Dr. Michaël Hoffmann: 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. Michaël Hoffmann
Largest movements
- Tangible fixed assets +€190,143
up €190,143 (+3715.6%), from €5,117 to €195,260
of which Furniture and vehicles: +€166,523
- Cash -€44,989
down €44,989 (-64.5%), from €69,754 to €24,764
mainly Contributions, distributions and other (-€236,669) and Investment in fixed assets (net) (-€206,276)
- Receivables within one year -€7,995
down €7,995 (-31.5%), from €25,364 to €17,369
of which Other amounts receivable: -€16,510
- Other debts +€200,186
new in 2025: €200,186
- Reserves -€89,595
down €89,595 (-100.0%), from €89,595 to €0
- Tax, wage and social debts +€25,148
up €25,148 (+708.0%), from €3,552 to €28,700
of which Taxes: +€23,181
- Gross operating margin +€111,819
up €111,819 (+91.6%), from €122,089 to €233,908
- Other operating charges +€18,815
up €18,815 (+766.2%), from €2,456 to €21,271
- Taxes +€17,247
up €17,247 (+66.3%), from €26,025 to €43,272
- Depreciation +€13,840
up €13,840 (+603.4%), from €2,294 to €16,133
- Staff costs +€6,149
new in 2025: €6,149
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 | €100,235 | €237,394 | +€137,159 | +136.8% |
| Fixed assets | 21/28 | €5,117 | €195,260 | +€190,143 | +3715.6% |
| Tangible fixed assets | 22/27 | €5,117 | €195,260 | +€190,143 | +3715.6% |
| Plant, machinery and equipment | 23 | - | €17,756 | +€17,756 | |
| Furniture and vehicles | 24 | €5,117 | €171,640 | +€166,523 | +3254.1% |
| Other tangible fixed assets | 26 | - | €5,864 | +€5,864 | |
| Current assets | 29/58 | €95,118 | €42,134 | -€52,984 | -55.7% |
| Amounts receivable within one year | 40/41 | €25,364 | €17,369 | -€7,995 | -31.5% |
| Trade receivables | 40 | €3,838 | €12,353 | +€8,515 | +221.9% |
| Other amounts receivable | 41 | €21,526 | €5,016 | -€16,510 | -76.7% |
| Cash at bank and in hand | 54/58 | €69,754 | €24,764 | -€44,989 | -64.5% |
| Total equity and liabilities | 10/49 | €100,235 | €237,394 | +€137,159 | +136.8% |
| Equity | 10/15 | €92,095 | €2,500 | -€89,595 | -97.3% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €89,595 | €0 | -€89,595 | -100.0% |
| Distributable reserves | 133 | €89,595 | €0 | -€89,595 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €8,140 | €234,894 | +€226,754 | +2785.7% |
| Amounts payable within one year | 42/48 | €8,140 | €234,894 | +€226,754 | +2785.7% |
| Trade debts | 44 | €4,588 | €6,008 | +€1,420 | +30.9% |
| Suppliers | 440/4 | €4,588 | €6,008 | +€1,420 | +30.9% |
| Taxes, remuneration and social security | 45 | €3,552 | €28,700 | +€25,148 | +708.0% |
| Taxes | 450/3 | €3,552 | €26,734 | +€23,181 | +652.6% |
| Remuneration and social security | 454/9 | - | €1,966 | +€1,966 | |
| Other amounts payable | 47/48 | - | €200,186 | +€200,186 | |
| Remuneration, social security and pensions | 62 | - | €6,149 | +€6,149 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,294 | €16,133 | +€13,840 | +603.4% |
| Other operating charges | 640/8 | €2,456 | €21,271 | +€18,815 | +766.2% |
| Non-recurring operating charges | 66A | €727 | €0 | -€727 | -100.0% |
| Gross operating margin | 9900 | €122,089 | €233,908 | +€111,819 | +91.6% |
| Operating profit (loss) | 9901 | €116,612 | €190,355 | +€73,743 | +63.2% |
| Financial income | 75/76B | €352 | €1,046 | +€694 | +197.5% |
| Recurring financial income | 75 | €352 | €1,046 | +€694 | +197.5% |
| Financial charges | 65/66B | €1,344 | €1,056 | -€288 | -21.4% |
| Recurring financial charges | 65 | €1,344 | €1,056 | -€288 | -21.4% |
| Profit (loss) for the period before taxes | 9903 | €115,620 | €190,346 | +€74,725 | +64.6% |
| Income taxes | 67/77 | €26,025 | €43,272 | +€17,247 | +66.3% |
| Profit (loss) for the period | 9904 | €89,595 | €147,074 | +€57,478 | +64.2% |
| Profit (loss) for the period to be appropriated | 9905 | €89,595 | €147,074 | +€57,478 | +64.2% |
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.