HEARTS&MINDS: 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.
HEARTS&MINDS
Largest movements
- Receivables after one year -€33,008
down €33,008 (-64.5%), from €51,154 to €18,146
- Receivables within one year -€9,386
down €9,386 (-94.2%), from €9,960 to €574
of which Trade receivables: -€6,761
- Cash +€6,450
up €6,450 (+56.0%), from €11,511 to €17,961
mainly Receivables after one year (+€33,008) and Receivables within one year (+€9,386)
- Other debts -€38,247
down €38,247 (-89.6%), from €42,671 to €4,424
- Tax, wage and social debts +€2,135
up €2,135 (+247%), from €865 to €3,000
- Gross operating margin -€30,573
down €30,573 (-75.2%), from €40,661 to €10,089
- Taxes -€7,834
down €7,834 (-72.3%), from €10,833 to €2,999
- Financial income -€698
down €698 (-35.9%), from €1,946 to €1,248
- Other operating charges -€437
no longer reported in 2025 (was €437)
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 | €72,625 | €36,681 | -€35,944 | -49.5% |
| Current assets | 29/58 | €72,625 | €36,681 | -€35,944 | -49.5% |
| Amounts receivable after more than one year | 29 | €51,154 | €18,146 | -€33,008 | -64.5% |
| Other amounts receivable | 291 | €51,154 | €18,146 | -€33,008 | -64.5% |
| Amounts receivable within one year | 40/41 | €9,960 | €574 | -€9,386 | -94.2% |
| Trade receivables | 40 | €6,761 | - | -€6,761 | |
| Other amounts receivable | 41 | €3,200 | €574 | -€2,626 | -82.1% |
| Cash at bank and in hand | 54/58 | €11,511 | €17,961 | +€6,450 | +56.0% |
| Total equity and liabilities | 10/49 | €72,625 | €36,681 | -€35,944 | -49.5% |
| Equity | 10/15 | €18,789 | €18,912 | +€123 | +0.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €189 | €312 | +€123 | +65.1% |
| Distributable reserves | 133 | €189 | €312 | +€123 | +65.1% |
| Amounts payable | 17/49 | €53,836 | €17,769 | -€36,067 | -67.0% |
| Amounts payable within one year | 42/48 | €53,836 | €17,769 | -€36,067 | -67.0% |
| Trade debts | 44 | €10,300 | €10,345 | +€44 | +0.4% |
| Suppliers | 440/4 | €10,300 | €10,345 | +€44 | +0.4% |
| Taxes, remuneration and social security | 45 | €865 | €3,000 | +€2,135 | +247% |
| Taxes | 450/3 | €865 | €3,000 | +€2,135 | +247% |
| Other amounts payable | 47/48 | €42,671 | €4,424 | -€38,247 | -89.6% |
| Other operating charges | 640/8 | €437 | - | -€437 | |
| Gross operating margin | 9900 | €40,661 | €10,089 | -€30,573 | -75.2% |
| Operating profit (loss) | 9901 | €40,224 | €10,089 | -€30,136 | -74.9% |
| Financial income | 75/76B | €1,946 | €1,248 | -€698 | -35.9% |
| Recurring financial income | 75 | €1,946 | €1,248 | -€698 | -35.9% |
| Financial charges | 65/66B | €213 | €214 | +€1 | +0.5% |
| Recurring financial charges | 65 | €213 | €214 | +€1 | +0.5% |
| Profit (loss) for the period before taxes | 9903 | €41,957 | €11,122 | -€30,834 | -73.5% |
| Income taxes | 67/77 | €10,833 | €2,999 | -€7,834 | -72.3% |
| Profit (loss) for the period | 9904 | €31,124 | €8,123 | -€23,001 | -73.9% |
| Profit (loss) for the period to be appropriated | 9905 | €31,124 | €8,123 | -€23,001 | -73.9% |
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 18 October 2026 via checked.be.