Christophe Haulet: what changed
Christophe Haulet
Largest movements
- Cash -€56,258
down €56,258 (-7.5%), from €745,966 to €689,708
mainly Contributions, distributions and other (-€135,941) and Tax, wage and social debts (-€22,866)
- Receivables within one year -€27,630
down €27,630 (-35.7%), from €77,425 to €49,795
of which Trade receivables: -€27,630
- Reserves -€76,896
down €76,896 (-8.8%), from €876,205 to €799,308
- Other debts +€31,373
up €31,373 (+28.4%), from €110,297 to €141,669
- Tax, wage and social debts -€22,866
down €22,866 (-82.5%), from €27,700 to €4,834
- Debts after one year -€19,952
down €19,952 (-17.2%), from €116,113 to €96,161
- Depreciation -€10,655
down €10,655 (-44.1%), from €24,162 to €13,507
- Gross operating margin -€6,863
down €6,863 (-7.1%), from €96,398 to €89,535
- Taxes -€6,533
down €6,533 (-27.4%), from €23,869 to €17,336
- Financial income -€2,645
down €2,645 (-28.5%), from €9,290 to €6,645
- Other operating charges -€2,153
down €2,153 (-51.7%), from €4,165 to €2,012
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,197,616 | €1,121,186 | -€76,430 | -6.4% |
| Fixed assets | 21/28 | €359,593 | €363,416 | +€3,823 | +1.1% |
| Tangible fixed assets | 22/27 | €359,593 | €363,416 | +€3,823 | +1.1% |
| Land and buildings | 22 | €339,728 | €343,139 | +€3,411 | +1.0% |
| Furniture and vehicles | 24 | €19,865 | €19,504 | -€360 | -1.8% |
| Other tangible fixed assets | 26 | - | €773 | +€773 | |
| Current assets | 29/58 | €838,024 | €757,770 | -€80,253 | -9.6% |
| Amounts receivable within one year | 40/41 | €77,425 | €49,795 | -€27,630 | -35.7% |
| Trade receivables | 40 | €63,931 | €36,301 | -€27,630 | -43.2% |
| Other amounts receivable | 41 | €13,494 | €13,494 | = | 0.0% |
| Current investments | 50/53 | €10,798 | €14,099 | +€3,300 | +30.6% |
| Cash at bank and in hand | 54/58 | €745,966 | €689,708 | -€56,258 | -7.5% |
| Deferred charges and accrued income | 490/1 | €3,834 | €4,169 | +€335 | +8.7% |
| Total equity and liabilities | 10/49 | €1,197,616 | €1,121,186 | -€76,430 | -6.4% |
| Equity | 10/15 | €920,752 | €845,914 | -€74,838 | -8.1% |
| Contributions | 10/11 | €42,200 | €42,200 | = | 0.0% |
| Revaluation surpluses | 12 | €2,347 | €4,405 | +€2,059 | +87.7% |
| Reserves | 13 | €876,205 | €799,308 | -€76,896 | -8.8% |
| Distributable reserves | 133 | €876,205 | €799,308 | -€76,896 | -8.8% |
| Amounts payable | 17/49 | €276,865 | €275,273 | -€1,592 | -0.6% |
| Amounts payable after more than one year | 17 | €116,113 | €96,161 | -€19,952 | -17.2% |
| Financial debts | 170/4 | €116,113 | €96,161 | -€19,952 | -17.2% |
| Amounts payable within one year | 42/48 | €160,752 | €179,112 | +€18,359 | +11.4% |
| Current portion of amounts payable after more than one year | 42 | €19,726 | €19,952 | +€225 | +1.1% |
| Trade debts | 44 | €3,029 | €12,657 | +€9,628 | +318% |
| Suppliers | 440/4 | €3,029 | €12,657 | +€9,628 | +318% |
| Taxes, remuneration and social security | 45 | €27,700 | €4,834 | -€22,866 | -82.5% |
| Taxes | 450/3 | €27,700 | €4,834 | -€22,866 | -82.5% |
| Other amounts payable | 47/48 | €110,297 | €141,669 | +€31,373 | +28.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,162 | €13,507 | -€10,655 | -44.1% |
| Other operating charges | 640/8 | €4,165 | €2,012 | -€2,153 | -51.7% |
| Gross operating margin | 9900 | €96,398 | €89,535 | -€6,863 | -7.1% |
| Operating profit (loss) | 9901 | €68,070 | €74,016 | +€5,946 | +8.7% |
| Financial income | 75/76B | €9,290 | €6,645 | -€2,645 | -28.5% |
| Recurring financial income | 75 | €9,290 | €6,645 | -€2,645 | -28.5% |
| Financial charges | 65/66B | €2,339 | €2,222 | -€118 | -5.0% |
| Recurring financial charges | 65 | €2,339 | €2,222 | -€118 | -5.0% |
| Profit (loss) for the period before taxes | 9903 | €75,021 | €78,440 | +€3,418 | +4.6% |
| Income taxes | 67/77 | €23,869 | €17,336 | -€6,533 | -27.4% |
| Profit (loss) for the period | 9904 | €51,153 | €61,104 | +€9,951 | +19.5% |
| Profit (loss) for the period to be appropriated | 9905 | €51,153 | €61,104 | +€9,951 | +19.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.