DR. ANKE VAN HERCK: 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. ANKE VAN HERCK
Largest movements
- Cash +€123,647
up €123,647 (+274%), from €45,165 to €168,812
mainly Net result for the year (+€137,182) and Tax, wage and social debts (+€42,582)
- Receivables within one year +€59,551
up €59,551 (+64.0%), from €93,102 to €152,652
- Tangible fixed assets -€11,964
down €11,964 (-25.9%), from €46,265 to €34,300
- Reserves +€137,182
up €137,182 (+133%), from €103,012 to €240,194
- Tax, wage and social debts +€42,582
up €42,582 (+136%), from €31,353 to €73,935
- Debts after one year -€11,985
down €11,985 (-32.9%), from €36,474 to €24,489
- Gross operating margin +€53,859
up €53,859 (+37.8%), from €142,574 to €196,434
- Taxes +€13,605
up €13,605 (+46.8%), from €29,043 to €42,648
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 | €186,126 | €356,496 | +€170,369 | +91.5% |
| Fixed assets | 21/28 | €46,265 | €34,300 | -€11,964 | -25.9% |
| Tangible fixed assets | 22/27 | €46,265 | €34,300 | -€11,964 | -25.9% |
| Furniture and vehicles | 24 | €46,265 | €34,300 | -€11,964 | -25.9% |
| Current assets | 29/58 | €139,862 | €322,195 | +€182,334 | +130% |
| Amounts receivable within one year | 40/41 | €93,102 | €152,652 | +€59,551 | +64.0% |
| Other amounts receivable | 41 | €93,102 | €152,652 | +€59,551 | +64.0% |
| Cash at bank and in hand | 54/58 | €45,165 | €168,812 | +€123,647 | +274% |
| Deferred charges and accrued income | 490/1 | €1,595 | €732 | -€864 | -54.1% |
| Total equity and liabilities | 10/49 | €186,126 | €356,496 | +€170,369 | +91.5% |
| Equity | 10/15 | €105,512 | €242,694 | +€137,182 | +130% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €103,012 | €240,194 | +€137,182 | +133% |
| Distributable reserves | 133 | €103,012 | €240,194 | +€137,182 | +133% |
| Amounts payable | 17/49 | €80,615 | €113,802 | +€33,187 | +41.2% |
| Amounts payable after more than one year | 17 | €36,474 | €24,489 | -€11,985 | -32.9% |
| Financial debts | 170/4 | €36,474 | €24,489 | -€11,985 | -32.9% |
| Amounts payable within one year | 42/48 | €43,215 | €89,313 | +€46,098 | +107% |
| Current portion of amounts payable after more than one year | 42 | €11,472 | €11,985 | +€513 | +4.5% |
| Trade debts | 44 | €390 | €3,393 | +€3,003 | +771% |
| Suppliers | 440/4 | €390 | €3,393 | +€3,003 | +771% |
| Taxes, remuneration and social security | 45 | €31,353 | €73,935 | +€42,582 | +136% |
| Taxes | 450/3 | €31,353 | €73,935 | +€42,582 | +136% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €926 | €0 | -€926 | -100% |
| Remuneration, social security and pensions | 62 | €768 | €2,669 | +€1,901 | +248% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,964 | €11,964 | = | 0.0% |
| Other operating charges | 640/8 | €829 | €1,040 | +€211 | +25.4% |
| Gross operating margin | 9900 | €142,574 | €196,434 | +€53,859 | +37.8% |
| Operating profit (loss) | 9901 | €129,013 | €180,760 | +€51,748 | +40.1% |
| Financial income | 75/76B | €314 | €1,146 | +€832 | +265% |
| Recurring financial income | 75 | €314 | €1,146 | +€832 | +265% |
| Financial charges | 65/66B | €2,553 | €2,077 | -€476 | -18.6% |
| Recurring financial charges | 65 | €2,553 | €2,077 | -€476 | -18.6% |
| Profit (loss) for the period before taxes | 9903 | €126,775 | €179,830 | +€53,056 | +41.9% |
| Income taxes | 67/77 | €29,043 | €42,648 | +€13,605 | +46.8% |
| Profit (loss) for the period | 9904 | €97,732 | €137,182 | +€39,451 | +40.4% |
| Profit (loss) for the period to be appropriated | 9905 | €97,732 | €137,182 | +€39,451 | +40.4% |
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 16 October 2026 via checked.be.