Katrien Voet: 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 Voet
Largest movements
- Cash -€313,085
down €313,085 (-90.1%), from €347,545 to €34,459
mainly Contributions, distributions and other (-€717,501) and Current investments (-€29,159)
- Current investments +€29,159
up €29,159 (+23.7%), from €123,044 to €152,204
- Deferred charges and accrued income +€17,180
up €17,180 (+22.0%), from €77,966 to €95,146
- Receivables within one year +€5,693
up €5,693, from €0 to €5,693
- Reserves -€476,035
down €476,035 (-99.1%), from €480,356 to €4,321
- Other debts +€200,056
up €200,056 (+4,761%), from €4,202 to €204,258
- Trade debts +€33,433
up €33,433 (+1,270%), from €2,633 to €36,065
- Tax, wage and social debts -€15,602
down €15,602 (-26.6%), from €58,691 to €43,089
of which Taxes: -€18,102
- Gross operating margin +€62,738
up €62,738 (+25.0%), from €250,790 to €313,529
- Taxes +€14,855
up €14,855 (+25.6%), from €58,055 to €72,911
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 | €548,555 | €289,813 | -€258,742 | -47.2% |
| Fixed assets | 21/28 | - | €2,311 | +€2,311 | |
| Tangible fixed assets | 22/27 | - | €2,311 | +€2,311 | |
| Plant, machinery and equipment | 23 | - | €2,311 | +€2,311 | |
| Current assets | 29/58 | €548,555 | €287,502 | -€261,053 | -47.6% |
| Amounts receivable within one year | 40/41 | €0 | €5,693 | +€5,693 | |
| Trade receivables | 40 | €0 | €5,693 | +€5,693 | |
| Current investments | 50/53 | €123,044 | €152,204 | +€29,159 | +23.7% |
| Cash at bank and in hand | 54/58 | €347,545 | €34,459 | -€313,085 | -90.1% |
| Deferred charges and accrued income | 490/1 | €77,966 | €95,146 | +€17,180 | +22.0% |
| Total equity and liabilities | 10/49 | €548,555 | €289,813 | -€258,742 | -47.2% |
| Equity | 10/15 | €482,356 | €6,321 | -€476,035 | -98.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €480,356 | €4,321 | -€476,035 | -99.1% |
| Distributable reserves | 133 | €480,356 | €4,321 | -€476,035 | -99.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €66,199 | €283,492 | +€217,292 | +328% |
| Amounts payable within one year | 42/48 | €65,525 | €283,413 | +€217,888 | +333% |
| Trade debts | 44 | €2,633 | €36,065 | +€33,433 | +1,270% |
| Suppliers | 440/4 | €2,633 | €36,065 | +€33,433 | +1,270% |
| Taxes, remuneration and social security | 45 | €58,691 | €43,089 | -€15,602 | -26.6% |
| Taxes | 450/3 | €58,691 | €40,589 | -€18,102 | -30.8% |
| Remuneration and social security | 454/9 | - | €2,500 | +€2,500 | |
| Other amounts payable | 47/48 | €4,202 | €204,258 | +€200,056 | +4,761% |
| Accrued charges and deferred income | 492/3 | €675 | €79 | -€595 | -88.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €103 | +€103 | |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | €250,790 | €313,529 | +€62,738 | +25.0% |
| Operating profit (loss) | 9901 | €250,285 | €312,906 | +€62,621 | +25.0% |
| Financial income | 75/76B | €722 | €1,664 | +€943 | +131% |
| Recurring financial income | 75 | €722 | €1,664 | +€943 | +131% |
| Financial charges | 65/66B | €136 | €193 | +€57 | +41.6% |
| Recurring financial charges | 65 | €136 | €193 | +€57 | +41.6% |
| Profit (loss) for the period before taxes | 9903 | €250,870 | €314,377 | +€63,507 | +25.3% |
| Income taxes | 67/77 | €58,055 | €72,911 | +€14,855 | +25.6% |
| Profit (loss) for the period | 9904 | €192,815 | €241,466 | +€48,652 | +25.2% |
| Profit (loss) for the period to be appropriated | 9905 | €192,815 | €241,466 | +€48,652 | +25.2% |
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 23 October 2026 via checked.be.