Dr. Heidi Hoeben: what changed
Dr. Heidi Hoeben
Largest movements
- Cash -€45,027
down €45,027 (-79.2%), from €56,862 to €11,835
mainly Other debts (-€115,205) and Current investments (-€24,919)
- Current investments +€24,919
up €24,919 (+1.8%), from €1.4m to €1.4m
- Other debts -€115,205
down €115,205 (-20.6%), from €559,396 to €444,190
- Reserves +€70,463
up €70,463 (+4.2%), from €1.7m to €1.7m
of which Distributable reserves: +€70,463
- Gross operating margin +€30,630
up €30,630 (+106%), from €28,779 to €59,410
- Financial income +€14,135
up €14,135 (+54.9%), from €25,742 to €39,877
- Taxes +€8,458
up €8,458 (+63.5%), from €13,322 to €21,780
- Depreciation -€4,281
down €4,281 (-100%), from €4,281 to €0
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 | €2,269,922 | €2,230,080 | -€39,842 | -1.8% |
| Current assets | 29/58 | €2,269,922 | €2,230,080 | -€39,842 | -1.8% |
| Amounts receivable after more than one year | 29 | €700,000 | €690,000 | -€10,000 | -1.4% |
| Other amounts receivable | 291 | €700,000 | €690,000 | -€10,000 | -1.4% |
| Amounts receivable within one year | 40/41 | €91,101 | €83,931 | -€7,171 | -7.9% |
| Other amounts receivable | 41 | €91,101 | €83,931 | -€7,171 | -7.9% |
| Current investments | 50/53 | €1,418,296 | €1,443,214 | +€24,919 | +1.8% |
| Cash at bank and in hand | 54/58 | €56,862 | €11,835 | -€45,027 | -79.2% |
| Deferred charges and accrued income | 490/1 | €3,663 | €1,100 | -€2,563 | -70.0% |
| Total equity and liabilities | 10/49 | €2,269,922 | €2,230,080 | -€39,842 | -1.8% |
| Equity | 10/15 | €1,686,806 | €1,757,270 | +€70,463 | +4.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,668,206 | €1,738,670 | +€70,463 | +4.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,666,346 | €1,736,810 | +€70,463 | +4.2% |
| Amounts payable | 17/49 | €583,115 | €472,810 | -€110,305 | -18.9% |
| Amounts payable within one year | 42/48 | €583,115 | €472,810 | -€110,305 | -18.9% |
| Financial debts | 43 | €17,182 | €17,065 | -€117 | -0.7% |
| Credit institutions | 430/8 | €17,182 | €17,065 | -€117 | -0.7% |
| Trade debts | 44 | €6,538 | €11,555 | +€5,017 | +76.7% |
| Suppliers | 440/4 | €6,538 | €11,555 | +€5,017 | +76.7% |
| Other amounts payable | 47/48 | €559,396 | €444,190 | -€115,205 | -20.6% |
| Non-recurring operating income | 76A | - | €1,500 | +€1,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,281 | €0 | -€4,281 | -100% |
| Other operating charges | 640/8 | €5,393 | €5,333 | -€61 | -1.1% |
| Gross operating margin | 9900 | €28,779 | €59,410 | +€30,630 | +106% |
| Operating profit (loss) | 9901 | €19,105 | €54,077 | +€34,972 | +183% |
| Financial income | 75/76B | €25,742 | €39,877 | +€14,135 | +54.9% |
| Recurring financial income | 75 | €25,742 | €39,877 | +€14,135 | +54.9% |
| Financial charges | 65/66B | €2,105 | €1,710 | -€395 | -18.8% |
| Recurring financial charges | 65 | €2,105 | €1,710 | -€395 | -18.8% |
| Profit (loss) for the period before taxes | 9903 | €42,742 | €92,243 | +€49,502 | +116% |
| Income taxes | 67/77 | €13,322 | €21,780 | +€8,458 | +63.5% |
| Profit (loss) for the period | 9904 | €29,420 | €70,463 | +€41,044 | +140% |
| Profit (loss) for the period to be appropriated | 9905 | €29,420 | €70,463 | +€41,044 | +140% |
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 4 November 2026 via checked.be.