GUY VAN HERZELE: 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.
GUY VAN HERZELE
Largest movements
- Tangible fixed assets -€85,943
down €85,943 (-91.7%), from €93,744 to €7,802
of which Land and buildings: -€87,800
- Current investments +€75,107
up €75,107 (+11.9%), from €629,342 to €704,449
- Other debts -€18,513
down €18,513 (-44.2%), from €41,905 to €23,392
- Reserves +€8,200
up €8,200 (+1.5%), from €564,411 to €572,611
of which Distributable reserves: +€8,200
- Financial income -€54,487
down €54,487 (-71.6%), from €76,150 to €21,663
- Gross operating margin -€50,707
down €50,707 (-59.3%), from €85,463 to €34,756
- Taxes -€30,142
down €30,142 (-82.1%), from €36,724 to €6,582
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 | €775,601 | €763,911 | -€11,689 | -1.5% |
| Fixed assets | 21/28 | €93,774 | €7,831 | -€85,943 | -91.6% |
| Tangible fixed assets | 22/27 | €93,744 | €7,802 | -€85,943 | -91.7% |
| Land and buildings | 22 | €87,800 | - | -€87,800 | |
| Plant, machinery and equipment | 23 | €1,446 | €3,430 | +€1,984 | +137% |
| Furniture and vehicles | 24 | €4,499 | €4,372 | -€127 | -2.8% |
| Financial fixed assets | 28 | €30 | €30 | = | 0.0% |
| Current assets | 29/58 | €681,827 | €756,080 | +€74,253 | +10.9% |
| Amounts receivable within one year | 40/41 | €46,988 | €43,297 | -€3,691 | -7.9% |
| Trade receivables | 40 | €36,299 | €32,415 | -€3,884 | -10.7% |
| Other amounts receivable | 41 | €10,689 | €10,882 | +€193 | +1.8% |
| Current investments | 50/53 | €629,342 | €704,449 | +€75,107 | +11.9% |
| Cash at bank and in hand | 54/58 | €5,498 | €8,334 | +€2,837 | +51.6% |
| Total equity and liabilities | 10/49 | €775,601 | €763,911 | -€11,689 | -1.5% |
| Equity | 10/15 | €724,977 | €733,211 | +€8,234 | +1.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €564,411 | €572,611 | +€8,200 | +1.5% |
| Tax-exempt reserves | 132 | €46,311 | €46,311 | = | 0.0% |
| Distributable reserves | 133 | €518,100 | €526,300 | +€8,200 | +1.6% |
| Profit (loss) carried forward | 14 | €140,565 | €140,599 | +€34 | 0.0% |
| Amounts payable | 17/49 | €50,624 | €30,701 | -€19,923 | -39.4% |
| Amounts payable within one year | 42/48 | €50,624 | €30,701 | -€19,923 | -39.4% |
| Trade debts | 44 | €8,719 | €7,309 | -€1,410 | -16.2% |
| Suppliers | 440/4 | €8,719 | €7,309 | -€1,410 | -16.2% |
| Other amounts payable | 47/48 | €41,905 | €23,392 | -€18,513 | -44.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,471 | €2,181 | -€290 | -11.7% |
| Other operating charges | 640/8 | €170 | €437 | +€267 | +158% |
| Non-recurring operating charges | 66A | - | €38,129 | +€38,129 | |
| Gross operating margin | 9900 | €85,463 | €34,756 | -€50,707 | -59.3% |
| Operating profit (loss) | 9901 | €82,822 | -€5,991 | -€88,813 | |
| Financial income | 75/76B | €76,150 | €21,663 | -€54,487 | -71.6% |
| Recurring financial income | 75 | €76,150 | €21,663 | -€54,487 | -71.6% |
| Financial charges | 65/66B | €369 | €855 | +€487 | +132% |
| Recurring financial charges | 65 | €369 | €855 | +€487 | +132% |
| Profit (loss) for the period before taxes | 9903 | €158,603 | €14,816 | -€143,787 | -90.7% |
| Income taxes | 67/77 | €36,724 | €6,582 | -€30,142 | -82.1% |
| Profit (loss) for the period | 9904 | €121,879 | €8,234 | -€113,646 | -93.2% |
| Profit (loss) for the period to be appropriated | 9905 | €121,879 | €8,234 | -€113,646 | -93.2% |
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 13 October 2026 via checked.be.