Dr. Vicky Maqueda: 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. Vicky Maqueda
Largest movements
- Intangible fixed assets -€30,000
down €30,000 (-50.0%), from €60,000 to €30,000
- Cash +€15,837
up €15,837 (+20.3%), from €78,180 to €94,017
mainly Net result for the year (+€65,841) and Depreciation (+€34,581)
- Deferred charges and accrued income -€3,362
down €3,362 (-73.7%), from €4,561 to €1,199
- Reserves -€15,401
down €15,401 (-19.0%), from €81,242 to €65,841
- Other debts -€7,764
down €7,764 (-14.8%), from €52,396 to €44,631
- Tax, wage and social debts +€3,005
up €3,005 (+46.5%), from €6,462 to €9,468
- Accrued charges and deferred income +€1,973
up €1,973 (+223%), from €885 to €2,858
- Gross operating margin -€11,880
down €11,880 (-8.9%), from €132,943 to €121,062
- Taxes -€4,445
down €4,445 (-20.4%), from €21,781 to €17,336
- Depreciation +€3,861
up €3,861 (+12.6%), from €30,720 to €34,581
- Financial charges +€2,601
up €2,601 (+280%), from €929 to €3,529
- Financial income -€1,501
down €1,501 (-81.0%), from €1,855 to €353
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 | €162,635 | €144,213 | -€18,422 | -11.3% |
| Fixed assets | 21/28 | €79,894 | €48,997 | -€30,897 | -38.7% |
| Intangible fixed assets | 21 | €60,000 | €30,000 | -€30,000 | -50.0% |
| Tangible fixed assets | 22/27 | €19,894 | €18,997 | -€897 | -4.5% |
| Furniture and vehicles | 24 | €18,683 | €18,190 | -€493 | -2.6% |
| Other tangible fixed assets | 26 | €1,211 | €807 | -€404 | -33.3% |
| Current assets | 29/58 | €82,741 | €95,216 | +€12,475 | +15.1% |
| Cash at bank and in hand | 54/58 | €78,180 | €94,017 | +€15,837 | +20.3% |
| Deferred charges and accrued income | 490/1 | €4,561 | €1,199 | -€3,362 | -73.7% |
| Total equity and liabilities | 10/49 | €162,635 | €144,213 | -€18,422 | -11.3% |
| Equity | 10/15 | €99,842 | €84,441 | -€15,401 | -15.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €81,242 | €65,841 | -€15,401 | -19.0% |
| Distributable reserves | 133 | €81,242 | €65,841 | -€15,401 | -19.0% |
| Amounts payable | 17/49 | €62,793 | €59,772 | -€3,021 | -4.8% |
| Amounts payable within one year | 42/48 | €61,909 | €56,914 | -€4,994 | -8.1% |
| Trade debts | 44 | €3,051 | €2,815 | -€235 | -7.7% |
| Suppliers | 440/4 | €3,051 | €2,815 | -€235 | -7.7% |
| Taxes, remuneration and social security | 45 | €6,462 | €9,468 | +€3,005 | +46.5% |
| Taxes | 450/3 | €6,462 | €9,468 | +€3,005 | +46.5% |
| Other amounts payable | 47/48 | €52,396 | €44,631 | -€7,764 | -14.8% |
| Accrued charges and deferred income | 492/3 | €885 | €2,858 | +€1,973 | +223% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,720 | €34,581 | +€3,861 | +12.6% |
| Other operating charges | 640/8 | €126 | €128 | +€2 | +1.6% |
| Gross operating margin | 9900 | €132,943 | €121,062 | -€11,880 | -8.9% |
| Operating profit (loss) | 9901 | €102,097 | €86,353 | -€15,743 | -15.4% |
| Financial income | 75/76B | €1,855 | €353 | -€1,501 | -81.0% |
| Recurring financial income | 75 | €1,855 | €353 | -€1,501 | -81.0% |
| Financial charges | 65/66B | €929 | €3,529 | +€2,601 | +280% |
| Recurring financial charges | 65 | €929 | €3,529 | +€2,601 | +280% |
| Profit (loss) for the period before taxes | 9903 | €103,023 | €83,177 | -€19,845 | -19.3% |
| Income taxes | 67/77 | €21,781 | €17,336 | -€4,445 | -20.4% |
| Profit (loss) for the period | 9904 | €81,242 | €65,841 | -€15,401 | -19.0% |
| Profit (loss) for the period to be appropriated | 9905 | €81,242 | €65,841 | -€15,401 | -19.0% |
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 18 October 2026 via checked.be.