DR. GERRY HURKENS: 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. GERRY HURKENS
Largest movements
- Cash +€115,675
up €115,675 (+59.7%), from €193,673 to €309,348
mainly Net result for the year (+€121,526) and Tax, wage and social debts (+€31,728)
- Deferred charges and accrued income +€28,833
up €28,833 (+359%), from €8,038 to €36,871
- Receivables within one year +€27,472
up €27,472 (+109%), from €25,207 to €52,679
of which Other amounts receivable: +€24,618
- Tangible fixed assets -€15,467
down €15,467 (-5.2%), from €295,362 to €279,895
of which Land and buildings: -€8,900
- Reserves +€121,526
up €121,526 (+23.6%), from €514,216 to €635,742
of which Distributable reserves: +€123,744
- Tax, wage and social debts +€31,728
new in 2026: €31,728
- Gross operating margin +€50,448
up €50,448 (+35.4%), from €142,591 to €193,039
- Taxes +€21,998
up €21,998 (+65.2%), from €33,730 to €55,728
- Depreciation -€14,838
down €14,838 (-53.0%), from €27,982 to €13,144
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €522,281 | €678,793 | +€156,513 | +30.0% |
| Fixed assets | 21/28 | €295,362 | €279,895 | -€15,467 | -5.2% |
| Tangible fixed assets | 22/27 | €295,362 | €279,895 | -€15,467 | -5.2% |
| Land and buildings | 22 | €272,505 | €263,604 | -€8,900 | -3.3% |
| Plant, machinery and equipment | 23 | €7,740 | €5,061 | -€2,679 | -34.6% |
| Furniture and vehicles | 24 | €9,132 | €6,314 | -€2,819 | -30.9% |
| Other tangible fixed assets | 26 | €5,985 | €4,916 | -€1,069 | -17.9% |
| Current assets | 29/58 | €226,919 | €398,899 | +€171,980 | +75.8% |
| Amounts receivable within one year | 40/41 | €25,207 | €52,679 | +€27,472 | +109% |
| Trade receivables | 40 | €0 | €2,854 | +€2,854 | |
| Other amounts receivable | 41 | €25,207 | €49,825 | +€24,618 | +97.7% |
| Cash at bank and in hand | 54/58 | €193,673 | €309,348 | +€115,675 | +59.7% |
| Deferred charges and accrued income | 490/1 | €8,038 | €36,871 | +€28,833 | +359% |
| Total equity and liabilities | 10/49 | €522,281 | €678,793 | +€156,513 | +30.0% |
| Equity | 10/15 | €520,416 | €641,942 | +€121,526 | +23.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €514,216 | €635,742 | +€121,526 | +23.6% |
| Tax-exempt reserves | 132 | €2,218 | €0 | -€2,218 | -100% |
| Distributable reserves | 133 | €511,998 | €635,742 | +€123,744 | +24.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,865 | €36,851 | +€34,986 | +1,876% |
| Amounts payable within one year | 42/48 | €1,865 | €36,851 | +€34,986 | +1,876% |
| Financial debts | 43 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €1,865 | €5,123 | +€3,258 | +175% |
| Suppliers | 440/4 | €1,865 | €5,123 | +€3,258 | +175% |
| Taxes, remuneration and social security | 45 | - | €31,728 | +€31,728 | |
| Taxes | 450/3 | - | €31,728 | +€31,728 | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,982 | €13,144 | -€14,838 | -53.0% |
| Other operating charges | 640/8 | €1,883 | €1,996 | +€113 | +6.0% |
| Non-recurring operating charges | 66A | - | €2,324 | +€2,324 | |
| Gross operating margin | 9900 | €142,591 | €193,039 | +€50,448 | +35.4% |
| Operating profit (loss) | 9901 | €112,726 | €175,576 | +€62,850 | +55.8% |
| Financial income | 75/76B | €877 | €1,732 | +€855 | +97.6% |
| Recurring financial income | 75 | €877 | €1,732 | +€855 | +97.6% |
| Financial charges | 65/66B | €77 | €54 | -€23 | -29.9% |
| Recurring financial charges | 65 | €77 | €54 | -€23 | -29.9% |
| Profit (loss) for the period before taxes | 9903 | €113,526 | €177,254 | +€63,728 | +56.1% |
| Income taxes | 67/77 | €33,730 | €55,728 | +€21,998 | +65.2% |
| Profit (loss) for the period | 9904 | €79,796 | €121,526 | +€41,730 | +52.3% |
| Transfer from tax-exempt reserves | 789 | - | €2,218 | +€2,218 | |
| Profit (loss) for the period to be appropriated | 9905 | €79,796 | €123,744 | +€43,948 | +55.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.