Dr. Koen Hezemans: 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. Koen Hezemans
Largest movements
- Cash +€58,119
up €58,119 (+48.0%), from €121,072 to €179,191
mainly Net result for the year (+€113,593) and Depreciation (+€2,941)
- Receivables within one year +€26,852
up €26,852 (+309%), from €8,681 to €35,533
of which Trade receivables: +€16,414
- Current investments +€18,070
up €18,070 (+241%), from €7,500 to €25,570
- Reserves +€113,593
up €113,593 (+86.9%), from €130,688 to €244,282
- Tax, wage and social debts -€9,213
down €9,213 (-100%), from €9,213 to €0
- Gross operating margin +€17,605
up €17,605 (+13.3%), from €132,417 to €150,023
- Taxes +€4,467
up €4,467 (+15.3%), from €29,213 to €33,681
- Depreciation +€1,673
up €1,673 (+132%), from €1,267 to €2,941
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 | €145,077 | €248,506 | +€103,429 | +71.3% |
| Fixed assets | 21/28 | €5,204 | €7,322 | +€2,118 | +40.7% |
| Tangible fixed assets | 22/27 | €5,054 | €7,172 | +€2,118 | +41.9% |
| Furniture and vehicles | 24 | €2,278 | €5,020 | +€2,742 | +120% |
| Other tangible fixed assets | 26 | €2,776 | €2,152 | -€624 | -22.5% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €139,873 | €241,184 | +€101,311 | +72.4% |
| Amounts receivable within one year | 40/41 | €8,681 | €35,533 | +€26,852 | +309% |
| Trade receivables | 40 | €3,649 | €20,063 | +€16,414 | +450% |
| Other amounts receivable | 41 | €5,032 | €15,469 | +€10,438 | +207% |
| Current investments | 50/53 | €7,500 | €25,570 | +€18,070 | +241% |
| Cash at bank and in hand | 54/58 | €121,072 | €179,191 | +€58,119 | +48.0% |
| Deferred charges and accrued income | 490/1 | €2,620 | €891 | -€1,730 | -66.0% |
| Total equity and liabilities | 10/49 | €145,077 | €248,506 | +€103,429 | +71.3% |
| Equity | 10/15 | €132,188 | €245,782 | +€113,593 | +85.9% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €130,688 | €244,282 | +€113,593 | +86.9% |
| Distributable reserves | 133 | €130,688 | €244,282 | +€113,593 | +86.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €12,889 | €2,725 | -€10,164 | -78.9% |
| Amounts payable within one year | 42/48 | €12,889 | €2,725 | -€10,164 | -78.9% |
| Trade debts | 44 | €2,817 | €2,548 | -€269 | -9.5% |
| Suppliers | 440/4 | €2,817 | €2,548 | -€269 | -9.5% |
| Taxes, remuneration and social security | 45 | €9,213 | €0 | -€9,213 | -100% |
| Taxes | 450/3 | €9,213 | €0 | -€9,213 | -100% |
| Other amounts payable | 47/48 | €859 | €177 | -€682 | -79.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,267 | €2,941 | +€1,673 | +132% |
| Other operating charges | 640/8 | €432 | €522 | +€90 | +20.8% |
| Non-recurring operating charges | 66A | - | €199 | +€199 | |
| Gross operating margin | 9900 | €132,417 | €150,023 | +€17,605 | +13.3% |
| Operating profit (loss) | 9901 | €130,718 | €146,361 | +€15,643 | +12.0% |
| Financial income | 75/76B | €32 | €1,066 | +€1,034 | +3,237% |
| Recurring financial income | 75 | €32 | €1,066 | +€1,034 | +3,237% |
| Financial charges | 65/66B | €120 | €153 | +€33 | +27.3% |
| Recurring financial charges | 65 | €120 | €153 | +€33 | +27.3% |
| Profit (loss) for the period before taxes | 9903 | €130,630 | €147,274 | +€16,644 | +12.7% |
| Income taxes | 67/77 | €29,213 | €33,681 | +€4,467 | +15.3% |
| Profit (loss) for the period | 9904 | €101,417 | €113,593 | +€12,177 | +12.0% |
| Profit (loss) for the period to be appropriated | 9905 | €101,417 | €113,593 | +€12,177 | +12.0% |
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 24 October 2026 via checked.be.