Sylvie Goethals: 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.
Sylvie Goethals
Largest movements
- Receivables after one year +€310,788
up €310,788 (+12.5%), from €2.5m to €2.8m
- Receivables within one year +€288,442
up €288,442 (+79.0%), from €365,089 to €653,531
of which Other amounts receivable: +€162,547
- Tangible fixed assets +€110,891
up €110,891 (+141%), from €78,638 to €189,529
of which Furniture and vehicles: +€120,629
- Cash +€100,893
up €100,893 (+90.8%), from €111,062 to €211,955
mainly Net result for the year (+€705,797) and Other debts (+€391,314)
- Reserves +€705,797
up €705,797 (+30.3%), from €2.3m to €3.0m
- Profit (loss) carried forward -€559,020
no longer reported in 2025 (was €559,020)
- Other debts +€391,314
new in 2025: €391,314
- Tax, wage and social debts +€244,959
up €244,959 (+1,207%), from €20,303 to €265,262
- Gross operating margin +€397,871
up €397,871 (+73.8%), from €538,770 to €936,642
- Taxes +€122,707
up €122,707 (+59.7%), from €205,473 to €328,180
- Depreciation +€25,430
up €25,430 (+1,690%), from €1,505 to €26,935
- Financial income +€18,251
up €18,251 (+15.5%), from €117,462 to €135,713
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 | €3,115,293 | €3,936,175 | +€820,882 | +26.4% |
| Fixed assets | 21/28 | €81,138 | €192,029 | +€110,891 | +137% |
| Tangible fixed assets | 22/27 | €78,638 | €189,529 | +€110,891 | +141% |
| Land and buildings | 22 | €54,546 | €53,940 | -€606 | -1.1% |
| Furniture and vehicles | 24 | €14,960 | €135,589 | +€120,629 | +806% |
| Assets under construction and advance payments | 27 | €9,132 | - | -€9,132 | |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €3,034,155 | €3,744,146 | +€709,991 | +23.4% |
| Amounts receivable after more than one year | 29 | €2,488,889 | €2,799,677 | +€310,788 | +12.5% |
| Other amounts receivable | 291 | €2,488,889 | €2,799,677 | +€310,788 | +12.5% |
| Amounts receivable within one year | 40/41 | €365,089 | €653,531 | +€288,442 | +79.0% |
| Trade receivables | 40 | €8,873 | €134,768 | +€125,895 | +1,419% |
| Other amounts receivable | 41 | €356,216 | €518,763 | +€162,547 | +45.6% |
| Cash at bank and in hand | 54/58 | €111,062 | €211,955 | +€100,893 | +90.8% |
| Deferred charges and accrued income | 490/1 | €69,115 | €78,983 | +€9,868 | +14.3% |
| Total equity and liabilities | 10/49 | €3,115,293 | €3,936,175 | +€820,882 | +26.4% |
| Equity | 10/15 | €2,897,620 | €3,044,397 | +€146,777 | +5.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,326,200 | €3,031,997 | +€705,797 | +30.3% |
| Distributable reserves | 133 | €2,326,200 | €3,031,997 | +€705,797 | +30.3% |
| Profit (loss) carried forward | 14 | €559,020 | - | -€559,020 | |
| Amounts payable | 17/49 | €217,673 | €891,778 | +€674,105 | +310% |
| Amounts payable within one year | 42/48 | €199,062 | €872,470 | +€673,408 | +338% |
| Financial debts | 43 | €83,333 | €83,585 | +€251 | +0.3% |
| Credit institutions | 430/8 | €83,333 | €83,585 | +€251 | +0.3% |
| Trade debts | 44 | €95,426 | €132,309 | +€36,883 | +38.7% |
| Suppliers | 440/4 | €95,426 | €132,309 | +€36,883 | +38.7% |
| Taxes, remuneration and social security | 45 | €20,303 | €265,262 | +€244,959 | +1,207% |
| Taxes | 450/3 | €20,303 | €265,262 | +€244,959 | +1,207% |
| Other amounts payable | 47/48 | - | €391,314 | +€391,314 | |
| Accrued charges and deferred income | 492/3 | €18,611 | €19,308 | +€698 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,505 | €26,935 | +€25,430 | +1,690% |
| Other operating charges | 640/8 | €1,944 | €7,554 | +€5,610 | +289% |
| Gross operating margin | 9900 | €538,770 | €936,642 | +€397,871 | +73.8% |
| Operating profit (loss) | 9901 | €535,322 | €902,153 | +€366,832 | +68.5% |
| Financial income | 75/76B | €117,462 | €135,713 | +€18,251 | +15.5% |
| Recurring financial income | 75 | €117,462 | €135,713 | +€18,251 | +15.5% |
| Financial charges | 65/66B | €3,927 | €3,890 | -€37 | -0.9% |
| Recurring financial charges | 65 | €3,927 | €3,890 | -€37 | -0.9% |
| Profit (loss) for the period before taxes | 9903 | €648,857 | €1,033,976 | +€385,119 | +59.4% |
| Income taxes | 67/77 | €205,473 | €328,180 | +€122,707 | +59.7% |
| Profit (loss) for the period | 9904 | €443,384 | €705,797 | +€262,413 | +59.2% |
| Profit (loss) for the period to be appropriated | 9905 | €443,384 | €705,797 | +€262,413 | +59.2% |
Source: filed annual accounts (NBB), financial years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.