Dr. J. Horevoets: 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. J. Horevoets
Largest movements
- Current investments +€176,936
up €176,936 (+177%), from €100,000 to €276,936
- Cash +€18,166
up €18,166 (+118%), from €15,435 to €33,601
mainly Net result for the year (+€118,767) and Other debts (+€66,429)
- Deferred charges and accrued income -€3,700
down €3,700 (-15.6%), from €23,697 to €19,998
- Reserves +€117,907
up €117,907 (+117%), from €101,033 to €218,940
- Other debts +€66,429
up €66,429 (+610%), from €10,893 to €77,322
- Tax, wage and social debts +€5,555
up €5,555 (+19.1%), from €29,143 to €34,698
- Gross operating margin +€22,771
up €22,771 (+17.4%), from €130,897 to €153,669
- Taxes +€5,450
up €5,450 (+19.6%), from €27,811 to €33,261
- Financial income +€2,531
new in 2025: €2,531
- Financial charges +€2,387
up €2,387 (+1,854%), from €129 to €2,515
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 | €143,164 | €333,409 | +€190,245 | +133% |
| Formation expenses | 20 | €2,751 | €2,100 | -€651 | -23.7% |
| Fixed assets | 21/28 | €1,250 | €767 | -€483 | -38.6% |
| Tangible fixed assets | 22/27 | €1,250 | €767 | -€483 | -38.6% |
| Furniture and vehicles | 24 | €1,250 | €767 | -€483 | -38.6% |
| Current assets | 29/58 | €139,162 | €330,542 | +€191,379 | +138% |
| Amounts receivable within one year | 40/41 | €30 | €7 | -€23 | -75.2% |
| Other amounts receivable | 41 | €30 | €7 | -€23 | -75.2% |
| Current investments | 50/53 | €100,000 | €276,936 | +€176,936 | +177% |
| Cash at bank and in hand | 54/58 | €15,435 | €33,601 | +€18,166 | +118% |
| Deferred charges and accrued income | 490/1 | €23,697 | €19,998 | -€3,700 | -15.6% |
| Total equity and liabilities | 10/49 | €143,164 | €333,409 | +€190,245 | +133% |
| Equity | 10/15 | €103,033 | €220,940 | +€117,907 | +114% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €101,033 | €218,940 | +€117,907 | +117% |
| Distributable reserves | 133 | €101,033 | €218,940 | +€117,907 | +117% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €40,131 | €112,469 | +€72,339 | +180% |
| Amounts payable within one year | 42/48 | €40,131 | €112,469 | +€72,339 | +180% |
| Trade debts | 44 | €96 | €450 | +€354 | +370% |
| Suppliers | 440/4 | €96 | €450 | +€354 | +370% |
| Taxes, remuneration and social security | 45 | €29,143 | €34,698 | +€5,555 | +19.1% |
| Taxes | 450/3 | €29,143 | €34,698 | +€5,555 | +19.1% |
| Other amounts payable | 47/48 | €10,893 | €77,322 | +€66,429 | +610% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €703 | €1,134 | +€431 | +61.3% |
| Other operating charges | 640/8 | €392 | €523 | +€131 | +33.3% |
| Gross operating margin | 9900 | €130,897 | €153,669 | +€22,771 | +17.4% |
| Operating profit (loss) | 9901 | €129,803 | €152,012 | +€22,210 | +17.1% |
| Financial income | 75/76B | - | €2,531 | +€2,531 | |
| Recurring financial income | 75 | - | €2,531 | +€2,531 | |
| Financial charges | 65/66B | €129 | €2,515 | +€2,387 | +1,854% |
| Recurring financial charges | 65 | €129 | €2,515 | +€2,387 | +1,854% |
| Profit (loss) for the period before taxes | 9903 | €129,674 | €152,028 | +€22,354 | +17.2% |
| Income taxes | 67/77 | €27,811 | €33,261 | +€5,450 | +19.6% |
| Profit (loss) for the period | 9904 | €101,863 | €118,767 | +€16,904 | +16.6% |
| Profit (loss) for the period to be appropriated | 9905 | €101,863 | €118,767 | +€16,904 | +16.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.