Michaelle Dardenne: 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.
Michaelle Dardenne
Largest movements
- Cash +€31,482
up €31,482 (+108%), from €29,161 to €60,643
mainly Net result for the year (+€20,082) and Receivables within one year (+€4,177)
- Receivables within one year -€4,177
down €4,177 (-29.9%), from €13,953 to €9,776
of which Other amounts receivable: -€3,587
- Deferred charges and accrued income -€1,859
down €1,859 (-23.7%), from €7,839 to €5,980
- Reserves +€18,375
up €18,375 (+38.7%), from €47,474 to €65,848
of which Distributable reserves: +€18,375
- Tax, wage and social debts +€2,856
new in 2025: €2,856
of which Taxes: +€2,693
- Profit (loss) carried forward +€1,707
no longer reported in 2025 (was -€1,707)
- Other debts +€1,567
up €1,567 (+345%), from €454 to €2,021
- Trade debts +€1,257
up €1,257 (+244%), from €516 to €1,773
- Gross operating margin +€19,966
up €19,966 (+225%), from €8,861 to €28,827
- Taxes +€6,006
up €6,006 (+267%), from €2,249 to €8,255
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 | €52,936 | €78,699 | +€25,763 | +48.7% |
| Fixed assets | 21/28 | €1,983 | €2,299 | +€316 | +16.0% |
| Tangible fixed assets | 22/27 | €1,983 | €2,299 | +€316 | +16.0% |
| Land and buildings | 22 | €1,967 | €1,451 | -€516 | -26.2% |
| Plant, machinery and equipment | 23 | €16 | €848 | +€832 | +5,117% |
| Current assets | 29/58 | €50,953 | €76,399 | +€25,446 | +49.9% |
| Amounts receivable within one year | 40/41 | €13,953 | €9,776 | -€4,177 | -29.9% |
| Trade receivables | 40 | €10,366 | €9,776 | -€590 | -5.7% |
| Other amounts receivable | 41 | €3,587 | - | -€3,587 | |
| Cash at bank and in hand | 54/58 | €29,161 | €60,643 | +€31,482 | +108% |
| Deferred charges and accrued income | 490/1 | €7,839 | €5,980 | -€1,859 | -23.7% |
| Total equity and liabilities | 10/49 | €52,936 | €78,699 | +€25,763 | +48.7% |
| Equity | 10/15 | €51,967 | €72,048 | +€20,082 | +38.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €47,474 | €65,848 | +€18,375 | +38.7% |
| 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 | €45,614 | €63,988 | +€18,375 | +40.3% |
| Profit (loss) carried forward | 14 | -€1,707 | - | +€1,707 | |
| Amounts payable | 17/49 | €970 | €6,651 | +€5,681 | +586% |
| Amounts payable within one year | 42/48 | €970 | €6,651 | +€5,681 | +586% |
| Trade debts | 44 | €516 | €1,773 | +€1,257 | +244% |
| Suppliers | 440/4 | €516 | €1,773 | +€1,257 | +244% |
| Taxes, remuneration and social security | 45 | - | €2,856 | +€2,856 | |
| Taxes | 450/3 | - | €2,693 | +€2,693 | |
| Remuneration and social security | 454/9 | - | €163 | +€163 | |
| Other amounts payable | 47/48 | €454 | €2,021 | +€1,567 | +345% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €657 | €553 | -€104 | -15.9% |
| Other operating charges | 640/8 | €122 | €99 | -€22 | -18.3% |
| Gross operating margin | 9900 | €8,861 | €28,827 | +€19,966 | +225% |
| Operating profit (loss) | 9901 | €8,082 | €28,175 | +€20,093 | +249% |
| Financial income | 75/76B | €87 | €206 | +€119 | +137% |
| Recurring financial income | 75 | €87 | €206 | +€119 | +137% |
| Financial charges | 65/66B | €45 | €45 | = | 0.0% |
| Recurring financial charges | 65 | €45 | €45 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €8,124 | €28,337 | +€20,212 | +249% |
| Income taxes | 67/77 | €2,249 | €8,255 | +€6,006 | +267% |
| Profit (loss) for the period | 9904 | €5,875 | €20,082 | +€14,206 | +242% |
| Profit (loss) for the period to be appropriated | 9905 | €5,875 | €20,082 | +€14,206 | +242% |
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.