D'HEER: 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.
D'HEER
Largest movements
- Current investments -€186,790
down €186,790 (-42.1%), from €443,348 to €256,558
- Cash -€86,824
down €86,824 (-58.9%), from €147,414 to €60,590
mainly Contributions, distributions and other (-€300,000) and Tax, wage and social debts (-€4,591)
- Contributions -€300,000
down €300,000 (-85.3%), from €351,600 to €51,600
- Reserves +€31,315
up €31,315 (+13.7%), from €228,866 to €260,181
of which Distributable reserves: +€66,475
- Financial income -€32,830
down €32,830 (-55.5%), from €59,174 to €26,344
- Gross operating margin +€18,524
up €18,524 (+142%), from €13,083 to €31,607
- Taxes -€8,911
down €8,911 (-41.3%), from €21,557 to €12,646
- Financial charges +€7,119
up €7,119 (+140%), from €5,102 to €12,221
- Other operating charges -€493
down €493 (-27.9%), from €1,769 to €1,276
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 | €604,495 | €332,913 | -€271,582 | -44.9% |
| Fixed assets | 21/28 | €2,440 | €1,947 | -€493 | -20.2% |
| Tangible fixed assets | 22/27 | €2,220 | €1,727 | -€493 | -22.2% |
| Other tangible fixed assets | 26 | €2,220 | €1,727 | -€493 | -22.2% |
| Financial fixed assets | 28 | €220 | €220 | = | 0.0% |
| Current assets | 29/58 | €602,055 | €330,967 | -€271,088 | -45.0% |
| Amounts receivable within one year | 40/41 | €10,794 | €13,195 | +€2,401 | +22.2% |
| Trade receivables | 40 | €7,214 | €11,608 | +€4,394 | +60.9% |
| Other amounts receivable | 41 | €3,580 | €1,588 | -€1,993 | -55.7% |
| Current investments | 50/53 | €443,348 | €256,558 | -€186,790 | -42.1% |
| Cash at bank and in hand | 54/58 | €147,414 | €60,590 | -€86,824 | -58.9% |
| Deferred charges and accrued income | 490/1 | €498 | €623 | +€125 | +25.1% |
| Total equity and liabilities | 10/49 | €604,495 | €332,913 | -€271,582 | -44.9% |
| Equity | 10/15 | €580,466 | €311,781 | -€268,685 | -46.3% |
| Contributions | 10/11 | €351,600 | €51,600 | -€300,000 | -85.3% |
| Contributions outside capital | 11 | €351,600 | €51,600 | -€300,000 | -85.3% |
| Other | 1109/19 | €351,600 | €51,600 | -€300,000 | -85.3% |
| Reserves | 13 | €228,866 | €260,181 | +€31,315 | +13.7% |
| Non-distributable reserves | 130/1 | €35,160 | - | -€35,160 | |
| Legal reserve | 130 | €33,300 | - | -€33,300 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Tax-exempt reserves | 132 | €15,402 | €15,402 | = | 0.0% |
| Distributable reserves | 133 | €178,304 | €244,779 | +€66,475 | +37.3% |
| Amounts payable | 17/49 | €24,029 | €21,132 | -€2,897 | -12.1% |
| Amounts payable within one year | 42/48 | €22,436 | €19,539 | -€2,897 | -12.9% |
| Trade debts | 44 | €3,197 | €3,179 | -€18 | -0.6% |
| Suppliers | 440/4 | €3,197 | €3,179 | -€18 | -0.6% |
| Advances received on contracts in progress | 46 | - | €1,010 | +€1,010 | |
| Taxes, remuneration and social security | 45 | €9,092 | €4,501 | -€4,591 | -50.5% |
| Taxes | 450/3 | €9,092 | €4,501 | -€4,591 | -50.5% |
| Other amounts payable | 47/48 | €10,147 | €10,849 | +€702 | +6.9% |
| Accrued charges and deferred income | 492/3 | €1,593 | €1,593 | = | 0.0% |
| Non-recurring operating income | 76A | €617 | €103 | -€514 | -83.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €620 | €493 | -€127 | -20.5% |
| Other operating charges | 640/8 | €1,769 | €1,276 | -€493 | -27.9% |
| Gross operating margin | 9900 | €13,083 | €31,607 | +€18,524 | +142% |
| Operating profit (loss) | 9901 | €10,694 | €29,838 | +€19,145 | +179% |
| Financial income | 75/76B | €59,174 | €26,344 | -€32,830 | -55.5% |
| Recurring financial income | 75 | €59,174 | €26,344 | -€32,830 | -55.5% |
| Financial charges | 65/66B | €5,102 | €12,221 | +€7,119 | +140% |
| Recurring financial charges | 65 | €5,102 | €12,221 | +€7,119 | +140% |
| Profit (loss) for the period before taxes | 9903 | €64,766 | €43,961 | -€20,804 | -32.1% |
| Income taxes | 67/77 | €21,557 | €12,646 | -€8,911 | -41.3% |
| Profit (loss) for the period | 9904 | €43,208 | €31,315 | -€11,893 | -27.5% |
| Profit (loss) for the period to be appropriated | 9905 | €43,208 | €31,315 | -€11,893 | -27.5% |
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 30 October 2026 via checked.be.