Dr. Sander Hooghe: 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. Sander Hooghe
Largest movements
- Current investments -€200,000
down €200,000 (-97.6%), from €205,000 to €5,000
- Cash +€90,394
up €90,394 (+506%), from €17,858 to €108,252
mainly Current investments (+€200,000) and Net result for the year (+€168,434)
- Receivables within one year +€13,000
up €13,000 (+40.6%), from €32,000 to €45,000
- Other debts -€155,160
down €155,160 (-53.8%), from €288,248 to €133,087
- Reserves +€68,021
up €68,021 (+67.7%), from €100,413 to €168,434
- Debts after one year -€12,821
down €12,821 (-35.0%), from €36,651 to €23,830
- Gross operating margin +€31,825
up €31,825 (+15.7%), from €202,374 to €234,199
- Taxes +€8,719
up €8,719 (+17.8%), from €48,901 to €57,619
- Depreciation -€4,173
down €4,173 (-56.8%), from €7,349 to €3,176
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 | €469,921 | €375,296 | -€94,625 | -20.1% |
| Fixed assets | 21/28 | €212,563 | €211,873 | -€690 | -0.3% |
| Tangible fixed assets | 22/27 | €5,063 | €4,373 | -€690 | -13.6% |
| Plant, machinery and equipment | 23 | €773 | €358 | -€415 | -53.7% |
| Furniture and vehicles | 24 | €4,290 | €4,015 | -€275 | -6.4% |
| Financial fixed assets | 28 | €207,500 | €207,500 | = | 0.0% |
| Current assets | 29/58 | €257,358 | €163,423 | -€93,935 | -36.5% |
| Amounts receivable within one year | 40/41 | €32,000 | €45,000 | +€13,000 | +40.6% |
| Trade receivables | 40 | €32,000 | €45,000 | +€13,000 | +40.6% |
| Current investments | 50/53 | €205,000 | €5,000 | -€200,000 | -97.6% |
| Cash at bank and in hand | 54/58 | €17,858 | €108,252 | +€90,394 | +506% |
| Deferred charges and accrued income | 490/1 | €2,501 | €5,171 | +€2,671 | +107% |
| Total equity and liabilities | 10/49 | €469,921 | €375,296 | -€94,625 | -20.1% |
| Equity | 10/15 | €119,013 | €187,034 | +€68,021 | +57.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €100,413 | €168,434 | +€68,021 | +67.7% |
| Distributable reserves | 133 | €100,413 | €168,434 | +€68,021 | +67.7% |
| Amounts payable | 17/49 | €350,908 | €188,262 | -€162,646 | -46.4% |
| Amounts payable after more than one year | 17 | €36,651 | €23,830 | -€12,821 | -35.0% |
| Financial debts | 170/4 | €36,651 | €23,830 | -€12,821 | -35.0% |
| Amounts payable within one year | 42/48 | €307,866 | €159,336 | -€148,530 | -48.2% |
| Current portion of amounts payable after more than one year | 42 | €12,698 | €12,821 | +€123 | +1.0% |
| Trade debts | 44 | €1,536 | €3,384 | +€1,848 | +120% |
| Suppliers | 440/4 | €1,536 | €3,384 | +€1,848 | +120% |
| Taxes, remuneration and social security | 45 | €5,384 | €10,043 | +€4,659 | +86.5% |
| Taxes | 450/3 | €5,384 | €10,043 | +€4,659 | +86.5% |
| Other amounts payable | 47/48 | €288,248 | €133,087 | -€155,160 | -53.8% |
| Accrued charges and deferred income | 492/3 | €6,392 | €5,097 | -€1,295 | -20.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,349 | €3,176 | -€4,173 | -56.8% |
| Other operating charges | 640/8 | €657 | €803 | +€146 | +22.2% |
| Gross operating margin | 9900 | €202,374 | €234,199 | +€31,825 | +15.7% |
| Operating profit (loss) | 9901 | €194,368 | €230,220 | +€35,852 | +18.4% |
| Financial income | 75/76B | €4,854 | €3,777 | -€1,076 | -22.2% |
| Recurring financial income | 75 | €4,854 | €3,777 | -€1,076 | -22.2% |
| Financial charges | 65/66B | €9,517 | €7,944 | -€1,573 | -16.5% |
| Recurring financial charges | 65 | €9,517 | €7,944 | -€1,573 | -16.5% |
| Profit (loss) for the period before taxes | 9903 | €189,705 | €226,053 | +€36,348 | +19.2% |
| Income taxes | 67/77 | €48,901 | €57,619 | +€8,719 | +17.8% |
| Profit (loss) for the period | 9904 | €140,804 | €168,434 | +€27,630 | +19.6% |
| Profit (loss) for the period to be appropriated | 9905 | €140,804 | €168,434 | +€27,630 | +19.6% |
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 19 October 2026 via checked.be.