DR FILIP VANHOENACKER: 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 VANHOENACKER
Largest movements
- Cash -€62,293
down €62,293 (-32.8%), from €189,641 to €127,348
mainly Other debts (-€423,228) and Investment in fixed assets (net) (-€44,413)
- Tangible fixed assets +€40,492
up €40,492 (+948%), from €4,272 to €44,764
of which Furniture and vehicles: +€39,090
- Reserves +€430,702
up €430,702 (+24.8%), from €1.7m to €2.2m
- Other debts -€423,228
down €423,228 (-45.5%), from €931,047 to €507,819
- Taxes +€52,848
up €52,848 (+32.2%), from €164,050 to €216,899
- Financial income +€31,154
up €31,154 (+54.6%), from €57,082 to €88,237
- Gross operating margin +€22,083
up €22,083 (+3.9%), from €565,611 to €587,694
- Financial charges -€14,326
down €14,326 (-38.4%), from €37,343 to €23,017
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 | €2,769,688 | €2,783,160 | +€13,472 | +0.5% |
| Fixed assets | 21/28 | €4,272 | €44,764 | +€40,492 | +948% |
| Tangible fixed assets | 22/27 | €4,272 | €44,764 | +€40,492 | +948% |
| Land and buildings | 22 | €2,145 | €1,430 | -€715 | -33.3% |
| Plant, machinery and equipment | 23 | - | €2,473 | +€2,473 | |
| Furniture and vehicles | 24 | €339 | €39,429 | +€39,090 | +11,529% |
| Other tangible fixed assets | 26 | €1,788 | €1,432 | -€356 | -19.9% |
| Current assets | 29/58 | €2,765,417 | €2,738,396 | -€27,020 | -1.0% |
| Current investments | 50/53 | €2,381,331 | €2,407,868 | +€26,537 | +1.1% |
| Cash at bank and in hand | 54/58 | €189,641 | €127,348 | -€62,293 | -32.8% |
| Deferred charges and accrued income | 490/1 | €194,444 | €203,181 | +€8,736 | +4.5% |
| Total equity and liabilities | 10/49 | €2,769,688 | €2,783,160 | +€13,472 | +0.5% |
| Equity | 10/15 | €1,758,676 | €2,189,378 | +€430,702 | +24.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,740,076 | €2,170,778 | +€430,702 | +24.8% |
| Distributable reserves | 133 | €1,740,076 | €2,170,778 | +€430,702 | +24.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,011,012 | €593,782 | -€417,230 | -41.3% |
| Amounts payable within one year | 42/48 | €987,686 | €566,805 | -€420,881 | -42.6% |
| Trade debts | 44 | €914 | €0 | -€914 | -100% |
| Suppliers | 440/4 | €914 | €0 | -€914 | -100% |
| Taxes, remuneration and social security | 45 | €55,725 | €58,986 | +€3,261 | +5.9% |
| Taxes | 450/3 | €55,725 | €58,986 | +€3,261 | +5.9% |
| Other amounts payable | 47/48 | €931,047 | €507,819 | -€423,228 | -45.5% |
| Accrued charges and deferred income | 492/3 | €23,327 | €26,977 | +€3,650 | +15.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,721 | €3,921 | +€1,200 | +44.1% |
| Other operating charges | 640/8 | €1,881 | €1,393 | -€488 | -25.9% |
| Gross operating margin | 9900 | €565,611 | €587,694 | +€22,083 | +3.9% |
| Operating profit (loss) | 9901 | €561,010 | €582,381 | +€21,371 | +3.8% |
| Financial income | 75/76B | €57,082 | €88,237 | +€31,154 | +54.6% |
| Recurring financial income | 75 | €57,082 | €88,237 | +€31,154 | +54.6% |
| Financial charges | 65/66B | €37,343 | €23,017 | -€14,326 | -38.4% |
| Recurring financial charges | 65 | €37,343 | €23,017 | -€14,326 | -38.4% |
| Profit (loss) for the period before taxes | 9903 | €580,749 | €647,601 | +€66,852 | +11.5% |
| Income taxes | 67/77 | €164,050 | €216,899 | +€52,848 | +32.2% |
| Profit (loss) for the period | 9904 | €416,699 | €430,702 | +€14,003 | +3.4% |
| Profit (loss) for the period to be appropriated | 9905 | €416,699 | €430,702 | +€14,003 | +3.4% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.