Dr. Van Hemelen Guy: 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. Van Hemelen Guy
Largest movements
- Current investments +€127,000
up €127,000 (+32.2%), from €394,587 to €521,587
- Cash +€96,395
up €96,395 (+6.3%), from €1.5m to €1.6m
mainly Net result for the year (+€253,770) and Depreciation (+€30,942)
- Tangible fixed assets -€30,942
down €30,942 (-40.2%), from €77,054 to €46,112
of which Furniture and vehicles: -€30,317
- Reserves +€253,770
up €253,770 (+14.2%), from €1.8m to €2.0m
- Other debts -€65,236
down €65,236 (-34.1%), from €191,049 to €125,813
- Gross operating margin +€37,449
up €37,449 (+10.4%), from €359,221 to €396,670
- Taxes +€10,833
up €10,833 (+10.6%), from €102,020 to €112,854
- Financial income -€8,139
down €8,139 (-33.0%), from €24,649 to €16,510
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 | €2,010,560 | €2,203,048 | +€192,488 | +9.6% |
| Fixed assets | 21/28 | €77,054 | €46,112 | -€30,942 | -40.2% |
| Tangible fixed assets | 22/27 | €77,054 | €46,112 | -€30,942 | -40.2% |
| Plant, machinery and equipment | 23 | €2,033 | €1,408 | -€625 | -30.7% |
| Furniture and vehicles | 24 | €75,021 | €44,704 | -€30,317 | -40.4% |
| Current assets | 29/58 | €1,933,506 | €2,156,936 | +€223,430 | +11.6% |
| Amounts receivable within one year | 40/41 | €374 | €374 | = | 0.0% |
| Other amounts receivable | 41 | €374 | €374 | = | 0.0% |
| Current investments | 50/53 | €394,587 | €521,587 | +€127,000 | +32.2% |
| Cash at bank and in hand | 54/58 | €1,537,254 | €1,633,650 | +€96,395 | +6.3% |
| Deferred charges and accrued income | 490/1 | €1,291 | €1,325 | +€34 | +2.7% |
| Total equity and liabilities | 10/49 | €2,010,560 | €2,203,048 | +€192,488 | +9.6% |
| Equity | 10/15 | €1,806,644 | €2,060,414 | +€253,770 | +14.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,788,044 | €2,041,814 | +€253,770 | +14.2% |
| Distributable reserves | 133 | €1,788,044 | €2,041,814 | +€253,770 | +14.2% |
| Amounts payable | 17/49 | €203,916 | €142,634 | -€61,282 | -30.1% |
| Amounts payable within one year | 42/48 | €203,916 | €142,634 | -€61,282 | -30.1% |
| Trade debts | 44 | €2,578 | €1,399 | -€1,179 | -45.7% |
| Suppliers | 440/4 | €2,578 | €1,399 | -€1,179 | -45.7% |
| Taxes, remuneration and social security | 45 | €10,290 | €15,422 | +€5,133 | +49.9% |
| Taxes | 450/3 | €10,290 | €15,422 | +€5,133 | +49.9% |
| Other amounts payable | 47/48 | €191,049 | €125,813 | -€65,236 | -34.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,500 | €30,942 | -€1,558 | -4.8% |
| Other operating charges | 640/8 | €3,055 | €3,455 | +€400 | +13.1% |
| Gross operating margin | 9900 | €359,221 | €396,670 | +€37,449 | +10.4% |
| Operating profit (loss) | 9901 | €323,666 | €362,272 | +€38,607 | +11.9% |
| Financial income | 75/76B | €24,649 | €16,510 | -€8,139 | -33.0% |
| Recurring financial income | 75 | €24,649 | €16,510 | -€8,139 | -33.0% |
| Financial charges | 65/66B | €15,301 | €12,159 | -€3,142 | -20.5% |
| Recurring financial charges | 65 | €15,301 | €12,159 | -€3,142 | -20.5% |
| Profit (loss) for the period before taxes | 9903 | €333,014 | €366,624 | +€33,610 | +10.1% |
| Income taxes | 67/77 | €102,020 | €112,854 | +€10,833 | +10.6% |
| Profit (loss) for the period | 9904 | €230,993 | €253,770 | +€22,777 | +9.9% |
| Profit (loss) for the period to be appropriated | 9905 | €230,993 | €253,770 | +€22,777 | +9.9% |
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 24 October 2026 via checked.be.