Dr. Maarten Van Hemelen: 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. Maarten Van Hemelen
Largest movements
- Cash +€109,168
up €109,168 (+86.9%), from €125,611 to €234,779
mainly Net result for the year (+€109,466) and Tax, wage and social debts (+€30,892)
- Deferred charges and accrued income +€22,054
up €22,054 (+202%), from €10,893 to €32,946
- Reserves +€109,466
up €109,466 (+107%), from €102,415 to €211,880
- Tax, wage and social debts +€30,892
up €30,892 (+117%), from €26,446 to €57,338
- Other debts -€10,567
down €10,567 (-95.9%), from €11,017 to €450
- Gross operating margin +€27,331
up €27,331 (+23.3%), from €117,316 to €144,646
- Taxes +€7,086
up €7,086 (+29.8%), from €23,806 to €30,892
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 | €143,878 | €273,668 | +€129,790 | +90.2% |
| Formation expenses | 20 | €1,749 | €0 | -€1,749 | -100% |
| Fixed assets | 21/28 | €4,252 | €5,943 | +€1,690 | +39.8% |
| Tangible fixed assets | 22/27 | €4,252 | €5,943 | +€1,690 | +39.8% |
| Furniture and vehicles | 24 | €4,252 | €5,943 | +€1,690 | +39.8% |
| Current assets | 29/58 | €137,877 | €267,725 | +€129,848 | +94.2% |
| Amounts receivable within one year | 40/41 | €1,373 | €0 | -€1,373 | -100% |
| Trade receivables | 40 | €1,373 | €0 | -€1,373 | -100% |
| Cash at bank and in hand | 54/58 | €125,611 | €234,779 | +€109,168 | +86.9% |
| Deferred charges and accrued income | 490/1 | €10,893 | €32,946 | +€22,054 | +202% |
| Total equity and liabilities | 10/49 | €143,878 | €273,668 | +€129,790 | +90.2% |
| Equity | 10/15 | €106,415 | €215,880 | +€109,466 | +103% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €102,415 | €211,880 | +€109,466 | +107% |
| Distributable reserves | 133 | €102,415 | €211,880 | +€109,466 | +107% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €37,463 | €57,788 | +€20,325 | +54.3% |
| Amounts payable within one year | 42/48 | €37,463 | €57,788 | +€20,325 | +54.3% |
| Taxes, remuneration and social security | 45 | €26,446 | €57,338 | +€30,892 | +117% |
| Taxes | 450/3 | €26,446 | €57,338 | +€30,892 | +117% |
| Other amounts payable | 47/48 | €11,017 | €450 | -€10,567 | -95.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,223 | €3,357 | +€134 | +4.2% |
| Other operating charges | 640/8 | €868 | €866 | -€2 | -0.3% |
| Gross operating margin | 9900 | €117,316 | €144,646 | +€27,331 | +23.3% |
| Operating profit (loss) | 9901 | €113,224 | €140,423 | +€27,199 | +24.0% |
| Financial charges | 65/66B | €70 | €66 | -€4 | -6.4% |
| Recurring financial charges | 65 | €70 | €66 | -€4 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | €113,154 | €140,357 | +€27,203 | +24.0% |
| Income taxes | 67/77 | €23,806 | €30,892 | +€7,086 | +29.8% |
| Profit (loss) for the period | 9904 | €89,348 | €109,466 | +€20,117 | +22.5% |
| Profit (loss) for the period to be appropriated | 9905 | €89,348 | €109,466 | +€20,117 | +22.5% |
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 29 October 2026 via checked.be.