ISABELLE CULOT: 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.
ISABELLE CULOT
Largest movements
- Tangible fixed assets +€16,860
up €16,860 (+92.5%), from €18,236 to €35,096
- Receivables after one year -€9,500
down €9,500 (-32.6%), from €29,100 to €19,600
- Receivables within one year -€5,987
down €5,987 (-18.7%), from €32,087 to €26,100
of which Other amounts receivable: -€7,160
- Cash -€3,316
down €3,316 (-2.2%), from €151,567 to €148,251
mainly Investment in fixed assets (net) (-€31,139) and Contributions, distributions and other (-€22,000)
- Reserves +€2,700
up €2,700 (+1.4%), from €199,739 to €202,439
of which Distributable reserves: +€2,700
- Gross operating margin -€17,657
down €17,657 (-25.9%), from €68,078 to €50,421
- Taxes -€5,461
down €5,461 (-31.4%), from €17,386 to €11,925
- Depreciation +€3,582
up €3,582 (+33.5%), from €10,697 to €14,279
- Financial income +€815
up €815 (+223%), from €366 to €1,180
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 | €231,417 | €230,328 | -€1,089 | -0.5% |
| Fixed assets | 21/28 | €18,236 | €35,096 | +€16,860 | +92.5% |
| Tangible fixed assets | 22/27 | €18,236 | €35,096 | +€16,860 | +92.5% |
| Furniture and vehicles | 24 | €18,236 | €35,096 | +€16,860 | +92.5% |
| Current assets | 29/58 | €213,182 | €195,232 | -€17,949 | -8.4% |
| Amounts receivable after more than one year | 29 | €29,100 | €19,600 | -€9,500 | -32.6% |
| Other amounts receivable | 291 | €29,100 | €19,600 | -€9,500 | -32.6% |
| Amounts receivable within one year | 40/41 | €32,087 | €26,100 | -€5,987 | -18.7% |
| Trade receivables | 40 | €11,037 | €12,210 | +€1,173 | +10.6% |
| Other amounts receivable | 41 | €21,050 | €13,890 | -€7,160 | -34.0% |
| Cash at bank and in hand | 54/58 | €151,567 | €148,251 | -€3,316 | -2.2% |
| Deferred charges and accrued income | 490/1 | €427 | €1,281 | +€854 | +200% |
| Total equity and liabilities | 10/49 | €231,417 | €230,328 | -€1,089 | -0.5% |
| Equity | 10/15 | €219,414 | €222,133 | +€2,719 | +1.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €199,739 | €202,439 | +€2,700 | +1.4% |
| Tax-exempt reserves | 132 | €2,479 | €2,479 | = | 0.0% |
| Distributable reserves | 133 | €197,260 | €199,960 | +€2,700 | +1.4% |
| Profit (loss) carried forward | 14 | €1,075 | €1,094 | +€19 | +1.7% |
| Amounts payable | 17/49 | €12,003 | €8,195 | -€3,808 | -31.7% |
| Amounts payable within one year | 42/48 | €12,003 | €8,195 | -€3,808 | -31.7% |
| Trade debts | 44 | €1,155 | €209 | -€946 | -81.9% |
| Suppliers | 440/4 | €1,155 | €209 | -€946 | -81.9% |
| Taxes, remuneration and social security | 45 | €7,910 | €6,440 | -€1,470 | -18.6% |
| Taxes | 450/3 | €7,910 | €6,440 | -€1,470 | -18.6% |
| Other amounts payable | 47/48 | €2,938 | €1,547 | -€1,391 | -47.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,697 | €14,279 | +€3,582 | +33.5% |
| Other operating charges | 640/8 | €882 | €517 | -€365 | -41.4% |
| Gross operating margin | 9900 | €68,078 | €50,421 | -€17,657 | -25.9% |
| Operating profit (loss) | 9901 | €56,500 | €35,626 | -€20,874 | -36.9% |
| Financial income | 75/76B | €366 | €1,180 | +€815 | +223% |
| Recurring financial income | 75 | €366 | €1,180 | +€815 | +223% |
| Financial charges | 65/66B | €79 | €163 | +€84 | +107% |
| Recurring financial charges | 65 | €79 | €163 | +€84 | +107% |
| Profit (loss) for the period before taxes | 9903 | €56,787 | €36,644 | -€20,143 | -35.5% |
| Income taxes | 67/77 | €17,386 | €11,925 | -€5,461 | -31.4% |
| Profit (loss) for the period | 9904 | €39,401 | €24,719 | -€14,682 | -37.3% |
| Profit (loss) for the period to be appropriated | 9905 | €39,401 | €24,719 | -€14,682 | -37.3% |
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 28 October 2026 via checked.be.