Dirk VAN HEUVEN: 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.
Dirk VAN HEUVEN
Largest movements
- Cash +€149,578
up €149,578 (+172%), from €86,854 to €236,433
mainly Net result for the year (+€131,173) and Current investments (+€88,771)
- Current investments -€88,771
down €88,771 (-10.5%), from €841,573 to €752,801
- Receivables within one year -€25,149
down €25,149 (-50.8%), from €49,507 to €24,358
of which Other amounts receivable: -€25,098
- Reserves +€131,173
up €131,173 (+15.4%), from €849,437 to €980,610
of which Distributable reserves: +€131,173
- Other debts -€88,832
down €88,832 (-18.9%), from €470,028 to €381,197
- Gross operating margin +€164,863
up €164,863 (+263%), from €62,624 to €227,487
- Taxes +€46,496
up €46,496 (+376%), from €12,354 to €58,850
- Depreciation -€6,202
down €6,202 (-12.0%), from €51,740 to €45,538
- Financial income +€5,973
up €5,973 (+64.9%), from €9,199 to €15,172
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 | €1,403,899 | €1,449,890 | +€45,991 | +3.3% |
| Fixed assets | 21/28 | €414,699 | €424,655 | +€9,957 | +2.4% |
| Tangible fixed assets | 22/27 | €414,699 | €424,655 | +€9,957 | +2.4% |
| Land and buildings | 22 | €405,573 | €363,080 | -€42,494 | -10.5% |
| Furniture and vehicles | 24 | €2,248 | €55,949 | +€53,700 | +2,389% |
| Other tangible fixed assets | 26 | €6,877 | €5,627 | -€1,250 | -18.2% |
| Current assets | 29/58 | €989,201 | €1,025,235 | +€36,034 | +3.6% |
| Amounts receivable within one year | 40/41 | €49,507 | €24,358 | -€25,149 | -50.8% |
| Trade receivables | 40 | €24,378 | €24,327 | -€51 | -0.2% |
| Other amounts receivable | 41 | €25,129 | €31 | -€25,098 | -99.9% |
| Current investments | 50/53 | €841,573 | €752,801 | -€88,771 | -10.5% |
| Cash at bank and in hand | 54/58 | €86,854 | €236,433 | +€149,578 | +172% |
| Deferred charges and accrued income | 490/1 | €11,266 | €11,642 | +€376 | +3.3% |
| Total equity and liabilities | 10/49 | €1,403,899 | €1,449,890 | +€45,991 | +3.3% |
| Equity | 10/15 | €899,782 | €1,030,155 | +€130,373 | +14.5% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Revaluation surpluses | 12 | €16,345 | €16,345 | = | 0.0% |
| Reserves | 13 | €849,437 | €980,610 | +€131,173 | +15.4% |
| Tax-exempt reserves | 132 | €84,200 | €84,200 | = | 0.0% |
| Distributable reserves | 133 | €765,237 | €896,410 | +€131,173 | +17.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €4,000 | €3,200 | -€800 | -20.0% |
| Provisions and deferred taxes | 16 | €1,000 | €800 | -€200 | -20.0% |
| Deferred taxes | 168 | €1,000 | €800 | -€200 | -20.0% |
| Amounts payable | 17/49 | €503,117 | €418,935 | -€84,182 | -16.7% |
| Amounts payable within one year | 42/48 | €503,117 | €418,935 | -€84,182 | -16.7% |
| Trade debts | 44 | €8,454 | €1,976 | -€6,478 | -76.6% |
| Suppliers | 440/4 | €8,454 | €1,976 | -€6,478 | -76.6% |
| Taxes, remuneration and social security | 45 | €24,635 | €35,762 | +€11,127 | +45.2% |
| Taxes | 450/3 | €24,635 | €35,762 | +€11,127 | +45.2% |
| Other amounts payable | 47/48 | €470,028 | €381,197 | -€88,832 | -18.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €10,000 | +€10,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,740 | €45,538 | -€6,202 | -12.0% |
| Other operating charges | 640/8 | €5,232 | €5,426 | +€194 | +3.7% |
| Non-recurring operating charges | 66A | - | €944 | +€944 | |
| Gross operating margin | 9900 | €62,624 | €227,487 | +€164,863 | +263% |
| Operating profit (loss) | 9901 | €5,652 | €175,580 | +€169,928 | +3,006% |
| Financial income | 75/76B | €9,199 | €15,172 | +€5,973 | +64.9% |
| Recurring financial income | 75 | €9,199 | €15,172 | +€5,973 | +64.9% |
| Financial charges | 65/66B | €976 | €929 | -€47 | -4.9% |
| Recurring financial charges | 65 | €976 | €929 | -€47 | -4.9% |
| Profit (loss) for the period before taxes | 9903 | €13,875 | €189,823 | +€175,948 | +1,268% |
| Transfer from deferred taxes | 780 | €200 | €200 | = | 0.0% |
| Income taxes | 67/77 | €12,354 | €58,850 | +€46,496 | +376% |
| Profit (loss) for the period | 9904 | €1,721 | €131,173 | +€129,452 | +7,521% |
| Transfer from tax-exempt reserves | 789 | €67,360 | €0 | -€67,360 | -100% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €69,081 | €131,173 | +€62,092 | +89.9% |
Source: filed annual accounts (NBB), financial years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.