Daniel HAESEVOETS: 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.
Daniel HAESEVOETS
Largest movements
- Receivables within one year -€18,248
down €18,248 (-47.9%), from €38,096 to €19,848
of which Trade receivables: -€14,932
- Tangible fixed assets -€15,203
down €15,203 (-14.6%), from €104,184 to €88,982
- Stocks and contracts -€4,800
down €4,800 (-6.7%), from €71,715 to €66,915
- Trade debts -€26,494
down €26,494 (-56.3%), from €47,028 to €20,533
- Current portion of long-term debt -€6,309
no longer reported in 2025 (was €6,309)
- Short-term financial debts -€3,395
down €3,395 (-5.2%), from €65,538 to €62,143
- Staff costs -€21,141
no longer reported in 2025 (was €21,141)
- Taxes +€12,790
up €12,790, from -€7,683 to €5,106
- Financial charges -€6,927
down €6,927 (-49.0%), from €14,130 to €7,203
- Gross operating margin -€6,182
down €6,182 (-14.7%), from €41,918 to €35,736
- Depreciation -€4,111
down €4,111 (-18.1%), from €22,753 to €18,642
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 | €217,770 | €181,025 | -€36,745 | -16.9% |
| Fixed assets | 21/28 | €104,529 | €89,327 | -€15,203 | -14.5% |
| Tangible fixed assets | 22/27 | €104,184 | €88,982 | -€15,203 | -14.6% |
| Land and buildings | 22 | €92,469 | €85,240 | -€7,229 | -7.8% |
| Plant, machinery and equipment | 23 | €3,765 | €2,510 | -€1,255 | -33.3% |
| Furniture and vehicles | 24 | €7,950 | €1,232 | -€6,718 | -84.5% |
| Financial fixed assets | 28 | €345 | €345 | = | 0.0% |
| Current assets | 29/58 | €113,241 | €91,699 | -€21,542 | -19.0% |
| Stocks and contracts in progress | 3 | €71,715 | €66,915 | -€4,800 | -6.7% |
| Stocks | 30/36 | €71,715 | €66,915 | -€4,800 | -6.7% |
| Amounts receivable within one year | 40/41 | €38,096 | €19,848 | -€18,248 | -47.9% |
| Trade receivables | 40 | €15,052 | €119 | -€14,932 | -99.2% |
| Other amounts receivable | 41 | €23,044 | €19,729 | -€3,315 | -14.4% |
| Cash at bank and in hand | 54/58 | €2,916 | €4,638 | +€1,723 | +59.1% |
| Deferred charges and accrued income | 490/1 | €514 | €297 | -€217 | -42.2% |
| Total equity and liabilities | 10/49 | €217,770 | €181,025 | -€36,745 | -16.9% |
| Equity | 10/15 | €92,041 | €91,915 | -€126 | -0.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Revaluation surpluses | 12 | €93,347 | €93,347 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€21,757 | -€21,883 | -€126 | -0.6% |
| Amounts payable | 17/49 | €125,729 | €89,110 | -€36,618 | -29.1% |
| Amounts payable within one year | 42/48 | €125,724 | €89,110 | -€36,614 | -29.1% |
| Current portion of amounts payable after more than one year | 42 | €6,309 | - | -€6,309 | |
| Financial debts | 43 | €65,538 | €62,143 | -€3,395 | -5.2% |
| Credit institutions | 430/8 | €65,538 | €62,143 | -€3,395 | -5.2% |
| Trade debts | 44 | €47,028 | €20,533 | -€26,494 | -56.3% |
| Suppliers | 440/4 | €47,028 | €20,533 | -€26,494 | -56.3% |
| Taxes, remuneration and social security | 45 | €6,849 | €6,434 | -€415 | -6.1% |
| Taxes | 450/3 | €6,813 | €6,434 | -€379 | -5.6% |
| Remuneration and social security | 454/9 | €36 | - | -€36 | |
| Accrued charges and deferred income | 492/3 | €5 | - | -€5 | |
| Non-recurring operating income | 76A | - | €14,187 | +€14,187 | |
| Remuneration, social security and pensions | 62 | €21,141 | - | -€21,141 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,753 | €18,642 | -€4,111 | -18.1% |
| Other operating charges | 640/8 | €3,817 | €5,202 | +€1,386 | +36.3% |
| Gross operating margin | 9900 | €41,918 | €35,736 | -€6,182 | -14.7% |
| Operating profit (loss) | 9901 | -€5,794 | €11,891 | +€17,685 | |
| Financial income | 75/76B | €1 | €293 | +€291 | +22,933% |
| Recurring financial income | 75 | €1 | €293 | +€291 | +22,933% |
| Financial charges | 65/66B | €14,130 | €7,203 | -€6,927 | -49.0% |
| Recurring financial charges | 65 | €14,130 | €7,203 | -€6,927 | -49.0% |
| Profit (loss) for the period before taxes | 9903 | -€19,923 | €4,980 | +€24,903 | |
| Income taxes | 67/77 | -€7,683 | €5,106 | +€12,790 | |
| Profit (loss) for the period | 9904 | -€12,240 | -€126 | +€12,113 | +99.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,240 | -€126 | +€12,113 | +99.0% |
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 18 October 2026 via checked.be.