Pathologie CVD: 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.
Pathologie CVD
Largest movements
- Current investments -€360,000
down €360,000 (-54.5%), from €660,000 to €300,000
- Cash -€271,164
down €271,164 (-80.9%), from €335,027 to €63,863
mainly Contributions, distributions and other (-€1.1m) and Debts after one year (-€98,532)
- Intangible fixed assets -€102,090
down €102,090 (-13.7%), from €747,072 to €644,982
- Tangible fixed assets +€54,467
up €54,467 (+1,635%), from €3,331 to €57,798
- Deferred charges and accrued income +€28,761
up €28,761 (+13.2%), from €217,405 to €246,166
- Profit (loss) carried forward -€649,608
down €649,608 (-54.2%), from €1.2m to €548,674
- Debts after one year -€98,532
down €98,532 (-14.8%), from €665,789 to €567,258
- Other debts +€54,224
up €54,224 (+726%), from €7,468 to €61,692
- Tax, wage and social debts +€36,200
up €36,200 (+1,699%), from €2,131 to €38,331
- Gross operating margin +€32,643
up €32,643 (+5.0%), from €658,309 to €690,953
- Financial income +€15,939
up €15,939 (+192%), from €8,292 to €24,231
- Taxes +€12,828
up €12,828 (+9.7%), from €132,773 to €145,600
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 | €1,978,425 | €1,322,524 | -€655,901 | -33.2% |
| Fixed assets | 21/28 | €750,403 | €702,780 | -€47,623 | -6.3% |
| Intangible fixed assets | 21 | €747,072 | €644,982 | -€102,090 | -13.7% |
| Tangible fixed assets | 22/27 | €3,331 | €57,798 | +€54,467 | +1,635% |
| Furniture and vehicles | 24 | €3,331 | €57,798 | +€54,467 | +1,635% |
| Current assets | 29/58 | €1,228,022 | €619,744 | -€608,278 | -49.5% |
| Amounts receivable within one year | 40/41 | €15,590 | €9,715 | -€5,875 | -37.7% |
| Other amounts receivable | 41 | €15,590 | €9,715 | -€5,875 | -37.7% |
| Current investments | 50/53 | €660,000 | €300,000 | -€360,000 | -54.5% |
| Cash at bank and in hand | 54/58 | €335,027 | €63,863 | -€271,164 | -80.9% |
| Deferred charges and accrued income | 490/1 | €217,405 | €246,166 | +€28,761 | +13.2% |
| Total equity and liabilities | 10/49 | €1,978,425 | €1,322,524 | -€655,901 | -33.2% |
| Equity | 10/15 | €1,204,282 | €554,674 | -€649,608 | -53.9% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,198,282 | €548,674 | -€649,608 | -54.2% |
| Amounts payable | 17/49 | €774,143 | €767,850 | -€6,293 | -0.8% |
| Amounts payable after more than one year | 17 | €665,789 | €567,258 | -€98,532 | -14.8% |
| Financial debts | 170/4 | €665,789 | €567,258 | -€98,532 | -14.8% |
| Amounts payable within one year | 42/48 | €107,682 | €199,417 | +€91,735 | +85.2% |
| Current portion of amounts payable after more than one year | 42 | €97,164 | €98,532 | +€1,368 | +1.4% |
| Trade debts | 44 | €920 | €862 | -€59 | -6.4% |
| Suppliers | 440/4 | €920 | €862 | -€59 | -6.4% |
| Taxes, remuneration and social security | 45 | €2,131 | €38,331 | +€36,200 | +1,699% |
| Taxes | 450/3 | €2,131 | €38,331 | +€36,200 | +1,699% |
| Other amounts payable | 47/48 | €7,468 | €61,692 | +€54,224 | +726% |
| Accrued charges and deferred income | 492/3 | €672 | €1,176 | +€504 | +75.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103,235 | €104,869 | +€1,634 | +1.6% |
| Other operating charges | 640/8 | €1,492 | €471 | -€1,021 | -68.5% |
| Gross operating margin | 9900 | €658,309 | €690,953 | +€32,643 | +5.0% |
| Operating profit (loss) | 9901 | €553,582 | €585,613 | +€32,031 | +5.8% |
| Financial income | 75/76B | €8,292 | €24,231 | +€15,939 | +192% |
| Recurring financial income | 75 | €8,292 | €24,231 | +€15,939 | +192% |
| Financial charges | 65/66B | €15,397 | €13,851 | -€1,545 | -10.0% |
| Recurring financial charges | 65 | €15,397 | €13,851 | -€1,545 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | €546,477 | €595,993 | +€49,516 | +9.1% |
| Income taxes | 67/77 | €132,773 | €145,600 | +€12,828 | +9.7% |
| Profit (loss) for the period | 9904 | €413,704 | €450,392 | +€36,688 | +8.9% |
| Profit (loss) for the period to be appropriated | 9905 | €413,704 | €450,392 | +€36,688 | +8.9% |
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 21 October 2026 via checked.be.