DR. P. HEIRMAN: 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. P. HEIRMAN
Largest movements
- Receivables after one year -€98,873
no longer reported in 2025 (was €98,873)
- Receivables within one year +€46,240
up €46,240 (+190.7%), from €24,247 to €70,487
- Deferred charges and accrued income -€21,335
down €21,335 (-50.1%), from €42,574 to €21,239
- Tangible fixed assets -€20,283
down €20,283 (-22.3%), from €90,783 to €70,500
of which Other tangible fixed assets: -€13,431
- Cash +€10,228
up €10,228 (+8.3%), from €123,708 to €133,936
mainly Receivables after one year (+€98,873) and Other debts (+€56,447)
- Reserves -€130,130
down €130,130 (-45.6%), from €285,160 to €155,030
- Other debts +€56,447
up €56,447 (+2042.5%), from €2,764 to €59,211
- Debts after one year -€9,849
down €9,849 (-14.3%), from €68,780 to €58,931
- Gross operating margin +€32,808
up €32,808 (+38.2%), from €85,981 to €118,789
- Staff costs +€23,115
up €23,115 (+158.3%), from €14,606 to €37,720
- Financial income -€5,519
down €5,519 (-74.9%), from €7,372 to €1,853
- Taxes +€2,888
up €2,888 (+22.4%), from €12,905 to €15,794
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 | €380,456 | €296,432 | -€84,024 | -22.1% |
| Fixed assets | 21/28 | €91,053 | €70,769 | -€20,283 | -22.3% |
| Tangible fixed assets | 22/27 | €90,783 | €70,500 | -€20,283 | -22.3% |
| Land and buildings | 22 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €14,081 | €7,229 | -€6,852 | -48.7% |
| Other tangible fixed assets | 26 | €76,702 | €63,271 | -€13,431 | -17.5% |
| Financial fixed assets | 28 | €270 | €270 | = | 0.0% |
| Current assets | 29/58 | €289,403 | €225,662 | -€63,740 | -22.0% |
| Amounts receivable after more than one year | 29 | €98,873 | - | -€98,873 | |
| Other amounts receivable | 291 | €98,873 | - | -€98,873 | |
| Amounts receivable within one year | 40/41 | €24,247 | €70,487 | +€46,240 | +190.7% |
| Other amounts receivable | 41 | €24,247 | €70,487 | +€46,240 | +190.7% |
| Cash at bank and in hand | 54/58 | €123,708 | €133,936 | +€10,228 | +8.3% |
| Deferred charges and accrued income | 490/1 | €42,574 | €21,239 | -€21,335 | -50.1% |
| Total equity and liabilities | 10/49 | €380,456 | €296,432 | -€84,024 | -22.1% |
| Equity | 10/15 | €291,368 | €161,239 | -€130,128 | -44.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €285,160 | €155,030 | -€130,130 | -45.6% |
| Distributable reserves | 133 | €285,160 | €155,030 | -€130,130 | -45.6% |
| Profit (loss) carried forward | 14 | €7 | €9 | +€2 | +27.9% |
| Amounts payable | 17/49 | €89,088 | €135,193 | +€46,105 | +51.8% |
| Amounts payable after more than one year | 17 | €68,780 | €58,931 | -€9,849 | -14.3% |
| Financial debts | 170/4 | €68,780 | €58,931 | -€9,849 | -14.3% |
| Amounts payable within one year | 42/48 | €20,308 | €76,261 | +€55,953 | +275.5% |
| Current portion of amounts payable after more than one year | 42 | €9,733 | €9,849 | +€115 | +1.2% |
| Trade debts | 44 | €7,811 | €7,201 | -€609 | -7.8% |
| Suppliers | 440/4 | €7,811 | €7,201 | -€609 | -7.8% |
| Other amounts payable | 47/48 | €2,764 | €59,211 | +€56,447 | +2042.5% |
| Remuneration, social security and pensions | 62 | €14,606 | €37,720 | +€23,115 | +158.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,272 | €20,283 | +€11 | +0.1% |
| Other operating charges | 640/8 | €687 | €722 | +€35 | +5.1% |
| Non-recurring operating charges | 66A | - | €1,628 | +€1,628 | |
| Gross operating margin | 9900 | €85,981 | €118,789 | +€32,808 | +38.2% |
| Operating profit (loss) | 9901 | €50,416 | €58,435 | +€8,019 | +15.9% |
| Financial income | 75/76B | €7,372 | €1,853 | -€5,519 | -74.9% |
| Recurring financial income | 75 | €7,372 | €1,853 | -€5,519 | -74.9% |
| Financial charges | 65/66B | €4,830 | €4,803 | -€27 | -0.6% |
| Recurring financial charges | 65 | €4,830 | €4,803 | -€27 | -0.6% |
| Profit (loss) for the period before taxes | 9903 | €52,958 | €55,486 | +€2,527 | +4.8% |
| Income taxes | 67/77 | €12,905 | €15,794 | +€2,888 | +22.4% |
| Profit (loss) for the period | 9904 | €40,053 | €39,692 | -€361 | -0.9% |
| Profit (loss) for the period to be appropriated | 9905 | €40,053 | €39,692 | -€361 | -0.9% |
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 11 October 2026 via checked.be.