FREDERIC HEYLBROECK: 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.
FREDERIC HEYLBROECK
Largest movements
- Cash -€259,206
down €259,206 (-89.3%), from €290,240 to €31,034
mainly Contributions, distributions and other (-€470,000) and Current investments (-€40,000)
- Current investments +€40,000
new in 2025: €40,000
- Receivables within one year -€15,949
down €15,949 (-8.7%), from €182,795 to €166,846
of which Trade receivables: -€31,799
- Reserves -€410,295
down €410,295 (-96.4%), from €425,421 to €15,126
- Other debts +€165,246
up €165,246 (+2,137%), from €7,734 to €172,980
- Short-term financial debts +€14,017
up €14,017 (+1,121%), from €1,250 to €15,267
- Trade debts -€8,592
down €8,592 (-24.4%), from €35,278 to €26,686
- Accrued charges and deferred income +€7,498
up €7,498 (+469%), from €1,599 to €9,097
- Depreciation -€72,169
down €72,169 (-92.3%), from €78,169 to €6,000
- Other operating charges +€32,574
up €32,574 (+3,641%), from €895 to €33,469
- Gross operating margin -€29,589
down €29,589 (-12.6%), from €235,231 to €205,643
- Taxes +€7,614
up €7,614 (+36.3%), from €20,954 to €28,568
- Financial charges +€7,369
up €7,369 (+240%), from €3,074 to €10,443
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 | €523,260 | €285,074 | -€238,186 | -45.5% |
| Fixed assets | 21/28 | €43,627 | €39,491 | -€4,136 | -9.5% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €43,627 | €39,391 | -€4,236 | -9.7% |
| Furniture and vehicles | 24 | €16,289 | €12,053 | -€4,236 | -26.0% |
| Other tangible fixed assets | 26 | €27,339 | €27,339 | = | 0.0% |
| Financial fixed assets | 28 | - | €100 | +€100 | |
| Current assets | 29/58 | €479,633 | €245,583 | -€234,050 | -48.8% |
| Amounts receivable within one year | 40/41 | €182,795 | €166,846 | -€15,949 | -8.7% |
| Trade receivables | 40 | €173,749 | €141,949 | -€31,799 | -18.3% |
| Other amounts receivable | 41 | €9,046 | €24,896 | +€15,850 | +175% |
| Current investments | 50/53 | - | €40,000 | +€40,000 | |
| Cash at bank and in hand | 54/58 | €290,240 | €31,034 | -€259,206 | -89.3% |
| Deferred charges and accrued income | 490/1 | €6,598 | €7,704 | +€1,105 | +16.7% |
| Total equity and liabilities | 10/49 | €523,260 | €285,074 | -€238,186 | -45.5% |
| Equity | 10/15 | €430,421 | €20,126 | -€410,295 | -95.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €425,421 | €15,126 | -€410,295 | -96.4% |
| Distributable reserves | 133 | €425,421 | €15,126 | -€410,295 | -96.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €92,839 | €264,948 | +€172,109 | +185% |
| Amounts payable within one year | 42/48 | €91,240 | €255,851 | +€164,611 | +180% |
| Financial debts | 43 | €1,250 | €15,267 | +€14,017 | +1,121% |
| Credit institutions | 430/8 | €1,250 | €15,267 | +€14,017 | +1,121% |
| Trade debts | 44 | €35,278 | €26,686 | -€8,592 | -24.4% |
| Suppliers | 440/4 | €35,278 | €26,686 | -€8,592 | -24.4% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €46,978 | €40,918 | -€6,060 | -12.9% |
| Taxes | 450/3 | €31,797 | €26,007 | -€5,790 | -18.2% |
| Remuneration and social security | 454/9 | €15,181 | €14,911 | -€271 | -1.8% |
| Other amounts payable | 47/48 | €7,734 | €172,980 | +€165,246 | +2,137% |
| Accrued charges and deferred income | 492/3 | €1,599 | €9,097 | +€7,498 | +469% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €63,242 | €67,717 | +€4,475 | +7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,169 | €6,000 | -€72,169 | -92.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €3,168 | €0 | -€3,168 | -100% |
| Other operating charges | 640/8 | €895 | €33,469 | +€32,574 | +3,641% |
| Non-recurring operating charges | 66A | €10,061 | €0 | -€10,061 | -100% |
| Gross operating margin | 9900 | €235,231 | €205,643 | -€29,589 | -12.6% |
| Operating profit (loss) | 9901 | €79,696 | €98,456 | +€18,761 | +23.5% |
| Financial income | 75/76B | €59 | €259 | +€201 | +341% |
| Recurring financial income | 75 | €59 | €259 | +€201 | +341% |
| Financial charges | 65/66B | €3,074 | €10,443 | +€7,369 | +240% |
| Recurring financial charges | 65 | €3,074 | €10,443 | +€7,369 | +240% |
| Profit (loss) for the period before taxes | 9903 | €76,681 | €88,273 | +€11,592 | +15.1% |
| Income taxes | 67/77 | €20,954 | €28,568 | +€7,614 | +36.3% |
| Profit (loss) for the period | 9904 | €55,727 | €59,705 | +€3,978 | +7.1% |
| Profit (loss) for the period to be appropriated | 9905 | €55,727 | €59,705 | +€3,978 | +7.1% |
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 20 October 2026 via checked.be.