LIESBETH VANDERSCHUEREN: 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.
LIESBETH VANDERSCHUEREN
Largest movements
- Current investments +€100,000
new in 2025: €100,000
- Cash -€74,162
down €74,162 (-62.7%), from €118,315 to €44,153
mainly Current investments (-€100,000) and Contributions, distributions and other (-€50,800)
- Deferred charges and accrued income -€20,686
down €20,686 (-70.3%), from €29,424 to €8,738
- Tangible fixed assets -€17,317
down €17,317 (-12.9%), from €134,539 to €117,223
of which Land and buildings: -€12,961
- Reserves -€29,061
down €29,061 (-14.8%), from €196,711 to €167,651
of which Distributable reserves: -€29,061
- Other debts +€11,360
up €11,360 (+16.5%), from €68,960 to €80,321
- Accrued charges and deferred income +€4,255
up €4,255 (+53.2%), from €7,993 to €12,247
- Gross operating margin +€3,070
up €3,070 (+6.2%), from €49,581 to €52,651
- Depreciation -€1,392
down €1,392 (-7.4%), from €18,708 to €17,317
- Taxes +€1,340
up €1,340 (+16.3%), from €8,244 to €9,584
- Financial charges +€615
up €615 (+16.7%), from €3,683 to €4,298
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 | €282,279 | €270,114 | -€12,165 | -4.3% |
| Fixed assets | 21/28 | €134,539 | €117,223 | -€17,317 | -12.9% |
| Tangible fixed assets | 22/27 | €134,539 | €117,223 | -€17,317 | -12.9% |
| Land and buildings | 22 | €125,521 | €112,560 | -€12,961 | -10.3% |
| Plant, machinery and equipment | 23 | €3,596 | €2,877 | -€719 | -20.0% |
| Furniture and vehicles | 24 | €5,422 | €1,786 | -€3,636 | -67.1% |
| Current assets | 29/58 | €147,740 | €152,891 | +€5,152 | +3.5% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €118,315 | €44,153 | -€74,162 | -62.7% |
| Deferred charges and accrued income | 490/1 | €29,424 | €8,738 | -€20,686 | -70.3% |
| Total equity and liabilities | 10/49 | €282,279 | €270,114 | -€12,165 | -4.3% |
| Equity | 10/15 | €202,911 | €173,851 | -€29,061 | -14.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €196,711 | €167,651 | -€29,061 | -14.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €194,851 | €165,791 | -€29,061 | -14.9% |
| Amounts payable | 17/49 | €79,368 | €96,264 | +€16,896 | +21.3% |
| Amounts payable within one year | 42/48 | €71,375 | €84,016 | +€12,642 | +17.7% |
| Trade debts | 44 | €266 | €155 | -€112 | -41.9% |
| Suppliers | 440/4 | €266 | €155 | -€112 | -41.9% |
| Taxes, remuneration and social security | 45 | €2,148 | €3,541 | +€1,393 | +64.8% |
| Taxes | 450/3 | - | €3,541 | +€3,541 | |
| Remuneration and social security | 454/9 | €2,148 | - | -€2,148 | |
| Other amounts payable | 47/48 | €68,960 | €80,321 | +€11,360 | +16.5% |
| Accrued charges and deferred income | 492/3 | €7,993 | €12,247 | +€4,255 | +53.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,708 | €17,317 | -€1,392 | -7.4% |
| Other operating charges | 640/8 | €212 | €218 | +€6 | +2.8% |
| Gross operating margin | 9900 | €49,581 | €52,651 | +€3,070 | +6.2% |
| Operating profit (loss) | 9901 | €30,661 | €35,117 | +€4,456 | +14.5% |
| Financial income | 75/76B | €345 | €505 | +€160 | +46.4% |
| Recurring financial income | 75 | €345 | €505 | +€160 | +46.4% |
| Financial charges | 65/66B | €3,683 | €4,298 | +€615 | +16.7% |
| Recurring financial charges | 65 | €3,683 | €4,298 | +€615 | +16.7% |
| Profit (loss) for the period before taxes | 9903 | €27,322 | €31,323 | +€4,001 | +14.6% |
| Income taxes | 67/77 | €8,244 | €9,584 | +€1,340 | +16.3% |
| Profit (loss) for the period | 9904 | €19,078 | €21,739 | +€2,661 | +13.9% |
| Profit (loss) for the period to be appropriated | 9905 | €19,078 | €21,739 | +€2,661 | +13.9% |
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 31 October 2026 via checked.be.