Dr. I. Van Hul: 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. I. Van Hul
Largest movements
- Cash +€18,537
up €18,537 (+155%), from €11,963 to €30,500
mainly Other debts (+€34,759) and Net result for the year (+€27,897)
- Receivables within one year -€18,497
down €18,497 (-58.3%), from €31,744 to €13,248
of which Other amounts receivable: -€10,181
- Deferred charges and accrued income -€4,607
down €4,607 (-18.3%), from €25,159 to €20,552
- Receivables after one year -€2,748
down €2,748 (-4.8%), from €56,939 to €54,191
- Other debts +€34,759
up €34,759, from €0 to €34,759
- Reserves -€21,316
down €21,316 (-18.8%), from €113,107 to €91,792
- Debts after one year -€12,034
down €12,034 (-38.9%), from €30,911 to €18,877
- Trade debts -€6,965
down €6,965 (-39.4%), from €17,661 to €10,696
- Short-term financial debts -€3,160
down €3,160 (-47.1%), from €6,705 to €3,545
- Gross operating margin +€16,257
up €16,257 (+37.3%), from €43,560 to €59,817
- Taxes +€4,818
up €4,818 (+45.4%), from €10,619 to €15,437
- Depreciation +€1,382
up €1,382 (+11.5%), from €12,058 to €13,440
- Financial income -€781
down €781 (-32.0%), from €2,442 to €1,662
- Financial charges -€687
down €687 (-17.6%), from €3,893 to €3,206
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 | €180,430 | €172,103 | -€8,327 | -4.6% |
| Fixed assets | 21/28 | €54,625 | €53,612 | -€1,013 | -1.9% |
| Tangible fixed assets | 22/27 | €54,625 | €53,612 | -€1,013 | -1.9% |
| Plant, machinery and equipment | 23 | €26,782 | €24,325 | -€2,458 | -9.2% |
| Furniture and vehicles | 24 | €27,843 | €29,288 | +€1,445 | +5.2% |
| Current assets | 29/58 | €125,805 | €118,491 | -€7,315 | -5.8% |
| Amounts receivable after more than one year | 29 | €56,939 | €54,191 | -€2,748 | -4.8% |
| Other amounts receivable | 291 | €56,939 | €54,191 | -€2,748 | -4.8% |
| Amounts receivable within one year | 40/41 | €31,744 | €13,248 | -€18,497 | -58.3% |
| Trade receivables | 40 | €8,315 | €0 | -€8,315 | -100% |
| Other amounts receivable | 41 | €23,429 | €13,248 | -€10,181 | -43.5% |
| Cash at bank and in hand | 54/58 | €11,963 | €30,500 | +€18,537 | +155% |
| Deferred charges and accrued income | 490/1 | €25,159 | €20,552 | -€4,607 | -18.3% |
| Total equity and liabilities | 10/49 | €180,430 | €172,103 | -€8,327 | -4.6% |
| Equity | 10/15 | €113,507 | €92,192 | -€21,316 | -18.8% |
| Contributions | 10/11 | €400 | €400 | = | 0.0% |
| Reserves | 13 | €113,107 | €91,792 | -€21,316 | -18.8% |
| Distributable reserves | 133 | €113,107 | €91,792 | -€21,316 | -18.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €66,923 | €79,911 | +€12,988 | +19.4% |
| Amounts payable after more than one year | 17 | €30,911 | €18,877 | -€12,034 | -38.9% |
| Financial debts | 170/4 | €30,911 | €18,877 | -€12,034 | -38.9% |
| Amounts payable within one year | 42/48 | €36,012 | €61,035 | +€25,023 | +69.5% |
| Current portion of amounts payable after more than one year | 42 | €11,646 | €12,034 | +€388 | +3.3% |
| Financial debts | 43 | €6,705 | €3,545 | -€3,160 | -47.1% |
| Credit institutions | 430/8 | €6,705 | €3,545 | -€3,160 | -47.1% |
| Trade debts | 44 | €17,661 | €10,696 | -€6,965 | -39.4% |
| Suppliers | 440/4 | €17,661 | €10,696 | -€6,965 | -39.4% |
| Other amounts payable | 47/48 | €0 | €34,759 | +€34,759 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,058 | €13,440 | +€1,382 | +11.5% |
| Other operating charges | 640/8 | €1,452 | €1,499 | +€47 | +3.2% |
| Gross operating margin | 9900 | €43,560 | €59,817 | +€16,257 | +37.3% |
| Operating profit (loss) | 9901 | €30,051 | €44,879 | +€14,828 | +49.3% |
| Financial income | 75/76B | €2,442 | €1,662 | -€781 | -32.0% |
| Recurring financial income | 75 | €2,442 | €1,662 | -€781 | -32.0% |
| Financial charges | 65/66B | €3,893 | €3,206 | -€687 | -17.6% |
| Recurring financial charges | 65 | €3,893 | €3,206 | -€687 | -17.6% |
| Profit (loss) for the period before taxes | 9903 | €28,600 | €43,334 | +€14,734 | +51.5% |
| Income taxes | 67/77 | €10,619 | €15,437 | +€4,818 | +45.4% |
| Profit (loss) for the period | 9904 | €17,981 | €27,897 | +€9,916 | +55.1% |
| Profit (loss) for the period to be appropriated | 9905 | €17,981 | €27,897 | +€9,916 | +55.1% |
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 27 October 2026 via checked.be.