Dr. Filip Honoré: 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. Filip Honoré
Largest movements
- Tangible fixed assets -€16,674
down €16,674 (-42.7%), from €39,054 to €22,379
of which Furniture and vehicles: -€13,772
- Cash +€6,955
up €6,955 (+4.3%), from €163,162 to €170,117
mainly Net result for the year (+€45,660) and Depreciation (+€16,674)
- Other debts -€4,993
down €4,993 (-89.4%), from €5,585 to €592
- Reserves -€3,320
down €3,320 (-1.2%), from €278,243 to €274,922
- Gross operating margin +€11,060
up €11,060 (+15.7%), from €70,660 to €81,720
- Taxes +€3,020
up €3,020 (+18.4%), from €16,374 to €19,394
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 | €329,891 | €322,040 | -€7,851 | -2.4% |
| Fixed assets | 21/28 | €39,055 | €22,380 | -€16,674 | -42.7% |
| Intangible fixed assets | 21 | €1 | €1 | = | 0.0% |
| Tangible fixed assets | 22/27 | €39,054 | €22,379 | -€16,674 | -42.7% |
| Furniture and vehicles | 24 | €31,573 | €17,802 | -€13,772 | -43.6% |
| Other tangible fixed assets | 26 | €7,480 | €4,578 | -€2,903 | -38.8% |
| Current assets | 29/58 | €290,836 | €299,659 | +€8,823 | +3.0% |
| Amounts receivable within one year | 40/41 | €180 | €700 | +€520 | +288% |
| Trade receivables | 40 | - | €700 | +€700 | |
| Other amounts receivable | 41 | €180 | €0 | -€180 | -100% |
| Current investments | 50/53 | €110,467 | €110,467 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €163,162 | €170,117 | +€6,955 | +4.3% |
| Deferred charges and accrued income | 490/1 | €17,027 | €18,376 | +€1,349 | +7.9% |
| Total equity and liabilities | 10/49 | €329,891 | €322,040 | -€7,851 | -2.4% |
| Equity | 10/15 | €316,643 | €313,322 | -€3,320 | -1.0% |
| Contributions | 10/11 | €38,400 | €38,400 | = | 0.0% |
| Reserves | 13 | €278,243 | €274,922 | -€3,320 | -1.2% |
| Distributable reserves | 133 | €278,243 | €274,922 | -€3,320 | -1.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €13,248 | €8,717 | -€4,531 | -34.2% |
| Amounts payable within one year | 42/48 | €12,975 | €8,717 | -€4,258 | -32.8% |
| Financial debts | 43 | - | €13 | +€13 | |
| Credit institutions | 430/8 | - | €13 | +€13 | |
| Trade debts | 44 | - | €277 | +€277 | |
| Suppliers | 440/4 | - | €277 | +€277 | |
| Taxes, remuneration and social security | 45 | €7,390 | €7,835 | +€445 | +6.0% |
| Taxes | 450/3 | €7,390 | €7,835 | +€445 | +6.0% |
| Other amounts payable | 47/48 | €5,585 | €592 | -€4,993 | -89.4% |
| Accrued charges and deferred income | 492/3 | €273 | €0 | -€273 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,136 | €16,674 | -€462 | -2.7% |
| Other operating charges | 640/8 | €755 | €1,103 | +€348 | +46.2% |
| Gross operating margin | 9900 | €70,660 | €81,720 | +€11,060 | +15.7% |
| Operating profit (loss) | 9901 | €52,769 | €63,942 | +€11,173 | +21.2% |
| Financial income | 75/76B | €742 | €1,111 | +€369 | +49.8% |
| Recurring financial income | 75 | €742 | €1,111 | +€369 | +49.8% |
| Financial charges | 65/66B | €132 | €0 | -€132 | -100.0% |
| Recurring financial charges | 65 | €132 | €0 | -€132 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €53,379 | €65,053 | +€11,674 | +21.9% |
| Income taxes | 67/77 | €16,374 | €19,394 | +€3,020 | +18.4% |
| Profit (loss) for the period | 9904 | €37,005 | €45,660 | +€8,655 | +23.4% |
| Profit (loss) for the period to be appropriated | 9905 | €37,005 | €45,660 | +€8,655 | +23.4% |
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 20 October 2026 via checked.be.