Ann Herremans: 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 Herremans
Largest movements
- Cash +€31,801
up €31,801 (+35.2%), from €90,382 to €122,183
mainly Depreciation (+€19,572) and Net result for the year (+€13,077)
- Tangible fixed assets -€19,572
down €19,572 (-7.3%), from €269,570 to €249,997
- Reserves +€13,077
up €13,077 (+7.7%), from €168,855 to €181,932
- Gross operating margin +€8,272
up €8,272 (+31.3%), from €26,445 to €34,716
- Purchases and services +€4,364
new in 2025: €4,364
- Taxes -€2,392
down €2,392 (-64.7%), from €3,700 to €1,308
- Financial income -€1,633
down €1,633 (-35.8%), from €4,561 to €2,928
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 | €545,079 | €559,660 | +€14,581 | +2.7% |
| Fixed assets | 21/28 | €369,570 | €349,997 | -€19,572 | -5.3% |
| Tangible fixed assets | 22/27 | €269,570 | €249,997 | -€19,572 | -7.3% |
| Land and buildings | 22 | €269,570 | €249,997 | -€19,572 | -7.3% |
| Financial fixed assets | 28 | €100,000 | €100,000 | = | 0.0% |
| Current assets | 29/58 | €175,509 | €209,663 | +€34,154 | +19.5% |
| Amounts receivable after more than one year | 29 | €84,872 | €87,418 | +€2,546 | +3.0% |
| Other amounts receivable | 291 | €84,872 | €87,418 | +€2,546 | +3.0% |
| Amounts receivable within one year | 40/41 | €255 | €62 | -€194 | -75.8% |
| Trade receivables | 40 | €255 | €62 | -€194 | -75.8% |
| Cash at bank and in hand | 54/58 | €90,382 | €122,183 | +€31,801 | +35.2% |
| Total equity and liabilities | 10/49 | €545,079 | €559,660 | +€14,581 | +2.7% |
| Equity | 10/15 | €531,572 | €544,649 | +€13,077 | +2.5% |
| Reserves | 13 | €168,855 | €181,932 | +€13,077 | +7.7% |
| Distributable reserves | 133 | €168,855 | €181,932 | +€13,077 | +7.7% |
| Profit (loss) carried forward | 14 | €362,717 | €362,717 | = | 0.0% |
| Amounts payable | 17/49 | €13,507 | €15,011 | +€1,504 | +11.1% |
| Amounts payable within one year | 42/48 | €10,516 | €11,823 | +€1,308 | +12.4% |
| Taxes, remuneration and social security | 45 | €2,331 | €3,639 | +€1,308 | +56.1% |
| Taxes | 450/3 | €2,331 | €3,639 | +€1,308 | +56.1% |
| Other amounts payable | 47/48 | €8,184 | €8,184 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €2,991 | €3,188 | +€197 | +6.6% |
| Goods, raw materials, services and sundry goods | 60/61 | - | €4,364 | +€4,364 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,572 | €19,572 | = | 0.0% |
| Other operating charges | 640/8 | €3,583 | €3,585 | +€2 | +0.1% |
| Gross operating margin | 9900 | €26,445 | €34,716 | +€8,272 | +31.3% |
| Operating profit (loss) | 9901 | €3,289 | €11,559 | +€8,270 | +251% |
| Financial income | 75/76B | €4,561 | €2,928 | -€1,633 | -35.8% |
| Recurring financial income | 75 | €4,561 | €2,928 | -€1,633 | -35.8% |
| Financial charges | 65/66B | €133 | €102 | -€30 | -23.0% |
| Recurring financial charges | 65 | €133 | €102 | -€30 | -23.0% |
| Profit (loss) for the period before taxes | 9903 | €7,718 | €14,385 | +€6,667 | +86.4% |
| Income taxes | 67/77 | €3,700 | €1,308 | -€2,392 | -64.7% |
| Profit (loss) for the period | 9904 | €4,018 | €13,077 | +€9,059 | +225% |
| Profit (loss) for the period to be appropriated | 9905 | €4,018 | €13,077 | +€9,059 | +225% |
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 20 October 2026 via checked.be.