Dr. Hannah Aerts: what changed
Dr. Hannah Aerts
Largest movements
- Receivables within one year +€57,505
up €57,505 (+118%), from €48,653 to €106,158
of which Trade receivables: +€57,505
- Tangible fixed assets -€45,495
down €45,495 (-19.4%), from €234,835 to €189,340
of which Leasing and similar rights: -€31,200
- Cash +€30,966
up €30,966 (+55.1%), from €56,247 to €87,213
mainly Depreciation (+€76,817) and Net result for the year (+€75,575)
- Intangible fixed assets +€20,204
up €20,204 (+719%), from €2,811 to €23,015
- Trade debts +€71,330
up €71,330 (+146%), from €48,755 to €120,085
- Debts after one year -€40,798
down €40,798 (-28.5%), from €143,268 to €102,469
- Other debts +€30,421
up €30,421 (+8,666%), from €351 to €30,772
- Reserves -€24,376
down €24,376 (-100%), from €24,376 to €0
- Tax, wage and social debts +€22,973
up €22,973 (+49.6%), from €46,282 to €69,255
of which Taxes: +€16,738
- Gross operating margin +€93,604
up €93,604 (+49.4%), from €189,655 to €283,259
- Staff costs +€29,970
up €29,970 (+52.4%), from €57,206 to €87,176
- Taxes +€14,926
up €14,926 (+88.4%), from €16,886 to €31,812
- Depreciation +€13,045
up €13,045 (+20.5%), from €63,772 to €76,817
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €348,394 | €418,232 | +€69,839 | +20.0% |
| Fixed assets | 21/28 | €237,646 | €212,355 | -€25,291 | -10.6% |
| Intangible fixed assets | 21 | €2,811 | €23,015 | +€20,204 | +719% |
| Tangible fixed assets | 22/27 | €234,835 | €189,340 | -€45,495 | -19.4% |
| Land and buildings | 22 | - | €10,504 | +€10,504 | |
| Plant, machinery and equipment | 23 | €41,453 | €30,163 | -€11,290 | -27.2% |
| Furniture and vehicles | 24 | €90,366 | €76,857 | -€13,509 | -14.9% |
| Leasing and similar rights | 25 | €103,016 | €71,816 | -€31,200 | -30.3% |
| Current assets | 29/58 | €110,748 | €205,877 | +€95,130 | +85.9% |
| Stocks and contracts in progress | 3 | €5,024 | €7,541 | +€2,517 | +50.1% |
| Stocks | 30/36 | €5,024 | €7,541 | +€2,517 | +50.1% |
| Amounts receivable within one year | 40/41 | €48,653 | €106,158 | +€57,505 | +118% |
| Trade receivables | 40 | €45,539 | €103,045 | +€57,505 | +126% |
| Other amounts receivable | 41 | €3,114 | €3,114 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €56,247 | €87,213 | +€30,966 | +55.1% |
| Deferred charges and accrued income | 490/1 | €824 | €4,965 | +€4,141 | +502% |
| Total equity and liabilities | 10/49 | €348,394 | €418,232 | +€69,839 | +20.0% |
| Equity | 10/15 | €42,976 | €18,600 | -€24,376 | -56.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €24,376 | €0 | -€24,376 | -100% |
| Distributable reserves | 133 | €24,376 | €0 | -€24,376 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €305,418 | €399,632 | +€94,214 | +30.8% |
| Amounts payable after more than one year | 17 | €143,268 | €102,469 | -€40,798 | -28.5% |
| Financial debts | 170/4 | €143,268 | €102,469 | -€40,798 | -28.5% |
| Amounts payable within one year | 42/48 | €157,555 | €294,549 | +€136,994 | +86.9% |
| Current portion of amounts payable after more than one year | 42 | €52,761 | €59,776 | +€7,016 | +13.3% |
| Financial debts | 43 | €9,407 | €14,660 | +€5,253 | +55.8% |
| Credit institutions | 430/8 | €9,407 | €14,660 | +€5,253 | +55.8% |
| Trade debts | 44 | €48,755 | €120,085 | +€71,330 | +146% |
| Suppliers | 440/4 | €48,755 | €120,085 | +€71,330 | +146% |
| Taxes, remuneration and social security | 45 | €46,282 | €69,255 | +€22,973 | +49.6% |
| Taxes | 450/3 | €36,000 | €52,738 | +€16,738 | +46.5% |
| Remuneration and social security | 454/9 | €10,282 | €16,517 | +€6,235 | +60.6% |
| Other amounts payable | 47/48 | €351 | €30,772 | +€30,421 | +8,666% |
| Accrued charges and deferred income | 492/3 | €4,595 | €2,614 | -€1,981 | -43.1% |
| Remuneration, social security and pensions | 62 | €57,206 | €87,176 | +€29,970 | +52.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,772 | €76,817 | +€13,045 | +20.5% |
| Other operating charges | 640/8 | €1,659 | €1,113 | -€546 | -32.9% |
| Gross operating margin | 9900 | €189,655 | €283,259 | +€93,604 | +49.4% |
| Operating profit (loss) | 9901 | €67,019 | €118,153 | +€51,135 | +76.3% |
| Financial income | 75/76B | €293 | €511 | +€219 | +74.7% |
| Recurring financial income | 75 | €293 | €511 | +€219 | +74.7% |
| Financial charges | 65/66B | €12,694 | €11,278 | -€1,416 | -11.2% |
| Recurring financial charges | 65 | €12,694 | €11,278 | -€1,416 | -11.2% |
| Profit (loss) for the period before taxes | 9903 | €54,618 | €107,387 | +€52,769 | +96.6% |
| Income taxes | 67/77 | €16,886 | €31,812 | +€14,926 | +88.4% |
| Profit (loss) for the period | 9904 | €37,731 | €75,575 | +€37,844 | +100% |
| Profit (loss) for the period to be appropriated | 9905 | €37,731 | €75,575 | +€37,844 | +100% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.