DR. PETER HUYBRECHTS: 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. PETER HUYBRECHTS
Largest movements
- Receivables within one year -€135,136
down €135,136 (-96.8%), from €139,634 to €4,498
of which Other amounts receivable: -€131,335
- Cash -€85,055
down €85,055 (-53.9%), from €157,925 to €72,871
mainly Contributions, distributions and other (-€486,138) and Investment in fixed assets (net) (-€7,584)
- Reserves -€266,489
down €266,489 (-96.4%), from €276,492 to €10,003
of which Distributable reserves: -€266,489
- Tax, wage and social debts +€44,056
up €44,056 (+277%), from €15,898 to €59,954
- Contributions +€6,200
up €6,200 (+50.0%), from €12,400 to €18,600
- Trade debts -€3,903
down €3,903 (-55.6%), from €7,014 to €3,111
- Gross operating margin +€177,988
up €177,988 (+129%), from €137,877 to €315,865
- Taxes +€51,653
up €51,653 (+164%), from €31,458 to €83,111
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 | €311,804 | €91,668 | -€220,136 | -70.6% |
| Fixed assets | 21/28 | €10,445 | €12,806 | +€2,361 | +22.6% |
| Tangible fixed assets | 22/27 | €10,445 | €12,806 | +€2,361 | +22.6% |
| Land and buildings | 22 | €2,559 | €2,171 | -€388 | -15.2% |
| Plant, machinery and equipment | 23 | €247 | €10 | -€237 | -96.1% |
| Furniture and vehicles | 24 | €7,640 | €10,626 | +€2,986 | +39.1% |
| Current assets | 29/58 | €301,359 | €78,861 | -€222,498 | -73.8% |
| Amounts receivable within one year | 40/41 | €139,634 | €4,498 | -€135,136 | -96.8% |
| Trade receivables | 40 | €3,801 | - | -€3,801 | |
| Other amounts receivable | 41 | €135,832 | €4,498 | -€131,335 | -96.7% |
| Cash at bank and in hand | 54/58 | €157,925 | €72,871 | -€85,055 | -53.9% |
| Deferred charges and accrued income | 490/1 | €3,800 | €1,493 | -€2,307 | -60.7% |
| Total equity and liabilities | 10/49 | €311,804 | €91,668 | -€220,136 | -70.6% |
| Equity | 10/15 | €288,892 | €28,603 | -€260,289 | -90.1% |
| Contributions | 10/11 | €12,400 | €18,600 | +€6,200 | +50.0% |
| Reserves | 13 | €276,492 | €10,003 | -€266,489 | -96.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €274,632 | €8,143 | -€266,489 | -97.0% |
| Amounts payable | 17/49 | €22,912 | €63,065 | +€40,153 | +175% |
| Amounts payable within one year | 42/48 | €22,912 | €63,065 | +€40,153 | +175% |
| Trade debts | 44 | €7,014 | €3,111 | -€3,903 | -55.6% |
| Suppliers | 440/4 | €7,014 | €3,111 | -€3,903 | -55.6% |
| Taxes, remuneration and social security | 45 | €15,898 | €59,954 | +€44,056 | +277% |
| Taxes | 450/3 | €15,898 | €59,954 | +€44,056 | +277% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,461 | €5,222 | -€2,239 | -30.0% |
| Other operating charges | 640/8 | €1,319 | €1,544 | +€225 | +17.1% |
| Gross operating margin | 9900 | €137,877 | €315,865 | +€177,988 | +129% |
| Operating profit (loss) | 9901 | €129,098 | €309,099 | +€180,002 | +139% |
| Financial income | 75/76B | €1 | €1 | +€0 | +41.4% |
| Recurring financial income | 75 | €1 | €1 | +€0 | +41.4% |
| Financial charges | 65/66B | €146 | €141 | -€6 | -3.8% |
| Recurring financial charges | 65 | €146 | €141 | -€6 | -3.8% |
| Profit (loss) for the period before taxes | 9903 | €128,952 | €308,959 | +€180,008 | +140% |
| Income taxes | 67/77 | €31,458 | €83,111 | +€51,653 | +164% |
| Profit (loss) for the period | 9904 | €97,493 | €225,848 | +€128,355 | +132% |
| Profit (loss) for the period to be appropriated | 9905 | €97,493 | €225,848 | +€128,355 | +132% |
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.