DR STEPHANIE COLLET: 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 STEPHANIE COLLET
Largest movements
- Cash +€117,671
up €117,671 (+256%), from €46,048 to €163,719
mainly Net result for the year (+€96,712) and Tax, wage and social debts (+€16,912)
- Tangible fixed assets -€4,441
down €4,441 (-66.3%), from €6,695 to €2,255
of which Furniture and vehicles: -€4,199
- Receivables within one year +€3,311
new in 2025: €3,311
- Deferred charges and accrued income +€1,929
up €1,929 (+12.4%), from €15,619 to €17,548
- Reserves +€84,517
up €84,517 (+152%), from €55,465 to €139,981
- Tax, wage and social debts +€16,912
up €16,912 (+339%), from €4,988 to €21,901
- Other debts +€15,107
up €15,107 (+278%), from €5,425 to €20,532
- Trade debts +€1,934
new in 2025: €1,934
- Gross operating margin +€58,748
up €58,748 (+71.0%), from €82,706 to €141,454
- Taxes +€16,912
up €16,912 (+80.6%), from €20,988 to €37,901
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 | €68,378 | €186,848 | +€118,470 | +173% |
| Fixed assets | 21/28 | €6,711 | €2,271 | -€4,441 | -66.2% |
| Tangible fixed assets | 22/27 | €6,695 | €2,255 | -€4,441 | -66.3% |
| Plant, machinery and equipment | 23 | €2,299 | €2,058 | -€242 | -10.5% |
| Furniture and vehicles | 24 | €4,396 | €197 | -€4,199 | -95.5% |
| Financial fixed assets | 28 | €16 | €16 | = | 0.0% |
| Current assets | 29/58 | €61,667 | €184,578 | +€122,911 | +199% |
| Amounts receivable within one year | 40/41 | - | €3,311 | +€3,311 | |
| Trade receivables | 40 | - | €3,311 | +€3,311 | |
| Cash at bank and in hand | 54/58 | €46,048 | €163,719 | +€117,671 | +256% |
| Deferred charges and accrued income | 490/1 | €15,619 | €17,548 | +€1,929 | +12.4% |
| Total equity and liabilities | 10/49 | €68,378 | €186,848 | +€118,470 | +173% |
| Equity | 10/15 | €57,965 | €142,481 | +€84,517 | +146% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €55,465 | €139,981 | +€84,517 | +152% |
| Distributable reserves | 133 | €55,465 | €139,981 | +€84,517 | +152% |
| Amounts payable | 17/49 | €10,414 | €44,367 | +€33,954 | +326% |
| Amounts payable within one year | 42/48 | €10,414 | €44,367 | +€33,954 | +326% |
| Trade debts | 44 | - | €1,934 | +€1,934 | |
| Suppliers | 440/4 | - | €1,934 | +€1,934 | |
| Taxes, remuneration and social security | 45 | €4,988 | €21,901 | +€16,912 | +339% |
| Taxes | 450/3 | €4,988 | €21,901 | +€16,912 | +339% |
| Other amounts payable | 47/48 | €5,425 | €20,532 | +€15,107 | +278% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,481 | €4,441 | -€40 | -0.9% |
| Other operating charges | 640/8 | €642 | €502 | -€140 | -21.8% |
| Gross operating margin | 9900 | €82,706 | €141,454 | +€58,748 | +71.0% |
| Operating profit (loss) | 9901 | €77,584 | €136,511 | +€58,928 | +76.0% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €1,131 | €1,899 | +€767 | +67.8% |
| Recurring financial charges | 65 | €1,131 | €1,899 | +€767 | +67.8% |
| Profit (loss) for the period before taxes | 9903 | €76,453 | €134,612 | +€58,159 | +76.1% |
| Income taxes | 67/77 | €20,988 | €37,901 | +€16,912 | +80.6% |
| Profit (loss) for the period | 9904 | €55,465 | €96,712 | +€41,247 | +74.4% |
| Profit (loss) for the period to be appropriated | 9905 | €55,465 | €96,712 | +€41,247 | +74.4% |
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 25 October 2026 via checked.be.