Herbert De Raedt: 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.
Herbert De Raedt
Largest movements
- Current investments -€124,999
down €124,999 (-28.6%), from €436,649 to €311,650
- Deferred charges and accrued income -€47,411
down €47,411 (-99.3%), from €47,741 to €330
- Cash +€41,020
up €41,020 (+8.8%), from €467,183 to €508,202
mainly Current investments (+€124,999) and Deferred charges and accrued income (+€47,411)
- Receivables within one year +€18,472
up €18,472 (+28.2%), from €65,609 to €84,080
of which Other amounts receivable: +€18,472
- Profit (loss) carried forward -€102,067
new in 2025: -€102,067
- Reserves -€12,150
down €12,150 (-1.2%), from €1.0m to €993,571
- Gross operating margin -€132,646
down €132,646 (-92.4%), from €143,587 to €10,940
- Financial charges -€5,000
down €5,000 (-3.8%), from €130,044 to €125,044
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 | €1,023,667 | €909,451 | -€114,217 | -11.2% |
| Fixed assets | 21/28 | €6,486 | €5,188 | -€1,298 | -20.0% |
| Tangible fixed assets | 22/27 | €6,486 | €5,188 | -€1,298 | -20.0% |
| Furniture and vehicles | 24 | €2,161 | €863 | -€1,298 | -60.1% |
| Other tangible fixed assets | 26 | €4,325 | €4,325 | = | 0.0% |
| Current assets | 29/58 | €1,017,181 | €904,263 | -€112,919 | -11.1% |
| Amounts receivable within one year | 40/41 | €65,609 | €84,080 | +€18,472 | +28.2% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €65,609 | €84,080 | +€18,472 | +28.2% |
| Current investments | 50/53 | €436,649 | €311,650 | -€124,999 | -28.6% |
| Cash at bank and in hand | 54/58 | €467,183 | €508,202 | +€41,020 | +8.8% |
| Deferred charges and accrued income | 490/1 | €47,741 | €330 | -€47,411 | -99.3% |
| Total equity and liabilities | 10/49 | €1,023,667 | €909,451 | -€114,217 | -11.2% |
| Equity | 10/15 | €1,018,121 | €903,904 | -€114,217 | -11.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,005,721 | €993,571 | -€12,150 | -1.2% |
| Distributable reserves | 133 | €1,005,721 | €993,571 | -€12,150 | -1.2% |
| Profit (loss) carried forward | 14 | - | -€102,067 | -€102,067 | |
| Amounts payable | 17/49 | €5,546 | €5,546 | = | 0.0% |
| Amounts payable within one year | 42/48 | €0 | - | = | |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €5,546 | €5,546 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,376 | €1,298 | -€78 | -5.6% |
| Other operating charges | 640/8 | €2,260 | €1,948 | -€312 | -13.8% |
| Gross operating margin | 9900 | €143,587 | €10,940 | -€132,646 | -92.4% |
| Operating profit (loss) | 9901 | €139,951 | €7,694 | -€132,257 | -94.5% |
| Financial income | 75/76B | €4,878 | €6,233 | +€1,356 | +27.8% |
| Recurring financial income | 75 | €4,878 | €6,233 | +€1,356 | +27.8% |
| Financial charges | 65/66B | €130,044 | €125,044 | -€5,000 | -3.8% |
| Recurring financial charges | 65 | €130,044 | €125,044 | -€5,000 | -3.8% |
| Profit (loss) for the period before taxes | 9903 | €14,785 | -€111,117 | -€125,901 | |
| Income taxes | 67/77 | €4,517 | €3,100 | -€1,416 | -31.4% |
| Profit (loss) for the period | 9904 | €10,268 | -€114,217 | -€124,485 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,268 | -€114,217 | -€124,485 |
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 19 October 2026 via checked.be.