DR. STEFANIE TERRYN: 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. STEFANIE TERRYN
Largest movements
- Receivables within one year +€37,368
up €37,368 (+25.8%), from €144,948 to €182,316
of which Trade receivables: +€26,227
- Cash -€7,428
down €7,428 (-22.4%), from €33,227 to €25,798
mainly Contributions, distributions and other (-€70,039) and Other debts (-€39,146)
- Reserves +€72,546
up €72,546 (+104%), from €70,039 to €142,585
- Other debts -€39,146
down €39,146 (-45.6%), from €85,793 to €46,647
- Tax, wage and social debts -€14,645
down €14,645 (-93.0%), from €15,745 to €1,100
- Accrued charges and deferred income +€9,855
up €9,855 (+93.6%), from €10,527 to €20,382
- Gross operating margin +€94,322
up €94,322 (+103%), from €91,555 to €185,877
- Taxes +€23,866
up €23,866 (+127%), from €18,785 to €42,652
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 | €183,231 | €211,884 | +€28,653 | +15.6% |
| Fixed assets | 21/28 | €2,101 | €863 | -€1,239 | -58.9% |
| Tangible fixed assets | 22/27 | €2,101 | €863 | -€1,239 | -58.9% |
| Plant, machinery and equipment | 23 | €1,517 | €524 | -€993 | -65.4% |
| Other tangible fixed assets | 26 | €584 | €339 | -€246 | -42.1% |
| Current assets | 29/58 | €181,129 | €211,021 | +€29,892 | +16.5% |
| Amounts receivable within one year | 40/41 | €144,948 | €182,316 | +€37,368 | +25.8% |
| Trade receivables | 40 | €44,212 | €70,439 | +€26,227 | +59.3% |
| Other amounts receivable | 41 | €100,736 | €111,876 | +€11,141 | +11.1% |
| Cash at bank and in hand | 54/58 | €33,227 | €25,798 | -€7,428 | -22.4% |
| Deferred charges and accrued income | 490/1 | €2,955 | €2,907 | -€47 | -1.6% |
| Total equity and liabilities | 10/49 | €183,231 | €211,884 | +€28,653 | +15.6% |
| Equity | 10/15 | €71,039 | €143,585 | +€72,546 | +102% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €70,039 | €142,585 | +€72,546 | +104% |
| Distributable reserves | 133 | €70,039 | €142,585 | +€72,546 | +104% |
| Amounts payable | 17/49 | €112,192 | €68,299 | -€43,893 | -39.1% |
| Amounts payable within one year | 42/48 | €101,665 | €47,916 | -€53,748 | -52.9% |
| Trade debts | 44 | €126 | €169 | +€43 | +34.0% |
| Suppliers | 440/4 | €126 | €169 | +€43 | +34.0% |
| Taxes, remuneration and social security | 45 | €15,745 | €1,100 | -€14,645 | -93.0% |
| Taxes | 450/3 | €15,745 | €1,100 | -€14,645 | -93.0% |
| Other amounts payable | 47/48 | €85,793 | €46,647 | -€39,146 | -45.6% |
| Accrued charges and deferred income | 492/3 | €10,527 | €20,382 | +€9,855 | +93.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,522 | €1,239 | -€1,284 | -50.9% |
| Other operating charges | 640/8 | €95 | €352 | +€257 | +270% |
| Gross operating margin | 9900 | €91,555 | €185,877 | +€94,322 | +103% |
| Operating profit (loss) | 9901 | €88,937 | €184,286 | +€95,349 | +107% |
| Financial income | 75/76B | €2,731 | €2,723 | -€8 | -0.3% |
| Recurring financial income | 75 | €2,731 | €2,723 | -€8 | -0.3% |
| Financial charges | 65/66B | €2,845 | €1,773 | -€1,072 | -37.7% |
| Recurring financial charges | 65 | €2,845 | €1,773 | -€1,072 | -37.7% |
| Profit (loss) for the period before taxes | 9903 | €88,824 | €185,237 | +€96,413 | +109% |
| Income taxes | 67/77 | €18,785 | €42,652 | +€23,866 | +127% |
| Profit (loss) for the period | 9904 | €70,039 | €142,585 | +€72,546 | +104% |
| Profit (loss) for the period to be appropriated | 9905 | €70,039 | €142,585 | +€72,546 | +104% |
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 30 October 2026 via checked.be.