BART HEYMAN: 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.
BART HEYMAN
Largest movements
- Receivables within one year +€94,519
up €94,519 (+1,085%), from €8,715 to €103,234
- Receivables after one year -€71,751
down €71,751 (-35.8%), from €200,584 to €128,833
- Tangible fixed assets -€29,196
down €29,196 (-6.1%), from €479,526 to €450,330
- Debts after one year -€23,163
down €23,163 (-16.8%), from €138,245 to €115,082
- Short-term financial debts +€14,640
up €14,640 (+50.9%), from €28,772 to €43,412
- Tax, wage and social debts -€13,949
down €13,949 (-88.9%), from €15,687 to €1,738
- Reserves +€10,307
up €10,307 (+2.2%), from €478,838 to €489,145
of which Distributable reserves: +€10,307
- Gross operating margin +€23,836
up €23,836 (+92.1%), from €25,873 to €49,709
- Financial income +€2,934
up €2,934 (+173%), from €1,694 to €4,628
- Financial charges +€2,292
up €2,292 (+40.7%), from €5,636 to €7,928
- Taxes +€1,039
up €1,039 (+297%), from €350 to €1,389
- Other operating charges -€703
down €703 (-11.3%), from €6,220 to €5,517
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €710,604 | €702,484 | -€8,120 | -1.1% |
| Fixed assets | 21/28 | €479,526 | €450,330 | -€29,196 | -6.1% |
| Tangible fixed assets | 22/27 | €479,526 | €450,330 | -€29,196 | -6.1% |
| Land and buildings | 22 | €479,526 | €450,330 | -€29,196 | -6.1% |
| Current assets | 29/58 | €231,078 | €252,154 | +€21,076 | +9.1% |
| Amounts receivable after more than one year | 29 | €200,584 | €128,833 | -€71,751 | -35.8% |
| Other amounts receivable | 291 | €200,584 | €128,833 | -€71,751 | -35.8% |
| Amounts receivable within one year | 40/41 | €8,715 | €103,234 | +€94,519 | +1,085% |
| Other amounts receivable | 41 | €8,715 | €103,234 | +€94,519 | +1,085% |
| Deferred charges and accrued income | 490/1 | €21,779 | €20,087 | -€1,692 | -7.8% |
| Total equity and liabilities | 10/49 | €710,604 | €702,484 | -€8,120 | -1.1% |
| Equity | 10/15 | €503,838 | €514,145 | +€10,307 | +2.0% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €478,838 | €489,145 | +€10,307 | +2.2% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Distributable reserves | 133 | €476,338 | €486,645 | +€10,307 | +2.2% |
| Amounts payable | 17/49 | €206,766 | €188,339 | -€18,427 | -8.9% |
| Amounts payable after more than one year | 17 | €138,245 | €115,082 | -€23,163 | -16.8% |
| Financial debts | 170/4 | €138,245 | €115,082 | -€23,163 | -16.8% |
| Amounts payable within one year | 42/48 | €68,521 | €73,257 | +€4,736 | +6.9% |
| Current portion of amounts payable after more than one year | 42 | €22,823 | €23,163 | +€340 | +1.5% |
| Financial debts | 43 | €28,772 | €43,412 | +€14,640 | +50.9% |
| Credit institutions | 430/8 | €28,772 | €43,412 | +€14,640 | +50.9% |
| Trade debts | 44 | €1,239 | €147 | -€1,092 | -88.1% |
| Suppliers | 440/4 | €1,239 | €147 | -€1,092 | -88.1% |
| Taxes, remuneration and social security | 45 | €15,687 | €1,738 | -€13,949 | -88.9% |
| Taxes | 450/3 | €15,687 | €1,738 | -€13,949 | -88.9% |
| Other amounts payable | 47/48 | - | €4,797 | +€4,797 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,105 | €29,196 | +€91 | +0.3% |
| Other operating charges | 640/8 | €6,220 | €5,517 | -€703 | -11.3% |
| Gross operating margin | 9900 | €25,873 | €49,709 | +€23,836 | +92.1% |
| Operating profit (loss) | 9901 | -€9,452 | €14,996 | +€24,448 | |
| Financial income | 75/76B | €1,694 | €4,628 | +€2,934 | +173% |
| Recurring financial income | 75 | €1,694 | €4,628 | +€2,934 | +173% |
| Financial charges | 65/66B | €5,636 | €7,928 | +€2,292 | +40.7% |
| Recurring financial charges | 65 | €5,636 | €7,928 | +€2,292 | +40.7% |
| Profit (loss) for the period before taxes | 9903 | -€13,394 | €11,696 | +€25,090 | |
| Income taxes | 67/77 | €350 | €1,389 | +€1,039 | +297% |
| Profit (loss) for the period | 9904 | -€13,744 | €10,307 | +€24,051 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,744 | €10,307 | +€24,051 |
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 18 October 2026 via checked.be.