CHRIS HEYLEN: 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.
CHRIS HEYLEN
Largest movements
- Current investments -€164,722
down €164,722 (-51.7%), from €318,750 to €154,028
- Cash +€58,867
up €58,867 (+86.5%), from €68,085 to €126,951
mainly Current investments (+€164,722) and Depreciation (+€83,927)
- Receivables within one year +€20,605
up €20,605 (+190%), from €10,864 to €31,469
of which Other amounts receivable: +€20,243
- Tangible fixed assets -€14,734
down €14,734 (-2.8%), from €522,045 to €507,311
of which Land and buildings: -€31,321
- Reserves -€72,447
down €72,447 (-8.9%), from €811,690 to €739,243
of which Distributable reserves: -€72,447
- Debts after one year -€22,505
down €22,505 (-25.8%), from €87,156 to €64,651
- Gross operating margin -€487,938
down €487,938 (-79.2%), from €616,469 to €128,532
- Taxes -€153,205
down €153,205 (-99.7%), from €153,652 to €447
- Staff costs -€51,371
down €51,371, from €48,263 to -€3,109
- Financial charges +€45,498
up €45,498 (+1,114%), from €4,083 to €49,581
- Depreciation +€15,239
up €15,239 (+22.2%), from €68,688 to €83,927
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 | €964,744 | €866,683 | -€98,061 | -10.2% |
| Fixed assets | 21/28 | €527,045 | €512,311 | -€14,734 | -2.8% |
| Tangible fixed assets | 22/27 | €522,045 | €507,311 | -€14,734 | -2.8% |
| Land and buildings | 22 | €428,611 | €397,290 | -€31,321 | -7.3% |
| Plant, machinery and equipment | 23 | €9,860 | €6,949 | -€2,911 | -29.5% |
| Furniture and vehicles | 24 | €83,575 | €103,072 | +€19,497 | +23.3% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €437,698 | €354,372 | -€83,326 | -19.0% |
| Amounts receivable after more than one year | 29 | €40,000 | €40,000 | = | 0.0% |
| Other amounts receivable | 291 | €40,000 | €40,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €10,864 | €31,469 | +€20,605 | +190% |
| Trade receivables | 40 | €0 | €362 | +€362 | |
| Other amounts receivable | 41 | €10,864 | €31,107 | +€20,243 | +186% |
| Current investments | 50/53 | €318,750 | €154,028 | -€164,722 | -51.7% |
| Cash at bank and in hand | 54/58 | €68,085 | €126,951 | +€58,867 | +86.5% |
| Deferred charges and accrued income | 490/1 | - | €1,924 | +€1,924 | |
| Total equity and liabilities | 10/49 | €964,744 | €866,683 | -€98,061 | -10.2% |
| Equity | 10/15 | €825,890 | €749,535 | -€76,355 | -9.2% |
| Contributions | 10/11 | €14,200 | €14,200 | = | 0.0% |
| Reserves | 13 | €811,690 | €739,243 | -€72,447 | -8.9% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,195 | €6,195 | = | 0.0% |
| Distributable reserves | 133 | €803,639 | €731,193 | -€72,447 | -9.0% |
| Profit (loss) carried forward | 14 | €0 | -€3,908 | -€3,908 | |
| Amounts payable | 17/49 | €138,854 | €117,148 | -€21,706 | -15.6% |
| Amounts payable after more than one year | 17 | €87,156 | €64,651 | -€22,505 | -25.8% |
| Financial debts | 170/4 | €87,156 | €64,651 | -€22,505 | -25.8% |
| Amounts payable within one year | 42/48 | €51,698 | €52,497 | +€799 | +1.5% |
| Current portion of amounts payable after more than one year | 42 | €42,906 | €42,274 | -€632 | -1.5% |
| Financial debts | 43 | €1,439 | €0 | -€1,439 | -100% |
| Credit institutions | 430/8 | €1,439 | €0 | -€1,439 | -100% |
| Trade debts | 44 | €2,968 | €2,306 | -€661 | -22.3% |
| Suppliers | 440/4 | €2,968 | €2,306 | -€661 | -22.3% |
| Taxes, remuneration and social security | 45 | €3,249 | €0 | -€3,249 | -100% |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €3,249 | €0 | -€3,249 | -100% |
| Other amounts payable | 47/48 | €1,138 | €7,917 | +€6,780 | +596% |
| Non-recurring operating income | 76A | €480,000 | €1,500 | -€478,500 | -99.7% |
| Remuneration, social security and pensions | 62 | €48,263 | -€3,109 | -€51,371 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,688 | €83,927 | +€15,239 | +22.2% |
| Other operating charges | 640/8 | €4,541 | €3,673 | -€868 | -19.1% |
| Gross operating margin | 9900 | €616,469 | €128,532 | -€487,938 | -79.2% |
| Operating profit (loss) | 9901 | €494,977 | €44,040 | -€450,938 | -91.1% |
| Financial income | 75/76B | €518 | €2,080 | +€1,562 | +301% |
| Recurring financial income | 75 | €518 | €2,080 | +€1,562 | +301% |
| Financial charges | 65/66B | €4,083 | €49,581 | +€45,498 | +1,114% |
| Recurring financial charges | 65 | €4,083 | €49,581 | +€45,498 | +1,114% |
| Profit (loss) for the period before taxes | 9903 | €491,412 | -€3,461 | -€494,874 | |
| Income taxes | 67/77 | €153,652 | €447 | -€153,205 | -99.7% |
| Profit (loss) for the period | 9904 | €337,760 | -€3,908 | -€341,668 | |
| Profit (loss) for the period to be appropriated | 9905 | €337,760 | -€3,908 | -€341,668 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.