GUIDO HOUBEN: 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.
GUIDO HOUBEN
Largest movements
- Cash +€22,915
up €22,915 (+73.4%), from €31,223 to €54,138
mainly Net result for the year (+€17,070) and Other debts (+€12,038)
- Receivables within one year +€9,027
up €9,027 (+147%), from €6,130 to €15,157
of which Trade receivables: +€13,691
- Stocks and contracts -€8,562
down €8,562 (-100%), from €8,562 to €0
- Tangible fixed assets -€6,323
down €6,323 (-75.0%), from €8,427 to €2,103
of which Furniture and vehicles: -€6,111
- Reserves +€12,823
up €12,823 (+35.4%), from €36,263 to €49,086
of which Distributable reserves: +€12,823
- Contributions -€12,500
down €12,500 (-100%), from €12,500 to €0
- Other debts +€12,038
up €12,038 (+250%), from €4,811 to €16,849
- Tax, wage and social debts +€4,422
up €4,422, from €0 to €4,422
- Accrued charges and deferred income +€1,880
new in 2025: €1,880
- Depreciation -€13,091
down €13,091 (-63.6%), from €20,570 to €7,479
- Gross operating margin +€9,161
up €9,161 (+34.4%), from €26,639 to €35,799
- Taxes +€6,742
up €6,742 (+401%), from €1,680 to €8,422
- Write-downs +€1,887
new in 2025: €1,887
- Other operating charges -€359
down €359 (-28.7%), from €1,249 to €890
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 | €55,620 | €72,754 | +€17,135 | +30.8% |
| Fixed assets | 21/28 | €8,427 | €2,103 | -€6,323 | -75.0% |
| Tangible fixed assets | 22/27 | €8,427 | €2,103 | -€6,323 | -75.0% |
| Plant, machinery and equipment | 23 | €378 | €166 | -€212 | -56.1% |
| Furniture and vehicles | 24 | €8,048 | €1,937 | -€6,111 | -75.9% |
| Current assets | 29/58 | €47,193 | €70,651 | +€23,458 | +49.7% |
| Stocks and contracts in progress | 3 | €8,562 | €0 | -€8,562 | -100% |
| Contracts in progress | 37 | €8,562 | €0 | -€8,562 | -100% |
| Amounts receivable within one year | 40/41 | €6,130 | €15,157 | +€9,027 | +147% |
| Trade receivables | 40 | €673 | €14,364 | +€13,691 | +2,035% |
| Other amounts receivable | 41 | €5,457 | €793 | -€4,664 | -85.5% |
| Cash at bank and in hand | 54/58 | €31,223 | €54,138 | +€22,915 | +73.4% |
| Deferred charges and accrued income | 490/1 | €1,278 | €1,357 | +€79 | +6.2% |
| Total equity and liabilities | 10/49 | €55,620 | €72,754 | +€17,135 | +30.8% |
| Equity | 10/15 | €48,763 | €49,086 | +€323 | +0.7% |
| Contributions | 10/11 | €12,500 | €0 | -€12,500 | -100% |
| Reserves | 13 | €36,263 | €49,086 | +€12,823 | +35.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €36,263 | €49,086 | +€12,823 | +35.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €6,857 | €23,668 | +€16,811 | +245% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €6,857 | €21,788 | +€14,931 | +218% |
| Current portion of amounts payable after more than one year | 42 | €1,490 | €0 | -€1,490 | -100% |
| Trade debts | 44 | €556 | €517 | -€39 | -7.0% |
| Suppliers | 440/4 | €556 | €517 | -€39 | -7.0% |
| Taxes, remuneration and social security | 45 | €0 | €4,422 | +€4,422 | |
| Taxes | 450/3 | €0 | €4,422 | +€4,422 | |
| Other amounts payable | 47/48 | €4,811 | €16,849 | +€12,038 | +250% |
| Accrued charges and deferred income | 492/3 | - | €1,880 | +€1,880 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,570 | €7,479 | -€13,091 | -63.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,887 | +€1,887 | |
| Other operating charges | 640/8 | €1,249 | €890 | -€359 | -28.7% |
| Gross operating margin | 9900 | €26,639 | €35,799 | +€9,161 | +34.4% |
| Operating profit (loss) | 9901 | €4,820 | €25,543 | +€20,724 | +430% |
| Financial income | 75/76B | - | €7 | +€7 | |
| Recurring financial income | 75 | - | €7 | +€7 | |
| Financial charges | 65/66B | €132 | €58 | -€74 | -55.9% |
| Recurring financial charges | 65 | €132 | €58 | -€74 | -55.9% |
| Profit (loss) for the period before taxes | 9903 | €4,688 | €25,492 | +€20,804 | +444% |
| Income taxes | 67/77 | €1,680 | €8,422 | +€6,742 | +401% |
| Profit (loss) for the period | 9904 | €3,008 | €17,070 | +€14,062 | +467% |
| Profit (loss) for the period to be appropriated | 9905 | €3,008 | €17,070 | +€14,062 | +467% |
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 30 October 2026 via checked.be.