Frederik Hulstaert: 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.
Frederik Hulstaert
Largest movements
- Current investments +€13,103
up €13,103 (+5.5%), from €239,577 to €252,680
- Receivables within one year +€4,917
up €4,917 (+120%), from €4,110 to €9,027
of which Trade receivables: +€4,917
- Reserves +€14,965
up €14,965 (+6.7%), from €223,110 to €238,075
of which Distributable reserves: +€14,965
- Gross operating margin +€9,037
up €9,037 (+70.3%), from €12,862 to €21,899
- Taxes +€3,348
up €3,348 (+91.8%), from €3,646 to €6,994
- Financial income +€1,021
up €1,021 (+134%), from €765 to €1,786
- Depreciation -€664
down €664 (-36.3%), from €1,827 to €1,163
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 | €264,113 | €281,516 | +€17,403 | +6.6% |
| Fixed assets | 21/28 | €2,574 | €2,509 | -€65 | -2.5% |
| Tangible fixed assets | 22/27 | €2,574 | €2,509 | -€65 | -2.5% |
| Plant, machinery and equipment | 23 | €2,574 | €2,509 | -€65 | -2.5% |
| Current assets | 29/58 | €261,539 | €279,007 | +€17,468 | +6.7% |
| Amounts receivable within one year | 40/41 | €4,110 | €9,027 | +€4,917 | +120% |
| Trade receivables | 40 | - | €4,917 | +€4,917 | |
| Other amounts receivable | 41 | €4,110 | €4,110 | = | 0.0% |
| Current investments | 50/53 | €239,577 | €252,680 | +€13,103 | +5.5% |
| Cash at bank and in hand | 54/58 | €17,852 | €17,299 | -€552 | -3.1% |
| Total equity and liabilities | 10/49 | €264,113 | €281,516 | +€17,403 | +6.6% |
| Equity | 10/15 | €229,310 | €244,275 | +€14,965 | +6.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €223,110 | €238,075 | +€14,965 | +6.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €221,250 | €236,215 | +€14,965 | +6.8% |
| Amounts payable | 17/49 | €34,803 | €37,241 | +€2,438 | +7.0% |
| Amounts payable within one year | 42/48 | €34,803 | €37,241 | +€2,438 | +7.0% |
| Taxes, remuneration and social security | 45 | €1,125 | €2,463 | +€1,338 | +119% |
| Taxes | 450/3 | €1,125 | €2,463 | +€1,338 | +119% |
| Other amounts payable | 47/48 | €33,678 | €34,778 | +€1,100 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,827 | €1,163 | -€664 | -36.3% |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | €12,862 | €21,899 | +€9,037 | +70.3% |
| Operating profit (loss) | 9901 | €10,530 | €20,216 | +€9,686 | +92.0% |
| Financial income | 75/76B | €765 | €1,786 | +€1,021 | +134% |
| Recurring financial income | 75 | €765 | €1,786 | +€1,021 | +134% |
| Financial charges | 65/66B | €40 | €42 | +€2 | +6.1% |
| Recurring financial charges | 65 | €40 | €42 | +€2 | +6.1% |
| Profit (loss) for the period before taxes | 9903 | €11,255 | €21,960 | +€10,705 | +95.1% |
| Income taxes | 67/77 | €3,646 | €6,994 | +€3,348 | +91.8% |
| Profit (loss) for the period | 9904 | €7,609 | €14,965 | +€7,357 | +96.7% |
| Profit (loss) for the period to be appropriated | 9905 | €7,609 | €14,965 | +€7,357 | +96.7% |
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 29 October 2026 via checked.be.