DR B.HEYNEN: 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 B.HEYNEN
Largest movements
- Cash +€125,630
up €125,630 (+106%), from €118,821 to €244,451
mainly Net result for the year (+€109,407) and Other debts (+€84,405)
- Receivables within one year -€34,828
down €34,828 (-88.1%), from €39,525 to €4,696
- Current investments +€12,360
up €12,360 (+79.7%), from €15,510 to €27,870
- Tangible fixed assets -€8,294
down €8,294 (-21.3%), from €39,028 to €30,735
of which Plant, machinery and equipment: -€4,254
- Other debts +€84,405
new in 2025: €84,405
- Tax, wage and social debts +€28,974
new in 2025: €28,974
- Reserves -€15,081
down €15,081 (-5.5%), from €276,235 to €261,154
- Taxes +€26,446
up €26,446 (+121%), from €21,804 to €48,250
- Financial charges -€19,026
down €19,026 (-21.4%), from €88,815 to €69,789
- Gross operating margin +€10,217
up €10,217 (+4.5%), from €227,470 to €237,687
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 | €290,975 | €387,100 | +€96,125 | +33.0% |
| Fixed assets | 21/28 | €39,028 | €30,735 | -€8,294 | -21.3% |
| Tangible fixed assets | 22/27 | €39,028 | €30,735 | -€8,294 | -21.3% |
| Plant, machinery and equipment | 23 | €27,133 | €22,879 | -€4,254 | -15.7% |
| Furniture and vehicles | 24 | €11,475 | €7,436 | -€4,039 | -35.2% |
| Other tangible fixed assets | 26 | €420 | €420 | = | 0.0% |
| Current assets | 29/58 | €251,947 | €356,366 | +€104,419 | +41.4% |
| Amounts receivable within one year | 40/41 | €39,525 | €4,696 | -€34,828 | -88.1% |
| Other amounts receivable | 41 | €39,525 | €4,696 | -€34,828 | -88.1% |
| Current investments | 50/53 | €15,510 | €27,870 | +€12,360 | +79.7% |
| Cash at bank and in hand | 54/58 | €118,821 | €244,451 | +€125,630 | +106% |
| Deferred charges and accrued income | 490/1 | €78,091 | €79,348 | +€1,257 | +1.6% |
| Total equity and liabilities | 10/49 | €290,975 | €387,100 | +€96,125 | +33.0% |
| Equity | 10/15 | €288,635 | €273,554 | -€15,081 | -5.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Contributions outside capital | 11 | €12,400 | €12,400 | = | 0.0% |
| Share premium | 1100/10 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €276,235 | €261,154 | -€15,081 | -5.5% |
| Distributable reserves | 133 | €276,235 | €261,154 | -€15,081 | -5.5% |
| Amounts payable | 17/49 | €2,341 | €113,546 | +€111,205 | +4,751% |
| Amounts payable within one year | 42/48 | €2,341 | €113,546 | +€111,205 | +4,751% |
| Trade debts | 44 | €2,341 | €167 | -€2,174 | -92.9% |
| Suppliers | 440/4 | €2,341 | €167 | -€2,174 | -92.9% |
| Taxes, remuneration and social security | 45 | - | €28,974 | +€28,974 | |
| Taxes | 450/3 | - | €28,974 | +€28,974 | |
| Other amounts payable | 47/48 | - | €84,405 | +€84,405 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,725 | €8,294 | +€1,569 | +23.3% |
| Other operating charges | 640/8 | €1,618 | €1,947 | +€329 | +20.3% |
| Gross operating margin | 9900 | €227,470 | €237,687 | +€10,217 | +4.5% |
| Operating profit (loss) | 9901 | €219,127 | €227,446 | +€8,320 | +3.8% |
| Financial income | 75/76B | €2,357 | €0 | -€2,357 | -100.0% |
| Recurring financial income | 75 | €2,357 | €0 | -€2,357 | -100.0% |
| Financial charges | 65/66B | €88,815 | €69,789 | -€19,026 | -21.4% |
| Recurring financial charges | 65 | €88,815 | €69,789 | -€19,026 | -21.4% |
| Profit (loss) for the period before taxes | 9903 | €132,669 | €157,657 | +€24,988 | +18.8% |
| Income taxes | 67/77 | €21,804 | €48,250 | +€26,446 | +121% |
| Profit (loss) for the period | 9904 | €110,865 | €109,407 | -€1,458 | -1.3% |
| Transfer from tax-exempt reserves | 789 | €31,579 | - | -€31,579 | |
| Profit (loss) for the period to be appropriated | 9905 | €142,444 | €109,407 | -€33,036 | -23.2% |
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 18 October 2026 via checked.be.