Frederic Helsen: what changed
Two fiscal 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.
Frederic Helsen
Largest movements
- Receivables after one year -€805,000
no longer reported in 2024 (was €805,000)
- Cash -€577,301
down €577,301 (-98.1%), from €588,461 to €11,160
mainly Contributions, distributions and other (-€4.1m) and Debts after one year (-€265,656)
- Current investments -€192,984
down €192,984 (-18.9%), from €1.0m to €827,100
- Reserves -€2.4m
down €2.4m (-80.0%), from €3.1m to €610,000
- Other debts +€939,239
up €939,239 (+303558.1%), from €309 to €939,549
- Debts after one year -€265,656
down €265,656 (-15.2%), from €1.7m to €1.5m
- Tax, wage and social debts +€150,834
up €150,834 (+712.4%), from €21,174 to €172,008
- Gross operating margin +€349,129
up €349,129 (+21.0%), from €1.7m to €2.0m
- Taxes +€88,758
up €88,758 (+21.2%), from €418,840 to €507,598
- Financial income +€63,526
up €63,526 (+121.0%), from €52,503 to €116,029
From the 2023 result to the 2024 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.
Cash bridge derived
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,093,527 | €3,472,981 | -€1.6m | -31.8% |
| Fixed assets | 21/28 | €2,632,647 | €2,634,720 | +€2,073 | +0.1% |
| Tangible fixed assets | 22/27 | €2,483 | €4,556 | +€2,073 | +83.5% |
| Furniture and vehicles | 24 | €2,483 | €4,556 | +€2,073 | +83.5% |
| Financial fixed assets | 28 | €2,630,164 | €2,630,164 | = | 0.0% |
| Current assets | 29/58 | €2,460,880 | €838,260 | -€1.6m | -65.9% |
| Amounts receivable after more than one year | 29 | €805,000 | - | -€805,000 | |
| Other amounts receivable | 291 | €805,000 | - | -€805,000 | |
| Amounts receivable within one year | 40/41 | €47,335 | - | -€47,335 | |
| Other amounts receivable | 41 | €47,335 | - | -€47,335 | |
| Current investments | 50/53 | €1,020,084 | €827,100 | -€192,984 | -18.9% |
| Cash at bank and in hand | 54/58 | €588,461 | €11,160 | -€577,301 | -98.1% |
| Total equity and liabilities | 10/49 | €5,093,527 | €3,472,981 | -€1.6m | -31.8% |
| Equity | 10/15 | €3,056,814 | €613,383 | -€2.4m | -79.9% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €3,053,500 | €610,000 | -€2.4m | -80.0% |
| Distributable reserves | 133 | €3,053,500 | €610,000 | -€2.4m | -80.0% |
| Profit (loss) carried forward | 14 | €1,814 | €1,883 | +€68 | +3.8% |
| Amounts payable | 17/49 | €2,036,713 | €2,859,598 | +€822,885 | +40.4% |
| Amounts payable after more than one year | 17 | €1,746,944 | €1,481,289 | -€265,656 | -15.2% |
| Financial debts | 170/4 | €1,746,944 | €1,481,289 | -€265,656 | -15.2% |
| Amounts payable within one year | 42/48 | €289,769 | €1,378,309 | +€1.1m | +375.7% |
| Current portion of amounts payable after more than one year | 42 | €264,815 | €265,656 | +€841 | +0.3% |
| Trade debts | 44 | €3,471 | €1,097 | -€2,374 | -68.4% |
| Suppliers | 440/4 | €3,471 | €1,097 | -€2,374 | -68.4% |
| Taxes, remuneration and social security | 45 | €21,174 | €172,008 | +€150,834 | +712.4% |
| Taxes | 450/3 | €21,174 | €172,008 | +€150,834 | +712.4% |
| Other amounts payable | 47/48 | €309 | €939,549 | +€939,239 | +303558.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €845 | €1,312 | +€467 | +55.3% |
| Other operating charges | 640/8 | €1,023 | €1,094 | +€70 | +6.9% |
| Gross operating margin | 9900 | €1,661,124 | €2,010,253 | +€349,129 | +21.0% |
| Operating profit (loss) | 9901 | €1,659,256 | €2,007,847 | +€348,591 | +21.0% |
| Financial income | 75/76B | €52,503 | €116,029 | +€63,526 | +121.0% |
| Recurring financial income | 75 | €52,503 | €116,029 | +€63,526 | +121.0% |
| Financial charges | 65/66B | €6,967 | €6,210 | -€757 | -10.9% |
| Recurring financial charges | 65 | €6,967 | €6,210 | -€757 | -10.9% |
| Profit (loss) for the period before taxes | 9903 | €1,704,793 | €2,117,666 | +€412,873 | +24.2% |
| Income taxes | 67/77 | €418,840 | €507,598 | +€88,758 | +21.2% |
| Profit (loss) for the period | 9904 | €1,285,953 | €1,610,068 | +€324,115 | +25.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,285,953 | €1,610,068 | +€324,115 | +25.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.