Dr. Steven Ceulemans: 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. Steven Ceulemans
Largest movements
- Current investments +€219,410
up €219,410 (+207%), from €105,749 to €325,159
- Cash -€193,855
down €193,855 (-93.4%), from €207,517 to €13,662
mainly Current investments (-€219,410) and Contributions, distributions and other (-€100,900)
- Tangible fixed assets -€16,304
down €16,304 (-50.6%), from €32,215 to €15,911
of which Furniture and vehicles: -€14,236
- Receivables within one year -€13,898
down €13,898 (-54.8%), from €25,347 to €11,450
of which Other amounts receivable: -€12,295
- Other debts +€70,191
up €70,191 (+7,799%), from €900 to €71,091
- Reserves -€54,739
down €54,739 (-14.7%), from €371,298 to €316,559
- Tax, wage and social debts -€11,784
no longer reported in 2025 (was €11,784)
- Debts after one year -€11,027
no longer reported in 2025 (was €11,027)
- Accrued charges and deferred income +€4,187
up €4,187 (+137%), from €3,065 to €7,252
- Gross operating margin -€52,445
down €52,445 (-41.5%), from €126,485 to €74,040
- Taxes -€16,194
down €16,194 (-50.9%), from €31,792 to €15,597
- Financial income +€5,667
up €5,667 (+354%), from €1,603 to €7,270
- Financial charges +€1,306
up €1,306 (+82.6%), from €1,582 to €2,888
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 | €414,981 | €409,084 | -€5,898 | -1.4% |
| Fixed assets | 21/28 | €32,799 | €16,495 | -€16,304 | -49.7% |
| Tangible fixed assets | 22/27 | €32,215 | €15,911 | -€16,304 | -50.6% |
| Plant, machinery and equipment | 23 | €5,537 | €3,469 | -€2,068 | -37.3% |
| Furniture and vehicles | 24 | €26,678 | €12,442 | -€14,236 | -53.4% |
| Financial fixed assets | 28 | €584 | €584 | = | 0.0% |
| Current assets | 29/58 | €382,183 | €392,589 | +€10,406 | +2.7% |
| Amounts receivable within one year | 40/41 | €25,347 | €11,450 | -€13,898 | -54.8% |
| Trade receivables | 40 | €1,603 | - | -€1,603 | |
| Other amounts receivable | 41 | €23,744 | €11,450 | -€12,295 | -51.8% |
| Current investments | 50/53 | €105,749 | €325,159 | +€219,410 | +207% |
| Cash at bank and in hand | 54/58 | €207,517 | €13,662 | -€193,855 | -93.4% |
| Deferred charges and accrued income | 490/1 | €43,570 | €42,319 | -€1,251 | -2.9% |
| Total equity and liabilities | 10/49 | €414,981 | €409,084 | -€5,898 | -1.4% |
| Equity | 10/15 | €372,298 | €317,559 | -€54,739 | -14.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €371,298 | €316,559 | -€54,739 | -14.7% |
| Distributable reserves | 133 | €371,298 | €316,559 | -€54,739 | -14.7% |
| Amounts payable | 17/49 | €42,684 | €91,525 | +€48,841 | +114% |
| Amounts payable after more than one year | 17 | €11,027 | - | -€11,027 | |
| Financial debts | 170/4 | €11,027 | - | -€11,027 | |
| Amounts payable within one year | 42/48 | €28,593 | €84,273 | +€55,680 | +195% |
| Current portion of amounts payable after more than one year | 42 | €11,904 | €11,027 | -€877 | -7.4% |
| Trade debts | 44 | €4,005 | €2,156 | -€1,849 | -46.2% |
| Suppliers | 440/4 | €4,005 | €2,156 | -€1,849 | -46.2% |
| Taxes, remuneration and social security | 45 | €11,784 | - | -€11,784 | |
| Taxes | 450/3 | €11,784 | - | -€11,784 | |
| Other amounts payable | 47/48 | €900 | €71,091 | +€70,191 | +7,799% |
| Accrued charges and deferred income | 492/3 | €3,065 | €7,252 | +€4,187 | +137% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,304 | €16,304 | = | 0.0% |
| Other operating charges | 640/8 | €592 | €360 | -€232 | -39.2% |
| Gross operating margin | 9900 | €126,485 | €74,040 | -€52,445 | -41.5% |
| Operating profit (loss) | 9901 | €109,589 | €57,376 | -€52,213 | -47.6% |
| Financial income | 75/76B | €1,603 | €7,270 | +€5,667 | +354% |
| Recurring financial income | 75 | €1,603 | €7,270 | +€5,667 | +354% |
| Financial charges | 65/66B | €1,582 | €2,888 | +€1,306 | +82.6% |
| Recurring financial charges | 65 | €1,582 | €2,888 | +€1,306 | +82.6% |
| Profit (loss) for the period before taxes | 9903 | €109,611 | €61,759 | -€47,852 | -43.7% |
| Income taxes | 67/77 | €31,792 | €15,597 | -€16,194 | -50.9% |
| Profit (loss) for the period | 9904 | €77,819 | €46,161 | -€31,657 | -40.7% |
| Profit (loss) for the period to be appropriated | 9905 | €77,819 | €46,161 | -€31,657 | -40.7% |
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 23 October 2026 via checked.be.