Dr. Steffi Boekaerts: 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. Steffi Boekaerts
Largest movements
- Cash +€68,983
up €68,983 (+42.4%), from €162,786 to €231,768
mainly Net result for the year (+€96,417) and Deferred charges and accrued income (+€14,156)
- Tangible fixed assets +€44,279
up €44,279 (+6,355%), from €697 to €44,976
of which Furniture and vehicles: +€42,410
- Deferred charges and accrued income -€14,156
down €14,156 (-39.1%), from €36,216 to €22,060
- Profit (loss) carried forward +€96,417
up €96,417 (+56.3%), from €171,346 to €267,763
- Tax, wage and social debts +€3,701
up €3,701 (+15.7%), from €23,574 to €27,275
- Gross operating margin +€23,928
up €23,928 (+22.8%), from €104,915 to €128,842
- Depreciation +€4,501
up €4,501 (+3,121%), from €144 to €4,645
- Taxes +€3,521
up €3,521 (+15.5%), from €22,660 to €26,181
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 | €200,607 | €300,679 | +€100,072 | +49.9% |
| Fixed assets | 21/28 | €697 | €44,976 | +€44,279 | +6,355% |
| Tangible fixed assets | 22/27 | €697 | €44,976 | +€44,279 | +6,355% |
| Plant, machinery and equipment | 23 | €368 | €2,237 | +€1,869 | +508% |
| Furniture and vehicles | 24 | €329 | €42,739 | +€42,410 | +12,892% |
| Current assets | 29/58 | €199,910 | €255,703 | +€55,793 | +27.9% |
| Amounts receivable within one year | 40/41 | €909 | €1,875 | +€966 | +106% |
| Other amounts receivable | 41 | €909 | €1,875 | +€966 | +106% |
| Cash at bank and in hand | 54/58 | €162,786 | €231,768 | +€68,983 | +42.4% |
| Deferred charges and accrued income | 490/1 | €36,216 | €22,060 | -€14,156 | -39.1% |
| Total equity and liabilities | 10/49 | €200,607 | €300,679 | +€100,072 | +49.9% |
| Equity | 10/15 | €176,346 | €272,763 | +€96,417 | +54.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €171,346 | €267,763 | +€96,417 | +56.3% |
| Amounts payable | 17/49 | €24,261 | €27,916 | +€3,655 | +15.1% |
| Amounts payable within one year | 42/48 | €23,757 | €27,412 | +€3,655 | +15.4% |
| Trade debts | 44 | €183 | - | -€183 | |
| Suppliers | 440/4 | €183 | - | -€183 | |
| Taxes, remuneration and social security | 45 | €23,574 | €27,275 | +€3,701 | +15.7% |
| Taxes | 450/3 | €23,574 | €27,275 | +€3,701 | +15.7% |
| Other amounts payable | 47/48 | - | €137 | +€137 | |
| Accrued charges and deferred income | 492/3 | €504 | €504 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €144 | €4,645 | +€4,501 | +3,121% |
| Other operating charges | 640/8 | €173 | €1,447 | +€1,275 | +738% |
| Gross operating margin | 9900 | €104,915 | €128,842 | +€23,928 | +22.8% |
| Operating profit (loss) | 9901 | €104,598 | €122,749 | +€18,152 | +17.4% |
| Financial income | 75/76B | €595 | - | -€595 | |
| Recurring financial income | 75 | €595 | - | -€595 | |
| Financial charges | 65/66B | €135 | €151 | +€16 | +11.8% |
| Recurring financial charges | 65 | €135 | €151 | +€16 | +11.8% |
| Profit (loss) for the period before taxes | 9903 | €105,058 | €122,598 | +€17,541 | +16.7% |
| Income taxes | 67/77 | €22,660 | €26,181 | +€3,521 | +15.5% |
| Profit (loss) for the period | 9904 | €82,398 | €96,417 | +€14,019 | +17.0% |
| Profit (loss) for the period to be appropriated | 9905 | €82,398 | €96,417 | +€14,019 | +17.0% |
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 21 October 2026 via checked.be.