Heyvaert A. Management: 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.
Heyvaert A. Management
Largest movements
- Cash +€229,564
up €229,564 (+73.5%), from €312,458 to €542,022
mainly Net result for the year (+€569,997) and Other debts (+€284,836)
- Tangible fixed assets +€72,297
up €72,297 (+20.4%), from €353,674 to €425,971
of which Furniture and vehicles: +€39,482
- Other debts +€284,836
up €284,836 (+3,069%), from €9,281 to €294,118
- Current portion of long-term debt -€279,418
down €279,418 (-87.1%), from €320,728 to €41,310
- Reserves +€275,880
up €275,880 (+31.3%), from €880,000 to €1.2m
- Gross operating margin +€383,862
up €383,862 (+85.5%), from €448,701 to €832,563
- Taxes +€98,916
up €98,916 (+76.0%), from €130,074 to €228,989
- Depreciation -€27,518
down €27,518 (-68.4%), from €40,247 to €12,729
- Financial charges +€19,144
up €19,144, from -€7,611 to €11,533
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 | €3,142,634 | €3,457,534 | +€314,900 | +10.0% |
| Fixed assets | 21/28 | €1,903,674 | €1,975,971 | +€72,297 | +3.8% |
| Tangible fixed assets | 22/27 | €353,674 | €425,971 | +€72,297 | +20.4% |
| Land and buildings | 22 | €300,911 | €333,503 | +€32,593 | +10.8% |
| Plant, machinery and equipment | 23 | €14,442 | €14,665 | +€222 | +1.5% |
| Furniture and vehicles | 24 | €38,321 | €77,803 | +€39,482 | +103% |
| Financial fixed assets | 28 | €1,550,000 | €1,550,000 | = | 0.0% |
| Current assets | 29/58 | €1,238,960 | €1,481,564 | +€242,603 | +19.6% |
| Amounts receivable after more than one year | 29 | €497,800 | €497,800 | = | 0.0% |
| Other amounts receivable | 291 | €497,800 | €497,800 | = | 0.0% |
| Stocks and contracts in progress | 3 | €93,000 | €100,500 | +€7,500 | +8.1% |
| Stocks | 30/36 | €93,000 | €100,500 | +€7,500 | +8.1% |
| Amounts receivable within one year | 40/41 | €87,392 | €90,040 | +€2,648 | +3.0% |
| Trade receivables | 40 | €72,447 | €72,600 | +€153 | +0.2% |
| Other amounts receivable | 41 | €14,945 | €17,440 | +€2,495 | +16.7% |
| Current investments | 50/53 | €248,081 | €248,081 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €312,458 | €542,022 | +€229,564 | +73.5% |
| Deferred charges and accrued income | 490/1 | €229 | €3,120 | +€2,891 | +1,263% |
| Total equity and liabilities | 10/49 | €3,142,634 | €3,457,534 | +€314,900 | +10.0% |
| Equity | 10/15 | €2,505,089 | €2,780,969 | +€275,880 | +11.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €880,000 | €1,155,880 | +€275,880 | +31.3% |
| Distributable reserves | 133 | €880,000 | €1,155,880 | +€275,880 | +31.3% |
| Profit (loss) carried forward | 14 | €1,620,089 | €1,620,089 | = | 0.0% |
| Amounts payable | 17/49 | €637,545 | €676,565 | +€39,020 | +6.1% |
| Amounts payable after more than one year | 17 | €270,467 | €299,657 | +€29,190 | +10.8% |
| Financial debts | 170/4 | €270,467 | €299,657 | +€29,190 | +10.8% |
| Amounts payable within one year | 42/48 | €367,078 | €376,908 | +€9,830 | +2.7% |
| Current portion of amounts payable after more than one year | 42 | €320,728 | €41,310 | -€279,418 | -87.1% |
| Trade debts | 44 | €14,728 | €3,836 | -€10,892 | -74.0% |
| Suppliers | 440/4 | €14,728 | €3,836 | -€10,892 | -74.0% |
| Taxes, remuneration and social security | 45 | €22,340 | €37,644 | +€15,304 | +68.5% |
| Taxes | 450/3 | €17,540 | €32,644 | +€15,104 | +86.1% |
| Remuneration and social security | 454/9 | €4,800 | €5,000 | +€200 | +4.2% |
| Other amounts payable | 47/48 | €9,281 | €294,118 | +€284,836 | +3,069% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,247 | €12,729 | -€27,518 | -68.4% |
| Other operating charges | 640/8 | €1,291 | €1,947 | +€656 | +50.8% |
| Non-recurring operating charges | 66A | - | €15,421 | +€15,421 | |
| Gross operating margin | 9900 | €448,701 | €832,563 | +€383,862 | +85.5% |
| Operating profit (loss) | 9901 | €407,163 | €802,467 | +€395,304 | +97.1% |
| Financial income | 75/76B | - | €8,053 | +€8,053 | |
| Recurring financial income | 75 | - | €8,053 | +€8,053 | |
| Financial charges | 65/66B | -€7,611 | €11,533 | +€19,144 | |
| Recurring financial charges | 65 | -€7,611 | €11,533 | +€19,144 | |
| Profit (loss) for the period before taxes | 9903 | €414,774 | €798,987 | +€384,212 | +92.6% |
| Income taxes | 67/77 | €130,074 | €228,989 | +€98,916 | +76.0% |
| Profit (loss) for the period | 9904 | €284,701 | €569,997 | +€285,297 | +100% |
| Profit (loss) for the period to be appropriated | 9905 | €284,701 | €569,997 | +€285,297 | +100% |
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 28 October 2026 via checked.be.