Dr Ysabel Struye: 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 Ysabel Struye
Largest movements
- Deferred charges and accrued income -€16,961
down €16,961 (-26.2%), from €64,626 to €47,665
- Tangible fixed assets -€11,414
down €11,414 (-23.4%), from €48,690 to €37,276
of which Furniture and vehicles: -€12,083
- Current investments +€10,179
up €10,179 (+20.1%), from €50,722 to €60,901
- Receivables within one year +€4,613
new in 2025: €4,613
of which Other amounts receivable: +€3,911
- Cash +€2,337
up €2,337 (+8.0%), from €29,385 to €31,721
mainly Net result for the year (+€41,009) and Deferred charges and accrued income (+€16,961)
- Profit (loss) carried forward +€41,009
up €41,009 (+639%), from €6,417 to €47,426
- Debts after one year -€20,986
down €20,986 (-68.7%), from €30,526 to €9,541
- Trade debts -€12,972
down €12,972 (-97.5%), from €13,298 to €326
- Other debts -€11,733
down €11,733 (-12.3%), from €95,170 to €83,437
- Tax, wage and social debts -€4,076
down €4,076 (-68.7%), from €5,936 to €1,860
of which Taxes: -€4,936
- Gross operating margin -€16,562
down €16,562 (-18.9%), from €87,747 to €71,184
- Financial charges +€5,092
up €5,092, from -€4,153 to €939
- Staff costs +€4,426
new in 2025: €4,426
- Depreciation +€1,054
up €1,054 (+8.3%), from €12,673 to €13,727
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 | €193,422 | €182,176 | -€11,246 | -5.8% |
| Fixed assets | 21/28 | €48,690 | €37,276 | -€11,414 | -23.4% |
| Tangible fixed assets | 22/27 | €48,690 | €37,276 | -€11,414 | -23.4% |
| Plant, machinery and equipment | 23 | €10,159 | €9,599 | -€561 | -5.5% |
| Furniture and vehicles | 24 | €38,530 | €26,447 | -€12,083 | -31.4% |
| Other tangible fixed assets | 26 | - | €1,230 | +€1,230 | |
| Current assets | 29/58 | €144,732 | €144,901 | +€168 | +0.1% |
| Amounts receivable within one year | 40/41 | - | €4,613 | +€4,613 | |
| Trade receivables | 40 | - | €702 | +€702 | |
| Other amounts receivable | 41 | - | €3,911 | +€3,911 | |
| Current investments | 50/53 | €50,722 | €60,901 | +€10,179 | +20.1% |
| Cash at bank and in hand | 54/58 | €29,385 | €31,721 | +€2,337 | +8.0% |
| Deferred charges and accrued income | 490/1 | €64,626 | €47,665 | -€16,961 | -26.2% |
| Total equity and liabilities | 10/49 | €193,422 | €182,176 | -€11,246 | -5.8% |
| Equity | 10/15 | €25,017 | €66,026 | +€41,009 | +164% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,417 | €47,426 | +€41,009 | +639% |
| Amounts payable | 17/49 | €168,405 | €116,150 | -€52,254 | -31.0% |
| Amounts payable after more than one year | 17 | €30,526 | €9,541 | -€20,986 | -68.7% |
| Financial debts | 170/4 | €30,526 | €9,541 | -€20,986 | -68.7% |
| Amounts payable within one year | 42/48 | €137,871 | €106,610 | -€31,261 | -22.7% |
| Current portion of amounts payable after more than one year | 42 | €23,467 | €20,986 | -€2,481 | -10.6% |
| Trade debts | 44 | €13,298 | €326 | -€12,972 | -97.5% |
| Suppliers | 440/4 | €13,298 | €326 | -€12,972 | -97.5% |
| Taxes, remuneration and social security | 45 | €5,936 | €1,860 | -€4,076 | -68.7% |
| Taxes | 450/3 | €5,936 | €1,000 | -€4,936 | -83.2% |
| Remuneration and social security | 454/9 | - | €860 | +€860 | |
| Other amounts payable | 47/48 | €95,170 | €83,437 | -€11,733 | -12.3% |
| Accrued charges and deferred income | 492/3 | €7 | - | -€7 | |
| Remuneration, social security and pensions | 62 | - | €4,426 | +€4,426 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,673 | €13,727 | +€1,054 | +8.3% |
| Other operating charges | 640/8 | €722 | €788 | +€66 | +9.2% |
| Gross operating margin | 9900 | €87,747 | €71,184 | -€16,562 | -18.9% |
| Operating profit (loss) | 9901 | €74,352 | €52,244 | -€22,108 | -29.7% |
| Financial income | 75/76B | €236 | €519 | +€283 | +120% |
| Recurring financial income | 75 | €236 | €519 | +€283 | +120% |
| Financial charges | 65/66B | -€4,153 | €939 | +€5,092 | |
| Recurring financial charges | 65 | -€4,153 | €939 | +€5,092 | |
| Profit (loss) for the period before taxes | 9903 | €78,740 | €51,823 | -€26,917 | -34.2% |
| Income taxes | 67/77 | €10,936 | €10,815 | -€122 | -1.1% |
| Profit (loss) for the period | 9904 | €67,804 | €41,009 | -€26,795 | -39.5% |
| Profit (loss) for the period to be appropriated | 9905 | €67,804 | €41,009 | -€26,795 | -39.5% |
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 24 October 2026 via checked.be.