DAN HUNTER: what changed
Two fiscal 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.
DAN HUNTER
Largest movements
- Receivables within one year +€76,770
up €76,770 (+708.7%), from €10,832 to €87,602
of which Trade receivables: +€66,951
- Cash +€15,949
up €15,949 (+238.0%), from €6,702 to €22,651
mainly Net result for the year (+€72,869) and Trade debts (+€29,739)
- Profit (loss) carried forward +€72,869
up €72,869 (+149.6%), from €48,723 to €121,592
- Debts after one year -€30,277
down €30,277 (-7.2%), from €419,445 to €389,168
- Trade debts +€29,739
up €29,739 (+175.7%), from €16,923 to €46,661
- Current portion of long-term debt +€14,323
up €14,323 (+43.1%), from €33,217 to €47,540
- Gross operating margin +€41,277
up €41,277 (+41.2%), from €100,170 to €141,447
- Staff costs -€23,209
down €23,209 (-57.3%), from €40,490 to €17,281
- Taxes +€14,837
up €14,837 (+10148.8%), from €146 to €14,983
- Depreciation +€1,948
up €1,948 (+8.8%), from €22,089 to €24,037
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.
Cash bridge derived
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 | €549,789 | €635,944 | +€86,156 | +15.7% |
| Fixed assets | 21/28 | €531,506 | €525,242 | -€6,264 | -1.2% |
| Tangible fixed assets | 22/27 | €531,456 | €525,192 | -€6,264 | -1.2% |
| Land and buildings | 22 | €504,526 | €493,707 | -€10,819 | -2.1% |
| Plant, machinery and equipment | 23 | €20,522 | €26,152 | +€5,629 | +27.4% |
| Furniture and vehicles | 24 | - | €1,061 | +€1,061 | |
| Other tangible fixed assets | 26 | €6,407 | €4,272 | -€2,136 | -33.3% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €18,283 | €110,702 | +€92,419 | +505.5% |
| Amounts receivable within one year | 40/41 | €10,832 | €87,602 | +€76,770 | +708.7% |
| Trade receivables | 40 | - | €66,951 | +€66,951 | |
| Other amounts receivable | 41 | €10,832 | €20,651 | +€9,819 | +90.6% |
| Cash at bank and in hand | 54/58 | €6,702 | €22,651 | +€15,949 | +238.0% |
| Deferred charges and accrued income | 490/1 | €749 | €450 | -€300 | -40.0% |
| Total equity and liabilities | 10/49 | €549,789 | €635,944 | +€86,156 | +15.7% |
| Equity | 10/15 | €56,783 | €129,652 | +€72,869 | +128.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €48,723 | €121,592 | +€72,869 | +149.6% |
| Amounts payable | 17/49 | €493,005 | €506,292 | +€13,287 | +2.7% |
| Amounts payable after more than one year | 17 | €419,445 | €389,168 | -€30,277 | -7.2% |
| Financial debts | 170/4 | €419,445 | €389,168 | -€30,277 | -7.2% |
| Amounts payable within one year | 42/48 | €73,560 | €117,124 | +€43,564 | +59.2% |
| Current portion of amounts payable after more than one year | 42 | €33,217 | €47,540 | +€14,323 | +43.1% |
| Trade debts | 44 | €16,923 | €46,661 | +€29,739 | +175.7% |
| Suppliers | 440/4 | €16,923 | €46,661 | +€29,739 | +175.7% |
| Taxes, remuneration and social security | 45 | €23,420 | €22,923 | -€498 | -2.1% |
| Taxes | 450/3 | €14,530 | €19,423 | +€4,893 | +33.7% |
| Remuneration and social security | 454/9 | €8,891 | €3,500 | -€5,391 | -60.6% |
| Remuneration, social security and pensions | 62 | €40,490 | €17,281 | -€23,209 | -57.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,089 | €24,037 | +€1,948 | +8.8% |
| Other operating charges | 640/8 | €4,252 | €4,569 | +€316 | +7.4% |
| Gross operating margin | 9900 | €100,170 | €141,447 | +€41,277 | +41.2% |
| Operating profit (loss) | 9901 | €33,340 | €95,561 | +€62,221 | +186.6% |
| Financial income | 75/76B | €209 | €577 | +€368 | +176.1% |
| Recurring financial income | 75 | €209 | €577 | +€368 | +176.1% |
| Financial charges | 65/66B | €7,531 | €8,286 | +€756 | +10.0% |
| Recurring financial charges | 65 | €7,531 | €8,286 | +€756 | +10.0% |
| Profit (loss) for the period before taxes | 9903 | €26,018 | €87,851 | +€61,834 | +237.7% |
| Income taxes | 67/77 | €146 | €14,983 | +€14,837 | +10148.8% |
| Profit (loss) for the period | 9904 | €25,871 | €72,869 | +€46,997 | +181.7% |
| Profit (loss) for the period to be appropriated | 9905 | €25,871 | €72,869 | +€46,997 | +181.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.