BART HEYNICKX: 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 HEYNICKX
Largest movements
- Receivables within one year +€100,114
up €100,114 (+377645.7%), from €27 to €100,140
of which Trade receivables: +€99,552
- Cash +€51,388
up €51,388 (+44.0%), from €116,895 to €168,283
mainly Net result for the year (+€101,455) and Other debts (+€48,353)
- Receivables after one year -€25,592
down €25,592 (-13.5%), from €189,211 to €163,619
- Tangible fixed assets -€9,242
down €9,242 (-28.5%), from €32,425 to €23,184
of which Furniture and vehicles: -€6,544
- Reserves +€53,582
up €53,582 (+17.5%), from €305,615 to €359,197
of which Distributable reserves: +€53,582
- Other debts +€48,353
up €48,353 (+203.0%), from €23,823 to €72,176
- Tax, wage and social debts +€13,433
up €13,433 (+46.2%), from €29,049 to €42,482
- Gross operating margin +€37,217
up €37,217 (+24.7%), from €150,949 to €188,166
- Financial income -€10,587
down €10,587 (-66.7%), from €15,865 to €5,278
- Taxes +€9,957
up €9,957 (+30.1%), from €33,075 to €43,031
- Financial charges -€5,456
down €5,456 (-12.7%), from €42,977 to €37,521
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.
Cash bridge derived
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 | €378,005 | €494,762 | +€116,757 | +30.9% |
| Fixed assets | 21/28 | €68,086 | €58,845 | -€9,242 | -13.6% |
| Tangible fixed assets | 22/27 | €32,425 | €23,184 | -€9,242 | -28.5% |
| Furniture and vehicles | 24 | €8,569 | €2,025 | -€6,544 | -76.4% |
| Other tangible fixed assets | 26 | €23,857 | €21,159 | -€2,698 | -11.3% |
| Financial fixed assets | 28 | €35,661 | €35,661 | = | 0.0% |
| Current assets | 29/58 | €309,919 | €435,918 | +€125,998 | +40.7% |
| Amounts receivable after more than one year | 29 | €189,211 | €163,619 | -€25,592 | -13.5% |
| Other amounts receivable | 291 | €189,211 | €163,619 | -€25,592 | -13.5% |
| Amounts receivable within one year | 40/41 | €27 | €100,140 | +€100,114 | +377645.7% |
| Trade receivables | 40 | €27 | €99,579 | +€99,552 | +375528.0% |
| Other amounts receivable | 41 | - | €561 | +€561 | |
| Cash at bank and in hand | 54/58 | €116,895 | €168,283 | +€51,388 | +44.0% |
| Deferred charges and accrued income | 490/1 | €3,787 | €3,875 | +€89 | +2.3% |
| Total equity and liabilities | 10/49 | €378,005 | €494,762 | +€116,757 | +30.9% |
| Equity | 10/15 | €324,871 | €378,453 | +€53,582 | +16.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €305,615 | €359,197 | +€53,582 | +17.5% |
| 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 | €303,755 | €357,337 | +€53,582 | +17.6% |
| Profit (loss) carried forward | 14 | €656 | €656 | = | 0.0% |
| Amounts payable | 17/49 | €53,134 | €116,309 | +€63,175 | +118.9% |
| Amounts payable within one year | 42/48 | €53,134 | €116,309 | +€63,175 | +118.9% |
| Trade debts | 44 | €262 | €1,651 | +€1,389 | +530.8% |
| Suppliers | 440/4 | €262 | €1,651 | +€1,389 | +530.8% |
| Taxes, remuneration and social security | 45 | €29,049 | €42,482 | +€13,433 | +46.2% |
| Taxes | 450/3 | €29,049 | €42,482 | +€13,433 | +46.2% |
| Other amounts payable | 47/48 | €23,823 | €72,176 | +€48,353 | +203.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,288 | €10,442 | +€153 | +1.5% |
| Other operating charges | 640/8 | €731 | €996 | +€265 | +36.2% |
| Gross operating margin | 9900 | €150,949 | €188,166 | +€37,217 | +24.7% |
| Operating profit (loss) | 9901 | €139,930 | €176,729 | +€36,799 | +26.3% |
| Financial income | 75/76B | €15,865 | €5,278 | -€10,587 | -66.7% |
| Recurring financial income | 75 | €15,865 | €5,278 | -€10,587 | -66.7% |
| Financial charges | 65/66B | €42,977 | €37,521 | -€5,456 | -12.7% |
| Recurring financial charges | 65 | €42,977 | €37,521 | -€5,456 | -12.7% |
| Profit (loss) for the period before taxes | 9903 | €112,818 | €144,486 | +€31,668 | +28.1% |
| Income taxes | 67/77 | €33,075 | €43,031 | +€9,957 | +30.1% |
| Profit (loss) for the period | 9904 | €79,744 | €101,455 | +€21,711 | +27.2% |
| Profit (loss) for the period to be appropriated | 9905 | €79,744 | €101,455 | +€21,711 | +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 10 October 2026 via checked.be.