Sarah Dupuis: 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.
Sarah Dupuis
Largest movements
- Current investments -€100,000
no longer reported in 2025 (was €100,000)
- Cash -€8,860
down €8,860 (-7.1%), from €124,228 to €115,369
mainly Contributions, distributions and other (-€184,634) and Tax, wage and social debts (-€17,599)
- Financial fixed assets +€6,500
new in 2025: €6,500
- Profit (loss) carried forward -€79,845
down €79,845 (-94.3%), from €84,634 to €4,789
- Tax, wage and social debts -€17,599
down €17,599 (-40.8%), from €43,174 to €25,575
of which Taxes: -€17,599
- Trade debts -€4,916
down €4,916 (-87.7%), from €5,608 to €692
- Other debts -€3,268
down €3,268 (-3.6%), from €91,133 to €87,865
- Gross operating margin +€24,811
up €24,811 (+22.3%), from €111,413 to €136,225
- Taxes +€5,801
up €5,801 (+24.1%), from €24,055 to €29,856
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 | €226,549 | €122,789 | -€103,760 | -45.8% |
| Fixed assets | 21/28 | - | €6,500 | +€6,500 | |
| Financial fixed assets | 28 | - | €6,500 | +€6,500 | |
| Current assets | 29/58 | €226,549 | €116,289 | -€110,260 | -48.7% |
| Current investments | 50/53 | €100,000 | - | -€100,000 | |
| Cash at bank and in hand | 54/58 | €124,228 | €115,369 | -€8,860 | -7.1% |
| Deferred charges and accrued income | 490/1 | €2,321 | €920 | -€1,400 | -60.3% |
| Total equity and liabilities | 10/49 | €226,549 | €122,789 | -€103,760 | -45.8% |
| Equity | 10/15 | €86,634 | €6,789 | -€79,845 | -92.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €84,634 | €4,789 | -€79,845 | -94.3% |
| Amounts payable | 17/49 | €139,915 | €116,001 | -€23,915 | -17.1% |
| Amounts payable within one year | 42/48 | €139,915 | €114,131 | -€25,784 | -18.4% |
| Trade debts | 44 | €5,608 | €692 | -€4,916 | -87.7% |
| Suppliers | 440/4 | €5,608 | €692 | -€4,916 | -87.7% |
| Taxes, remuneration and social security | 45 | €43,174 | €25,575 | -€17,599 | -40.8% |
| Taxes | 450/3 | €39,863 | €22,264 | -€17,599 | -44.1% |
| Remuneration and social security | 454/9 | €3,311 | €3,311 | = | 0.0% |
| Other amounts payable | 47/48 | €91,133 | €87,865 | -€3,268 | -3.6% |
| Accrued charges and deferred income | 492/3 | - | €1,869 | +€1,869 | |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €111,413 | €136,225 | +€24,811 | +22.3% |
| Operating profit (loss) | 9901 | €111,026 | €135,825 | +€24,799 | +22.3% |
| Financial income | 75/76B | €2,060 | €1,124 | -€936 | -45.5% |
| Recurring financial income | 75 | €2,060 | €1,124 | -€936 | -45.5% |
| Financial charges | 65/66B | €2,482 | €2,304 | -€178 | -7.2% |
| Recurring financial charges | 65 | €2,482 | €2,304 | -€178 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | €110,604 | €134,645 | +€24,041 | +21.7% |
| Income taxes | 67/77 | €24,055 | €29,856 | +€5,801 | +24.1% |
| Profit (loss) for the period | 9904 | €86,549 | €104,789 | +€18,240 | +21.1% |
| Profit (loss) for the period to be appropriated | 9905 | €86,549 | €104,789 | +€18,240 | +21.1% |
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 28 October 2026 via checked.be.