Fabienne Vrijmoed: 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.
Fabienne Vrijmoed
Largest movements
- Current investments +€185,000
up €185,000 (+370%), from €50,000 to €235,000
- Cash -€111,531
down €111,531 (-42.7%), from €261,197 to €149,667
mainly Contributions, distributions and other (-€220,000) and Current investments (-€185,000)
- Intangible fixed assets -€15,000
down €15,000 (-25.0%), from €60,000 to €45,000
- Deferred charges and accrued income +€8,898
up €8,898 (+15.7%), from €56,576 to €65,474
- Other debts +€181,653
up €181,653 (+231%), from €78,500 to €260,153
- Reserves -€94,000
down €94,000 (-32.7%), from €287,290 to €193,290
- Debts after one year -€12,244
no longer reported in 2025 (was €12,244)
- Tax, wage and social debts -€5,100
down €5,100 (-68.0%), from €7,500 to €2,400
- Gross operating margin +€57,674
up €57,674 (+51.7%), from €111,587 to €169,261
- Taxes +€8,579
up €8,579 (+40.4%), from €21,241 to €29,820
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 | €441,555 | €508,452 | +€66,897 | +15.2% |
| Fixed assets | 21/28 | €72,758 | €55,542 | -€17,216 | -23.7% |
| Intangible fixed assets | 21 | €60,000 | €45,000 | -€15,000 | -25.0% |
| Tangible fixed assets | 22/27 | €12,758 | €10,542 | -€2,216 | -17.4% |
| Plant, machinery and equipment | 23 | €555 | €1 | -€554 | -99.8% |
| Furniture and vehicles | 24 | €12,204 | €10,541 | -€1,663 | -13.6% |
| Current assets | 29/58 | €368,797 | €452,910 | +€84,114 | +22.8% |
| Amounts receivable within one year | 40/41 | €1,023 | €2,769 | +€1,746 | +171% |
| Other amounts receivable | 41 | €1,023 | €2,769 | +€1,746 | +171% |
| Current investments | 50/53 | €50,000 | €235,000 | +€185,000 | +370% |
| Cash at bank and in hand | 54/58 | €261,197 | €149,667 | -€111,531 | -42.7% |
| Deferred charges and accrued income | 490/1 | €56,576 | €65,474 | +€8,898 | +15.7% |
| Total equity and liabilities | 10/49 | €441,555 | €508,452 | +€66,897 | +15.2% |
| Equity | 10/15 | €306,571 | €212,762 | -€93,809 | -30.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €287,290 | €193,290 | -€94,000 | -32.7% |
| Distributable reserves | 133 | €287,290 | €193,290 | -€94,000 | -32.7% |
| Profit (loss) carried forward | 14 | €681 | €872 | +€191 | +28.0% |
| Amounts payable | 17/49 | €134,983 | €295,690 | +€160,706 | +119% |
| Amounts payable after more than one year | 17 | €12,244 | - | -€12,244 | |
| Financial debts | 170/4 | €12,244 | - | -€12,244 | |
| Amounts payable within one year | 42/48 | €100,656 | €275,166 | +€174,511 | +173% |
| Current portion of amounts payable after more than one year | 42 | €14,570 | €12,244 | -€2,326 | -16.0% |
| Trade debts | 44 | €86 | €369 | +€283 | +329% |
| Suppliers | 440/4 | €86 | €369 | +€283 | +329% |
| Taxes, remuneration and social security | 45 | €7,500 | €2,400 | -€5,100 | -68.0% |
| Taxes | 450/3 | €7,500 | €2,400 | -€5,100 | -68.0% |
| Other amounts payable | 47/48 | €78,500 | €260,153 | +€181,653 | +231% |
| Accrued charges and deferred income | 492/3 | €22,084 | €20,523 | -€1,560 | -7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,526 | €20,081 | -€445 | -2.2% |
| Other operating charges | 640/8 | €524 | €1,572 | +€1,048 | +200% |
| Gross operating margin | 9900 | €111,587 | €169,261 | +€57,674 | +51.7% |
| Operating profit (loss) | 9901 | €90,537 | €147,608 | +€57,071 | +63.0% |
| Financial income | 75/76B | €10,051 | €9,231 | -€820 | -8.2% |
| Recurring financial income | 75 | €10,051 | €9,231 | -€820 | -8.2% |
| Financial charges | 65/66B | €842 | €828 | -€14 | -1.6% |
| Recurring financial charges | 65 | €842 | €828 | -€14 | -1.6% |
| Profit (loss) for the period before taxes | 9903 | €99,746 | €156,011 | +€56,265 | +56.4% |
| Income taxes | 67/77 | €21,241 | €29,820 | +€8,579 | +40.4% |
| Profit (loss) for the period | 9904 | €78,505 | €126,191 | +€47,686 | +60.7% |
| Profit (loss) for the period to be appropriated | 9905 | €78,505 | €126,191 | +€47,686 | +60.7% |
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 30 October 2026 via checked.be.