ISABEL CLAESSENS: 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.
ISABEL CLAESSENS
Largest movements
- Receivables within one year +€340,922
up €340,922 (+48.8%), from €698,722 to €1.0m
of which Other amounts receivable: +€322,556
- Cash -€59,549
down €59,549 (-17.3%), from €344,389 to €284,839
mainly Receivables within one year (-€340,922) and Contributions, distributions and other (-€46,129)
- Tangible fixed assets -€27,744
down €27,744 (-12.5%), from €221,946 to €194,202
of which Furniture and vehicles: -€14,665
- Reserves +€125,483
up €125,483 (+9.2%), from €1.4m to €1.5m
- Tax, wage and social debts +€98,342
up €98,342 (+1510.8%), from €6,509 to €104,851
of which Taxes: +€101,392
- Other debts +€35,452
up €35,452 (+79.5%), from €44,590 to €80,043
- Gross operating margin +€102,476
up €102,476 (+57.2%), from €179,099 to €281,576
- Taxes +€36,724
up €36,724 (+91.2%), from €40,247 to €76,971
- Other operating charges -€12,922
down €12,922 (-82.8%), from €15,608 to €2,686
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.
Cash bridge derived
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 | €1,455,235 | €1,707,754 | +€252,519 | +17.4% |
| Fixed assets | 21/28 | €221,946 | €194,202 | -€27,744 | -12.5% |
| Tangible fixed assets | 22/27 | €221,946 | €194,202 | -€27,744 | -12.5% |
| Land and buildings | 22 | €177,054 | €164,513 | -€12,541 | -7.1% |
| Furniture and vehicles | 24 | €35,065 | €20,401 | -€14,665 | -41.8% |
| Other tangible fixed assets | 26 | €9,826 | €9,288 | -€538 | -5.5% |
| Current assets | 29/58 | €1,233,290 | €1,513,552 | +€280,263 | +22.7% |
| Amounts receivable after more than one year | 29 | €175,000 | €175,000 | = | 0.0% |
| Other amounts receivable | 291 | €175,000 | €175,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €698,722 | €1,039,644 | +€340,922 | +48.8% |
| Trade receivables | 40 | €6,560 | €24,927 | +€18,367 | +280.0% |
| Other amounts receivable | 41 | €692,161 | €1,014,717 | +€322,556 | +46.6% |
| Cash at bank and in hand | 54/58 | €344,389 | €284,839 | -€59,549 | -17.3% |
| Deferred charges and accrued income | 490/1 | €15,179 | €14,069 | -€1,111 | -7.3% |
| Total equity and liabilities | 10/49 | €1,455,235 | €1,707,754 | +€252,519 | +17.4% |
| Equity | 10/15 | €1,387,557 | €1,513,041 | +€125,483 | +9.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,368,957 | €1,494,441 | +€125,483 | +9.2% |
| Distributable reserves | 133 | €1,368,957 | €1,494,441 | +€125,483 | +9.2% |
| Amounts payable | 17/49 | €67,678 | €194,713 | +€127,036 | +187.7% |
| Amounts payable within one year | 42/48 | €67,678 | €191,893 | +€124,215 | +183.5% |
| Trade debts | 44 | €16,578 | €6,999 | -€9,580 | -57.8% |
| Suppliers | 440/4 | €16,578 | €6,999 | -€9,580 | -57.8% |
| Taxes, remuneration and social security | 45 | €6,509 | €104,851 | +€98,342 | +1510.8% |
| Taxes | 450/3 | €3,460 | €104,851 | +€101,392 | +2930.6% |
| Remuneration and social security | 454/9 | €3,049 | - | -€3,049 | |
| Other amounts payable | 47/48 | €44,590 | €80,043 | +€35,452 | +79.5% |
| Accrued charges and deferred income | 492/3 | - | €2,821 | +€2,821 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,745 | €32,148 | -€597 | -1.8% |
| Other operating charges | 640/8 | €15,608 | €2,686 | -€12,922 | -82.8% |
| Gross operating margin | 9900 | €179,099 | €281,576 | +€102,476 | +57.2% |
| Operating profit (loss) | 9901 | €130,746 | €246,742 | +€115,996 | +88.7% |
| Financial income | 75/76B | €5,645 | €5,498 | -€147 | -2.6% |
| Recurring financial income | 75 | €5,645 | €5,498 | -€147 | -2.6% |
| Financial charges | 65/66B | €1,191 | €3,656 | +€2,466 | +207.1% |
| Recurring financial charges | 65 | €1,191 | €3,656 | +€2,466 | +207.1% |
| Profit (loss) for the period before taxes | 9903 | €135,200 | €248,583 | +€113,383 | +83.9% |
| Income taxes | 67/77 | €40,247 | €76,971 | +€36,724 | +91.2% |
| Profit (loss) for the period | 9904 | €94,953 | €171,612 | +€76,659 | +80.7% |
| Profit (loss) for the period to be appropriated | 9905 | €94,953 | €171,612 | +€76,659 | +80.7% |
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 9 October 2026 via checked.be.