DR. MARK HUYLEBROECK: 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. MARK HUYLEBROECK
Largest movements
- Cash +€126,543
up €126,543 (+80.2%), from €157,852 to €284,396
mainly Current investments (+€108,691) and Net result for the year (+€62,690)
- Current investments -€108,691
down €108,691 (-84.3%), from €128,941 to €20,250
- Tangible fixed assets +€17,917
up €17,917 (+36.0%), from €49,707 to €67,623
of which Furniture and vehicles: +€19,022
- Receivables within one year +€6,452
up €6,452 (+37.9%), from €17,005 to €23,457
of which Trade receivables: +€6,645
- Other debts +€33,837
up €33,837 (+70.5%), from €47,972 to €81,810
- Reserves +€7,690
up €7,690 (+2.8%), from €274,512 to €282,202
- Tax, wage and social debts +€6,955
up €6,955 (+46.9%), from €14,827 to €21,782
of which Taxes: +€4,955
- Financial income +€9,011
up €9,011 (+589%), from €1,531 to €10,542
of which Non-recurring financial income: +€9,568
- Taxes +€4,149
up €4,149 (+20.5%), from €20,217 to €24,366
- Depreciation -€2,397
down €2,397 (-9.9%), from €24,260 to €21,863
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 | €354,148 | €398,739 | +€44,591 | +12.6% |
| Fixed assets | 21/28 | €49,707 | €67,623 | +€17,917 | +36.0% |
| Tangible fixed assets | 22/27 | €49,707 | €67,623 | +€17,917 | +36.0% |
| Land and buildings | 22 | €3,817 | €2,801 | -€1,015 | -26.6% |
| Plant, machinery and equipment | 23 | €3,273 | €3,183 | -€91 | -2.8% |
| Furniture and vehicles | 24 | €42,617 | €61,639 | +€19,022 | +44.6% |
| Current assets | 29/58 | €304,441 | €331,115 | +€26,674 | +8.8% |
| Amounts receivable within one year | 40/41 | €17,005 | €23,457 | +€6,452 | +37.9% |
| Trade receivables | 40 | €16,812 | €23,457 | +€6,645 | +39.5% |
| Other amounts receivable | 41 | €193 | - | -€193 | |
| Current investments | 50/53 | €128,941 | €20,250 | -€108,691 | -84.3% |
| Cash at bank and in hand | 54/58 | €157,852 | €284,396 | +€126,543 | +80.2% |
| Deferred charges and accrued income | 490/1 | €643 | €3,013 | +€2,370 | +369% |
| Total equity and liabilities | 10/49 | €354,148 | €398,739 | +€44,591 | +12.6% |
| Equity | 10/15 | €286,912 | €294,602 | +€7,690 | +2.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €274,512 | €282,202 | +€7,690 | +2.8% |
| Distributable reserves | 133 | €274,512 | €282,202 | +€7,690 | +2.8% |
| Amounts payable | 17/49 | €67,235 | €104,136 | +€36,901 | +54.9% |
| Amounts payable within one year | 42/48 | €67,235 | €104,136 | +€36,901 | +54.9% |
| Trade debts | 44 | €4,436 | €544 | -€3,892 | -87.7% |
| Suppliers | 440/4 | €4,436 | €544 | -€3,892 | -87.7% |
| Taxes, remuneration and social security | 45 | €14,827 | €21,782 | +€6,955 | +46.9% |
| Taxes | 450/3 | €14,827 | €19,782 | +€4,955 | +33.4% |
| Remuneration and social security | 454/9 | - | €2,000 | +€2,000 | |
| Other amounts payable | 47/48 | €47,972 | €81,810 | +€33,837 | +70.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,260 | €21,863 | -€2,397 | -9.9% |
| Other operating charges | 640/8 | €484 | €648 | +€164 | +33.9% |
| Non-recurring operating charges | 66A | €3,100 | - | -€3,100 | |
| Gross operating margin | 9900 | €100,176 | €99,654 | -€522 | -0.5% |
| Operating profit (loss) | 9901 | €72,332 | €77,143 | +€4,812 | +6.7% |
| Financial income | 75/76B | €1,531 | €10,542 | +€9,011 | +589% |
| Recurring financial income | 75 | €1,531 | €974 | -€557 | -36.4% |
| Non-recurring financial income | 76B | - | €9,568 | +€9,568 | |
| Financial charges | 65/66B | €575 | €629 | +€55 | +9.5% |
| Recurring financial charges | 65 | €575 | €629 | +€55 | +9.5% |
| Profit (loss) for the period before taxes | 9903 | €73,288 | €87,056 | +€13,768 | +18.8% |
| Income taxes | 67/77 | €20,217 | €24,366 | +€4,149 | +20.5% |
| Profit (loss) for the period | 9904 | €53,071 | €62,690 | +€9,619 | +18.1% |
| Profit (loss) for the period to be appropriated | 9905 | €53,071 | €62,690 | +€9,619 | +18.1% |
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 16 October 2026 via checked.be.