Dr. Thierry Vanderheyde: 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. Thierry Vanderheyde
Largest movements
- Tangible fixed assets +€221,029
up €221,029 (+3,015%), from €7,330 to €228,359
of which Land and buildings: +€222,866
- Cash +€87,102
up €87,102 (+66.7%), from €130,632 to €217,734
mainly Debts after one year (+€220,771) and Net result for the year (+€84,357)
- Receivables within one year +€34,477
up €34,477 (+2,468%), from €1,397 to €35,873
of which Trade receivables: +€27,951
- Debts after one year +€220,771
new in 2025: €220,771
- Profit (loss) carried forward +€84,357
up €84,357 (+59.5%), from €141,888 to €226,245
- Trade debts +€28,686
up €28,686 (+7,342%), from €391 to €29,077
- Current portion of long-term debt +€8,652
new in 2025: €8,652
- Gross operating margin -€13,055
down €13,055 (-9.1%), from €142,930 to €129,875
- Taxes -€7,990
down €7,990 (-26.6%), from €30,068 to €22,078
- Depreciation +€7,971
up €7,971 (+293%), from €2,717 to €10,687
- Financial charges +€5,949
up €5,949 (+341%), from €1,744 to €7,694
- Other operating charges +€4,694
up €4,694 (+1,286%), from €365 to €5,059
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 | €145,544 | €487,989 | +€342,445 | +235% |
| Fixed assets | 21/28 | €7,330 | €228,359 | +€221,029 | +3,015% |
| Tangible fixed assets | 22/27 | €7,330 | €228,359 | +€221,029 | +3,015% |
| Land and buildings | 22 | - | €222,866 | +€222,866 | |
| Plant, machinery and equipment | 23 | €5,855 | €4,661 | -€1,194 | -20.4% |
| Furniture and vehicles | 24 | €1,475 | €832 | -€643 | -43.6% |
| Current assets | 29/58 | €138,214 | €259,630 | +€121,417 | +87.8% |
| Amounts receivable within one year | 40/41 | €1,397 | €35,873 | +€34,477 | +2,468% |
| Trade receivables | 40 | - | €27,951 | +€27,951 | |
| Other amounts receivable | 41 | €1,397 | €7,922 | +€6,526 | +467% |
| Cash at bank and in hand | 54/58 | €130,632 | €217,734 | +€87,102 | +66.7% |
| Deferred charges and accrued income | 490/1 | €6,185 | €6,023 | -€162 | -2.6% |
| Total equity and liabilities | 10/49 | €145,544 | €487,989 | +€342,445 | +235% |
| Equity | 10/15 | €144,888 | €229,245 | +€84,357 | +58.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €141,888 | €226,245 | +€84,357 | +59.5% |
| Amounts payable | 17/49 | €656 | €258,744 | +€258,088 | +39,342% |
| Amounts payable after more than one year | 17 | - | €220,771 | +€220,771 | |
| Financial debts | 170/4 | - | €220,771 | +€220,771 | |
| Amounts payable within one year | 42/48 | €656 | €37,973 | +€37,317 | +5,689% |
| Current portion of amounts payable after more than one year | 42 | - | €8,652 | +€8,652 | |
| Trade debts | 44 | €391 | €29,077 | +€28,686 | +7,342% |
| Suppliers | 440/4 | €391 | €29,077 | +€28,686 | +7,342% |
| Taxes, remuneration and social security | 45 | €68 | €0 | -€68 | -100% |
| Taxes | 450/3 | €68 | €0 | -€68 | -100% |
| Other amounts payable | 47/48 | €197 | €245 | +€47 | +24.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,717 | €10,687 | +€7,971 | +293% |
| Other operating charges | 640/8 | €365 | €5,059 | +€4,694 | +1,286% |
| Gross operating margin | 9900 | €142,930 | €129,875 | -€13,055 | -9.1% |
| Operating profit (loss) | 9901 | €139,849 | €114,128 | -€25,720 | -18.4% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €1,744 | €7,694 | +€5,949 | +341% |
| Recurring financial charges | 65 | €1,744 | €7,694 | +€5,949 | +341% |
| Profit (loss) for the period before taxes | 9903 | €138,104 | €106,435 | -€31,670 | -22.9% |
| Income taxes | 67/77 | €30,068 | €22,078 | -€7,990 | -26.6% |
| Profit (loss) for the period | 9904 | €108,037 | €84,357 | -€23,680 | -21.9% |
| Profit (loss) for the period to be appropriated | 9905 | €108,037 | €84,357 | -€23,680 | -21.9% |
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.