Christophe Heymans: 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.
Christophe Heymans
Largest movements
- Receivables within one year -€22,077
down €22,077 (-22.5%), from €98,247 to €76,170
of which Trade receivables: -€20,628
- Tangible fixed assets -€12,260
down €12,260 (-22.0%), from €55,674 to €43,414
- Profit (loss) carried forward -€34,381
no longer reported in 2025 (was €34,381)
- Trade debts -€19,703
down €19,703 (-89.5%), from €22,023 to €2,321
- Reserves +€16,299
new in 2025: €16,299
- Other debts +€14,466
up €14,466 (+23.8%), from €60,677 to €75,143
- Debts after one year -€10,607
down €10,607 (-27.4%), from €38,653 to €28,046
- Financial charges -€38,242
down €38,242 (-96.0%), from €39,828 to €1,586
- Gross operating margin -€32,177
down €32,177 (-75.7%), from €42,495 to €10,318
- Depreciation +€9,718
up €9,718 (+61.2%), from €15,881 to €25,599
- Financial income -€4,410
no longer reported in 2025 (was €4,410)
of which Financial income: -€4,410
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 | €177,089 | €142,451 | -€34,639 | -19.6% |
| Fixed assets | 21/28 | €74,805 | €61,707 | -€13,099 | -17.5% |
| Intangible fixed assets | 21 | €19,131 | €18,293 | -€838 | -4.4% |
| Tangible fixed assets | 22/27 | €55,674 | €43,414 | -€12,260 | -22.0% |
| Furniture and vehicles | 24 | €55,674 | €43,414 | -€12,260 | -22.0% |
| Current assets | 29/58 | €102,284 | €80,744 | -€21,540 | -21.1% |
| Amounts receivable within one year | 40/41 | €98,247 | €76,170 | -€22,077 | -22.5% |
| Trade receivables | 40 | €96,798 | €76,170 | -€20,628 | -21.3% |
| Other amounts receivable | 41 | €1,449 | - | -€1,449 | |
| Cash at bank and in hand | 54/58 | €2,412 | €3,511 | +€1,099 | +45.6% |
| Deferred charges and accrued income | 490/1 | €1,625 | €1,063 | -€562 | -34.6% |
| Total equity and liabilities | 10/49 | €177,089 | €142,451 | -€34,639 | -19.6% |
| Equity | 10/15 | €40,381 | €22,299 | -€18,082 | -44.8% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | - | €16,299 | +€16,299 | |
| Distributable reserves | 133 | - | €16,299 | +€16,299 | |
| Profit (loss) carried forward | 14 | €34,381 | - | -€34,381 | |
| Amounts payable | 17/49 | €136,709 | €120,151 | -€16,557 | -12.1% |
| Amounts payable after more than one year | 17 | €38,653 | €28,046 | -€10,607 | -27.4% |
| Financial debts | 170/4 | €38,653 | €28,046 | -€10,607 | -27.4% |
| Amounts payable within one year | 42/48 | €98,056 | €92,106 | -€5,950 | -6.1% |
| Current portion of amounts payable after more than one year | 42 | €10,274 | €10,607 | +€333 | +3.2% |
| Trade debts | 44 | €22,023 | €2,321 | -€19,703 | -89.5% |
| Suppliers | 440/4 | €22,023 | €2,321 | -€19,703 | -89.5% |
| Taxes, remuneration and social security | 45 | €5,082 | €4,035 | -€1,046 | -20.6% |
| Taxes | 450/3 | €5,082 | €4,035 | -€1,046 | -20.6% |
| Other amounts payable | 47/48 | €60,677 | €75,143 | +€14,466 | +23.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,881 | €25,599 | +€9,718 | +61.2% |
| Other operating charges | 640/8 | €662 | €422 | -€239 | -36.2% |
| Non-recurring operating charges | 66A | €480 | €595 | +€114 | +23.8% |
| Gross operating margin | 9900 | €42,495 | €10,318 | -€32,177 | -75.7% |
| Operating profit (loss) | 9901 | €25,472 | -€16,297 | -€41,770 | |
| Financial income | 75/76B | €4,410 | - | -€4,410 | |
| Recurring financial income | 75 | €4,410 | - | -€4,410 | |
| Non-recurring financial income | 76B | €4,410 | - | -€4,410 | |
| Financial charges | 65/66B | €39,828 | €1,586 | -€38,242 | -96.0% |
| Recurring financial charges | 65 | €39,828 | €1,586 | -€38,242 | -96.0% |
| Profit (loss) for the period before taxes | 9903 | -€9,945 | -€17,883 | -€7,938 | -79.8% |
| Income taxes | 67/77 | -€168 | €198 | +€367 | |
| Profit (loss) for the period | 9904 | -€9,777 | -€18,082 | -€8,305 | -84.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,777 | -€18,082 | -€8,305 | -84.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.