Dr. A. Vanhonsebrouck: 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.
Dr. A. Vanhonsebrouck
Largest movements
- Current investments +€25,741
up €25,741 (+257%), from €10,000 to €35,741
- Tangible fixed assets -€8,216
down €8,216 (-71.0%), from €11,574 to €3,359
of which Furniture and vehicles: -€5,650
- Cash -€6,251
down €6,251 (-25.1%), from €24,877 to €18,627
mainly Current investments (-€25,741) and Trade debts (-€3,404)
- Receivables within one year -€1,858
down €1,858 (-25.2%), from €7,379 to €5,520
of which Trade receivables: -€2,045
- Deferred charges and accrued income -€773
down €773 (-21.2%), from €3,640 to €2,867
- Reserves +€11,161
up €11,161 (+43.5%), from €25,628 to €36,789
- Debts after one year +€3,745
up €3,745 (+17.0%), from €22,007 to €25,752
- Trade debts -€3,404
down €3,404 (-88.1%), from €3,866 to €461
- Short-term financial debts -€2,376
no longer reported in 2025 (was €2,376)
- Depreciation -€8,956
down €8,956 (-70.2%), from €12,759 to €3,802
- Gross operating margin +€2,786
up €2,786 (+18.8%), from €14,793 to €17,579
- Financial income +€948
new in 2025: €948
- Financial charges +€374
up €374 (+120%), from €312 to €686
- Taxes +€358
up €358 (+17.9%), from €2,000 to €2,358
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 | €57,471 | €66,113 | +€8,643 | +15.0% |
| Fixed assets | 21/28 | €11,574 | €3,359 | -€8,216 | -71.0% |
| Tangible fixed assets | 22/27 | €11,574 | €3,359 | -€8,216 | -71.0% |
| Plant, machinery and equipment | 23 | €5,572 | €3,006 | -€2,566 | -46.0% |
| Furniture and vehicles | 24 | €6,003 | €353 | -€5,650 | -94.1% |
| Current assets | 29/58 | €45,896 | €62,755 | +€16,858 | +36.7% |
| Amounts receivable within one year | 40/41 | €7,379 | €5,520 | -€1,858 | -25.2% |
| Trade receivables | 40 | €7,379 | €5,333 | -€2,045 | -27.7% |
| Other amounts receivable | 41 | - | €187 | +€187 | |
| Current investments | 50/53 | €10,000 | €35,741 | +€25,741 | +257% |
| Cash at bank and in hand | 54/58 | €24,877 | €18,627 | -€6,251 | -25.1% |
| Deferred charges and accrued income | 490/1 | €3,640 | €2,867 | -€773 | -21.2% |
| Total equity and liabilities | 10/49 | €57,471 | €66,113 | +€8,643 | +15.0% |
| Equity | 10/15 | €28,628 | €39,789 | +€11,161 | +39.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €25,628 | €36,789 | +€11,161 | +43.5% |
| Distributable reserves | 133 | €25,628 | €36,789 | +€11,161 | +43.5% |
| Amounts payable | 17/49 | €28,843 | €26,325 | -€2,518 | -8.7% |
| Amounts payable after more than one year | 17 | €22,007 | €25,752 | +€3,745 | +17.0% |
| Other amounts payable | 178/9 | €22,007 | €25,752 | +€3,745 | +17.0% |
| Amounts payable within one year | 42/48 | €6,837 | €573 | -€6,263 | -91.6% |
| Financial debts | 43 | €2,376 | - | -€2,376 | |
| Credit institutions | 430/8 | €2,376 | - | -€2,376 | |
| Trade debts | 44 | €3,866 | €461 | -€3,404 | -88.1% |
| Suppliers | 440/4 | €3,866 | €461 | -€3,404 | -88.1% |
| Taxes, remuneration and social security | 45 | €595 | €112 | -€483 | -81.2% |
| Taxes | 450/3 | €594 | €111 | -€483 | -81.3% |
| Remuneration and social security | 454/9 | €1 | €1 | = | 0.0% |
| Non-recurring operating income | 76A | - | €19,587 | +€19,587 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,759 | €3,802 | -€8,956 | -70.2% |
| Other operating charges | 640/8 | €555 | €520 | -€36 | -6.4% |
| Gross operating margin | 9900 | €14,793 | €17,579 | +€2,786 | +18.8% |
| Operating profit (loss) | 9901 | €1,479 | €13,257 | +€11,778 | +796% |
| Financial income | 75/76B | - | €948 | +€948 | |
| Recurring financial income | 75 | - | €948 | +€948 | |
| Financial charges | 65/66B | €312 | €686 | +€374 | +120% |
| Recurring financial charges | 65 | €312 | €686 | +€374 | +120% |
| Profit (loss) for the period before taxes | 9903 | €1,167 | €13,519 | +€12,353 | +1,059% |
| Income taxes | 67/77 | €2,000 | €2,358 | +€358 | +17.9% |
| Profit (loss) for the period | 9904 | -€833 | €11,161 | +€11,994 | |
| Profit (loss) for the period to be appropriated | 9905 | -€833 | €11,161 | +€11,994 |
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 25 October 2026 via checked.be.