Dr. Stéphanie Loix: 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. Stéphanie Loix
Largest movements
- Receivables after one year +€125,000
up €125,000 (+833%), from €15,000 to €140,000
- Cash -€100,957
down €100,957 (-65.0%), from €155,220 to €54,263
mainly Other debts (-€171,284) and Receivables after one year (-€125,000)
- Tangible fixed assets +€47,834
up €47,834 (+382%), from €12,515 to €60,349
of which Other tangible fixed assets: +€49,919
- Deferred charges and accrued income -€21,111
down €21,111 (-24.7%), from €85,531 to €64,420
- Receivables within one year +€18,449
new in 2025: €18,449
- Reserves +€252,068
up €252,068 (+1,527%), from €16,508 to €268,576
- Other debts -€171,284
down €171,284 (-99.4%), from €172,361 to €1,077
- Tax, wage and social debts -€34,476
down €34,476 (-44.8%), from €76,913 to €42,437
of which Taxes: -€36,092
- Trade debts +€22,907
up €22,907 (+2,329%), from €984 to €23,891
- Gross operating margin +€80,844
up €80,844 (+31.6%), from €256,215 to €337,059
- Taxes +€18,940
up €18,940 (+30.7%), from €61,666 to €80,606
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 | €268,766 | €337,981 | +€69,215 | +25.8% |
| Fixed assets | 21/28 | €13,015 | €60,849 | +€47,834 | +368% |
| Tangible fixed assets | 22/27 | €12,515 | €60,349 | +€47,834 | +382% |
| Furniture and vehicles | 24 | €2,383 | €298 | -€2,085 | -87.5% |
| Other tangible fixed assets | 26 | €10,132 | €60,051 | +€49,919 | +493% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €255,751 | €277,132 | +€21,381 | +8.4% |
| Amounts receivable after more than one year | 29 | €15,000 | €140,000 | +€125,000 | +833% |
| Other amounts receivable | 291 | €15,000 | €140,000 | +€125,000 | +833% |
| Amounts receivable within one year | 40/41 | - | €18,449 | +€18,449 | |
| Trade receivables | 40 | - | €18,449 | +€18,449 | |
| Cash at bank and in hand | 54/58 | €155,220 | €54,263 | -€100,957 | -65.0% |
| Deferred charges and accrued income | 490/1 | €85,531 | €64,420 | -€21,111 | -24.7% |
| Total equity and liabilities | 10/49 | €268,766 | €337,981 | +€69,215 | +25.8% |
| Equity | 10/15 | €18,508 | €270,576 | +€252,068 | +1,362% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €16,508 | €268,576 | +€252,068 | +1,527% |
| Distributable reserves | 133 | €16,508 | €268,576 | +€252,068 | +1,527% |
| Amounts payable | 17/49 | €250,258 | €67,405 | -€182,853 | -73.1% |
| Amounts payable within one year | 42/48 | €250,258 | €67,405 | -€182,853 | -73.1% |
| Trade debts | 44 | €984 | €23,891 | +€22,907 | +2,329% |
| Suppliers | 440/4 | €984 | €23,891 | +€22,907 | +2,329% |
| Taxes, remuneration and social security | 45 | €76,913 | €42,437 | -€34,476 | -44.8% |
| Taxes | 450/3 | €74,616 | €38,525 | -€36,092 | -48.4% |
| Remuneration and social security | 454/9 | €2,297 | €3,913 | +€1,615 | +70.3% |
| Other amounts payable | 47/48 | €172,361 | €1,077 | -€171,284 | -99.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,085 | €4,074 | +€1,989 | +95.4% |
| Other operating charges | 640/8 | €1,232 | €2,418 | +€1,185 | +96.2% |
| Gross operating margin | 9900 | €256,215 | €337,059 | +€80,844 | +31.6% |
| Operating profit (loss) | 9901 | €252,898 | €330,568 | +€77,670 | +30.7% |
| Financial income | 75/76B | €426 | €3,439 | +€3,013 | +707% |
| Recurring financial income | 75 | €426 | €3,439 | +€3,013 | +707% |
| Financial charges | 65/66B | €855 | €1,332 | +€477 | +55.7% |
| Recurring financial charges | 65 | €855 | €1,332 | +€477 | +55.7% |
| Profit (loss) for the period before taxes | 9903 | €252,468 | €332,674 | +€80,206 | +31.8% |
| Income taxes | 67/77 | €61,666 | €80,606 | +€18,940 | +30.7% |
| Profit (loss) for the period | 9904 | €190,802 | €252,068 | +€61,266 | +32.1% |
| Profit (loss) for the period to be appropriated | 9905 | €190,802 | €252,068 | +€61,266 | +32.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.