EMILIE HEPNER: 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.
EMILIE HEPNER
Largest movements
- Tangible fixed assets +€13,973
up €13,973 (+654%), from €2,138 to €16,111
of which Furniture and vehicles: +€13,973
- Receivables within one year -€3,550
down €3,550 (-33.4%), from €10,616 to €7,066
of which Trade receivables: -€3,620
- Cash +€1,154
up €1,154 (+21.1%), from €5,465 to €6,618
mainly Debts after one year (+€12,044) and Short-term financial debts (+€3,576)
- Formation expenses -€546
down €546 (-33.7%), from €1,619 to €1,073
- Deferred charges and accrued income +€542
new in 2025: €542
- Debts after one year +€12,044
new in 2025: €12,044
- Short-term financial debts +€3,576
new in 2025: €3,576
- Tax, wage and social debts -€1,509
down €1,509 (-42.7%), from €3,537 to €2,028
of which Remuneration and social security: -€1,097
- Profit (loss) carried forward -€1,251
down €1,251 (-26.9%), from €4,643 to €3,392
- Trade debts -€437
down €437 (-39.9%), from €1,097 to €659
- Financial income -€11,551
down €11,551 (-100.0%), from €11,551 to €0
of which Non-recurring financial income: -€11,551
- Gross operating margin -€3,296
down €3,296 (-16.9%), from €19,448 to €16,151
- Depreciation +€1,989
up €1,989 (+185%), from €1,072 to €3,061
- Staff costs +€645
up €645 (+5.0%), from €12,831 to €13,477
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 | €21,190 | €32,859 | +€11,670 | +55.1% |
| Formation expenses | 20 | €1,619 | €1,073 | -€546 | -33.7% |
| Fixed assets | 21/28 | €2,138 | €16,111 | +€13,973 | +654% |
| Tangible fixed assets | 22/27 | €2,138 | €16,111 | +€13,973 | +654% |
| Furniture and vehicles | 24 | €914 | €14,887 | +€13,973 | +1,529% |
| Other tangible fixed assets | 26 | €1,224 | €1,224 | = | 0.0% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €17,433 | €15,676 | -€1,758 | -10.1% |
| Stocks and contracts in progress | 3 | €1,352 | €1,449 | +€97 | +7.2% |
| Stocks | 30/36 | €1,352 | €1,449 | +€97 | +7.2% |
| Amounts receivable within one year | 40/41 | €10,616 | €7,066 | -€3,550 | -33.4% |
| Trade receivables | 40 | €9,766 | €6,146 | -€3,620 | -37.1% |
| Other amounts receivable | 41 | €850 | €920 | +€70 | +8.2% |
| Cash at bank and in hand | 54/58 | €5,465 | €6,618 | +€1,154 | +21.1% |
| Deferred charges and accrued income | 490/1 | - | €542 | +€542 | |
| Total equity and liabilities | 10/49 | €21,190 | €32,859 | +€11,670 | +55.1% |
| Equity | 10/15 | €15,643 | €14,392 | -€1,251 | -8.0% |
| Contributions | 10/11 | €11,000 | €11,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,643 | €3,392 | -€1,251 | -26.9% |
| Amounts payable | 17/49 | €5,547 | €18,468 | +€12,921 | +233% |
| Amounts payable after more than one year | 17 | - | €12,044 | +€12,044 | |
| Financial debts | 170/4 | - | €12,044 | +€12,044 | |
| Amounts payable within one year | 42/48 | €5,547 | €6,424 | +€877 | +15.8% |
| Current portion of amounts payable after more than one year | 42 | €400 | - | -€400 | |
| Financial debts | 43 | - | €3,576 | +€3,576 | |
| Other loans | 439 | - | €3,576 | +€3,576 | |
| Trade debts | 44 | €1,097 | €659 | -€437 | -39.9% |
| Suppliers | 440/4 | €1,097 | €659 | -€437 | -39.9% |
| Taxes, remuneration and social security | 45 | €3,537 | €2,028 | -€1,509 | -42.7% |
| Taxes | 450/3 | €412 | - | -€412 | |
| Remuneration and social security | 454/9 | €3,124 | €2,028 | -€1,097 | -35.1% |
| Other amounts payable | 47/48 | €514 | €161 | -€353 | -68.7% |
| Non-recurring operating income | 76A | €742 | - | -€742 | |
| Remuneration, social security and pensions | 62 | €12,831 | €13,477 | +€645 | +5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,072 | €3,061 | +€1,989 | +185% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €107 | - | -€107 | |
| Other operating charges | 640/8 | €583 | €645 | +€62 | +10.7% |
| Non-recurring operating charges | 66A | €11,551 | - | -€11,551 | |
| Gross operating margin | 9900 | €19,448 | €16,151 | -€3,296 | -16.9% |
| Operating profit (loss) | 9901 | -€6,697 | -€1,032 | +€5,665 | +84.6% |
| Financial income | 75/76B | €11,551 | €0 | -€11,551 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +400% |
| Non-recurring financial income | 76B | €11,551 | - | -€11,551 | |
| Financial charges | 65/66B | €158 | €219 | +€61 | +38.7% |
| Recurring financial charges | 65 | €158 | €219 | +€61 | +38.7% |
| Profit (loss) for the period before taxes | 9903 | €4,696 | -€1,251 | -€5,947 | |
| Income taxes | 67/77 | €22 | - | -€22 | |
| Profit (loss) for the period | 9904 | €4,673 | -€1,251 | -€5,924 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,673 | -€1,251 | -€5,924 |
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 1 November 2026 via checked.be.