Nathalie Casteels: what changed
Nathalie Casteels
Largest movements
- Cash +€60,688
up €60,688 (+85.8%), from €70,699 to €131,387
mainly Net result for the year (+€51,492) and Depreciation (+€7,754)
- Tangible fixed assets -€6,717
down €6,717 (-22.2%), from €30,224 to €23,507
of which Furniture and vehicles: -€6,104
- Receivables within one year -€2,167
down €2,167 (-14.2%), from €15,261 to €13,094
- Reserves +€51,493
up €51,493 (+62.7%), from €82,068 to €133,561
- Other debts -€3,101
no longer reported in 2025 (was €3,101)
- Tax, wage and social debts +€2,240
up €2,240 (+7.9%), from €28,515 to €30,755
of which Taxes: +€2,233
- Gross operating margin +€12,866
up €12,866 (+21.3%), from €60,455 to €73,321
- Depreciation +€2,236
up €2,236 (+40.5%), from €5,518 to €7,754
- Taxes +€2,082
up €2,082 (+17.8%), from €11,678 to €13,760
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €116,184 | €167,988 | +€51,804 | +44.6% |
| Fixed assets | 21/28 | €30,224 | €23,507 | -€6,717 | -22.2% |
| Tangible fixed assets | 22/27 | €30,224 | €23,507 | -€6,717 | -22.2% |
| Plant, machinery and equipment | 23 | €1,236 | €623 | -€613 | -49.6% |
| Furniture and vehicles | 24 | €28,988 | €22,884 | -€6,104 | -21.1% |
| Current assets | 29/58 | €85,960 | €144,481 | +€58,521 | +68.1% |
| Amounts receivable within one year | 40/41 | €15,261 | €13,094 | -€2,167 | -14.2% |
| Trade receivables | 40 | €15,261 | €13,094 | -€2,167 | -14.2% |
| Cash at bank and in hand | 54/58 | €70,699 | €131,387 | +€60,688 | +85.8% |
| Total equity and liabilities | 10/49 | €116,184 | €167,988 | +€51,804 | +44.6% |
| Equity | 10/15 | €84,568 | €136,061 | +€51,493 | +60.9% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €82,068 | €133,561 | +€51,493 | +62.7% |
| Distributable reserves | 133 | €82,068 | €133,561 | +€51,493 | +62.7% |
| Amounts payable | 17/49 | €31,616 | €31,927 | +€311 | +1.0% |
| Amounts payable within one year | 42/48 | €31,616 | €31,927 | +€311 | +1.0% |
| Trade debts | 44 | - | €1,172 | +€1,172 | |
| Suppliers | 440/4 | - | €1,172 | +€1,172 | |
| Taxes, remuneration and social security | 45 | €28,515 | €30,755 | +€2,240 | +7.9% |
| Taxes | 450/3 | €25,982 | €28,215 | +€2,233 | +8.6% |
| Remuneration and social security | 454/9 | €2,533 | €2,540 | +€7 | +0.3% |
| Other amounts payable | 47/48 | €3,101 | - | -€3,101 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,518 | €7,754 | +€2,236 | +40.5% |
| Other operating charges | 640/8 | - | €180 | +€180 | |
| Gross operating margin | 9900 | €60,455 | €73,321 | +€12,866 | +21.3% |
| Operating profit (loss) | 9901 | €54,937 | €65,387 | +€10,450 | +19.0% |
| Financial charges | 65/66B | €125 | €135 | +€10 | +8.0% |
| Recurring financial charges | 65 | €125 | €135 | +€10 | +8.0% |
| Profit (loss) for the period before taxes | 9903 | €54,812 | €65,252 | +€10,440 | +19.0% |
| Income taxes | 67/77 | €11,678 | €13,760 | +€2,082 | +17.8% |
| Profit (loss) for the period | 9904 | €43,134 | €51,492 | +€8,358 | +19.4% |
| Profit (loss) for the period to be appropriated | 9905 | €43,134 | €51,492 | +€8,358 | +19.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.