Isabelle Meuleman: 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 Meuleman
Largest movements
- Cash +€108,136
up €108,136 (+138%), from €78,191 to €186,327
mainly Net result for the year (+€100,899) and Tax, wage and social debts (+€31,405)
- Receivables within one year +€4,887
new in 2025: €4,887
of which Trade receivables: +€3,727
- Reserves +€100,899
up €100,899 (+253%), from €39,867 to €140,766
- Tax, wage and social debts +€31,405
up €31,405 (+225%), from €13,940 to €45,345
- Other debts -€18,788
down €18,788 (-100%), from €18,788 to €0
- Gross operating margin +€79,668
up €79,668 (+155%), from €51,253 to €130,921
- Taxes +€18,380
up €18,380 (+169%), from €10,874 to €29,254
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 | €79,264 | €192,327 | +€113,063 | +143% |
| Current assets | 29/58 | €79,264 | €192,327 | +€113,063 | +143% |
| Amounts receivable within one year | 40/41 | - | €4,887 | +€4,887 | |
| Trade receivables | 40 | - | €3,727 | +€3,727 | |
| Other amounts receivable | 41 | - | €1,160 | +€1,160 | |
| Cash at bank and in hand | 54/58 | €78,191 | €186,327 | +€108,136 | +138% |
| Deferred charges and accrued income | 490/1 | €1,073 | €1,113 | +€40 | +3.8% |
| Total equity and liabilities | 10/49 | €79,264 | €192,327 | +€113,063 | +143% |
| Equity | 10/15 | €44,867 | €145,766 | +€100,899 | +225% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €39,867 | €140,766 | +€100,899 | +253% |
| Distributable reserves | 133 | €39,867 | €140,766 | +€100,899 | +253% |
| Amounts payable | 17/49 | €34,397 | €46,561 | +€12,164 | +35.4% |
| Amounts payable within one year | 42/48 | €34,397 | €46,561 | +€12,164 | +35.4% |
| Financial debts | 43 | €82 | €101 | +€19 | +23.7% |
| Credit institutions | 430/8 | €82 | €101 | +€19 | +23.7% |
| Trade debts | 44 | €1,586 | €1,115 | -€472 | -29.7% |
| Suppliers | 440/4 | €1,586 | €1,115 | -€472 | -29.7% |
| Taxes, remuneration and social security | 45 | €13,940 | €45,345 | +€31,405 | +225% |
| Taxes | 450/3 | €13,940 | €45,345 | +€31,405 | +225% |
| Other amounts payable | 47/48 | €18,788 | €0 | -€18,788 | -100% |
| Other operating charges | 640/8 | €106 | €46 | -€60 | -56.6% |
| Gross operating margin | 9900 | €51,253 | €130,921 | +€79,668 | +155% |
| Operating profit (loss) | 9901 | €51,147 | €130,875 | +€79,728 | +156% |
| Financial income | 75/76B | €50 | €80 | +€30 | +60.0% |
| Recurring financial income | 75 | €50 | €80 | +€30 | +60.0% |
| Financial charges | 65/66B | €456 | €802 | +€346 | +76.0% |
| Recurring financial charges | 65 | €456 | €802 | +€346 | +76.0% |
| Profit (loss) for the period before taxes | 9903 | €50,741 | €130,153 | +€79,412 | +157% |
| Income taxes | 67/77 | €10,874 | €29,254 | +€18,380 | +169% |
| Profit (loss) for the period | 9904 | €39,867 | €100,899 | +€61,032 | +153% |
| Profit (loss) for the period to be appropriated | 9905 | €39,867 | €100,899 | +€61,032 | +153% |
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 26 October 2026 via checked.be.