CARINE HIRSCH: 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.
CARINE HIRSCH
Largest movements
- Cash +€21,437
up €21,437 (+14.0%), from €152,875 to €174,312
mainly Net result for the year (+€71,754) and Other debts (+€32,574)
- Tangible fixed assets -€6,270
down €6,270 (-48.3%), from €12,990 to €6,720
of which Furniture and vehicles: -€5,874
- Other debts +€32,574
up €32,574 (+68.9%), from €47,273 to €79,847
- Reserves -€8,050
down €8,050 (-3.8%), from €211,530 to €203,480
- Trade debts -€4,971
down €4,971 (-68.2%), from €7,283 to €2,313
- Gross operating margin -€3,575
down €3,575 (-3.1%), from €116,270 to €112,696
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 | €292,308 | €309,618 | +€17,310 | +5.9% |
| Fixed assets | 21/28 | €12,990 | €6,720 | -€6,270 | -48.3% |
| Tangible fixed assets | 22/27 | €12,990 | €6,720 | -€6,270 | -48.3% |
| Furniture and vehicles | 24 | €10,157 | €4,283 | -€5,874 | -57.8% |
| Other tangible fixed assets | 26 | €2,833 | €2,437 | -€396 | -14.0% |
| Current assets | 29/58 | €279,317 | €302,898 | +€23,580 | +8.4% |
| Amounts receivable after more than one year | 29 | €61,072 | €62,684 | +€1,612 | +2.6% |
| Other amounts receivable | 291 | €61,072 | €62,684 | +€1,612 | +2.6% |
| Amounts receivable within one year | 40/41 | €23,719 | €23,245 | -€474 | -2.0% |
| Trade receivables | 40 | €23,719 | €21,066 | -€2,653 | -11.2% |
| Other amounts receivable | 41 | - | €2,180 | +€2,180 | |
| Cash at bank and in hand | 54/58 | €152,875 | €174,312 | +€21,437 | +14.0% |
| Deferred charges and accrued income | 490/1 | €41,651 | €42,655 | +€1,005 | +2.4% |
| Total equity and liabilities | 10/49 | €292,308 | €309,618 | +€17,310 | +5.9% |
| Equity | 10/15 | €224,140 | €216,094 | -€8,046 | -3.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €211,530 | €203,480 | -€8,050 | -3.8% |
| Distributable reserves | 133 | €211,530 | €203,480 | -€8,050 | -3.8% |
| Profit (loss) carried forward | 14 | €210 | €214 | +€4 | +1.8% |
| Amounts payable | 17/49 | €68,167 | €93,524 | +€25,357 | +37.2% |
| Amounts payable within one year | 42/48 | €68,167 | €93,492 | +€25,325 | +37.2% |
| Trade debts | 44 | €7,283 | €2,313 | -€4,971 | -68.2% |
| Suppliers | 440/4 | €7,283 | €2,313 | -€4,971 | -68.2% |
| Taxes, remuneration and social security | 45 | €13,611 | €11,332 | -€2,279 | -16.7% |
| Taxes | 450/3 | €13,611 | €11,332 | -€2,279 | -16.7% |
| Other amounts payable | 47/48 | €47,273 | €79,847 | +€32,574 | +68.9% |
| Accrued charges and deferred income | 492/3 | - | €32 | +€32 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,290 | €6,270 | -€20 | -0.3% |
| Other operating charges | 640/8 | €656 | €640 | -€16 | -2.5% |
| Gross operating margin | 9900 | €116,270 | €112,696 | -€3,575 | -3.1% |
| Operating profit (loss) | 9901 | €109,324 | €105,785 | -€3,539 | -3.2% |
| Financial income | 75/76B | €2,220 | €2,530 | +€310 | +14.0% |
| Recurring financial income | 75 | €2,220 | €2,530 | +€310 | +14.0% |
| Financial charges | 65/66B | €579 | €612 | +€34 | +5.8% |
| Recurring financial charges | 65 | €579 | €612 | +€34 | +5.8% |
| Profit (loss) for the period before taxes | 9903 | €110,965 | €107,703 | -€3,263 | -2.9% |
| Income taxes | 67/77 | €36,950 | €35,949 | -€1,002 | -2.7% |
| Profit (loss) for the period | 9904 | €74,015 | €71,754 | -€2,261 | -3.1% |
| Profit (loss) for the period to be appropriated | 9905 | €74,015 | €71,754 | -€2,261 | -3.1% |
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 1 November 2026 via checked.be.