Placebo Effect: 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.
Placebo Effect
Largest movements
- Cash +€10,444
up €10,444 (+10.4%), from €100,301 to €110,745
mainly Other debts (+€82,170) and Net result for the year (+€18,522)
- Receivables within one year +€4,962
new in 2025: €4,962
- Deferred charges and accrued income -€2,130
no longer reported in 2025 (was €2,130)
- Other debts +€82,170
up €82,170 (+546.2%), from €15,045 to €97,215
- Profit (loss) carried forward -€81,478
down €81,478 (-344.5%), from -€23,652 to -€105,130
- Tax, wage and social debts +€11,392
up €11,392 (+315.7%), from €3,608 to €15,000
- Purchases and services -€18,885
down €18,885 (-51.3%), from €36,807 to €17,922
- Gross operating margin -€16,657
down €16,657 (-29.5%), from €56,394 to €39,736
- Taxes +€3,102
up €3,102 (+23.3%), from €13,319 to €16,422
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.
Cash bridge derived
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 | €126,501 | €138,405 | +€11,904 | +9.4% |
| Fixed assets | 21/28 | €24,071 | €22,697 | -€1,373 | -5.7% |
| Tangible fixed assets | 22/27 | €24,071 | €22,697 | -€1,373 | -5.7% |
| Other tangible fixed assets | 26 | €24,071 | €22,697 | -€1,373 | -5.7% |
| Current assets | 29/58 | €102,430 | €115,708 | +€13,277 | +13.0% |
| Amounts receivable within one year | 40/41 | - | €4,962 | +€4,962 | |
| Other amounts receivable | 41 | - | €4,962 | +€4,962 | |
| Cash at bank and in hand | 54/58 | €100,301 | €110,745 | +€10,444 | +10.4% |
| Deferred charges and accrued income | 490/1 | €2,130 | - | -€2,130 | |
| Total equity and liabilities | 10/49 | €126,501 | €138,405 | +€11,904 | +9.4% |
| Equity | 10/15 | €106,107 | €24,629 | -€81,478 | -76.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Contributions outside capital | 11 | €12,400 | €12,400 | = | 0.0% |
| Share premium | 1100/10 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €117,359 | €117,359 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €115,499 | €115,499 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,652 | -€105,130 | -€81,478 | -344.5% |
| Amounts payable | 17/49 | €20,394 | €113,775 | +€93,381 | +457.9% |
| Amounts payable within one year | 42/48 | €20,394 | €113,775 | +€93,381 | +457.9% |
| Trade debts | 44 | €1,741 | €1,560 | -€181 | -10.4% |
| Suppliers | 440/4 | €1,741 | €1,560 | -€181 | -10.4% |
| Taxes, remuneration and social security | 45 | €3,608 | €15,000 | +€11,392 | +315.7% |
| Taxes | 450/3 | €3,608 | €15,000 | +€11,392 | +315.7% |
| Other amounts payable | 47/48 | €15,045 | €97,215 | +€82,170 | +546.2% |
| Goods, raw materials, services and sundry goods | 60/61 | €36,807 | €17,922 | -€18,885 | -51.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,686 | €3,943 | +€257 | +7.0% |
| Other operating charges | 640/8 | €907 | €699 | -€208 | -23.0% |
| Gross operating margin | 9900 | €56,394 | €39,736 | -€16,657 | -29.5% |
| Operating profit (loss) | 9901 | €51,800 | €35,094 | -€16,706 | -32.3% |
| Financial charges | 65/66B | €416 | €150 | -€266 | -64.0% |
| Recurring financial charges | 65 | €416 | €150 | -€266 | -64.0% |
| Profit (loss) for the period before taxes | 9903 | €51,384 | €34,944 | -€16,440 | -32.0% |
| Income taxes | 67/77 | €13,319 | €16,422 | +€3,102 | +23.3% |
| Profit (loss) for the period | 9904 | €38,064 | €18,522 | -€19,542 | -51.3% |
| Profit (loss) for the period to be appropriated | 9905 | €38,064 | €18,522 | -€19,542 | -51.3% |
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 10 October 2026 via checked.be.