HEMICYCLE: 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.
HEMICYCLE
Largest movements
- Current investments -€160,015
down €160,015 (-19.8%), from €810,147 to €650,132
- Cash +€133,091
up €133,091 (+295%), from €45,164 to €178,256
mainly Current investments (+€160,015) and Trade debts (+€83,333)
- Receivables within one year +€78,584
up €78,584 (+70.7%), from €111,189 to €189,773
of which Trade receivables: +€71,918
- Tangible fixed assets +€75,484
up €75,484 (+274%), from €27,512 to €102,996
of which Furniture and vehicles: +€57,818
- Trade debts +€83,333
up €83,333 (+411%), from €20,278 to €103,611
- Other debts +€22,137
up €22,137 (+24.9%), from €88,918 to €111,055
- Tax, wage and social debts +€11,481
up €11,481 (+43.0%), from €26,727 to €38,208
- Gross operating margin -€19,316
down €19,316 (-14.4%), from €134,582 to €115,266
- Financial income +€7,037
up €7,037 (+42.1%), from €16,731 to €23,768
- Depreciation -€4,278
down €4,278 (-19.2%), from €22,322 to €18,045
- Financial charges +€1,556
up €1,556 (+1,101%), from €141 to €1,698
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 | €995,747 | €1,122,892 | +€127,145 | +12.8% |
| Fixed assets | 21/28 | €29,247 | €104,731 | +€75,484 | +258% |
| Tangible fixed assets | 22/27 | €27,512 | €102,996 | +€75,484 | +274% |
| Land and buildings | 22 | €4,371 | €18,678 | +€14,307 | +327% |
| Plant, machinery and equipment | 23 | €5,654 | €9,012 | +€3,359 | +59.4% |
| Furniture and vehicles | 24 | €17,487 | €75,305 | +€57,818 | +331% |
| Financial fixed assets | 28 | €1,735 | €1,735 | = | 0.0% |
| Current assets | 29/58 | €966,500 | €1,018,161 | +€51,661 | +5.3% |
| Amounts receivable within one year | 40/41 | €111,189 | €189,773 | +€78,584 | +70.7% |
| Trade receivables | 40 | €111,189 | €183,107 | +€71,918 | +64.7% |
| Other amounts receivable | 41 | - | €6,666 | +€6,666 | |
| Current investments | 50/53 | €810,147 | €650,132 | -€160,015 | -19.8% |
| Cash at bank and in hand | 54/58 | €45,164 | €178,256 | +€133,091 | +295% |
| Total equity and liabilities | 10/49 | €995,747 | €1,122,892 | +€127,145 | +12.8% |
| Equity | 10/15 | €859,825 | €870,018 | +€10,193 | +1.2% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €637,409 | €647,601 | +€10,192 | +1.6% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €14,000 | €14,000 | = | 0.0% |
| Distributable reserves | 133 | €621,550 | €631,742 | +€10,192 | +1.6% |
| Profit (loss) carried forward | 14 | €216,218 | €216,219 | +€1 | 0.0% |
| Amounts payable | 17/49 | €135,923 | €252,874 | +€116,952 | +86.0% |
| Amounts payable within one year | 42/48 | €135,923 | €252,874 | +€116,952 | +86.0% |
| Trade debts | 44 | €20,278 | €103,611 | +€83,333 | +411% |
| Suppliers | 440/4 | €20,278 | €103,611 | +€83,333 | +411% |
| Taxes, remuneration and social security | 45 | €26,727 | €38,208 | +€11,481 | +43.0% |
| Taxes | 450/3 | €26,727 | €38,208 | +€11,481 | +43.0% |
| Other amounts payable | 47/48 | €88,918 | €111,055 | +€22,137 | +24.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,322 | €18,045 | -€4,278 | -19.2% |
| Other operating charges | 640/8 | €968 | €1,835 | +€867 | +89.6% |
| Non-recurring operating charges | 66A | - | €6,340 | +€6,340 | |
| Gross operating margin | 9900 | €134,582 | €115,266 | -€19,316 | -14.4% |
| Operating profit (loss) | 9901 | €111,292 | €89,047 | -€22,245 | -20.0% |
| Financial income | 75/76B | €16,731 | €23,768 | +€7,037 | +42.1% |
| Recurring financial income | 75 | €16,731 | €23,768 | +€7,037 | +42.1% |
| Financial charges | 65/66B | €141 | €1,698 | +€1,556 | +1,101% |
| Recurring financial charges | 65 | €141 | €1,698 | +€1,556 | +1,101% |
| Profit (loss) for the period before taxes | 9903 | €127,882 | €111,117 | -€16,765 | -13.1% |
| Income taxes | 67/77 | €45,180 | €45,654 | +€474 | +1.0% |
| Profit (loss) for the period | 9904 | €82,702 | €65,463 | -€17,239 | -20.8% |
| Profit (loss) for the period to be appropriated | 9905 | €82,702 | €65,463 | -€17,239 | -20.8% |
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 17 October 2026 via checked.be.