DR. NOEL HECHTERMANS: 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. NOEL HECHTERMANS
Largest movements
- Cash +€298,593
up €298,593 (+131%), from €227,219 to €525,812
mainly Net result for the year (+€191,266) and Tax, wage and social debts (+€90,704)
- Tangible fixed assets -€17,114
down €17,114 (-26.3%), from €65,042 to €47,928
of which Furniture and vehicles: -€12,503
- Reserves +€191,266
up €191,266 (+98.7%), from €193,724 to €384,989
- Tax, wage and social debts +€90,704
up €90,704 (+98.8%), from €91,823 to €182,527
- Depreciation +€4,838
up €4,838 (+33.2%), from €14,575 to €19,413
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 | €294,574 | €579,844 | +€285,270 | +96.8% |
| Fixed assets | 21/28 | €65,042 | €47,928 | -€17,114 | -26.3% |
| Tangible fixed assets | 22/27 | €65,042 | €47,928 | -€17,114 | -26.3% |
| Land and buildings | 22 | €30,550 | €27,295 | -€3,255 | -10.7% |
| Plant, machinery and equipment | 23 | €3,156 | €1,799 | -€1,357 | -43.0% |
| Furniture and vehicles | 24 | €31,337 | €18,834 | -€12,503 | -39.9% |
| Current assets | 29/58 | €229,532 | €531,915 | +€302,384 | +132% |
| Amounts receivable within one year | 40/41 | - | €2,842 | +€2,842 | |
| Trade receivables | 40 | - | €2,842 | +€2,842 | |
| Cash at bank and in hand | 54/58 | €227,219 | €525,812 | +€298,593 | +131% |
| Deferred charges and accrued income | 490/1 | €2,313 | €3,262 | +€949 | +41.0% |
| Total equity and liabilities | 10/49 | €294,574 | €579,844 | +€285,270 | +96.8% |
| Equity | 10/15 | €198,724 | €389,989 | +€191,266 | +96.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €193,724 | €384,989 | +€191,266 | +98.7% |
| Distributable reserves | 133 | €193,724 | €384,989 | +€191,266 | +98.7% |
| Amounts payable | 17/49 | €95,850 | €189,855 | +€94,004 | +98.1% |
| Amounts payable within one year | 42/48 | €95,850 | €189,855 | +€94,004 | +98.1% |
| Trade debts | 44 | €1,407 | €1,014 | -€393 | -27.9% |
| Suppliers | 440/4 | €1,407 | €1,014 | -€393 | -27.9% |
| Taxes, remuneration and social security | 45 | €91,823 | €182,527 | +€90,704 | +98.8% |
| Taxes | 450/3 | €91,823 | €182,527 | +€90,704 | +98.8% |
| Other amounts payable | 47/48 | €2,621 | €6,314 | +€3,693 | +141% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,575 | €19,413 | +€4,838 | +33.2% |
| Other operating charges | 640/8 | €1,016 | €980 | -€36 | -3.5% |
| Gross operating margin | 9900 | €301,370 | €302,536 | +€1,166 | +0.4% |
| Operating profit (loss) | 9901 | €285,779 | €282,143 | -€3,636 | -1.3% |
| Financial income | 75/76B | €3 | €0 | -€3 | -100% |
| Recurring financial income | 75 | €3 | €0 | -€3 | -100% |
| Financial charges | 65/66B | €235 | €173 | -€62 | -26.3% |
| Recurring financial charges | 65 | €235 | €173 | -€62 | -26.3% |
| Profit (loss) for the period before taxes | 9903 | €285,547 | €281,970 | -€3,577 | -1.3% |
| Income taxes | 67/77 | €91,823 | €90,704 | -€1,119 | -1.2% |
| Profit (loss) for the period | 9904 | €193,724 | €191,266 | -€2,458 | -1.3% |
| Profit (loss) for the period to be appropriated | 9905 | €193,724 | €191,266 | -€2,458 | -1.3% |
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 23 October 2026 via checked.be.