Ann Herreman: 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.
Ann Herreman
Largest movements
- Cash -€3,241
down €3,241 (-49.3%), from €6,579 to €3,339
mainly Net result for the year (-€3,172) and Tax, wage and social debts (-€2,113)
- Receivables within one year -€1,067
down €1,067 (-2.5%), from €42,080 to €41,013
of which Trade receivables: -€6,407
- Reserves -€3,172
down €3,172 (-9.3%), from €34,247 to €31,075
of which Distributable reserves: -€3,172
- Tax, wage and social debts -€2,113
no longer reported in 2025 (was €2,113)
- Trade debts +€704
up €704 (+83.8%), from €840 to €1,543
- Gross operating margin -€16,160
down €16,160, from €13,661 to -€2,499
- Other operating charges -€378
down €378 (-48.6%), from €778 to €400
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 | €49,600 | €45,019 | -€4,581 | -9.2% |
| Fixed assets | 21/28 | €941 | €667 | -€274 | -29.1% |
| Tangible fixed assets | 22/27 | €941 | €667 | -€274 | -29.1% |
| Land and buildings | 22 | - | €0 | = | |
| Plant, machinery and equipment | 23 | €941 | €667 | -€274 | -29.1% |
| Furniture and vehicles | 24 | - | €0 | = | |
| Current assets | 29/58 | €48,660 | €44,352 | -€4,308 | -8.9% |
| Amounts receivable within one year | 40/41 | €42,080 | €41,013 | -€1,067 | -2.5% |
| Trade receivables | 40 | €12,874 | €6,467 | -€6,407 | -49.8% |
| Other amounts receivable | 41 | €29,206 | €34,545 | +€5,340 | +18.3% |
| Cash at bank and in hand | 54/58 | €6,579 | €3,339 | -€3,241 | -49.3% |
| Total equity and liabilities | 10/49 | €49,600 | €45,019 | -€4,581 | -9.2% |
| Equity | 10/15 | €46,647 | €43,475 | -€3,172 | -6.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €34,247 | €31,075 | -€3,172 | -9.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €32,387 | €29,215 | -€3,172 | -9.8% |
| Amounts payable | 17/49 | €2,953 | €1,543 | -€1,409 | -47.7% |
| Amounts payable within one year | 42/48 | €2,953 | €1,543 | -€1,409 | -47.7% |
| Trade debts | 44 | €840 | €1,543 | +€704 | +83.8% |
| Suppliers | 440/4 | €840 | €1,543 | +€704 | +83.8% |
| Taxes, remuneration and social security | 45 | €2,113 | - | -€2,113 | |
| Taxes | 450/3 | €2,113 | - | -€2,113 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €154 | €274 | +€120 | +77.7% |
| Other operating charges | 640/8 | €778 | €400 | -€378 | -48.6% |
| Gross operating margin | 9900 | €13,661 | -€2,499 | -€16,160 | |
| Operating profit (loss) | 9901 | €12,730 | -€3,172 | -€15,902 | |
| Financial charges | 65/66B | €8 | - | -€8 | |
| Recurring financial charges | 65 | €8 | - | -€8 | |
| Profit (loss) for the period before taxes | 9903 | €12,722 | -€3,172 | -€15,894 | |
| Profit (loss) for the period | 9904 | €12,722 | -€3,172 | -€15,894 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,722 | -€3,172 | -€15,894 |
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 30 October 2026 via checked.be.