Dr. Helena HELSEN: 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. Helena HELSEN
Largest movements
- Cash -€160,024
down €160,024 (-64.2%), from €249,277 to €89,252
mainly Contributions, distributions and other (-€110,000) and Current investments (-€100,000)
- Current investments +€100,000
new in 2025: €100,000
- Receivables within one year -€16,369
down €16,369 (-49.7%), from €32,958 to €16,589
of which Other amounts receivable: -€15,000
- Other debts -€73,332
down €73,332 (-91.7%), from €80,000 to €6,668
- Reserves -€23,758
down €23,758 (-12.0%), from €198,621 to €174,863
- Tax, wage and social debts +€22,092
up €22,092 (+1,376%), from €1,605 to €23,697
- Trade debts -€3,910
no longer reported in 2025 (was €3,910)
- Gross operating margin +€43,097
up €43,097 (+62.2%), from €69,305 to €112,402
- Taxes +€10,856
up €10,856 (+75.7%), from €14,340 to €25,197
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 | €287,135 | €209,680 | -€77,456 | -27.0% |
| Fixed assets | 21/28 | €4,901 | €3,839 | -€1,062 | -21.7% |
| Tangible fixed assets | 22/27 | €4,901 | €3,839 | -€1,062 | -21.7% |
| Furniture and vehicles | 24 | €816 | €480 | -€336 | -41.2% |
| Other tangible fixed assets | 26 | €4,085 | €3,359 | -€726 | -17.8% |
| Current assets | 29/58 | €282,234 | €205,841 | -€76,394 | -27.1% |
| Amounts receivable within one year | 40/41 | €32,958 | €16,589 | -€16,369 | -49.7% |
| Trade receivables | 40 | €17,957 | €16,589 | -€1,369 | -7.6% |
| Other amounts receivable | 41 | €15,000 | - | -€15,000 | |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €249,277 | €89,252 | -€160,024 | -64.2% |
| Total equity and liabilities | 10/49 | €287,135 | €209,680 | -€77,456 | -27.0% |
| Equity | 10/15 | €201,621 | €177,863 | -€23,758 | -11.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €198,621 | €174,863 | -€23,758 | -12.0% |
| Distributable reserves | 133 | €198,621 | €174,863 | -€23,758 | -12.0% |
| Amounts payable | 17/49 | €85,514 | €31,816 | -€53,698 | -62.8% |
| Amounts payable within one year | 42/48 | €85,514 | €30,364 | -€55,150 | -64.5% |
| Trade debts | 44 | €3,910 | - | -€3,910 | |
| Suppliers | 440/4 | €3,910 | - | -€3,910 | |
| Taxes, remuneration and social security | 45 | €1,605 | €23,697 | +€22,092 | +1,376% |
| Taxes | 450/3 | €1,605 | €23,697 | +€22,092 | +1,376% |
| Other amounts payable | 47/48 | €80,000 | €6,668 | -€73,332 | -91.7% |
| Accrued charges and deferred income | 492/3 | - | €1,452 | +€1,452 | |
| Remuneration, social security and pensions | 62 | €1,111 | - | -€1,111 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,022 | €1,062 | +€40 | +4.0% |
| Other operating charges | 640/8 | €569 | €749 | +€180 | +31.7% |
| Gross operating margin | 9900 | €69,305 | €112,402 | +€43,097 | +62.2% |
| Operating profit (loss) | 9901 | €66,603 | €110,590 | +€43,987 | +66.0% |
| Financial income | 75/76B | €415 | €1,027 | +€613 | +148% |
| Recurring financial income | 75 | €415 | €1,027 | +€613 | +148% |
| Financial charges | 65/66B | €135 | €179 | +€44 | +32.5% |
| Recurring financial charges | 65 | €135 | €179 | +€44 | +32.5% |
| Profit (loss) for the period before taxes | 9903 | €66,883 | €111,439 | +€44,556 | +66.6% |
| Income taxes | 67/77 | €14,340 | €25,197 | +€10,856 | +75.7% |
| Profit (loss) for the period | 9904 | €52,543 | €86,242 | +€33,700 | +64.1% |
| Profit (loss) for the period to be appropriated | 9905 | €52,543 | €86,242 | +€33,700 | +64.1% |
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.