Dr. H.D. Corver: 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. H.D. Corver
Largest movements
- Tangible fixed assets -€39,391
down €39,391 (-15.8%), from €249,223 to €209,831
of which Plant, machinery and equipment: -€20,461
- Cash +€4,386
up €4,386 (+16.6%), from €26,476 to €30,861
mainly Depreciation (+€41,990) and Net result for the year (+€36,404)
- Other debts -€53,419
down €53,419 (-25.3%), from €210,786 to €157,366
- Profit (loss) carried forward +€36,404
up €36,404 (+60.2%), from -€60,434 to -€24,030
- Debts after one year -€29,624
down €29,624 (-52.4%), from €56,491 to €26,867
- Trade debts +€10,495
up €10,495 (+228%), from €4,602 to €15,096
- Gross operating margin +€12,230
up €12,230 (+16.8%), from €72,840 to €85,070
- Depreciation +€7,991
up €7,991 (+23.5%), from €33,999 to €41,990
- Financial charges +€3,233
up €3,233 (+209%), from €1,544 to €4,777
of which Non-recurring financial charges: +€3,100
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 | €281,269 | €246,008 | -€35,262 | -12.5% |
| Fixed assets | 21/28 | €249,223 | €209,831 | -€39,391 | -15.8% |
| Tangible fixed assets | 22/27 | €249,223 | €209,831 | -€39,391 | -15.8% |
| Land and buildings | 22 | €167,866 | €158,118 | -€9,749 | -5.8% |
| Plant, machinery and equipment | 23 | €36,215 | €15,754 | -€20,461 | -56.5% |
| Furniture and vehicles | 24 | €45,141 | €35,960 | -€9,181 | -20.3% |
| Current assets | 29/58 | €32,047 | €36,176 | +€4,129 | +12.9% |
| Cash at bank and in hand | 54/58 | €26,476 | €30,861 | +€4,386 | +16.6% |
| Deferred charges and accrued income | 490/1 | €5,571 | €5,315 | -€256 | -4.6% |
| Total equity and liabilities | 10/49 | €281,269 | €246,008 | -€35,262 | -12.5% |
| Equity | 10/15 | -€19,823 | €16,581 | +€36,404 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €22,011 | €22,011 | = | 0.0% |
| Distributable reserves | 133 | €22,011 | €22,011 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€60,434 | -€24,030 | +€36,404 | +60.2% |
| Amounts payable | 17/49 | €301,092 | €229,426 | -€71,666 | -23.8% |
| Amounts payable after more than one year | 17 | €56,491 | €26,867 | -€29,624 | -52.4% |
| Financial debts | 170/4 | €56,491 | €26,867 | -€29,624 | -52.4% |
| Amounts payable within one year | 42/48 | €244,601 | €202,559 | -€42,042 | -17.2% |
| Current portion of amounts payable after more than one year | 42 | €29,062 | €29,624 | +€562 | +1.9% |
| Trade debts | 44 | €4,602 | €15,096 | +€10,495 | +228% |
| Suppliers | 440/4 | €4,602 | €15,096 | +€10,495 | +228% |
| Taxes, remuneration and social security | 45 | €152 | €473 | +€321 | +211% |
| Taxes | 450/3 | €152 | €473 | +€321 | +211% |
| Other amounts payable | 47/48 | €210,786 | €157,366 | -€53,419 | -25.3% |
| Non-recurring operating income | 76A | - | €3,437 | +€3,437 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,999 | €41,990 | +€7,991 | +23.5% |
| Other operating charges | 640/8 | €1,293 | €2,072 | +€779 | +60.3% |
| Gross operating margin | 9900 | €72,840 | €85,070 | +€12,230 | +16.8% |
| Operating profit (loss) | 9901 | €37,548 | €41,008 | +€3,460 | +9.2% |
| Financial income | 75/76B | €69 | €683 | +€614 | +895% |
| Recurring financial income | 75 | €69 | €126 | +€57 | +83.4% |
| Non-recurring financial income | 76B | - | €557 | +€557 | |
| Financial charges | 65/66B | €1,544 | €4,777 | +€3,233 | +209% |
| Recurring financial charges | 65 | €1,544 | €1,677 | +€133 | +8.6% |
| Non-recurring financial charges | 66B | - | €3,100 | +€3,100 | |
| Profit (loss) for the period before taxes | 9903 | €36,073 | €36,914 | +€842 | +2.3% |
| Income taxes | 67/77 | €173 | €510 | +€338 | +196% |
| Profit (loss) for the period | 9904 | €35,900 | €36,404 | +€504 | +1.4% |
| Profit (loss) for the period to be appropriated | 9905 | €35,900 | €36,404 | +€504 | +1.4% |
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 26 October 2026 via checked.be.