Henri Allaert: 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.
Henri Allaert
Largest movements
- Receivables after one year +€56,776
new in 2025: €56,776
of which Other amounts receivable: +€37,776
- Cash -€54,652
down €54,652 (-71.2%), from €76,761 to €22,109
mainly Other debts (-€57,647) and Receivables after one year (-€56,776)
- Receivables within one year -€53,960
no longer reported in 2025 (was €53,960)
of which Trade receivables: -€49,870
- Financial fixed assets -€37,500
down €37,500 (-9.0%), from €417,267 to €379,767
- Current investments +€20,000
new in 2025: €20,000
- Other debts -€57,647
down €57,647 (-13.2%), from €436,855 to €379,209
- Debts after one year -€21,211
down €21,211 (-26.5%), from €80,040 to €58,828
- Reserves +€15,073
up €15,073 (+54.9%), from €27,443 to €42,516
- Trade debts -€8,290
down €8,290 (-88.0%), from €9,424 to €1,135
- Financial charges +€19,920
up €19,920 (+619%), from €3,220 to €23,139
of which Non-recurring financial charges: +€20,850
- Gross operating margin +€10,806
up €10,806 (+22.6%), from €47,849 to €58,655
- Taxes +€2,999
up €2,999 (+27.2%), from €11,032 to €14,031
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 | €609,462 | €534,387 | -€75,075 | -12.3% |
| Fixed assets | 21/28 | €478,082 | €434,714 | -€43,368 | -9.1% |
| Tangible fixed assets | 22/27 | €60,815 | €54,948 | -€5,868 | -9.6% |
| Land and buildings | 22 | €46,469 | €43,467 | -€3,002 | -6.5% |
| Plant, machinery and equipment | 23 | €923 | €708 | -€215 | -23.3% |
| Furniture and vehicles | 24 | €2,751 | €1,310 | -€1,441 | -52.4% |
| Other tangible fixed assets | 26 | €10,672 | €9,463 | -€1,209 | -11.3% |
| Financial fixed assets | 28 | €417,267 | €379,767 | -€37,500 | -9.0% |
| Current assets | 29/58 | €131,380 | €99,672 | -€31,708 | -24.1% |
| Amounts receivable after more than one year | 29 | - | €56,776 | +€56,776 | |
| Trade receivables | 290 | - | €19,000 | +€19,000 | |
| Other amounts receivable | 291 | - | €37,776 | +€37,776 | |
| Amounts receivable within one year | 40/41 | €53,960 | - | -€53,960 | |
| Trade receivables | 40 | €49,870 | - | -€49,870 | |
| Other amounts receivable | 41 | €4,090 | - | -€4,090 | |
| Current investments | 50/53 | - | €20,000 | +€20,000 | |
| Cash at bank and in hand | 54/58 | €76,761 | €22,109 | -€54,652 | -71.2% |
| Deferred charges and accrued income | 490/1 | €659 | €787 | +€128 | +19.5% |
| Total equity and liabilities | 10/49 | €609,462 | €534,387 | -€75,075 | -12.3% |
| Equity | 10/15 | €32,443 | €47,516 | +€15,073 | +46.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €27,443 | €42,516 | +€15,073 | +54.9% |
| Distributable reserves | 133 | €27,443 | €42,516 | +€15,073 | +54.9% |
| Amounts payable | 17/49 | €577,019 | €486,870 | -€90,149 | -15.6% |
| Amounts payable after more than one year | 17 | €80,040 | €58,828 | -€21,211 | -26.5% |
| Financial debts | 170/4 | €80,040 | €58,828 | -€21,211 | -26.5% |
| Amounts payable within one year | 42/48 | €496,979 | €428,042 | -€68,937 | -13.9% |
| Current portion of amounts payable after more than one year | 42 | €20,548 | €21,211 | +€663 | +3.2% |
| Trade debts | 44 | €9,424 | €1,135 | -€8,290 | -88.0% |
| Suppliers | 440/4 | €9,424 | €1,135 | -€8,290 | -88.0% |
| Taxes, remuneration and social security | 45 | €30,152 | €26,487 | -€3,665 | -12.2% |
| Taxes | 450/3 | €30,152 | €24,887 | -€5,265 | -17.5% |
| Remuneration and social security | 454/9 | - | €1,600 | +€1,600 | |
| Other amounts payable | 47/48 | €436,855 | €379,209 | -€57,647 | -13.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,748 | €5,868 | +€119 | +2.1% |
| Other operating charges | 640/8 | €412 | €544 | +€131 | +31.9% |
| Gross operating margin | 9900 | €47,849 | €58,655 | +€10,806 | +22.6% |
| Operating profit (loss) | 9901 | €41,689 | €52,243 | +€10,555 | +25.3% |
| Financial income | 75/76B | €6 | €0 | -€6 | -99.8% |
| Recurring financial income | 75 | €6 | €0 | -€6 | -99.8% |
| Non-recurring financial income | 76B | €6 | €0 | -€6 | -99.8% |
| Financial charges | 65/66B | €3,220 | €23,139 | +€19,920 | +619% |
| Recurring financial charges | 65 | €3,220 | €2,289 | -€930 | -28.9% |
| Non-recurring financial charges | 66B | - | €20,850 | +€20,850 | |
| Profit (loss) for the period before taxes | 9903 | €38,475 | €29,104 | -€9,370 | -24.4% |
| Income taxes | 67/77 | €11,032 | €14,031 | +€2,999 | +27.2% |
| Profit (loss) for the period | 9904 | €27,443 | €15,073 | -€12,370 | -45.1% |
| Profit (loss) for the period to be appropriated | 9905 | €27,443 | €15,073 | -€12,370 | -45.1% |
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 1 November 2026 via checked.be.