Bram Hoorelbeke: 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.
Bram Hoorelbeke
Largest movements
- Cash +€157,707
up €157,707 (+630%), from €25,026 to €182,732
mainly Net result for the year (+€145,507) and Tax, wage and social debts (+€29,044)
- Receivables within one year -€16,550
down €16,550 (-99.4%), from €16,650 to €100
of which Trade receivables: -€16,550
- Tangible fixed assets +€4,176
up €4,176 (+69.0%), from €6,054 to €10,230
of which Land and buildings: +€5,705
- Profit (loss) carried forward +€145,401
up €145,401 (+1,230%), from €11,825 to €157,226
- Tax, wage and social debts +€29,044
up €29,044 (+982%), from €2,956 to €32,000
- Advances received -€20,026
down €20,026 (-100%), from €20,026 to €0
- Trade debts -€7,855
down €7,855 (-99.1%), from €7,923 to €68
- Gross operating margin +€175,534
up €175,534 (+1,157%), from €15,174 to €190,708
- Taxes +€39,387
up €39,387 (+1,332%), from €2,956 to €42,343
- Depreciation +€2,292
up €2,292 (+41,449%), from €6 to €2,298
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 | €47,730 | €194,980 | +€147,250 | +309% |
| Fixed assets | 21/28 | €6,054 | €10,230 | +€4,176 | +69.0% |
| Tangible fixed assets | 22/27 | €6,054 | €10,230 | +€4,176 | +69.0% |
| Land and buildings | 22 | - | €5,705 | +€5,705 | |
| Plant, machinery and equipment | 23 | €6,054 | €4,029 | -€2,025 | -33.5% |
| Furniture and vehicles | 24 | - | €497 | +€497 | |
| Current assets | 29/58 | €41,676 | €184,750 | +€143,074 | +343% |
| Amounts receivable within one year | 40/41 | €16,650 | €100 | -€16,550 | -99.4% |
| Trade receivables | 40 | €16,550 | €0 | -€16,550 | -100% |
| Other amounts receivable | 41 | €100 | €100 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €25,026 | €182,732 | +€157,707 | +630% |
| Deferred charges and accrued income | 490/1 | - | €1,917 | +€1,917 | |
| Total equity and liabilities | 10/49 | €47,730 | €194,980 | +€147,250 | +309% |
| Equity | 10/15 | €16,825 | €162,226 | +€145,401 | +864% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,825 | €157,226 | +€145,401 | +1,230% |
| Amounts payable | 17/49 | €30,905 | €32,754 | +€1,849 | +6.0% |
| Amounts payable within one year | 42/48 | €30,905 | €32,754 | +€1,849 | +6.0% |
| Financial debts | 43 | - | €82 | +€82 | |
| Credit institutions | 430/8 | - | €82 | +€82 | |
| Trade debts | 44 | €7,923 | €68 | -€7,855 | -99.1% |
| Suppliers | 440/4 | €7,923 | €68 | -€7,855 | -99.1% |
| Advances received on contracts in progress | 46 | €20,026 | €0 | -€20,026 | -100% |
| Taxes, remuneration and social security | 45 | €2,956 | €32,000 | +€29,044 | +982% |
| Taxes | 450/3 | €2,956 | €32,000 | +€29,044 | +982% |
| Other amounts payable | 47/48 | - | €604 | +€604 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6 | €2,298 | +€2,292 | +41,449% |
| Other operating charges | 640/8 | €387 | €463 | +€76 | +19.6% |
| Gross operating margin | 9900 | €15,174 | €190,708 | +€175,534 | +1,157% |
| Operating profit (loss) | 9901 | €14,781 | €187,947 | +€173,166 | +1,172% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | - | €98 | +€98 | |
| Recurring financial charges | 65 | - | €98 | +€98 | |
| Profit (loss) for the period before taxes | 9903 | €14,781 | €187,850 | +€173,068 | +1,171% |
| Income taxes | 67/77 | €2,956 | €42,343 | +€39,387 | +1,332% |
| Profit (loss) for the period | 9904 | €11,825 | €145,507 | +€133,682 | +1,130% |
| Profit (loss) for the period to be appropriated | 9905 | €11,825 | €145,507 | +€133,682 | +1,130% |
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 17 October 2026 via checked.be.