Heidi Horemans: 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.
Heidi Horemans
Largest movements
- Cash +€9,336
up €9,336 (+30.2%), from €30,947 to €40,283
mainly Other debts (+€23,529) and Net result for the year (+€10,437)
- Tangible fixed assets -€1,046
down €1,046 (-28.5%), from €3,666 to €2,619
of which Furniture and vehicles: -€704
- Receivables within one year +€752
up €752 (+2.9%), from €26,386 to €27,138
of which Other amounts receivable: +€804
- Other debts +€23,529
new in 2025: €23,529
- Reserves -€13,093
down €13,093 (-28.5%), from €45,923 to €32,830
- Current portion of long-term debt -€909
no longer reported in 2025 (was €909)
- Tax, wage and social debts -€883
down €883 (-14.0%), from €6,322 to €5,440
of which Taxes: -€930
- Gross operating margin -€6,042
down €6,042 (-27.6%), from €21,929 to €15,886
- Taxes -€1,055
down €1,055 (-26.6%), from €3,970 to €2,915
- Financial charges -€501
down €501 (-27.6%), from €1,820 to €1,319
- Staff costs -€457
no longer reported in 2025 (was €457)
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 | €61,336 | €70,360 | +€9,024 | +14.7% |
| Fixed assets | 21/28 | €3,666 | €2,619 | -€1,046 | -28.5% |
| Tangible fixed assets | 22/27 | €3,666 | €2,619 | -€1,046 | -28.5% |
| Plant, machinery and equipment | 23 | €1,273 | €931 | -€342 | -26.9% |
| Furniture and vehicles | 24 | €2,392 | €1,688 | -€704 | -29.4% |
| Current assets | 29/58 | €57,670 | €67,741 | +€10,071 | +17.5% |
| Amounts receivable within one year | 40/41 | €26,386 | €27,138 | +€752 | +2.9% |
| Trade receivables | 40 | €19,425 | €19,373 | -€52 | -0.3% |
| Other amounts receivable | 41 | €6,961 | €7,765 | +€804 | +11.5% |
| Cash at bank and in hand | 54/58 | €30,947 | €40,283 | +€9,336 | +30.2% |
| Deferred charges and accrued income | 490/1 | €337 | €319 | -€17 | -5.2% |
| Total equity and liabilities | 10/49 | €61,336 | €70,360 | +€9,024 | +14.7% |
| Equity | 10/15 | €48,923 | €35,830 | -€13,093 | -26.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €45,923 | €32,830 | -€13,093 | -28.5% |
| Distributable reserves | 133 | €45,923 | €32,830 | -€13,093 | -28.5% |
| Amounts payable | 17/49 | €12,413 | €34,530 | +€22,117 | +178% |
| Amounts payable within one year | 42/48 | €12,413 | €34,530 | +€22,117 | +178% |
| Current portion of amounts payable after more than one year | 42 | €909 | - | -€909 | |
| Financial debts | 43 | €1,276 | €1,266 | -€10 | -0.8% |
| Credit institutions | 430/8 | €1,276 | €1,266 | -€10 | -0.8% |
| Trade debts | 44 | €3,905 | €4,295 | +€390 | +10.0% |
| Suppliers | 440/4 | €3,905 | €4,295 | +€390 | +10.0% |
| Taxes, remuneration and social security | 45 | €6,322 | €5,440 | -€883 | -14.0% |
| Taxes | 450/3 | €930 | - | -€930 | |
| Remuneration and social security | 454/9 | €5,392 | €5,440 | +€47 | +0.9% |
| Other amounts payable | 47/48 | - | €23,529 | +€23,529 | |
| Remuneration, social security and pensions | 62 | €457 | - | -€457 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,046 | €1,046 | = | 0.0% |
| Other operating charges | 640/8 | €168 | €170 | +€2 | +1.2% |
| Gross operating margin | 9900 | €21,929 | €15,886 | -€6,042 | -27.6% |
| Operating profit (loss) | 9901 | €20,257 | €14,670 | -€5,587 | -27.6% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €1,820 | €1,319 | -€501 | -27.6% |
| Recurring financial charges | 65 | €1,820 | €1,319 | -€501 | -27.6% |
| Profit (loss) for the period before taxes | 9903 | €18,437 | €13,351 | -€5,086 | -27.6% |
| Income taxes | 67/77 | €3,970 | €2,915 | -€1,055 | -26.6% |
| Profit (loss) for the period | 9904 | €14,467 | €10,437 | -€4,031 | -27.9% |
| Profit (loss) for the period to be appropriated | 9905 | €14,467 | €10,437 | -€4,031 | -27.9% |
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 26 October 2026 via checked.be.