Heirman Koen: 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.
Heirman Koen
Largest movements
- Financial fixed assets -€6,000
down €6,000 (-96.8%), from €6,200 to €200
- Receivables within one year -€4,776
down €4,776 (-69.3%), from €6,896 to €2,120
of which Trade receivables: -€5,269
- Deferred charges and accrued income +€1,100
new in 2025: €1,100
- Tangible fixed assets -€897
down €897 (-21.8%), from €4,111 to €3,213
of which Furniture and vehicles: -€913
- Profit (loss) carried forward +€11,777
up €11,777 (+21.0%), from -€55,977 to -€44,200
- Debts after one year -€10,318
down €10,318 (-80.4%), from €12,831 to €2,513
- Trade debts -€5,534
down €5,534 (-18.9%), from €29,234 to €23,700
- Short-term financial debts -€3,015
down €3,015 (-69.8%), from €4,318 to €1,303
- Current portion of long-term debt -€2,489
down €2,489 (-34.1%), from €7,306 to €4,818
- Gross operating margin +€15,292
up €15,292 (+118%), from €12,982 to €28,274
- Financial charges +€7,987
up €7,987 (+181%), from €4,413 to €12,400
- Other operating charges -€886
down €886 (-33.4%), from €2,653 to €1,767
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €17,207 | €6,633 | -€10,574 | -61.5% |
| Fixed assets | 21/28 | €10,311 | €3,413 | -€6,897 | -66.9% |
| Tangible fixed assets | 22/27 | €4,111 | €3,213 | -€897 | -21.8% |
| Plant, machinery and equipment | 23 | €1,940 | €1,956 | +€16 | +0.8% |
| Furniture and vehicles | 24 | €2,170 | €1,257 | -€913 | -42.1% |
| Financial fixed assets | 28 | €6,200 | €200 | -€6,000 | -96.8% |
| Current assets | 29/58 | €6,896 | €3,220 | -€3,676 | -53.3% |
| Amounts receivable within one year | 40/41 | €6,896 | €2,120 | -€4,776 | -69.3% |
| Trade receivables | 40 | €5,269 | - | -€5,269 | |
| Other amounts receivable | 41 | €1,627 | €2,120 | +€493 | +30.3% |
| Deferred charges and accrued income | 490/1 | - | €1,100 | +€1,100 | |
| Total equity and liabilities | 10/49 | €17,207 | €6,633 | -€10,574 | -61.5% |
| Equity | 10/15 | -€47,530 | -€35,754 | +€11,777 | +24.8% |
| Reserves | 13 | €8,446 | €8,446 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €6,586 | €6,586 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€55,977 | -€44,200 | +€11,777 | +21.0% |
| Amounts payable | 17/49 | €64,737 | €42,387 | -€22,351 | -34.5% |
| Amounts payable after more than one year | 17 | €12,831 | €2,513 | -€10,318 | -80.4% |
| Financial debts | 170/4 | €12,831 | €2,513 | -€10,318 | -80.4% |
| Amounts payable within one year | 42/48 | €51,907 | €39,874 | -€12,033 | -23.2% |
| Current portion of amounts payable after more than one year | 42 | €7,306 | €4,818 | -€2,489 | -34.1% |
| Financial debts | 43 | €4,318 | €1,303 | -€3,015 | -69.8% |
| Credit institutions | 430/8 | €4,318 | €1,303 | -€3,015 | -69.8% |
| Trade debts | 44 | €29,234 | €23,700 | -€5,534 | -18.9% |
| Suppliers | 440/4 | €29,234 | €23,700 | -€5,534 | -18.9% |
| Taxes, remuneration and social security | 45 | €445 | €431 | -€13 | -3.0% |
| Taxes | 450/3 | €445 | €431 | -€13 | -3.0% |
| Other amounts payable | 47/48 | €10,604 | €9,621 | -€983 | -9.3% |
| Non-recurring operating income | 76A | €4,509 | - | -€4,509 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,695 | €1,899 | +€204 | +12.0% |
| Other operating charges | 640/8 | €2,653 | €1,767 | -€886 | -33.4% |
| Non-recurring operating charges | 66A | €22,468 | - | -€22,468 | |
| Gross operating margin | 9900 | €12,982 | €28,274 | +€15,292 | +118% |
| Operating profit (loss) | 9901 | -€13,834 | €24,608 | +€38,442 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €4,413 | €12,400 | +€7,987 | +181% |
| Recurring financial charges | 65 | €4,413 | €12,400 | +€7,987 | +181% |
| Profit (loss) for the period before taxes | 9903 | -€18,247 | €12,208 | +€30,455 | |
| Income taxes | 67/77 | €445 | €431 | -€13 | -3.0% |
| Profit (loss) for the period | 9904 | -€18,691 | €11,777 | +€30,468 | |
| Profit (loss) for the period to be appropriated | 9905 | -€18,691 | €11,777 | +€30,468 |
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.