Filip Herremans: 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.
Filip Herremans
Largest movements
- Receivables within one year +€101,511
up €101,511 (+47.6%), from €213,334 to €314,845
of which Other amounts receivable: +€63,597
- Cash -€53,261
down €53,261 (-63.9%), from €83,358 to €30,098
mainly Contributions, distributions and other (-€320,710) and Receivables within one year (-€101,511)
- Other debts +€226,599
up €226,599 (+241%), from €94,112 to €320,710
- Reserves -€185,800
no longer reported in 2025 (was €185,800)
- Tax, wage and social debts +€3,635
up €3,635 (+26.7%), from €13,608 to €17,243
- Gross operating margin +€106,880
up €106,880 (+168%), from €63,632 to €170,512
- Taxes +€25,777
up €25,777 (+171%), from €15,060 to €40,838
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 | €307,143 | €352,217 | +€45,074 | +14.7% |
| Fixed assets | 21/28 | €9,232 | €5,997 | -€3,235 | -35.0% |
| Tangible fixed assets | 22/27 | €9,232 | €5,997 | -€3,235 | -35.0% |
| Furniture and vehicles | 24 | €4,041 | €2,360 | -€1,681 | -41.6% |
| Other tangible fixed assets | 26 | €5,190 | €3,637 | -€1,554 | -29.9% |
| Current assets | 29/58 | €297,911 | €346,220 | +€48,309 | +16.2% |
| Amounts receivable within one year | 40/41 | €213,334 | €314,845 | +€101,511 | +47.6% |
| Trade receivables | 40 | €17,545 | €55,458 | +€37,913 | +216% |
| Other amounts receivable | 41 | €195,789 | €259,387 | +€63,597 | +32.5% |
| Cash at bank and in hand | 54/58 | €83,358 | €30,098 | -€53,261 | -63.9% |
| Deferred charges and accrued income | 490/1 | €1,218 | €1,278 | +€59 | +4.9% |
| Total equity and liabilities | 10/49 | €307,143 | €352,217 | +€45,074 | +14.7% |
| Equity | 10/15 | €190,800 | €5,000 | -€185,800 | -97.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €185,800 | - | -€185,800 | |
| Distributable reserves | 133 | €185,800 | - | -€185,800 | |
| Amounts payable | 17/49 | €116,343 | €347,217 | +€230,874 | +198% |
| Amounts payable within one year | 42/48 | €116,343 | €347,217 | +€230,874 | +198% |
| Trade debts | 44 | €8,623 | €9,264 | +€641 | +7.4% |
| Suppliers | 440/4 | €8,623 | €9,264 | +€641 | +7.4% |
| Taxes, remuneration and social security | 45 | €13,608 | €17,243 | +€3,635 | +26.7% |
| Taxes | 450/3 | €13,608 | €17,243 | +€3,635 | +26.7% |
| Other amounts payable | 47/48 | €94,112 | €320,710 | +€226,599 | +241% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,408 | €3,235 | -€173 | -5.1% |
| Other operating charges | 640/8 | €1,237 | €453 | -€784 | -63.4% |
| Gross operating margin | 9900 | €63,632 | €170,512 | +€106,880 | +168% |
| Operating profit (loss) | 9901 | €58,987 | €166,824 | +€107,838 | +183% |
| Financial income | 75/76B | €11,492 | €11,196 | -€296 | -2.6% |
| Recurring financial income | 75 | €11,492 | €11,196 | -€296 | -2.6% |
| Financial charges | 65/66B | €2,784 | €2,273 | -€511 | -18.4% |
| Recurring financial charges | 65 | €2,784 | €2,273 | -€511 | -18.4% |
| Profit (loss) for the period before taxes | 9903 | €67,695 | €175,748 | +€108,053 | +160% |
| Income taxes | 67/77 | €15,060 | €40,838 | +€25,777 | +171% |
| Profit (loss) for the period | 9904 | €52,635 | €134,910 | +€82,275 | +156% |
| Profit (loss) for the period to be appropriated | 9905 | €52,635 | €134,910 | +€82,275 | +156% |
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.