DR. E. VAN DER HAUWAERT: 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. E. VAN DER HAUWAERT
Largest movements
- Current investments +€88,670
up €88,670 (+26.8%), from €330,348 to €419,017
- Tangible fixed assets +€60,918
up €60,918 (+9.9%), from €613,481 to €674,399
of which Furniture and vehicles: +€79,503
- Cash -€30,061
down €30,061 (-11.3%), from €266,801 to €236,740
mainly Current investments (-€88,670) and Investment in fixed assets (net) (-€88,272)
- Reserves +€241,227
up €241,227 (+27.3%), from €883,011 to €1.1m
of which Distributable reserves: +€135,977
- Current portion of long-term debt -€61,567
down €61,567 (-83.2%), from €74,026 to €12,459
- Trade debts -€27,591
down €27,591 (-76.6%), from €36,019 to €8,428
- Other debts -€19,096
down €19,096 (-8.8%), from €215,867 to €196,772
- Gross operating margin +€117,025
up €117,025 (+32.7%), from €357,571 to €474,596
- Financial charges +€53,519
up €53,519 (+76.4%), from €70,079 to €123,598
- Financial income +€12,056
up €12,056 (+186%), from €6,488 to €18,543
- Depreciation +€8,332
up €8,332 (+43.8%), from €19,022 to €27,354
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 | €1,238,473 | €1,370,148 | +€131,675 | +10.6% |
| Fixed assets | 21/28 | €613,543 | €674,461 | +€60,918 | +9.9% |
| Tangible fixed assets | 22/27 | €613,481 | €674,399 | +€60,918 | +9.9% |
| Land and buildings | 22 | €599,942 | €583,364 | -€16,578 | -2.8% |
| Plant, machinery and equipment | 23 | €5,600 | €3,593 | -€2,007 | -35.8% |
| Furniture and vehicles | 24 | €7,939 | €87,442 | +€79,503 | +1,001% |
| Financial fixed assets | 28 | €62 | €62 | = | 0.0% |
| Current assets | 29/58 | €624,930 | €695,686 | +€70,757 | +11.3% |
| Amounts receivable within one year | 40/41 | €19,555 | €30,592 | +€11,037 | +56.4% |
| Trade receivables | 40 | €2,363 | - | -€2,363 | |
| Other amounts receivable | 41 | €17,192 | €30,592 | +€13,400 | +77.9% |
| Current investments | 50/53 | €330,348 | €419,017 | +€88,670 | +26.8% |
| Cash at bank and in hand | 54/58 | €266,801 | €236,740 | -€30,061 | -11.3% |
| Deferred charges and accrued income | 490/1 | €8,226 | €9,337 | +€1,112 | +13.5% |
| Total equity and liabilities | 10/49 | €1,238,473 | €1,370,148 | +€131,675 | +10.6% |
| Equity | 10/15 | €895,411 | €1,136,639 | +€241,227 | +26.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €883,011 | €1,124,239 | +€241,227 | +27.3% |
| Tax-exempt reserves | 132 | - | €105,250 | +€105,250 | |
| Distributable reserves | 133 | €883,011 | €1,018,989 | +€135,977 | +15.4% |
| Amounts payable | 17/49 | €343,061 | €233,509 | -€109,553 | -31.9% |
| Amounts payable after more than one year | 17 | €12,459 | - | -€12,459 | |
| Financial debts | 170/4 | €12,459 | - | -€12,459 | |
| Amounts payable within one year | 42/48 | €325,912 | €217,659 | -€108,254 | -33.2% |
| Current portion of amounts payable after more than one year | 42 | €74,026 | €12,459 | -€61,567 | -83.2% |
| Trade debts | 44 | €36,019 | €8,428 | -€27,591 | -76.6% |
| Suppliers | 440/4 | €36,019 | €8,428 | -€27,591 | -76.6% |
| Other amounts payable | 47/48 | €215,867 | €196,772 | -€19,096 | -8.8% |
| Accrued charges and deferred income | 492/3 | €4,691 | €15,850 | +€11,159 | +238% |
| Non-recurring operating income | 76A | €16,378 | - | -€16,378 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,022 | €27,354 | +€8,332 | +43.8% |
| Other operating charges | 640/8 | €9,345 | €8,831 | -€515 | -5.5% |
| Gross operating margin | 9900 | €357,571 | €474,596 | +€117,025 | +32.7% |
| Operating profit (loss) | 9901 | €329,204 | €438,411 | +€109,208 | +33.2% |
| Financial income | 75/76B | €6,488 | €18,543 | +€12,056 | +186% |
| Recurring financial income | 75 | €6,488 | €18,543 | +€12,056 | +186% |
| Financial charges | 65/66B | €70,079 | €123,598 | +€53,519 | +76.4% |
| Recurring financial charges | 65 | €70,079 | €123,598 | +€53,519 | +76.4% |
| Profit (loss) for the period before taxes | 9903 | €265,612 | €333,357 | +€67,745 | +25.5% |
| Income taxes | 67/77 | €88,891 | €92,130 | +€3,239 | +3.6% |
| Profit (loss) for the period | 9904 | €176,722 | €241,227 | +€64,506 | +36.5% |
| Transfer to tax-exempt reserves | 689 | - | €105,250 | +€105,250 | |
| Profit (loss) for the period to be appropriated | 9905 | €176,722 | €135,977 | -€40,744 | -23.1% |
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.