11.1% |
| Recurring financial charges | 65 | €4,572 | €4,066 | -€506 | -11.1% |
| Profit (loss) for the period before taxes | 9903 | €125,973 | €148,343 | +€22,370 | +17.8% |
| Income taxes | 67/77 | €27,524 | €38,201 | +€10,677 | +38.8% |
| Profit (loss) for the period | 9904 | €98,449 | €110,142 | +€11,693 | +11.9% |
| Profit (loss) for the period to be appropriated | 9905 | €98,449 | €110,142 | +€11,693 | +11.9% |
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 6 October 2026 via checked.be.