Dr. Rudi HONINX: 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. Rudi HONINX
Largest movements
- Cash +€38,052
up €38,052 (+22.2%), from €171,336 to €209,388
mainly Net result for the year (+€219,440) and Depreciation (+€28,032)
- Current investments +€36,189
up €36,189 (+5.7%), from €637,841 to €674,030
- Receivables within one year +€26,874
up €26,874 (+61.8%), from €43,490 to €70,364
- Tangible fixed assets -€19,811
down €19,811 (-6.9%), from €289,205 to €269,394
of which Furniture and vehicles: -€19,811
- Reserves +€147,089
up €147,089 (+15.5%), from €947,618 to €1.1m
- Other debts -€27,650
down €27,650 (-27.6%), from €100,000 to €72,350
- Debts after one year -€24,152
down €24,152 (-66.5%), from €36,327 to €12,174
- Gross operating margin -€37,297
down €37,297 (-9.9%), from €376,117 to €338,821
- Staff costs -€8,517
down €8,517 (-72.2%), from €11,794 to €3,277
- Taxes -€6,316
down €6,316 (-6.2%), from €102,587 to €96,271
- Financial income +€4,699
up €4,699 (+54.2%), from €8,668 to €13,366
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 | €1,149,916 | €1,234,886 | +€84,970 | +7.4% |
| Fixed assets | 21/28 | €289,205 | €269,394 | -€19,811 | -6.9% |
| Tangible fixed assets | 22/27 | €289,205 | €269,394 | -€19,811 | -6.9% |
| Land and buildings | 22 | €210,525 | €210,525 | = | 0.0% |
| Plant, machinery and equipment | 23 | €3,286 | €3,286 | = | 0.0% |
| Furniture and vehicles | 24 | €69,894 | €50,082 | -€19,811 | -28.3% |
| Other tangible fixed assets | 26 | €5,500 | €5,500 | = | 0.0% |
| Current assets | 29/58 | €860,711 | €965,493 | +€104,781 | +12.2% |
| Amounts receivable within one year | 40/41 | €43,490 | €70,364 | +€26,874 | +61.8% |
| Other amounts receivable | 41 | €43,490 | €70,364 | +€26,874 | +61.8% |
| Current investments | 50/53 | €637,841 | €674,030 | +€36,189 | +5.7% |
| Cash at bank and in hand | 54/58 | €171,336 | €209,388 | +€38,052 | +22.2% |
| Deferred charges and accrued income | 490/1 | €8,045 | €11,712 | +€3,667 | +45.6% |
| Total equity and liabilities | 10/49 | €1,149,916 | €1,234,886 | +€84,970 | +7.4% |
| Equity | 10/15 | €960,026 | €1,107,116 | +€147,089 | +15.3% |
| Contributions | 10/11 | €12,408 | €12,408 | = | 0.0% |
| Reserves | 13 | €947,618 | €1,094,708 | +€147,089 | +15.5% |
| Distributable reserves | 133 | €947,618 | €1,094,708 | +€147,089 | +15.5% |
| Amounts payable | 17/49 | €189,890 | €127,771 | -€62,119 | -32.7% |
| Amounts payable after more than one year | 17 | €36,327 | €12,174 | -€24,152 | -66.5% |
| Financial debts | 170/4 | €36,327 | €12,174 | -€24,152 | -66.5% |
| Amounts payable within one year | 42/48 | €153,563 | €115,596 | -€37,967 | -24.7% |
| Current portion of amounts payable after more than one year | 42 | €23,896 | €24,153 | +€257 | +1.1% |
| Trade debts | 44 | €5,673 | €5,070 | -€603 | -10.6% |
| Suppliers | 440/4 | €5,673 | €5,070 | -€603 | -10.6% |
| Taxes, remuneration and social security | 45 | €23,994 | €14,023 | -€9,971 | -41.6% |
| Taxes | 450/3 | €23,352 | €14,023 | -€9,329 | -39.9% |
| Remuneration and social security | 454/9 | €642 | - | -€642 | |
| Other amounts payable | 47/48 | €100,000 | €72,350 | -€27,650 | -27.6% |
| Remuneration, social security and pensions | 62 | €11,794 | €3,277 | -€8,517 | -72.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,421 | €28,032 | -€2,389 | -7.9% |
| Other operating charges | 640/8 | €4,794 | €3,744 | -€1,049 | -21.9% |
| Gross operating margin | 9900 | €376,117 | €338,821 | -€37,297 | -9.9% |
| Operating profit (loss) | 9901 | €329,110 | €303,768 | -€25,342 | -7.7% |
| Financial income | 75/76B | €8,668 | €13,366 | +€4,699 | +54.2% |
| Recurring financial income | 75 | €8,668 | €13,366 | +€4,699 | +54.2% |
| Financial charges | 65/66B | €1,670 | €1,424 | -€246 | -14.7% |
| Recurring financial charges | 65 | €1,670 | €1,424 | -€246 | -14.7% |
| Profit (loss) for the period before taxes | 9903 | €336,107 | €315,710 | -€20,397 | -6.1% |
| Income taxes | 67/77 | €102,587 | €96,271 | -€6,316 | -6.2% |
| Profit (loss) for the period | 9904 | €233,520 | €219,440 | -€14,080 | -6.0% |
| Profit (loss) for the period to be appropriated | 9905 | €233,520 | €219,440 | -€14,080 | -6.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.