Dr. Hes Robert: what changed
Two fiscal 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. Hes Robert
Largest movements
- Cash +€15,283
up €15,283 (+16.8%), from €90,710 to €105,993
mainly Net result for the year (+€246,656) and Depreciation (+€618)
- Current investments +€12,321
up €12,321 (+13.1%), from €94,197 to €106,518
- Reserves +€96,656
up €96,656 (+37.6%), from €257,272 to €353,928
- Other debts -€62,092
down €62,092 (-50.8%), from €122,296 to €60,204
- Tax, wage and social debts -€4,790
down €4,790 (-80.9%), from €5,924 to €1,134
- Gross operating margin -€5,225
down €5,225 (-1.5%), from €337,862 to €332,637
- Financial income -€4,041
down €4,041 (-82.6%), from €4,895 to €853
- Taxes -€3,580
down €3,580 (-4.4%), from €82,052 to €78,473
- Financial charges +€3,473
up €3,473 (+579.0%), from €600 to €4,073
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.
Cash bridge derived
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 | €412,190 | €440,965 | +€28,776 | +7.0% |
| Fixed assets | 21/28 | €926 | €2,467 | +€1,541 | +166.4% |
| Tangible fixed assets | 22/27 | €826 | €2,367 | +€1,541 | +186.5% |
| Furniture and vehicles | 24 | €826 | €2,367 | +€1,541 | +186.5% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €411,264 | €438,498 | +€27,235 | +6.6% |
| Amounts receivable within one year | 40/41 | €226,357 | €225,988 | -€369 | -0.2% |
| Trade receivables | 40 | €218,396 | €221,023 | +€2,627 | +1.2% |
| Other amounts receivable | 41 | €7,961 | €4,965 | -€2,996 | -37.6% |
| Current investments | 50/53 | €94,197 | €106,518 | +€12,321 | +13.1% |
| Cash at bank and in hand | 54/58 | €90,710 | €105,993 | +€15,283 | +16.8% |
| Total equity and liabilities | 10/49 | €412,190 | €440,965 | +€28,776 | +7.0% |
| Equity | 10/15 | €275,872 | €372,528 | +€96,656 | +35.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €257,272 | €353,928 | +€96,656 | +37.6% |
| Distributable reserves | 133 | €257,272 | €353,928 | +€96,656 | +37.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €136,318 | €68,437 | -€67,881 | -49.8% |
| Amounts payable within one year | 42/48 | €136,318 | €68,437 | -€67,881 | -49.8% |
| Trade debts | 44 | €8,097 | €7,099 | -€999 | -12.3% |
| Suppliers | 440/4 | €8,097 | €7,099 | -€999 | -12.3% |
| Taxes, remuneration and social security | 45 | €5,924 | €1,134 | -€4,790 | -80.9% |
| Taxes | 450/3 | €5,924 | €1,134 | -€4,790 | -80.9% |
| Other amounts payable | 47/48 | €122,296 | €60,204 | -€62,092 | -50.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €207 | €618 | +€412 | +199.3% |
| Other operating charges | 640/8 | €2,704 | €3,671 | +€967 | +35.8% |
| Gross operating margin | 9900 | €337,862 | €332,637 | -€5,225 | -1.5% |
| Operating profit (loss) | 9901 | €334,951 | €328,348 | -€6,603 | -2.0% |
| Financial income | 75/76B | €4,895 | €853 | -€4,041 | -82.6% |
| Recurring financial income | 75 | €4,895 | €853 | -€4,041 | -82.6% |
| Financial charges | 65/66B | €600 | €4,073 | +€3,473 | +579.0% |
| Recurring financial charges | 65 | €600 | €4,073 | +€3,473 | +579.0% |
| Profit (loss) for the period before taxes | 9903 | €339,246 | €325,129 | -€14,117 | -4.2% |
| Income taxes | 67/77 | €82,052 | €78,473 | -€3,580 | -4.4% |
| Profit (loss) for the period | 9904 | €257,194 | €246,656 | -€10,537 | -4.1% |
| Profit (loss) for the period to be appropriated | 9905 | €257,194 | €246,656 | -€10,537 | -4.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.