Hanne Engelen: 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.
Hanne Engelen
Largest movements
- Current investments +€38,591
up €38,591 (+643%), from €6,000 to €44,591
- Cash +€30,236
up €30,236 (+56.5%), from €53,553 to €83,789
mainly Net result for the year (+€46,254) and Tax, wage and social debts (+€20,553)
- Tangible fixed assets -€2,198
down €2,198 (-12.5%), from €17,652 to €15,454
of which Other tangible fixed assets: -€1,486
- Deferred charges and accrued income +€2,108
up €2,108 (+3,215%), from €66 to €2,174
- Reserves +€46,254
up €46,254 (+113%), from €41,089 to €87,343
- Tax, wage and social debts +€20,553
up €20,553 (+79.5%), from €25,854 to €46,407
- Trade debts +€2,066
up €2,066 (+127%), from €1,632 to €3,698
- Gross operating margin +€15,911
up €15,911 (+29.3%), from €54,306 to €70,217
- Taxes +€4,832
up €4,832 (+40.5%), from €11,918 to €16,750
- Depreciation +€1,450
up €1,450 (+194%), from €749 to €2,198
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 | €77,674 | €146,007 | +€68,333 | +88.0% |
| Fixed assets | 21/28 | €17,652 | €15,454 | -€2,198 | -12.5% |
| Tangible fixed assets | 22/27 | €17,652 | €15,454 | -€2,198 | -12.5% |
| Plant, machinery and equipment | 23 | €1,512 | €1,128 | -€383 | -25.4% |
| Furniture and vehicles | 24 | €1,606 | €1,277 | -€329 | -20.5% |
| Other tangible fixed assets | 26 | €14,535 | €13,049 | -€1,486 | -10.2% |
| Current assets | 29/58 | €60,022 | €130,553 | +€70,531 | +118% |
| Amounts receivable within one year | 40/41 | €403 | €0 | -€403 | -100% |
| Trade receivables | 40 | €403 | €0 | -€403 | -100% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €6,000 | €44,591 | +€38,591 | +643% |
| Cash at bank and in hand | 54/58 | €53,553 | €83,789 | +€30,236 | +56.5% |
| Deferred charges and accrued income | 490/1 | €66 | €2,174 | +€2,108 | +3,215% |
| Total equity and liabilities | 10/49 | €77,674 | €146,007 | +€68,333 | +88.0% |
| Equity | 10/15 | €46,089 | €92,343 | +€46,254 | +100% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €41,089 | €87,343 | +€46,254 | +113% |
| Distributable reserves | 133 | €41,089 | €87,343 | +€46,254 | +113% |
| Amounts payable | 17/49 | €31,585 | €53,664 | +€22,079 | +69.9% |
| Amounts payable within one year | 42/48 | €31,585 | €53,664 | +€22,079 | +69.9% |
| Trade debts | 44 | €1,632 | €3,698 | +€2,066 | +127% |
| Suppliers | 440/4 | €1,632 | €3,698 | +€2,066 | +127% |
| Taxes, remuneration and social security | 45 | €25,854 | €46,407 | +€20,553 | +79.5% |
| Taxes | 450/3 | €25,854 | €46,407 | +€20,553 | +79.5% |
| Other amounts payable | 47/48 | €4,098 | €3,559 | -€540 | -13.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €749 | €2,198 | +€1,450 | +194% |
| Other operating charges | 640/8 | €1,300 | €908 | -€392 | -30.2% |
| Gross operating margin | 9900 | €54,306 | €70,217 | +€15,911 | +29.3% |
| Operating profit (loss) | 9901 | €52,257 | €67,110 | +€14,853 | +28.4% |
| Financial income | 75/76B | - | €153 | +€153 | |
| Recurring financial income | 75 | - | €153 | +€153 | |
| Financial charges | 65/66B | €4,415 | €4,260 | -€155 | -3.5% |
| Recurring financial charges | 65 | €4,415 | €4,260 | -€155 | -3.5% |
| Profit (loss) for the period before taxes | 9903 | €47,842 | €63,004 | +€15,162 | +31.7% |
| Income taxes | 67/77 | €11,918 | €16,750 | +€4,832 | +40.5% |
| Profit (loss) for the period | 9904 | €35,924 | €46,254 | +€10,330 | +28.8% |
| Profit (loss) for the period to be appropriated | 9905 | €35,924 | €46,254 | +€10,330 | +28.8% |
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 20 October 2026 via checked.be.