DR. KOEN HULSMANS: 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 HULSMANS
Largest movements
- Tangible fixed assets +€347,144
up €347,144 (+1,681%), from €20,650 to €367,795
of which Land and buildings: +€304,552
- Cash -€207,276
down €207,276 (-83.6%), from €247,834 to €40,558
mainly Investment in fixed assets (net) (-€362,629) and Contributions, distributions and other (-€150,000)
- Current investments +€74,000
up €74,000 (+32.7%), from €226,500 to €300,500
- Debts after one year +€245,951
new in 2025: €245,951
- Tax, wage and social debts -€46,368
down €46,368 (-97.1%), from €47,751 to €1,383
- Current portion of long-term debt +€42,461
new in 2025: €42,461
- Reserves -€27,266
down €27,266 (-5.7%), from €480,513 to €453,248
- Gross operating margin -€10,967
down €10,967 (-5.8%), from €188,089 to €177,122
- Depreciation +€6,998
up €6,998 (+82.5%), from €8,486 to €15,485
- Financial income +€5,888
up €5,888 (+357%), from €1,648 to €7,536
- Taxes -€5,217
down €5,217 (-11.0%), from €47,228 to €42,011
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 | €541,805 | €761,128 | +€219,322 | +40.5% |
| Fixed assets | 21/28 | €20,650 | €367,795 | +€347,144 | +1,681% |
| Tangible fixed assets | 22/27 | €20,650 | €367,795 | +€347,144 | +1,681% |
| Land and buildings | 22 | - | €304,552 | +€304,552 | |
| Plant, machinery and equipment | 23 | €5,781 | €3,928 | -€1,852 | -32.0% |
| Furniture and vehicles | 24 | €14,870 | €8,272 | -€6,598 | -44.4% |
| Leasing and similar rights | 25 | - | €51,043 | +€51,043 | |
| Current assets | 29/58 | €521,155 | €393,333 | -€127,822 | -24.5% |
| Amounts receivable within one year | 40/41 | €118 | €368 | +€250 | +211% |
| Trade receivables | 40 | €118 | €118 | = | 0.0% |
| Other amounts receivable | 41 | - | €250 | +€250 | |
| Current investments | 50/53 | €226,500 | €300,500 | +€74,000 | +32.7% |
| Cash at bank and in hand | 54/58 | €247,834 | €40,558 | -€207,276 | -83.6% |
| Deferred charges and accrued income | 490/1 | €46,704 | €51,908 | +€5,204 | +11.1% |
| Total equity and liabilities | 10/49 | €541,805 | €761,128 | +€219,322 | +40.5% |
| Equity | 10/15 | €490,513 | €463,248 | -€27,266 | -5.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €480,513 | €453,248 | -€27,266 | -5.7% |
| Distributable reserves | 133 | €480,513 | €453,248 | -€27,266 | -5.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €51,292 | €297,880 | +€246,588 | +481% |
| Amounts payable after more than one year | 17 | - | €245,951 | +€245,951 | |
| Financial debts | 170/4 | - | €245,951 | +€245,951 | |
| Amounts payable within one year | 42/48 | €49,292 | €49,930 | +€638 | +1.3% |
| Current portion of amounts payable after more than one year | 42 | - | €42,461 | +€42,461 | |
| Financial debts | 43 | - | €264 | +€264 | |
| Credit institutions | 430/8 | - | €264 | +€264 | |
| Trade debts | 44 | €1,121 | €226 | -€895 | -79.8% |
| Suppliers | 440/4 | €1,121 | €226 | -€895 | -79.8% |
| Taxes, remuneration and social security | 45 | €47,751 | €1,383 | -€46,368 | -97.1% |
| Taxes | 450/3 | €47,751 | €1,383 | -€46,368 | -97.1% |
| Other amounts payable | 47/48 | €420 | €5,596 | +€5,176 | +1,232% |
| Accrued charges and deferred income | 492/3 | €2,000 | €2,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,486 | €15,485 | +€6,998 | +82.5% |
| Other operating charges | 640/8 | €906 | €1,410 | +€503 | +55.5% |
| Gross operating margin | 9900 | €188,089 | €177,122 | -€10,967 | -5.8% |
| Operating profit (loss) | 9901 | €178,697 | €160,228 | -€18,469 | -10.3% |
| Financial income | 75/76B | €1,648 | €7,536 | +€5,888 | +357% |
| Recurring financial income | 75 | €1,648 | €7,536 | +€5,888 | +357% |
| Financial charges | 65/66B | €1,295 | €3,019 | +€1,724 | +133% |
| Recurring financial charges | 65 | €1,295 | €3,019 | +€1,724 | +133% |
| Profit (loss) for the period before taxes | 9903 | €179,050 | €164,745 | -€14,304 | -8.0% |
| Income taxes | 67/77 | €47,228 | €42,011 | -€5,217 | -11.0% |
| Profit (loss) for the period | 9904 | €131,822 | €122,734 | -€9,088 | -6.9% |
| Profit (loss) for the period to be appropriated | 9905 | €131,822 | €122,734 | -€9,088 | -6.9% |
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 30 October 2026 via checked.be.