Dr. Heyse Catherine: 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. Heyse Catherine
Largest movements
- Current investments +€72,816
up €72,816 (+8.0%), from €907,349 to €980,165
- Cash -€41,393
down €41,393 (-25.6%), from €161,592 to €120,199
mainly Contributions, distributions and other (-€271,413) and Current investments (-€72,816)
- Reserves +€104,690
up €104,690 (+5.2%), from €2.0m to €2.1m
of which Distributable reserves: +€104,690
- Debts after one year -€34,058
down €34,058 (-33.1%), from €102,992 to €68,934
- Gross operating margin -€96,499
down €96,499 (-15.0%), from €643,329 to €546,831
- Taxes -€25,432
down €25,432 (-13.1%), from €194,573 to €169,140
- Financial income +€12,623
up €12,623 (+85.5%), from €14,765 to €27,388
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 | €2,186,391 | €2,247,064 | +€60,673 | +2.8% |
| Fixed assets | 21/28 | €333,877 | €322,493 | -€11,384 | -3.4% |
| Tangible fixed assets | 22/27 | €333,877 | €322,493 | -€11,384 | -3.4% |
| Land and buildings | 22 | €291,165 | €291,165 | = | 0.0% |
| Furniture and vehicles | 24 | €14,027 | €12,500 | -€1,527 | -10.9% |
| Other tangible fixed assets | 26 | €28,685 | €18,828 | -€9,858 | -34.4% |
| Current assets | 29/58 | €1,852,514 | €1,924,571 | +€72,058 | +3.9% |
| Amounts receivable after more than one year | 29 | €392,000 | €392,000 | = | 0.0% |
| Other amounts receivable | 291 | €392,000 | €392,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €386,392 | €408,328 | +€21,935 | +5.7% |
| Trade receivables | 40 | €24,200 | - | -€24,200 | |
| Other amounts receivable | 41 | €362,192 | €408,328 | +€46,135 | +12.7% |
| Current investments | 50/53 | €907,349 | €980,165 | +€72,816 | +8.0% |
| Cash at bank and in hand | 54/58 | €161,592 | €120,199 | -€41,393 | -25.6% |
| Deferred charges and accrued income | 490/1 | €5,181 | €23,880 | +€18,699 | +361% |
| Total equity and liabilities | 10/49 | €2,186,391 | €2,247,064 | +€60,673 | +2.8% |
| Equity | 10/15 | €2,025,315 | €2,129,883 | +€104,567 | +5.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,012,787 | €2,117,477 | +€104,690 | +5.2% |
| Tax-exempt reserves | 132 | €12,817 | €12,817 | = | 0.0% |
| Distributable reserves | 133 | €1,999,970 | €2,104,660 | +€104,690 | +5.2% |
| Profit (loss) carried forward | 14 | €129 | €6 | -€123 | -95.4% |
| Amounts payable | 17/49 | €161,075 | €117,181 | -€43,894 | -27.3% |
| Amounts payable after more than one year | 17 | €102,992 | €68,934 | -€34,058 | -33.1% |
| Financial debts | 170/4 | €102,992 | €68,934 | -€34,058 | -33.1% |
| Amounts payable within one year | 42/48 | €58,083 | €48,248 | -€9,836 | -16.9% |
| Current portion of amounts payable after more than one year | 42 | €32,813 | €34,058 | +€1,245 | +3.8% |
| Trade debts | 44 | €1,223 | €1,704 | +€480 | +39.3% |
| Suppliers | 440/4 | €1,223 | €1,704 | +€480 | +39.3% |
| Taxes, remuneration and social security | 45 | €23,214 | €11,653 | -€11,561 | -49.8% |
| Taxes | 450/3 | €23,214 | €11,653 | -€11,561 | -49.8% |
| Other amounts payable | 47/48 | €833 | €833 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,746 | €13,177 | -€2,568 | -16.3% |
| Other operating charges | 640/8 | €1,579 | €1,303 | -€277 | -17.5% |
| Gross operating margin | 9900 | €643,329 | €546,831 | -€96,499 | -15.0% |
| Operating profit (loss) | 9901 | €626,004 | €532,351 | -€93,654 | -15.0% |
| Financial income | 75/76B | €14,765 | €27,388 | +€12,623 | +85.5% |
| Recurring financial income | 75 | €14,765 | €27,388 | +€12,623 | +85.5% |
| Financial charges | 65/66B | €14,419 | €14,618 | +€199 | +1.4% |
| Recurring financial charges | 65 | €14,419 | €14,618 | +€199 | +1.4% |
| Profit (loss) for the period before taxes | 9903 | €626,350 | €545,121 | -€81,229 | -13.0% |
| Income taxes | 67/77 | €194,573 | €169,140 | -€25,432 | -13.1% |
| Profit (loss) for the period | 9904 | €431,777 | €375,980 | -€55,797 | -12.9% |
| Profit (loss) for the period to be appropriated | 9905 | €431,777 | €375,980 | -€55,797 | -12.9% |
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 29 October 2026 via checked.be.