DR. TOM HOERÉE: 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. TOM HOERÉE
Largest movements
- Tangible fixed assets +€76,894
up €76,894 (+3,316%), from €2,319 to €79,213
of which Furniture and vehicles: +€74,587
- Cash -€75,252
down €75,252 (-32.3%), from €233,133 to €157,880
mainly Contributions, distributions and other (-€82,000) and Investment in fixed assets (net) (-€79,027)
- Other debts -€76,006
down €76,006 (-52.0%), from €146,200 to €70,194
- Trade debts +€63,419
up €63,419 (+16,499%), from €384 to €63,804
- Reserves +€17,244
up €17,244 (+20.9%), from €82,677 to €99,921
- Gross operating margin +€40,710
up €40,710 (+39.3%), from €103,705 to €144,415
- Taxes +€21,556
up €21,556 (+105%), from €20,500 to €42,056
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 | €255,062 | €258,320 | +€3,258 | +1.3% |
| Fixed assets | 21/28 | €20,152 | €97,046 | +€76,894 | +382% |
| Tangible fixed assets | 22/27 | €2,319 | €79,213 | +€76,894 | +3,316% |
| Plant, machinery and equipment | 23 | €2,319 | €4,626 | +€2,307 | +99.5% |
| Furniture and vehicles | 24 | - | €74,587 | +€74,587 | |
| Financial fixed assets | 28 | €17,833 | €17,833 | = | 0.0% |
| Current assets | 29/58 | €234,910 | €161,274 | -€73,636 | -31.3% |
| Amounts receivable within one year | 40/41 | €62 | - | -€62 | |
| Other amounts receivable | 41 | €62 | - | -€62 | |
| Cash at bank and in hand | 54/58 | €233,133 | €157,880 | -€75,252 | -32.3% |
| Deferred charges and accrued income | 490/1 | €1,716 | €3,393 | +€1,678 | +97.8% |
| Total equity and liabilities | 10/49 | €255,062 | €258,320 | +€3,258 | +1.3% |
| Equity | 10/15 | €82,678 | €99,922 | +€17,244 | +20.9% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €82,677 | €99,921 | +€17,244 | +20.9% |
| Distributable reserves | 133 | €82,677 | €99,921 | +€17,244 | +20.9% |
| Amounts payable | 17/49 | €172,384 | €158,398 | -€13,987 | -8.1% |
| Amounts payable within one year | 42/48 | €172,384 | €158,398 | -€13,987 | -8.1% |
| Trade debts | 44 | €384 | €63,804 | +€63,419 | +16,499% |
| Suppliers | 440/4 | €384 | €63,804 | +€63,419 | +16,499% |
| Taxes, remuneration and social security | 45 | €25,800 | €24,400 | -€1,400 | -5.4% |
| Taxes | 450/3 | €25,800 | €24,400 | -€1,400 | -5.4% |
| Other amounts payable | 47/48 | €146,200 | €70,194 | -€76,006 | -52.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,372 | €2,133 | +€761 | +55.5% |
| Other operating charges | 640/8 | €406 | €493 | +€87 | +21.5% |
| Gross operating margin | 9900 | €103,705 | €144,415 | +€40,710 | +39.3% |
| Operating profit (loss) | 9901 | €101,927 | €141,789 | +€39,862 | +39.1% |
| Financial income | 75/76B | - | €84 | +€84 | |
| Recurring financial income | 75 | - | €84 | +€84 | |
| Financial charges | 65/66B | €435 | €572 | +€137 | +31.6% |
| Recurring financial charges | 65 | €435 | €572 | +€137 | +31.6% |
| Profit (loss) for the period before taxes | 9903 | €101,492 | €141,301 | +€39,809 | +39.2% |
| Income taxes | 67/77 | €20,500 | €42,056 | +€21,556 | +105% |
| Profit (loss) for the period | 9904 | €80,992 | €99,244 | +€18,252 | +22.5% |
| Profit (loss) for the period to be appropriated | 9905 | €80,992 | €99,244 | +€18,252 | +22.5% |
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 16 October 2026 via checked.be.