Dr. Danielle Hernalsteen: 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. Danielle Hernalsteen
Largest movements
- Deferred charges and accrued income +€194,065
up €194,065 (+2,985%), from €6,502 to €200,568
- Cash -€163,829
down €163,829 (-37.9%), from €432,578 to €268,750
mainly Deferred charges and accrued income (-€194,065) and Receivables within one year (-€126,213)
- Receivables within one year +€126,213
up €126,213 (+564%), from €22,364 to €148,578
of which Other amounts receivable: +€124,127
- Current investments +€117,072
up €117,072 (+91.4%), from €128,049 to €245,121
- Receivables after one year -€30,000
down €30,000 (-25.0%), from €120,000 to €90,000
- Reserves +€244,715
up €244,715 (+45.2%), from €540,990 to €785,705
- Tax, wage and social debts +€30,848
up €30,848 (+39.4%), from €78,343 to €109,191
- Other debts -€27,692
down €27,692 (-35.9%), from €77,154 to €49,461
- Gross operating margin +€118,688
up €118,688 (+41.0%), from €289,199 to €407,887
- Taxes +€39,144
up €39,144 (+43.1%), from €90,830 to €129,974
- Financial income +€13,983
up €13,983 (+206%), from €6,803 to €20,786
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 | €709,494 | €957,763 | +€248,269 | +35.0% |
| Fixed assets | 21/28 | - | €4,747 | +€4,747 | |
| Tangible fixed assets | 22/27 | - | €4,747 | +€4,747 | |
| Furniture and vehicles | 24 | - | €4,747 | +€4,747 | |
| Current assets | 29/58 | €709,494 | €953,016 | +€243,523 | +34.3% |
| Amounts receivable after more than one year | 29 | €120,000 | €90,000 | -€30,000 | -25.0% |
| Trade receivables | 290 | €120,000 | €90,000 | -€30,000 | -25.0% |
| Amounts receivable within one year | 40/41 | €22,364 | €148,578 | +€126,213 | +564% |
| Trade receivables | 40 | - | €2,087 | +€2,087 | |
| Other amounts receivable | 41 | €22,364 | €146,491 | +€124,127 | +555% |
| Current investments | 50/53 | €128,049 | €245,121 | +€117,072 | +91.4% |
| Cash at bank and in hand | 54/58 | €432,578 | €268,750 | -€163,829 | -37.9% |
| Deferred charges and accrued income | 490/1 | €6,502 | €200,568 | +€194,065 | +2,985% |
| Total equity and liabilities | 10/49 | €709,494 | €957,763 | +€248,269 | +35.0% |
| Equity | 10/15 | €553,390 | €798,105 | +€244,715 | +44.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €540,990 | €785,705 | +€244,715 | +45.2% |
| Distributable reserves | 133 | €540,990 | €785,705 | +€244,715 | +45.2% |
| Amounts payable | 17/49 | €156,104 | €159,658 | +€3,554 | +2.3% |
| Amounts payable within one year | 42/48 | €156,104 | €159,658 | +€3,554 | +2.3% |
| Trade debts | 44 | €607 | €1,006 | +€399 | +65.8% |
| Suppliers | 440/4 | €607 | €1,006 | +€399 | +65.8% |
| Taxes, remuneration and social security | 45 | €78,343 | €109,191 | +€30,848 | +39.4% |
| Taxes | 450/3 | €78,343 | €109,191 | +€30,848 | +39.4% |
| Other amounts payable | 47/48 | €77,154 | €49,461 | -€27,692 | -35.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €354 | €53 | -€301 | -85.1% |
| Other operating charges | 640/8 | €849 | €769 | -€80 | -9.5% |
| Gross operating margin | 9900 | €289,199 | €407,887 | +€118,688 | +41.0% |
| Operating profit (loss) | 9901 | €287,995 | €407,065 | +€119,070 | +41.3% |
| Financial income | 75/76B | €6,803 | €20,786 | +€13,983 | +206% |
| Recurring financial income | 75 | €6,803 | €20,786 | +€13,983 | +206% |
| Financial charges | 65/66B | €1,951 | €3,701 | +€1,750 | +89.7% |
| Recurring financial charges | 65 | €1,951 | €3,701 | +€1,750 | +89.7% |
| Profit (loss) for the period before taxes | 9903 | €292,847 | €424,150 | +€131,303 | +44.8% |
| Income taxes | 67/77 | €90,830 | €129,974 | +€39,144 | +43.1% |
| Profit (loss) for the period | 9904 | €202,017 | €294,176 | +€92,159 | +45.6% |
| Profit (loss) for the period to be appropriated | 9905 | €202,017 | €294,176 | +€92,159 | +45.6% |
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 24 October 2026 via checked.be.