Frederic Heylen: 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 Heylen
Largest movements
- Cash +€24,226
up €24,226 (+33.4%), from €72,506 to €96,732
mainly Net result for the year (+€34,240) and Receivables within one year (+€3,645)
- Tangible fixed assets +€5,033
up €5,033 (+382.9%), from €1,314 to €6,347
of which Other tangible fixed assets: +€5,271
- Receivables within one year -€3,645
down €3,645 (-15.0%), from €24,270 to €20,625
of which Other amounts receivable: -€3,595
- Reserves +€34,240
up €34,240 (+35.7%), from €95,794 to €130,034
- Tax, wage and social debts -€8,435
down €8,435 (-100.0%), from €8,435 to €0
of which Taxes: -€5,935
- Gross operating margin +€50,823
up €50,823, from -€7,070 to €43,753
- Taxes +€8,017
up €8,017 (+2862.3%), from €280 to €8,297
- Depreciation -€2,750
down €2,750 (-88.4%), from €3,110 to €359
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.
Cash bridge derived
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 | €106,090 | €132,742 | +€26,652 | +25.1% |
| Fixed assets | 21/28 | €9,314 | €14,347 | +€5,033 | +54.0% |
| Tangible fixed assets | 22/27 | €1,314 | €6,347 | +€5,033 | +382.9% |
| Furniture and vehicles | 24 | €1,314 | €1,076 | -€238 | -18.1% |
| Other tangible fixed assets | 26 | - | €5,271 | +€5,271 | |
| Financial fixed assets | 28 | €8,000 | €8,000 | = | 0.0% |
| Current assets | 29/58 | €96,776 | €118,395 | +€21,619 | +22.3% |
| Amounts receivable within one year | 40/41 | €24,270 | €20,625 | -€3,645 | -15.0% |
| Trade receivables | 40 | €12,100 | €12,050 | -€50 | -0.4% |
| Other amounts receivable | 41 | €12,170 | €8,575 | -€3,595 | -29.5% |
| Cash at bank and in hand | 54/58 | €72,506 | €96,732 | +€24,226 | +33.4% |
| Deferred charges and accrued income | 490/1 | - | €1,038 | +€1,038 | |
| Total equity and liabilities | 10/49 | €106,090 | €132,742 | +€26,652 | +25.1% |
| Equity | 10/15 | €96,794 | €131,034 | +€34,240 | +35.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €95,794 | €130,034 | +€34,240 | +35.7% |
| Distributable reserves | 133 | €95,794 | €130,034 | +€34,240 | +35.7% |
| Amounts payable | 17/49 | €9,296 | €1,708 | -€7,588 | -81.6% |
| Amounts payable within one year | 42/48 | €9,296 | €1,708 | -€7,588 | -81.6% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €862 | €1,708 | +€846 | +98.2% |
| Suppliers | 440/4 | €862 | €1,708 | +€846 | +98.2% |
| Taxes, remuneration and social security | 45 | €8,435 | €0 | -€8,435 | -100.0% |
| Taxes | 450/3 | €5,935 | €0 | -€5,935 | -100.0% |
| Remuneration and social security | 454/9 | €2,500 | €0 | -€2,500 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,110 | €359 | -€2,750 | -88.4% |
| Other operating charges | 640/8 | €1,160 | €748 | -€412 | -35.5% |
| Gross operating margin | 9900 | -€7,070 | €43,753 | +€50,823 | |
| Operating profit (loss) | 9901 | -€11,339 | €42,645 | +€53,984 | |
| Financial charges | 65/66B | €151 | €108 | -€43 | -28.5% |
| Recurring financial charges | 65 | €151 | €108 | -€43 | -28.5% |
| Profit (loss) for the period before taxes | 9903 | -€11,490 | €42,537 | +€54,027 | |
| Income taxes | 67/77 | €280 | €8,297 | +€8,017 | +2862.3% |
| Profit (loss) for the period | 9904 | -€11,770 | €34,240 | +€46,010 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,770 | €34,240 | +€46,010 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.