DR. DIRK VANHEMEL: 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. DIRK VANHEMEL
Largest movements
- Cash +€283,318
up €283,318 (+42.6%), from €665,599 to €948,917
mainly Other debts (+€416,066) and Net result for the year (+€365,374)
- Financial fixed assets -€60,745
down €60,745 (-100.0%), from €60,775 to €30
- Other debts +€416,066
up €416,066 (+306%), from €136,128 to €552,194
- Reserves -€240,626
down €240,626 (-13.2%), from €1.8m to €1.6m
- Current portion of long-term debt -€42,655
no longer reported in 2025 (was €42,655)
- Short-term financial debts +€42,463
new in 2025: €42,463
- Tax, wage and social debts +€24,688
up €24,688 (+72.7%), from €33,939 to €58,627
of which Taxes: +€29,494
- Gross operating margin +€12,492
up €12,492 (+2.4%), from €521,210 to €533,701
- Taxes +€11,585
up €11,585 (+7.4%), from €155,997 to €167,582
- Financial income +€9,882
up €9,882 (+60.2%), from €16,412 to €26,294
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 | €2,038,813 | €2,244,673 | +€205,860 | +10.1% |
| Fixed assets | 21/28 | €106,688 | €34,585 | -€72,104 | -67.6% |
| Tangible fixed assets | 22/27 | €45,913 | €34,555 | -€11,359 | -24.7% |
| Land and buildings | 22 | €40,868 | €30,098 | -€10,770 | -26.4% |
| Plant, machinery and equipment | 23 | €2,018 | €4,008 | +€1,990 | +98.6% |
| Furniture and vehicles | 24 | €3,028 | €450 | -€2,578 | -85.2% |
| Financial fixed assets | 28 | €60,775 | €30 | -€60,745 | -100.0% |
| Current assets | 29/58 | €1,932,124 | €2,210,088 | +€277,964 | +14.4% |
| Amounts receivable after more than one year | 29 | - | €0 | = | |
| Other amounts receivable | 291 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | - | €1,991 | +€1,991 | |
| Trade receivables | 40 | - | €151 | +€151 | |
| Other amounts receivable | 41 | - | €1,840 | +€1,840 | |
| Current investments | 50/53 | €1,264,834 | €1,256,577 | -€8,257 | -0.7% |
| Cash at bank and in hand | 54/58 | €665,599 | €948,917 | +€283,318 | +42.6% |
| Deferred charges and accrued income | 490/1 | €1,691 | €2,604 | +€912 | +53.9% |
| Total equity and liabilities | 10/49 | €2,038,813 | €2,244,673 | +€205,860 | +10.1% |
| Equity | 10/15 | €1,825,556 | €1,584,930 | -€240,626 | -13.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,819,356 | €1,578,730 | -€240,626 | -13.2% |
| Distributable reserves | 133 | €1,819,356 | €1,578,730 | -€240,626 | -13.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €213,257 | €659,743 | +€446,486 | +209% |
| Amounts payable within one year | 42/48 | €213,257 | €659,743 | +€446,486 | +209% |
| Current portion of amounts payable after more than one year | 42 | €42,655 | - | -€42,655 | |
| Financial debts | 43 | - | €42,463 | +€42,463 | |
| Credit institutions | 430/8 | - | €42,463 | +€42,463 | |
| Trade debts | 44 | €535 | €6,458 | +€5,924 | +1,108% |
| Suppliers | 440/4 | €535 | €6,458 | +€5,924 | +1,108% |
| Taxes, remuneration and social security | 45 | €33,939 | €58,627 | +€24,688 | +72.7% |
| Taxes | 450/3 | €29,133 | €58,627 | +€29,494 | +101% |
| Remuneration and social security | 454/9 | €4,805 | €0 | -€4,805 | -100% |
| Other amounts payable | 47/48 | €136,128 | €552,194 | +€416,066 | +306% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,181 | €14,707 | -€474 | -3.1% |
| Other operating charges | 640/8 | €6,009 | €5,988 | -€21 | -0.4% |
| Gross operating margin | 9900 | €521,210 | €533,701 | +€12,492 | +2.4% |
| Operating profit (loss) | 9901 | €500,020 | €513,007 | +€12,987 | +2.6% |
| Financial income | 75/76B | €16,412 | €26,294 | +€9,882 | +60.2% |
| Recurring financial income | 75 | €16,412 | €26,294 | +€9,882 | +60.2% |
| Financial charges | 65/66B | €7,048 | €6,345 | -€703 | -10.0% |
| Recurring financial charges | 65 | €7,048 | €6,345 | -€703 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | €509,384 | €532,956 | +€23,572 | +4.6% |
| Income taxes | 67/77 | €155,997 | €167,582 | +€11,585 | +7.4% |
| Profit (loss) for the period | 9904 | €353,387 | €365,374 | +€11,987 | +3.4% |
| Profit (loss) for the period to be appropriated | 9905 | €353,387 | €365,374 | +€11,987 | +3.4% |
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 19 October 2026 via checked.be.