Deborah D'Hauwer: 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.
Deborah D'Hauwer
Largest movements
- Tangible fixed assets -€17,250
down €17,250 (-17.1%), from €101,121 to €83,871
of which Furniture and vehicles: -€18,876
- Cash +€6,408
up €6,408 (+11.2%), from €57,402 to €63,810
mainly Net result for the year (+€33,965) and Depreciation (+€27,505)
- Receivables within one year -€2,863
down €2,863 (-14.5%), from €19,739 to €16,876
of which Trade receivables: -€15,287
- Reserves +€33,965
up €33,965 (+56.3%), from €60,344 to €94,309
- Debts after one year -€18,176
down €18,176 (-20.1%), from €90,583 to €72,407
- Tax, wage and social debts -€17,246
down €17,246 (-52.0%), from €33,142 to €15,896
- Trade debts -€6,729
down €6,729 (-79.2%), from €8,499 to €1,770
- Other debts -€6,389
no longer reported in 2025 (was €6,389)
- Depreciation +€9,235
up €9,235 (+50.5%), from €18,270 to €27,505
- Gross operating margin -€4,406
down €4,406 (-5.1%), from €86,930 to €82,524
- Taxes -€3,244
down €3,244 (-16.2%), from €20,021 to €16,777
- Financial charges +€2,251
up €2,251 (+82.0%), from €2,744 to €4,995
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 | €218,262 | €204,557 | -€13,705 | -6.3% |
| Fixed assets | 21/28 | €101,121 | €83,871 | -€17,250 | -17.1% |
| Tangible fixed assets | 22/27 | €101,121 | €83,871 | -€17,250 | -17.1% |
| Plant, machinery and equipment | 23 | €1,069 | €1,706 | +€637 | +59.6% |
| Furniture and vehicles | 24 | €53,377 | €34,501 | -€18,876 | -35.4% |
| Other tangible fixed assets | 26 | €46,675 | €47,664 | +€989 | +2.1% |
| Current assets | 29/58 | €117,141 | €120,686 | +€3,545 | +3.0% |
| Amounts receivable within one year | 40/41 | €19,739 | €16,876 | -€2,863 | -14.5% |
| Trade receivables | 40 | €15,287 | - | -€15,287 | |
| Other amounts receivable | 41 | €4,452 | €16,876 | +€12,424 | +279% |
| Current investments | 50/53 | €40,000 | €40,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €57,402 | €63,810 | +€6,408 | +11.2% |
| Total equity and liabilities | 10/49 | €218,262 | €204,557 | -€13,705 | -6.3% |
| Equity | 10/15 | €62,344 | €96,309 | +€33,965 | +54.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €60,344 | €94,309 | +€33,965 | +56.3% |
| Distributable reserves | 133 | €60,344 | €94,309 | +€33,965 | +56.3% |
| Amounts payable | 17/49 | €155,918 | €108,248 | -€47,670 | -30.6% |
| Amounts payable after more than one year | 17 | €90,583 | €72,407 | -€18,176 | -20.1% |
| Financial debts | 170/4 | €90,583 | €72,407 | -€18,176 | -20.1% |
| Amounts payable within one year | 42/48 | €65,335 | €35,841 | -€29,494 | -45.1% |
| Current portion of amounts payable after more than one year | 42 | €17,305 | €18,175 | +€870 | +5.0% |
| Trade debts | 44 | €8,499 | €1,770 | -€6,729 | -79.2% |
| Suppliers | 440/4 | €8,499 | €1,770 | -€6,729 | -79.2% |
| Taxes, remuneration and social security | 45 | €33,142 | €15,896 | -€17,246 | -52.0% |
| Taxes | 450/3 | €33,142 | €15,896 | -€17,246 | -52.0% |
| Other amounts payable | 47/48 | €6,389 | - | -€6,389 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,270 | €27,505 | +€9,235 | +50.5% |
| Other operating charges | 640/8 | €789 | €1,035 | +€246 | +31.2% |
| Gross operating margin | 9900 | €86,930 | €82,524 | -€4,406 | -5.1% |
| Operating profit (loss) | 9901 | €67,871 | €53,984 | -€13,887 | -20.5% |
| Financial income | 75/76B | €1,542 | €1,753 | +€211 | +13.7% |
| Recurring financial income | 75 | €1,542 | €1,753 | +€211 | +13.7% |
| Financial charges | 65/66B | €2,744 | €4,995 | +€2,251 | +82.0% |
| Recurring financial charges | 65 | €2,744 | €4,995 | +€2,251 | +82.0% |
| Profit (loss) for the period before taxes | 9903 | €66,669 | €50,742 | -€15,927 | -23.9% |
| Income taxes | 67/77 | €20,021 | €16,777 | -€3,244 | -16.2% |
| Profit (loss) for the period | 9904 | €46,648 | €33,965 | -€12,683 | -27.2% |
| Profit (loss) for the period to be appropriated | 9905 | €46,648 | €33,965 | -€12,683 | -27.2% |
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 24 October 2026 via checked.be.