HERVÉ THIEREN: 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.
HERVÉ THIEREN
Largest movements
- Tangible fixed assets +€241,597
up €241,597 (+1,322%), from €18,281 to €259,878
of which Other tangible fixed assets: +€211,385
- Current investments -€43,046
down €43,046 (-8.3%), from €517,877 to €474,831
- Cash -€12,031
down €12,031 (-33.7%), from €35,733 to €23,702
mainly Contributions, distributions and other (-€305,420) and Investment in fixed assets (net) (-€254,478)
- Other debts +€310,151
up €310,151 (+4,431%), from €7,000 to €317,151
- Reserves -€128,236
down €128,236 (-23.1%), from €554,205 to €425,969
- Tax, wage and social debts +€7,698
up €7,698 (+126%), from €6,114 to €13,812
- Gross operating margin +€71,255
up €71,255 (+39.1%), from €182,255 to €253,510
- Taxes +€15,664
up €15,664 (+27.8%), from €56,274 to €71,938
- Financial income +€12,638
up €12,638 (+370%), from €3,414 to €16,051
- Depreciation +€10,253
up €10,253 (+390%), from €2,628 to €12,881
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 | €576,091 | €766,363 | +€190,272 | +33.0% |
| Fixed assets | 21/28 | €18,281 | €259,878 | +€241,597 | +1,322% |
| Tangible fixed assets | 22/27 | €18,281 | €259,878 | +€241,597 | +1,322% |
| Furniture and vehicles | 24 | €12,724 | €42,936 | +€30,212 | +237% |
| Other tangible fixed assets | 26 | €5,558 | €216,942 | +€211,385 | +3,804% |
| Current assets | 29/58 | €557,810 | €506,485 | -€51,325 | -9.2% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €517,877 | €474,831 | -€43,046 | -8.3% |
| Cash at bank and in hand | 54/58 | €35,733 | €23,702 | -€12,031 | -33.7% |
| Deferred charges and accrued income | 490/1 | €4,200 | €7,953 | +€3,753 | +89.4% |
| Total equity and liabilities | 10/49 | €576,091 | €766,363 | +€190,272 | +33.0% |
| Equity | 10/15 | €560,405 | €432,169 | -€128,236 | -22.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €554,205 | €425,969 | -€128,236 | -23.1% |
| Distributable reserves | 133 | €554,205 | €425,969 | -€128,236 | -23.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €15,687 | €334,195 | +€318,508 | +2,030% |
| Amounts payable within one year | 42/48 | €15,687 | €334,195 | +€318,508 | +2,030% |
| Financial debts | 43 | €1,071 | €160 | -€911 | -85.0% |
| Credit institutions | 430/8 | €1,071 | €160 | -€911 | -85.0% |
| Trade debts | 44 | €1,502 | €3,072 | +€1,569 | +104% |
| Suppliers | 440/4 | €1,502 | €3,072 | +€1,569 | +104% |
| Taxes, remuneration and social security | 45 | €6,114 | €13,812 | +€7,698 | +126% |
| Taxes | 450/3 | €6,114 | €13,812 | +€7,698 | +126% |
| Other amounts payable | 47/48 | €7,000 | €317,151 | +€310,151 | +4,431% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,628 | €12,881 | +€10,253 | +390% |
| Other operating charges | 640/8 | €1,235 | €1,670 | +€435 | +35.2% |
| Non-recurring operating charges | 66A | - | €5,558 | +€5,558 | |
| Gross operating margin | 9900 | €182,255 | €253,510 | +€71,255 | +39.1% |
| Operating profit (loss) | 9901 | €178,392 | €233,402 | +€55,010 | +30.8% |
| Financial income | 75/76B | €3,414 | €16,051 | +€12,638 | +370% |
| Recurring financial income | 75 | €3,414 | €16,051 | +€12,638 | +370% |
| Financial charges | 65/66B | €395 | €330 | -€64 | -16.3% |
| Recurring financial charges | 65 | €395 | €330 | -€64 | -16.3% |
| Profit (loss) for the period before taxes | 9903 | €181,411 | €249,123 | +€67,712 | +37.3% |
| Income taxes | 67/77 | €56,274 | €71,938 | +€15,664 | +27.8% |
| Profit (loss) for the period | 9904 | €125,136 | €177,184 | +€52,048 | +41.6% |
| Profit (loss) for the period to be appropriated | 9905 | €125,136 | €177,184 | +€52,048 | +41.6% |
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 30 October 2026 via checked.be.