Dr. S. Hellemans: 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. S. Hellemans
Largest movements
- Receivables after one year -€219,371
down €219,371 (-100%), from €219,371 to €0
- Cash +€117,995
up €117,995 (+69.9%), from €168,866 to €286,861
mainly Receivables after one year (+€219,371) and Net result for the year (+€202,031)
- Tangible fixed assets -€88,827
down €88,827 (-8.8%), from €1.0m to €915,332
of which Land and buildings: -€64,939
- Receivables within one year -€31,234
down €31,234 (-18.1%), from €172,164 to €140,930
- Reserves -€203,844
down €203,844 (-15.5%), from €1.3m to €1.1m
- Other debts +€45,873
new in 2025: €45,873
- Tax, wage and social debts -€44,892
down €44,892 (-66.5%), from €67,499 to €22,608
- Financial income -€29,087
down €29,087 (-82.1%), from €35,442 to €6,354
- Gross operating margin +€23,530
up €23,530 (+6.3%), from €375,523 to €399,053
- Financial charges -€9,630
down €9,630 (-60.3%), from €15,980 to €6,350
- Depreciation +€8,488
up €8,488 (+10.2%), from €83,567 to €92,055
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 | €1,579,510 | €1,359,326 | -€220,184 | -13.9% |
| Fixed assets | 21/28 | €1,009,159 | €920,332 | -€88,827 | -8.8% |
| Tangible fixed assets | 22/27 | €1,004,159 | €915,332 | -€88,827 | -8.8% |
| Land and buildings | 22 | €921,713 | €856,774 | -€64,939 | -7.0% |
| Plant, machinery and equipment | 23 | €3,367 | €2,767 | -€600 | -17.8% |
| Furniture and vehicles | 24 | €79,078 | €55,791 | -€23,287 | -29.4% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €570,351 | €438,994 | -€131,357 | -23.0% |
| Amounts receivable after more than one year | 29 | €219,371 | €0 | -€219,371 | -100% |
| Other amounts receivable | 291 | €219,371 | €0 | -€219,371 | -100% |
| Amounts receivable within one year | 40/41 | €172,164 | €140,930 | -€31,234 | -18.1% |
| Other amounts receivable | 41 | €172,164 | €140,930 | -€31,234 | -18.1% |
| Current investments | 50/53 | €8,306 | €8,306 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €168,866 | €286,861 | +€117,995 | +69.9% |
| Deferred charges and accrued income | 490/1 | €1,644 | €2,898 | +€1,253 | +76.2% |
| Total equity and liabilities | 10/49 | €1,579,510 | €1,359,326 | -€220,184 | -13.9% |
| Equity | 10/15 | €1,327,720 | €1,123,876 | -€203,844 | -15.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,315,320 | €1,111,476 | -€203,844 | -15.5% |
| Distributable reserves | 133 | €1,315,320 | €1,111,476 | -€203,844 | -15.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €251,790 | €235,450 | -€16,340 | -6.5% |
| Amounts payable after more than one year | 17 | €161,057 | €148,400 | -€12,657 | -7.9% |
| Financial debts | 170/4 | €161,057 | €148,400 | -€12,657 | -7.9% |
| Amounts payable within one year | 42/48 | €90,733 | €83,914 | -€6,819 | -7.5% |
| Current portion of amounts payable after more than one year | 42 | €12,363 | €12,657 | +€294 | +2.4% |
| Trade debts | 44 | €10,870 | €2,776 | -€8,094 | -74.5% |
| Suppliers | 440/4 | €10,870 | €2,776 | -€8,094 | -74.5% |
| Taxes, remuneration and social security | 45 | €67,499 | €22,608 | -€44,892 | -66.5% |
| Taxes | 450/3 | €67,499 | €22,608 | -€44,892 | -66.5% |
| Other amounts payable | 47/48 | - | €45,873 | +€45,873 | |
| Accrued charges and deferred income | 492/3 | €0 | €3,136 | +€3,136 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,567 | €92,055 | +€8,488 | +10.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €6,081 | €6,812 | +€732 | +12.0% |
| Gross operating margin | 9900 | €375,523 | €399,053 | +€23,530 | +6.3% |
| Operating profit (loss) | 9901 | €285,875 | €300,186 | +€14,310 | +5.0% |
| Financial income | 75/76B | €35,442 | €6,354 | -€29,087 | -82.1% |
| Recurring financial income | 75 | €35,442 | €6,354 | -€29,087 | -82.1% |
| Financial charges | 65/66B | €15,980 | €6,350 | -€9,630 | -60.3% |
| Recurring financial charges | 65 | €15,980 | €6,350 | -€9,630 | -60.3% |
| Profit (loss) for the period before taxes | 9903 | €305,337 | €300,190 | -€5,147 | -1.7% |
| Income taxes | 67/77 | €96,385 | €98,158 | +€1,773 | +1.8% |
| Profit (loss) for the period | 9904 | €208,951 | €202,031 | -€6,920 | -3.3% |
| Profit (loss) for the period to be appropriated | 9905 | €208,951 | €202,031 | -€6,920 | -3.3% |
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 24 October 2026 via checked.be.