Hendrik Putman: 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.
Hendrik Putman
Largest movements
- Tangible fixed assets +€107,989
up €107,989 (+58.5%), from €184,753 to €292,742
of which Land and buildings: +€126,411
- Cash +€6,481
up €6,481 (+20.7%), from €31,365 to €37,845
mainly Net result for the year (+€138,968) and Other debts (+€126,667)
- Receivables within one year +€5,486
up €5,486 (+8.2%), from €66,647 to €72,132
of which Trade receivables: +€6,432
- Other debts +€126,667
new in 2025: €126,667
- Reserves -€117,649
no longer reported in 2025 (was €117,649)
- Debts after one year +€77,558
up €77,558 (+63.3%), from €122,530 to €200,088
- Current portion of long-term debt +€16,875
up €16,875 (+68.2%), from €24,762 to €41,637
- Short-term financial debts +€10,098
new in 2025: €10,098
- Gross operating margin +€25,092
up €25,092 (+13.4%), from €187,066 to €212,158
- Other operating charges -€4,881
down €4,881 (-61.4%), from €7,944 to €3,063
- Taxes +€2,967
up €2,967 (+8.7%), from €34,132 to €37,100
- Depreciation +€2,446
up €2,446 (+10.2%), from €23,863 to €26,308
- Financial charges +€2,204
up €2,204 (+47.3%), from €4,655 to €6,859
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 | €291,757 | €413,099 | +€121,342 | +41.6% |
| Fixed assets | 21/28 | €185,003 | €292,992 | +€107,989 | +58.4% |
| Tangible fixed assets | 22/27 | €184,753 | €292,742 | +€107,989 | +58.5% |
| Land and buildings | 22 | €156,033 | €282,444 | +€126,411 | +81.0% |
| Plant, machinery and equipment | 23 | €3,826 | €2,578 | -€1,248 | -32.6% |
| Furniture and vehicles | 24 | €24,894 | €7,720 | -€17,174 | -69.0% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €106,754 | €120,107 | +€13,353 | +12.5% |
| Amounts receivable within one year | 40/41 | €66,647 | €72,132 | +€5,486 | +8.2% |
| Trade receivables | 40 | €65,700 | €72,132 | +€6,432 | +9.8% |
| Other amounts receivable | 41 | €946 | - | -€946 | |
| Cash at bank and in hand | 54/58 | €31,365 | €37,845 | +€6,481 | +20.7% |
| Deferred charges and accrued income | 490/1 | €8,743 | €10,129 | +€1,386 | +15.9% |
| Total equity and liabilities | 10/49 | €291,757 | €413,099 | +€121,342 | +41.6% |
| Equity | 10/15 | €122,649 | €5,000 | -€117,649 | -95.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €117,649 | - | -€117,649 | |
| Distributable reserves | 133 | €117,649 | - | -€117,649 | |
| Amounts payable | 17/49 | €169,108 | €408,099 | +€238,991 | +141% |
| Amounts payable after more than one year | 17 | €122,530 | €200,088 | +€77,558 | +63.3% |
| Financial debts | 170/4 | €122,530 | €200,088 | +€77,558 | +63.3% |
| Amounts payable within one year | 42/48 | €43,833 | €208,011 | +€164,178 | +375% |
| Current portion of amounts payable after more than one year | 42 | €24,762 | €41,637 | +€16,875 | +68.2% |
| Financial debts | 43 | - | €10,098 | +€10,098 | |
| Other loans | 439 | - | €10,098 | +€10,098 | |
| Trade debts | 44 | €2,387 | €6,159 | +€3,772 | +158% |
| Suppliers | 440/4 | €2,387 | €6,159 | +€3,772 | +158% |
| Taxes, remuneration and social security | 45 | €16,684 | €23,450 | +€6,766 | +40.6% |
| Taxes | 450/3 | €16,684 | €23,450 | +€6,766 | +40.6% |
| Other amounts payable | 47/48 | - | €126,667 | +€126,667 | |
| Accrued charges and deferred income | 492/3 | €2,745 | - | -€2,745 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,863 | €26,308 | +€2,446 | +10.2% |
| Other operating charges | 640/8 | €7,944 | €3,063 | -€4,881 | -61.4% |
| Gross operating margin | 9900 | €187,066 | €212,158 | +€25,092 | +13.4% |
| Operating profit (loss) | 9901 | €155,259 | €182,787 | +€27,528 | +17.7% |
| Financial income | 75/76B | €1,177 | €140 | -€1,037 | -88.1% |
| Recurring financial income | 75 | €1,177 | €140 | -€1,037 | -88.1% |
| Financial charges | 65/66B | €4,655 | €6,859 | +€2,204 | +47.3% |
| Recurring financial charges | 65 | €4,655 | €6,859 | +€2,204 | +47.3% |
| Profit (loss) for the period before taxes | 9903 | €151,781 | €176,068 | +€24,286 | +16.0% |
| Income taxes | 67/77 | €34,132 | €37,100 | +€2,967 | +8.7% |
| Profit (loss) for the period | 9904 | €117,649 | €138,968 | +€21,319 | +18.1% |
| Profit (loss) for the period to be appropriated | 9905 | €117,649 | €138,968 | +€21,319 | +18.1% |
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 23 October 2026 via checked.be.