Laura Kuhlmann: 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.
Laura Kuhlmann
Largest movements
- Cash +€31,408
up €31,408 (+53.1%), from €59,122 to €90,530
mainly Net result for the year (+€18,943) and Depreciation (+€15,572)
- Tangible fixed assets -€10,572
down €10,572 (-22.9%), from €46,129 to €35,557
of which Furniture and vehicles: -€9,965
- Deferred charges and accrued income -€8,941
down €8,941 (-77.6%), from €11,515 to €2,574
- Intangible fixed assets -€5,000
down €5,000 (-11.2%), from €44,508 to €39,508
- Receivables within one year -€1,845
down €1,845 (-100%), from €1,845 to €0
- Profit (loss) carried forward +€18,943
up €18,943 (+35.6%), from €53,137 to €72,080
- Debts after one year -€9,480
down €9,480 (-27.4%), from €34,648 to €25,168
- Tax, wage and social debts -€4,397
down €4,397 (-43.4%), from €10,137 to €5,740
- Gross operating margin -€22,602
down €22,602 (-34.9%), from €64,837 to €42,234
- Taxes -€4,321
down €4,321 (-42.6%), from €10,137 to €5,816
- Depreciation +€1,489
up €1,489 (+10.6%), from €14,083 to €15,572
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 | €163,120 | €168,170 | +€5,050 | +3.1% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €90,637 | €75,066 | -€15,572 | -17.2% |
| Intangible fixed assets | 21 | €44,508 | €39,508 | -€5,000 | -11.2% |
| Tangible fixed assets | 22/27 | €46,129 | €35,557 | -€10,572 | -22.9% |
| Furniture and vehicles | 24 | €43,459 | €33,494 | -€9,965 | -22.9% |
| Other tangible fixed assets | 26 | €2,670 | €2,063 | -€607 | -22.7% |
| Current assets | 29/58 | €72,483 | €93,105 | +€20,622 | +28.5% |
| Amounts receivable within one year | 40/41 | €1,845 | €0 | -€1,845 | -100% |
| Trade receivables | 40 | €1,845 | €0 | -€1,845 | -100% |
| Cash at bank and in hand | 54/58 | €59,122 | €90,530 | +€31,408 | +53.1% |
| Deferred charges and accrued income | 490/1 | €11,515 | €2,574 | -€8,941 | -77.6% |
| Total equity and liabilities | 10/49 | €163,120 | €168,170 | +€5,050 | +3.1% |
| Equity | 10/15 | €58,137 | €77,080 | +€18,943 | +32.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €53,137 | €72,080 | +€18,943 | +35.6% |
| Amounts payable | 17/49 | €104,983 | €91,090 | -€13,893 | -13.2% |
| Amounts payable after more than one year | 17 | €34,648 | €25,168 | -€9,480 | -27.4% |
| Financial debts | 170/4 | €34,648 | €25,168 | -€9,480 | -27.4% |
| Amounts payable within one year | 42/48 | €68,335 | €63,072 | -€5,263 | -7.7% |
| Current portion of amounts payable after more than one year | 42 | €9,161 | €9,480 | +€319 | +3.5% |
| Trade debts | 44 | €2,237 | €1,183 | -€1,054 | -47.1% |
| Suppliers | 440/4 | €2,237 | €1,183 | -€1,054 | -47.1% |
| Taxes, remuneration and social security | 45 | €10,137 | €5,740 | -€4,397 | -43.4% |
| Taxes | 450/3 | €10,137 | €5,740 | -€4,397 | -43.4% |
| Other amounts payable | 47/48 | €46,801 | €46,669 | -€132 | -0.3% |
| Accrued charges and deferred income | 492/3 | €2,000 | €2,850 | +€850 | +42.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,083 | €15,572 | +€1,489 | +10.6% |
| Other operating charges | 640/8 | €547 | €501 | -€46 | -8.4% |
| Gross operating margin | 9900 | €64,837 | €42,234 | -€22,602 | -34.9% |
| Operating profit (loss) | 9901 | €50,207 | €26,162 | -€24,045 | -47.9% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €890 | €1,403 | +€513 | +57.6% |
| Recurring financial charges | 65 | €890 | €1,403 | +€513 | +57.6% |
| Profit (loss) for the period before taxes | 9903 | €49,317 | €24,759 | -€24,558 | -49.8% |
| Income taxes | 67/77 | €10,137 | €5,816 | -€4,321 | -42.6% |
| Profit (loss) for the period | 9904 | €39,180 | €18,943 | -€20,237 | -51.7% |
| Profit (loss) for the period to be appropriated | 9905 | €39,180 | €18,943 | -€20,237 | -51.7% |
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 30 October 2026 via checked.be.