Dr. Sara HEUTEN: 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. Sara HEUTEN
Largest movements
- Current investments +€56,876
up €56,876 (+78.7%), from €72,277 to €129,152
- Cash -€24,813
down €24,813 (-25.6%), from €97,084 to €72,271
mainly Contributions, distributions and other (-€231,425) and Current investments (-€56,876)
- Deferred charges and accrued income +€16,197
up €16,197 (+22.2%), from €72,998 to €89,195
- Receivables within one year -€15,402
down €15,402 (-11.0%), from €140,071 to €124,669
- Tangible fixed assets -€13,078
down €13,078 (-6.7%), from €195,147 to €182,069
of which Land and buildings: -€12,491
- Other debts +€155,062
up €155,062 (+203%), from €76,363 to €231,425
- Reserves -€119,062
down €119,062 (-27.1%), from €439,656 to €320,594
- Debts after one year -€8,505
down €8,505 (-6.3%), from €135,048 to €126,543
- Gross operating margin +€37,826
up €37,826 (+29.0%), from €130,333 to €168,159
- Taxes +€15,639
up €15,639 (+50.0%), from €31,265 to €46,904
- Other operating charges -€4,090
down €4,090 (-60.6%), from €6,746 to €2,656
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 | €677,578 | €697,356 | +€19,779 | +2.9% |
| Fixed assets | 21/28 | €195,147 | €182,069 | -€13,078 | -6.7% |
| Tangible fixed assets | 22/27 | €195,147 | €182,069 | -€13,078 | -6.7% |
| Land and buildings | 22 | €193,787 | €181,296 | -€12,491 | -6.4% |
| Furniture and vehicles | 24 | €1,361 | €773 | -€587 | -43.2% |
| Current assets | 29/58 | €482,430 | €515,287 | +€32,857 | +6.8% |
| Amounts receivable after more than one year | 29 | €100,000 | €100,000 | = | 0.0% |
| Other amounts receivable | 291 | €100,000 | €100,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €140,071 | €124,669 | -€15,402 | -11.0% |
| Other amounts receivable | 41 | €140,071 | €124,669 | -€15,402 | -11.0% |
| Current investments | 50/53 | €72,277 | €129,152 | +€56,876 | +78.7% |
| Cash at bank and in hand | 54/58 | €97,084 | €72,271 | -€24,813 | -25.6% |
| Deferred charges and accrued income | 490/1 | €72,998 | €89,195 | +€16,197 | +22.2% |
| Total equity and liabilities | 10/49 | €677,578 | €697,356 | +€19,779 | +2.9% |
| Equity | 10/15 | €439,657 | €320,595 | -€119,062 | -27.1% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €439,656 | €320,594 | -€119,062 | -27.1% |
| Distributable reserves | 133 | €439,656 | €320,594 | -€119,062 | -27.1% |
| Amounts payable | 17/49 | €237,921 | €376,761 | +€138,840 | +58.4% |
| Amounts payable after more than one year | 17 | €135,048 | €126,543 | -€8,505 | -6.3% |
| Financial debts | 170/4 | €135,048 | €126,543 | -€8,505 | -6.3% |
| Amounts payable within one year | 42/48 | €102,323 | €249,488 | +€147,165 | +144% |
| Current portion of amounts payable after more than one year | 42 | €8,256 | €8,505 | +€249 | +3.0% |
| Trade debts | 44 | €6,726 | €2,093 | -€4,634 | -68.9% |
| Suppliers | 440/4 | €6,726 | €2,093 | -€4,634 | -68.9% |
| Taxes, remuneration and social security | 45 | €10,978 | €7,465 | -€3,513 | -32.0% |
| Taxes | 450/3 | €10,978 | €7,465 | -€3,513 | -32.0% |
| Other amounts payable | 47/48 | €76,363 | €231,425 | +€155,062 | +203% |
| Accrued charges and deferred income | 492/3 | €550 | €731 | +€180 | +32.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,447 | €13,078 | +€1,631 | +14.3% |
| Other operating charges | 640/8 | €6,746 | €2,656 | -€4,090 | -60.6% |
| Gross operating margin | 9900 | €130,333 | €168,159 | +€37,826 | +29.0% |
| Operating profit (loss) | 9901 | €112,141 | €152,425 | +€40,284 | +35.9% |
| Financial income | 75/76B | €13,287 | €11,893 | -€1,394 | -10.5% |
| Recurring financial income | 75 | €13,287 | €11,893 | -€1,394 | -10.5% |
| Financial charges | 65/66B | €4,914 | €5,051 | +€137 | +2.8% |
| Recurring financial charges | 65 | €4,914 | €5,051 | +€137 | +2.8% |
| Profit (loss) for the period before taxes | 9903 | €120,514 | €159,267 | +€38,753 | +32.2% |
| Income taxes | 67/77 | €31,265 | €46,904 | +€15,639 | +50.0% |
| Profit (loss) for the period | 9904 | €89,249 | €112,363 | +€23,114 | +25.9% |
| Profit (loss) for the period to be appropriated | 9905 | €89,249 | €112,363 | +€23,114 | +25.9% |
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 26 October 2026 via checked.be.