Het Fundament: 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.
Het Fundament
Largest movements
- Cash -€14,912
down €14,912 (-65.0%), from €22,930 to €8,018
mainly Debts after one year (-€58,789) and Investment in fixed assets (net) (-€51,697)
- Tangible fixed assets -€8,212
down €8,212 (-1.3%), from €619,053 to €610,842
of which Furniture and vehicles: -€23,608
- Other debts +€78,026
up €78,026 (+28.7%), from €271,653 to €349,679
- Debts after one year -€58,789
down €58,789 (-17.8%), from €329,696 to €270,907
- Trade debts -€29,309
down €29,309 (-80.7%), from €36,330 to €7,021
- Profit (loss) carried forward -€14,791
down €14,791 (-10.6%), from -€139,449 to -€154,240
- Gross operating margin +€76,899
up €76,899, from -€18,457 to €58,441
- Depreciation +€3,449
up €3,449 (+6.1%), from €56,460 to €59,909
- Financial charges -€3,440
down €3,440 (-32.5%), from €10,578 to €7,139
- Other operating charges -€2,899
down €2,899 (-31.8%), from €9,119 to €6,220
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.
Cash bridge derived
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 | €673,929 | €650,248 | -€23,682 | -3.5% |
| Fixed assets | 21/28 | €619,053 | €610,842 | -€8,212 | -1.3% |
| Tangible fixed assets | 22/27 | €619,053 | €610,842 | -€8,212 | -1.3% |
| Land and buildings | 22 | €516,474 | €534,298 | +€17,824 | +3.5% |
| Plant, machinery and equipment | 23 | €8,580 | €6,152 | -€2,428 | -28.3% |
| Furniture and vehicles | 24 | €94,000 | €70,392 | -€23,608 | -25.1% |
| Current assets | 29/58 | €54,876 | €39,406 | -€15,470 | -28.2% |
| Amounts receivable within one year | 40/41 | €22,039 | €18,290 | -€3,749 | -17.0% |
| Trade receivables | 40 | €17,575 | €10,732 | -€6,843 | -38.9% |
| Other amounts receivable | 41 | €4,464 | €7,558 | +€3,094 | +69.3% |
| Cash at bank and in hand | 54/58 | €22,930 | €8,018 | -€14,912 | -65.0% |
| Deferred charges and accrued income | 490/1 | €9,907 | €13,099 | +€3,191 | +32.2% |
| Total equity and liabilities | 10/49 | €673,929 | €650,248 | -€23,682 | -3.5% |
| Equity | 10/15 | -€24,894 | -€39,686 | -€14,791 | -59.4% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €64,555 | €64,555 | = | 0.0% |
| Distributable reserves | 133 | €64,555 | €64,555 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€139,449 | -€154,240 | -€14,791 | -10.6% |
| Amounts payable | 17/49 | €698,823 | €689,933 | -€8,890 | -1.3% |
| Amounts payable after more than one year | 17 | €329,696 | €270,907 | -€58,789 | -17.8% |
| Financial debts | 170/4 | €329,696 | €270,907 | -€58,789 | -17.8% |
| Amounts payable within one year | 42/48 | €369,127 | €419,026 | +€49,899 | +13.5% |
| Current portion of amounts payable after more than one year | 42 | €57,057 | €58,789 | +€1,732 | +3.0% |
| Trade debts | 44 | €36,330 | €7,021 | -€29,309 | -80.7% |
| Suppliers | 440/4 | €36,330 | €7,021 | -€29,309 | -80.7% |
| Taxes, remuneration and social security | 45 | €4,088 | €3,538 | -€551 | -13.5% |
| Taxes | 450/3 | €2,821 | €3,538 | +€717 | +25.4% |
| Remuneration and social security | 454/9 | €1,267 | €0 | -€1,267 | -100.0% |
| Other amounts payable | 47/48 | €271,653 | €349,679 | +€78,026 | +28.7% |
| Non-recurring operating income | 76A | - | €2,395 | +€2,395 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,460 | €59,909 | +€3,449 | +6.1% |
| Other operating charges | 640/8 | €9,119 | €6,220 | -€2,899 | -31.8% |
| Gross operating margin | 9900 | -€18,457 | €58,441 | +€76,899 | |
| Operating profit (loss) | 9901 | -€84,036 | -€7,688 | +€76,348 | +90.9% |
| Financial income | 75/76B | €96 | €94 | -€1 | -1.3% |
| Recurring financial income | 75 | €96 | €94 | -€1 | -1.3% |
| Financial charges | 65/66B | €10,578 | €7,139 | -€3,440 | -32.5% |
| Recurring financial charges | 65 | €10,578 | €7,139 | -€3,440 | -32.5% |
| Profit (loss) for the period before taxes | 9903 | -€94,519 | -€14,732 | +€79,787 | +84.4% |
| Income taxes | 67/77 | €519 | €60 | -€459 | -88.5% |
| Profit (loss) for the period | 9904 | -€95,038 | -€14,791 | +€80,246 | +84.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€95,038 | -€14,791 | +€80,246 | +84.4% |
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 9 October 2026 via checked.be.