DR.D.HEYVAERT: 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.D.HEYVAERT
Largest movements
- Cash +€105,437
up €105,437 (+159%), from €66,157 to €171,594
mainly Current investments (+€92,510) and Net result for the year (+€84,729)
- Current investments -€92,510
down €92,510 (-18.6%), from €496,279 to €403,769
- Tangible fixed assets +€67,257
up €67,257 (+3,771%), from €1,783 to €69,040
of which Furniture and vehicles: +€67,411
- Reserves +€84,729
up €84,729 (+17.3%), from €489,246 to €573,975
- Other debts -€8,433
down €8,433 (-47.6%), from €17,718 to €9,285
- Financial charges +€8,108
up €8,108, from -€4,082 to €4,026
- Financial income +€7,646
up €7,646 (+80.0%), from €9,556 to €17,202
- Taxes -€3,134
down €3,134 (-9.8%), from €31,837 to €28,704
- Gross operating margin -€1,876
down €1,876 (-1.8%), from €106,001 to €104,125
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 | €572,781 | €652,308 | +€79,527 | +13.9% |
| Fixed assets | 21/28 | €1,802 | €69,058 | +€67,257 | +3,733% |
| Tangible fixed assets | 22/27 | €1,783 | €69,040 | +€67,257 | +3,771% |
| Plant, machinery and equipment | 23 | - | €577 | +€577 | |
| Furniture and vehicles | 24 | €553 | €67,963 | +€67,411 | +12,196% |
| Other tangible fixed assets | 26 | €1,231 | €499 | -€731 | -59.4% |
| Financial fixed assets | 28 | €19 | €19 | = | 0.0% |
| Current assets | 29/58 | €570,979 | €583,249 | +€12,271 | +2.1% |
| Current investments | 50/53 | €496,279 | €403,769 | -€92,510 | -18.6% |
| Cash at bank and in hand | 54/58 | €66,157 | €171,594 | +€105,437 | +159% |
| Deferred charges and accrued income | 490/1 | €8,542 | €7,887 | -€656 | -7.7% |
| Total equity and liabilities | 10/49 | €572,781 | €652,308 | +€79,527 | +13.9% |
| Equity | 10/15 | €539,462 | €624,191 | +€84,729 | +15.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €489,246 | €573,975 | +€84,729 | +17.3% |
| Distributable reserves | 133 | €489,246 | €573,975 | +€84,729 | +17.3% |
| Profit (loss) carried forward | 14 | €31,616 | €31,616 | = | 0.0% |
| Amounts payable | 17/49 | €33,318 | €28,116 | -€5,202 | -15.6% |
| Amounts payable within one year | 42/48 | €32,269 | €27,293 | -€4,976 | -15.4% |
| Trade debts | 44 | €5,213 | €4,753 | -€460 | -8.8% |
| Suppliers | 440/4 | €5,213 | €4,753 | -€460 | -8.8% |
| Taxes, remuneration and social security | 45 | €9,338 | €13,255 | +€3,917 | +41.9% |
| Taxes | 450/3 | €9,338 | €13,255 | +€3,917 | +41.9% |
| Other amounts payable | 47/48 | €17,718 | €9,285 | -€8,433 | -47.6% |
| Accrued charges and deferred income | 492/3 | €1,049 | €823 | -€226 | -21.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,352 | €2,321 | +€969 | +71.7% |
| Other operating charges | 640/8 | €1,583 | €1,547 | -€36 | -2.2% |
| Gross operating margin | 9900 | €106,001 | €104,125 | -€1,876 | -1.8% |
| Operating profit (loss) | 9901 | €103,067 | €100,257 | -€2,810 | -2.7% |
| Financial income | 75/76B | €9,556 | €17,202 | +€7,646 | +80.0% |
| Recurring financial income | 75 | €9,556 | €17,202 | +€7,646 | +80.0% |
| Financial charges | 65/66B | -€4,082 | €4,026 | +€8,108 | |
| Recurring financial charges | 65 | -€4,082 | €4,026 | +€8,108 | |
| Profit (loss) for the period before taxes | 9903 | €116,705 | €113,433 | -€3,272 | -2.8% |
| Income taxes | 67/77 | €31,837 | €28,704 | -€3,134 | -9.8% |
| Profit (loss) for the period | 9904 | €84,867 | €84,729 | -€138 | -0.2% |
| Profit (loss) for the period to be appropriated | 9905 | €84,867 | €84,729 | -€138 | -0.2% |
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 27 October 2026 via checked.be.