Frederik Van Hoecke: 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 Van Hoecke
Largest movements
- Tangible fixed assets +€89,298
up €89,298 (+567%), from €15,755 to €105,053
of which Furniture and vehicles: +€88,079
- Current investments -€42,512
down €42,512 (-12.2%), from €349,259 to €306,747
- Cash -€15,826
down €15,826 (-7.1%), from €222,747 to €206,921
mainly Contributions, distributions and other (-€536,485) and Investment in fixed assets (net) (-€103,614)
- Deferred charges and accrued income -€14,199
down €14,199 (-93.9%), from €15,124 to €925
- Reserves +€29,180
up €29,180 (+5.4%), from €536,485 to €565,665
- Tax, wage and social debts -€18,036
down €18,036 (-39.2%), from €45,955 to €27,920
- Gross operating margin +€62,297
up €62,297 (+8.9%), from €696,885 to €759,182
- Depreciation +€11,783
up €11,783 (+465%), from €2,532 to €14,316
- Taxes +€10,831
up €10,831 (+6.3%), from €173,248 to €184,079
- Financial income -€9,618
down €9,618 (-58.7%), from €16,386 to €6,768
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €603,791 | €619,647 | +€15,856 | +2.6% |
| Fixed assets | 21/28 | €15,755 | €105,053 | +€89,298 | +567% |
| Tangible fixed assets | 22/27 | €15,755 | €105,053 | +€89,298 | +567% |
| Plant, machinery and equipment | 23 | - | €3,751 | +€3,751 | |
| Furniture and vehicles | 24 | - | €88,079 | +€88,079 | |
| Other tangible fixed assets | 26 | €15,755 | €13,223 | -€2,532 | -16.1% |
| Current assets | 29/58 | €588,035 | €514,594 | -€73,442 | -12.5% |
| Amounts receivable within one year | 40/41 | €905 | - | -€905 | |
| Other amounts receivable | 41 | €905 | - | -€905 | |
| Current investments | 50/53 | €349,259 | €306,747 | -€42,512 | -12.2% |
| Cash at bank and in hand | 54/58 | €222,747 | €206,921 | -€15,826 | -7.1% |
| Deferred charges and accrued income | 490/1 | €15,124 | €925 | -€14,199 | -93.9% |
| Total equity and liabilities | 10/49 | €603,791 | €619,647 | +€15,856 | +2.6% |
| Equity | 10/15 | €555,085 | €584,265 | +€29,180 | +5.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €536,485 | €565,665 | +€29,180 | +5.4% |
| Distributable reserves | 133 | €536,485 | €565,665 | +€29,180 | +5.4% |
| Amounts payable | 17/49 | €48,705 | €35,381 | -€13,324 | -27.4% |
| Amounts payable within one year | 42/48 | €48,225 | €35,218 | -€13,008 | -27.0% |
| Trade debts | 44 | €2,270 | €1,775 | -€495 | -21.8% |
| Suppliers | 440/4 | €2,270 | €1,775 | -€495 | -21.8% |
| Taxes, remuneration and social security | 45 | €45,955 | €27,920 | -€18,036 | -39.2% |
| Taxes | 450/3 | €45,955 | €27,920 | -€18,036 | -39.2% |
| Other amounts payable | 47/48 | - | €5,523 | +€5,523 | |
| Accrued charges and deferred income | 492/3 | €480 | €163 | -€317 | -65.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,532 | €14,316 | +€11,783 | +465% |
| Other operating charges | 640/8 | €591 | €608 | +€17 | +2.9% |
| Gross operating margin | 9900 | €696,885 | €759,182 | +€62,297 | +8.9% |
| Operating profit (loss) | 9901 | €693,762 | €744,259 | +€50,497 | +7.3% |
| Financial income | 75/76B | €16,386 | €6,768 | -€9,618 | -58.7% |
| Recurring financial income | 75 | €16,386 | €6,768 | -€9,618 | -58.7% |
| Financial charges | 65/66B | €414 | €1,283 | +€868 | +209% |
| Recurring financial charges | 65 | €414 | €1,283 | +€868 | +209% |
| Profit (loss) for the period before taxes | 9903 | €709,733 | €749,744 | +€40,011 | +5.6% |
| Income taxes | 67/77 | €173,248 | €184,079 | +€10,831 | +6.3% |
| Profit (loss) for the period | 9904 | €536,485 | €565,665 | +€29,180 | +5.4% |
| Profit (loss) for the period to be appropriated | 9905 | €536,485 | €565,665 | +€29,180 | +5.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.