ALEX HELSEN: 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.
ALEX HELSEN
Largest movements
- Current investments +€4,776
up €4,776 (+11.9%), from €40,000 to €44,776
- Tangible fixed assets +€3,861
up €3,861 (+31.8%), from €12,139 to €15,999
of which Furniture and vehicles: +€4,096
- Receivables within one year +€2,225
up €2,225 (+229%), from €973 to €3,199
- Cash -€1,828
down €1,828 (-6.2%), from €29,580 to €27,752
mainly Investment in fixed assets (net) (-€7,595) and Current investments (-€4,776)
- Reserves +€8,939
up €8,939 (+12.7%), from €70,352 to €79,291
- Depreciation -€2,835
down €2,835 (-43.2%), from €6,569 to €3,734
- Gross operating margin -€2,495
down €2,495 (-13.2%), from €18,922 to €16,427
- Financial income +€2,400
up €2,400 (+996%), from €241 to €2,641
- Taxes +€711
up €711 (+18.7%), from €3,793 to €4,504
- Financial charges +€221
up €221 (+374%), from €59 to €280
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 | €84,135 | €92,903 | +€8,769 | +10.4% |
| Fixed assets | 21/28 | €12,163 | €16,024 | +€3,861 | +31.7% |
| Tangible fixed assets | 22/27 | €12,139 | €15,999 | +€3,861 | +31.8% |
| Land and buildings | 22 | €2,896 | €3,162 | +€265 | +9.2% |
| Plant, machinery and equipment | 23 | €722 | €221 | -€501 | -69.4% |
| Furniture and vehicles | 24 | €8,521 | €12,617 | +€4,096 | +48.1% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €71,971 | €76,879 | +€4,908 | +6.8% |
| Amounts receivable within one year | 40/41 | €973 | €3,199 | +€2,225 | +229% |
| Other amounts receivable | 41 | €973 | €3,199 | +€2,225 | +229% |
| Current investments | 50/53 | €40,000 | €44,776 | +€4,776 | +11.9% |
| Cash at bank and in hand | 54/58 | €29,580 | €27,752 | -€1,828 | -6.2% |
| Deferred charges and accrued income | 490/1 | €1,418 | €1,152 | -€266 | -18.7% |
| Total equity and liabilities | 10/49 | €84,135 | €92,903 | +€8,769 | +10.4% |
| Equity | 10/15 | €76,602 | €85,541 | +€8,939 | +11.7% |
| Contributions | 10/11 | €6,250 | €6,250 | = | 0.0% |
| Reserves | 13 | €70,352 | €79,291 | +€8,939 | +12.7% |
| Distributable reserves | 133 | €70,352 | €79,291 | +€8,939 | +12.7% |
| Amounts payable | 17/49 | €7,532 | €7,362 | -€170 | -2.3% |
| Amounts payable within one year | 42/48 | €7,532 | €7,350 | -€182 | -2.4% |
| Trade debts | 44 | €104 | €126 | +€22 | +21.6% |
| Suppliers | 440/4 | €104 | €126 | +€22 | +21.6% |
| Taxes, remuneration and social security | 45 | €703 | €894 | +€191 | +27.2% |
| Taxes | 450/3 | €703 | €894 | +€191 | +27.2% |
| Other amounts payable | 47/48 | €6,726 | €6,330 | -€396 | -5.9% |
| Accrued charges and deferred income | 492/3 | - | €12 | +€12 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,569 | €3,734 | -€2,835 | -43.2% |
| Other operating charges | 640/8 | €1,717 | €1,612 | -€105 | -6.1% |
| Gross operating margin | 9900 | €18,922 | €16,427 | -€2,495 | -13.2% |
| Operating profit (loss) | 9901 | €10,636 | €11,081 | +€445 | +4.2% |
| Financial income | 75/76B | €241 | €2,641 | +€2,400 | +996% |
| Recurring financial income | 75 | €241 | €2,641 | +€2,400 | +996% |
| Financial charges | 65/66B | €59 | €280 | +€221 | +374% |
| Recurring financial charges | 65 | €59 | €280 | +€221 | +374% |
| Profit (loss) for the period before taxes | 9903 | €10,818 | €13,442 | +€2,624 | +24.3% |
| Income taxes | 67/77 | €3,793 | €4,504 | +€711 | +18.7% |
| Profit (loss) for the period | 9904 | €7,025 | €8,939 | +€1,914 | +27.2% |
| Profit (loss) for the period to be appropriated | 9905 | €7,025 | €8,939 | +€1,914 | +27.2% |
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 22 October 2026 via checked.be.