DR. SOFIE MASSCHELEIN: 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 MASSCHELEIN
Largest movements
- Cash +€43,883
up €43,883 (+24.7%), from €177,939 to €221,821
mainly Other debts (+€185,321) and Net result for the year (+€79,518)
- Receivables within one year +€11,310
up €11,310 (+82.3%), from €13,743 to €25,053
of which Other amounts receivable: +€11,277
- Other debts +€185,321
up €185,321 (+6309.6%), from €2,937 to €188,258
- Reserves -€124,261
down €124,261 (-56.9%), from €218,279 to €94,018
- Tax, wage and social debts -€6,199
down €6,199 (-48.6%), from €12,749 to €6,550
of which Taxes: -€6,199
- Gross operating margin -€61,448
down €61,448 (-37.9%), from €162,102 to €100,655
- Taxes -€15,412
down €15,412 (-42.6%), from €36,199 to €20,787
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 | €252,616 | €307,446 | +€54,831 | +21.7% |
| Fixed assets | 21/28 | €6,051 | €5,383 | -€668 | -11.0% |
| Tangible fixed assets | 22/27 | €6,051 | €5,383 | -€668 | -11.0% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €6,051 | €5,383 | -€668 | -11.0% |
| Current assets | 29/58 | €246,565 | €302,063 | +€55,498 | +22.5% |
| Amounts receivable after more than one year | 29 | €50,000 | €50,000 | = | 0.0% |
| Other amounts receivable | 291 | €50,000 | €50,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €13,743 | €25,053 | +€11,310 | +82.3% |
| Trade receivables | 40 | - | €33 | +€33 | |
| Other amounts receivable | 41 | €13,743 | €25,020 | +€11,277 | +82.1% |
| Cash at bank and in hand | 54/58 | €177,939 | €221,821 | +€43,883 | +24.7% |
| Deferred charges and accrued income | 490/1 | €4,883 | €5,189 | +€306 | +6.3% |
| Total equity and liabilities | 10/49 | €252,616 | €307,446 | +€54,831 | +21.7% |
| Equity | 10/15 | €236,879 | €112,618 | -€124,261 | -52.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €218,279 | €94,018 | -€124,261 | -56.9% |
| Distributable reserves | 133 | €218,279 | €94,018 | -€124,261 | -56.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €15,736 | €194,828 | +€179,092 | +1138.1% |
| Amounts payable within one year | 42/48 | €15,736 | €194,828 | +€179,092 | +1138.1% |
| Trade debts | 44 | €50 | €20 | -€29 | -58.9% |
| Suppliers | 440/4 | €50 | €20 | -€29 | -58.9% |
| Taxes, remuneration and social security | 45 | €12,749 | €6,550 | -€6,199 | -48.6% |
| Taxes | 450/3 | €10,399 | €4,200 | -€6,199 | -59.6% |
| Remuneration and social security | 454/9 | €2,350 | €2,350 | = | 0.0% |
| Other amounts payable | 47/48 | €2,937 | €188,258 | +€185,321 | +6309.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,262 | €668 | -€595 | -47.1% |
| Other operating charges | 640/8 | €733 | €864 | +€131 | +17.9% |
| Gross operating margin | 9900 | €162,102 | €100,655 | -€61,448 | -37.9% |
| Operating profit (loss) | 9901 | €160,107 | €99,123 | -€60,984 | -38.1% |
| Financial income | 75/76B | €1,500 | €1,500 | = | 0.0% |
| Recurring financial income | 75 | €1,500 | €1,500 | = | 0.0% |
| Financial charges | 65/66B | €287 | €318 | +€30 | +10.5% |
| Recurring financial charges | 65 | €287 | €318 | +€30 | +10.5% |
| Profit (loss) for the period before taxes | 9903 | €161,320 | €100,305 | -€61,014 | -37.8% |
| Income taxes | 67/77 | €36,199 | €20,787 | -€15,412 | -42.6% |
| Profit (loss) for the period | 9904 | €125,120 | €79,518 | -€45,602 | -36.4% |
| Profit (loss) for the period to be appropriated | 9905 | €125,120 | €79,518 | -€45,602 | -36.4% |
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 4 October 2026 via checked.be.