Dr. K. Hellinckx: 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. K. Hellinckx
Largest movements
- Tangible fixed assets -€165,071
down €165,071 (-8.9%), from €1.9m to €1.7m
of which Land and buildings: -€106,687
- Cash +€82,947
up €82,947 (+2147.3%), from €3,863 to €86,810
mainly Debts after one year (+€477,647) and Depreciation (+€185,778)
- Debts after one year +€477,647
up €477,647 (+55.7%), from €857,728 to €1.3m
of which Financial debts: +€528,763
- Other debts -€469,764
down €469,764 (-91.7%), from €512,029 to €42,265
- Tax, wage and social debts -€101,311
down €101,311 (-68.4%), from €148,177 to €46,865
of which Taxes: -€104,982
- Trade debts -€24,351
down €24,351 (-51.1%), from €47,650 to €23,299
- Current portion of long-term debt +€20,624
up €20,624 (+12.1%), from €170,458 to €191,082
- Staff costs -€45,129
down €45,129 (-28.9%), from €156,085 to €110,956
- Gross operating margin -€37,564
down €37,564 (-6.0%), from €630,220 to €592,656
- Financial charges +€11,321
up €11,321 (+30.0%), from €37,719 to €49,040
- Depreciation +€7,600
up €7,600 (+4.3%), from €178,179 to €185,778
- Other operating charges +€6,369
up €6,369 (+119.9%), from €5,310 to €11,680
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 | €1,948,345 | €1,875,825 | -€72,520 | -3.7% |
| Fixed assets | 21/28 | €1,855,297 | €1,690,226 | -€165,071 | -8.9% |
| Tangible fixed assets | 22/27 | €1,854,497 | €1,689,426 | -€165,071 | -8.9% |
| Land and buildings | 22 | €1,555,410 | €1,448,724 | -€106,687 | -6.9% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €299,087 | €240,702 | -€58,384 | -19.5% |
| Financial fixed assets | 28 | €800 | €800 | = | 0.0% |
| Current assets | 29/58 | €93,048 | €185,599 | +€92,551 | +99.5% |
| Stocks and contracts in progress | 3 | €77,303 | €66,886 | -€10,417 | -13.5% |
| Stocks | 30/36 | €77,303 | €66,886 | -€10,417 | -13.5% |
| Amounts receivable within one year | 40/41 | €7,334 | €18,337 | +€11,002 | +150.0% |
| Trade receivables | 40 | €533 | €16,325 | +€15,792 | +2964.0% |
| Other amounts receivable | 41 | €6,802 | €2,012 | -€4,790 | -70.4% |
| Cash at bank and in hand | 54/58 | €3,863 | €86,810 | +€82,947 | +2147.3% |
| Deferred charges and accrued income | 490/1 | €4,548 | €13,567 | +€9,019 | +198.3% |
| Total equity and liabilities | 10/49 | €1,948,345 | €1,875,825 | -€72,520 | -3.7% |
| Equity | 10/15 | €209,899 | €227,524 | +€17,625 | +8.4% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €4,598 | €4,598 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,598 | €4,598 | = | 0.0% |
| Profit (loss) carried forward | 14 | €52,958 | €70,843 | +€17,885 | +33.8% |
| Investment grants | 15 | €2,343 | €2,083 | -€260 | -11.1% |
| Amounts payable | 17/49 | €1,738,446 | €1,648,301 | -€90,145 | -5.2% |
| Amounts payable after more than one year | 17 | €857,728 | €1,335,374 | +€477,647 | +55.7% |
| Financial debts | 170/4 | €711,631 | €1,240,394 | +€528,763 | +74.3% |
| Other amounts payable | 178/9 | €146,096 | €94,980 | -€51,116 | -35.0% |
| Amounts payable within one year | 42/48 | €878,313 | €312,927 | -€565,386 | -64.4% |
| Current portion of amounts payable after more than one year | 42 | €170,458 | €191,082 | +€20,624 | +12.1% |
| Trade debts | 44 | €47,650 | €23,299 | -€24,351 | -51.1% |
| Suppliers | 440/4 | €47,650 | €23,299 | -€24,351 | -51.1% |
| Advances received on contracts in progress | 46 | - | €9,416 | +€9,416 | |
| Taxes, remuneration and social security | 45 | €148,177 | €46,865 | -€101,311 | -68.4% |
| Taxes | 450/3 | €132,332 | €27,350 | -€104,982 | -79.3% |
| Remuneration and social security | 454/9 | €15,845 | €19,515 | +€3,671 | +23.2% |
| Other amounts payable | 47/48 | €512,029 | €42,265 | -€469,764 | -91.7% |
| Accrued charges and deferred income | 492/3 | €2,405 | €0 | -€2,405 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €156,085 | €110,956 | -€45,129 | -28.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €178,179 | €185,778 | +€7,600 | +4.3% |
| Other operating charges | 640/8 | €5,310 | €11,680 | +€6,369 | +119.9% |
| Non-recurring operating charges | 66A | €3,000 | €0 | -€3,000 | -100.0% |
| Gross operating margin | 9900 | €630,220 | €592,656 | -€37,564 | -6.0% |
| Operating profit (loss) | 9901 | €287,645 | €284,242 | -€3,404 | -1.2% |
| Financial income | 75/76B | €424 | €2,203 | +€1,779 | +419.6% |
| Recurring financial income | 75 | €424 | €2,203 | +€1,779 | +419.6% |
| Financial charges | 65/66B | €37,719 | €49,040 | +€11,321 | +30.0% |
| Recurring financial charges | 65 | €37,719 | €49,040 | +€11,321 | +30.0% |
| Profit (loss) for the period before taxes | 9903 | €250,350 | €237,404 | -€12,946 | -5.2% |
| Income taxes | 67/77 | €60,090 | €59,519 | -€571 | -1.0% |
| Profit (loss) for the period | 9904 | €190,260 | €177,885 | -€12,375 | -6.5% |
| Profit (loss) for the period to be appropriated | 9905 | €190,260 | €177,885 | -€12,375 | -6.5% |
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 5 October 2026 via checked.be.