DR.YVES HAGERS: 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.YVES HAGERS
Largest movements
- Cash -€42,623
down €42,623 (-30.2%), from €141,018 to €98,395
mainly Contributions, distributions and other (-€387,565) and Current portion of long-term debt (-€12,156)
- Tangible fixed assets -€22,963
down €22,963 (-89.6%), from €25,616 to €2,652
of which Furniture and vehicles: -€24,813
- Reserves -€305,795
down €305,795 (-31.6%), from €968,869 to €663,074
- Other debts +€256,498
up €256,498 (+457%), from €56,149 to €312,647
- Current portion of long-term debt -€12,156
down €12,156 (-100%), from €12,156 to €0
- Gross operating margin +€63,976
up €63,976 (+89.8%), from €71,260 to €135,236
- Financial income -€37,690
down €37,690 (-80.5%), from €46,817 to €9,128
- Taxes +€19,693
up €19,693 (+62.4%), from €31,567 to €51,260
- Depreciation -€15,370
down €15,370 (-93.6%), from €16,415 to €1,045
- Financial charges -€8,402
down €8,402 (-56.2%), from €14,951 to €6,549
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 | €1,060,161 | €997,786 | -€62,375 | -5.9% |
| Fixed assets | 21/28 | €28,116 | €5,152 | -€22,963 | -81.7% |
| Tangible fixed assets | 22/27 | €25,616 | €2,652 | -€22,963 | -89.6% |
| Plant, machinery and equipment | 23 | - | €1,850 | +€1,850 | |
| Furniture and vehicles | 24 | €25,616 | €803 | -€24,813 | -96.9% |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €1,032,045 | €992,634 | -€39,411 | -3.8% |
| Amounts receivable within one year | 40/41 | €27,658 | €33,532 | +€5,875 | +21.2% |
| Other amounts receivable | 41 | €27,658 | €33,532 | +€5,875 | +21.2% |
| Current investments | 50/53 | €808,122 | €803,522 | -€4,600 | -0.6% |
| Cash at bank and in hand | 54/58 | €141,018 | €98,395 | -€42,623 | -30.2% |
| Deferred charges and accrued income | 490/1 | €55,248 | €57,184 | +€1,936 | +3.5% |
| Total equity and liabilities | 10/49 | €1,060,161 | €997,786 | -€62,375 | -5.9% |
| Equity | 10/15 | €968,869 | €663,074 | -€305,795 | -31.6% |
| Reserves | 13 | €968,869 | €663,074 | -€305,795 | -31.6% |
| Distributable reserves | 133 | €968,869 | €663,074 | -€305,795 | -31.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €91,291 | €334,712 | +€243,421 | +267% |
| Amounts payable after more than one year | 17 | €7,142 | €0 | -€7,142 | -100% |
| Financial debts | 170/4 | €7,142 | €0 | -€7,142 | -100% |
| Amounts payable within one year | 42/48 | €84,149 | €334,712 | +€250,563 | +298% |
| Current portion of amounts payable after more than one year | 42 | €12,156 | €0 | -€12,156 | -100% |
| Trade debts | 44 | €3,474 | €2,278 | -€1,196 | -34.4% |
| Suppliers | 440/4 | €3,474 | €2,278 | -€1,196 | -34.4% |
| Taxes, remuneration and social security | 45 | €12,371 | €19,787 | +€7,416 | +60.0% |
| Taxes | 450/3 | €12,371 | €19,787 | +€7,416 | +60.0% |
| Other amounts payable | 47/48 | €56,149 | €312,647 | +€256,498 | +457% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,415 | €1,045 | -€15,370 | -93.6% |
| Other operating charges | 640/8 | €3,489 | €3,740 | +€251 | +7.2% |
| Gross operating margin | 9900 | €71,260 | €135,236 | +€63,976 | +89.8% |
| Operating profit (loss) | 9901 | €51,356 | €130,451 | +€79,095 | +154% |
| Financial income | 75/76B | €46,817 | €9,128 | -€37,690 | -80.5% |
| Recurring financial income | 75 | €46,817 | €9,128 | -€37,690 | -80.5% |
| Financial charges | 65/66B | €14,951 | €6,549 | -€8,402 | -56.2% |
| Recurring financial charges | 65 | €14,951 | €6,549 | -€8,402 | -56.2% |
| Profit (loss) for the period before taxes | 9903 | €83,223 | €133,030 | +€49,807 | +59.8% |
| Income taxes | 67/77 | €31,567 | €51,260 | +€19,693 | +62.4% |
| Profit (loss) for the period | 9904 | €51,656 | €81,770 | +€30,114 | +58.3% |
| Profit (loss) for the period to be appropriated | 9905 | €51,656 | €81,770 | +€30,114 | +58.3% |
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 30 October 2026 via checked.be.