Katrien Adriaensen: 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.
Katrien Adriaensen
Largest movements
- Cash +€66,461
up €66,461 (+185%), from €35,990 to €102,451
mainly Net result for the year (+€67,949) and Other debts (+€50,146)
- Intangible fixed assets -€20,000
down €20,000 (-33.3%), from €60,000 to €40,000
- Receivables within one year -€16,520
down €16,520 (-34.5%), from €47,870 to €31,350
of which Trade receivables: -€28,920
- Tangible fixed assets -€13,449
down €13,449 (-8.2%), from €164,870 to €151,421
of which Land and buildings: -€7,000
- Current investments +€12,232
up €12,232 (+39.3%), from €31,125 to €43,357
- Other debts +€50,146
up €50,146 (+14.7%), from €340,376 to €390,522
- Trade debts -€10,553
down €10,553 (-93.2%), from €11,320 to €767
- Tax, wage and social debts -€9,069
no longer reported in 2025 (was €9,069)
- Current portion of long-term debt -€8,334
no longer reported in 2025 (was €8,334)
- Gross operating margin -€30,424
down €30,424 (-19.9%), from €153,186 to €122,762
- Taxes -€14,737
down €14,737 (-45.6%), from €32,297 to €17,560
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 | €390,239 | €410,378 | +€20,139 | +5.2% |
| Fixed assets | 21/28 | €229,370 | €195,921 | -€33,449 | -14.6% |
| Intangible fixed assets | 21 | €60,000 | €40,000 | -€20,000 | -33.3% |
| Tangible fixed assets | 22/27 | €164,870 | €151,421 | -€13,449 | -8.2% |
| Land and buildings | 22 | €134,060 | €127,060 | -€7,000 | -5.2% |
| Furniture and vehicles | 24 | €30,810 | €24,361 | -€6,449 | -20.9% |
| Financial fixed assets | 28 | €4,500 | €4,500 | = | 0.0% |
| Current assets | 29/58 | €160,869 | €214,457 | +€53,588 | +33.3% |
| Amounts receivable after more than one year | 29 | €45,000 | €35,000 | -€10,000 | -22.2% |
| Trade receivables | 290 | €45,000 | - | -€45,000 | |
| Other amounts receivable | 291 | - | €35,000 | +€35,000 | |
| Amounts receivable within one year | 40/41 | €47,870 | €31,350 | -€16,520 | -34.5% |
| Trade receivables | 40 | €47,870 | €18,950 | -€28,920 | -60.4% |
| Other amounts receivable | 41 | - | €12,400 | +€12,400 | |
| Current investments | 50/53 | €31,125 | €43,357 | +€12,232 | +39.3% |
| Cash at bank and in hand | 54/58 | €35,990 | €102,451 | +€66,461 | +185% |
| Deferred charges and accrued income | 490/1 | €884 | €2,299 | +€1,415 | +160% |
| Total equity and liabilities | 10/49 | €390,239 | €410,378 | +€20,139 | +5.2% |
| Equity | 10/15 | €21,140 | €19,089 | -€2,051 | -9.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €2,590 | €539 | -€2,051 | -79.2% |
| Tax-exempt reserves | 132 | €536 | €536 | = | 0.0% |
| Distributable reserves | 133 | €2,054 | €3 | -€2,051 | -99.9% |
| Amounts payable | 17/49 | €369,099 | €391,289 | +€22,190 | +6.0% |
| Amounts payable within one year | 42/48 | €369,099 | €391,289 | +€22,190 | +6.0% |
| Current portion of amounts payable after more than one year | 42 | €8,334 | - | -€8,334 | |
| Trade debts | 44 | €11,320 | €767 | -€10,553 | -93.2% |
| Suppliers | 440/4 | €11,320 | €767 | -€10,553 | -93.2% |
| Taxes, remuneration and social security | 45 | €9,069 | - | -€9,069 | |
| Taxes | 450/3 | €9,069 | - | -€9,069 | |
| Other amounts payable | 47/48 | €340,376 | €390,522 | +€50,146 | +14.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,194 | €37,706 | +€512 | +1.4% |
| Other operating charges | 640/8 | €1,521 | €1,260 | -€261 | -17.2% |
| Gross operating margin | 9900 | €153,186 | €122,762 | -€30,424 | -19.9% |
| Operating profit (loss) | 9901 | €114,471 | €83,796 | -€30,675 | -26.8% |
| Financial income | 75/76B | €829 | €1,830 | +€1,001 | +121% |
| Recurring financial income | 75 | €829 | €1,830 | +€1,001 | +121% |
| Financial charges | 65/66B | €543 | €117 | -€426 | -78.5% |
| Recurring financial charges | 65 | €543 | €117 | -€426 | -78.5% |
| Profit (loss) for the period before taxes | 9903 | €114,757 | €85,509 | -€29,248 | -25.5% |
| Income taxes | 67/77 | €32,297 | €17,560 | -€14,737 | -45.6% |
| Profit (loss) for the period | 9904 | €82,460 | €67,949 | -€14,511 | -17.6% |
| Profit (loss) for the period to be appropriated | 9905 | €82,460 | €67,949 | -€14,511 | -17.6% |
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 27 October 2026 via checked.be.