Hilde Devinck: 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.
Hilde Devinck
Largest movements
- Receivables within one year -€28,430
down €28,430 (-87.4%), from €32,533 to €4,103
of which Trade receivables: -€29,933
- Cash -€28,073
down €28,073 (-57.2%), from €49,074 to €21,002
mainly Net result for the year (-€45,407) and Trade debts (-€17,544)
- Intangible fixed assets -€10,538
down €10,538 (-81.2%), from €12,982 to €2,444
- Stocks and contracts -€8,120
no longer reported in 2025 (was €8,120)
- Tangible fixed assets -€5,818
down €5,818 (-22.7%), from €25,579 to €19,761
of which Furniture and vehicles: -€4,364
- Profit (loss) carried forward -€45,407
down €45,407 (-282%), from -€16,080 to -€61,487
- Trade debts -€17,544
down €17,544 (-20.4%), from €86,208 to €68,664
- Current portion of long-term debt -€10,366
down €10,366 (-91.6%), from €11,316 to €950
- Tax, wage and social debts -€8,257
down €8,257 (-97.3%), from €8,484 to €228
- Gross operating margin -€48,379
down €48,379, from €27,445 to -€20,935
- Financial charges +€4,234
up €4,234 (+249%), from €1,702 to €5,936
- Staff costs -€1,494
down €1,494 (-91.9%), from €1,627 to €132
- Other operating charges -€1,483
down €1,483 (-64.0%), from €2,319 to €835
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 | €128,733 | €47,310 | -€81,423 | -63.2% |
| Fixed assets | 21/28 | €38,561 | €22,205 | -€16,355 | -42.4% |
| Intangible fixed assets | 21 | €12,982 | €2,444 | -€10,538 | -81.2% |
| Tangible fixed assets | 22/27 | €25,579 | €19,761 | -€5,818 | -22.7% |
| Plant, machinery and equipment | 23 | €14,463 | €13,223 | -€1,241 | -8.6% |
| Furniture and vehicles | 24 | €10,891 | €6,527 | -€4,364 | -40.1% |
| Other tangible fixed assets | 26 | €225 | €12 | -€213 | -94.6% |
| Current assets | 29/58 | €90,173 | €25,105 | -€65,068 | -72.2% |
| Stocks and contracts in progress | 3 | €8,120 | - | -€8,120 | |
| Stocks | 30/36 | €8,120 | - | -€8,120 | |
| Amounts receivable within one year | 40/41 | €32,533 | €4,103 | -€28,430 | -87.4% |
| Trade receivables | 40 | €29,933 | - | -€29,933 | |
| Other amounts receivable | 41 | €2,600 | €4,103 | +€1,503 | +57.8% |
| Cash at bank and in hand | 54/58 | €49,074 | €21,002 | -€28,073 | -57.2% |
| Deferred charges and accrued income | 490/1 | €445 | - | -€445 | |
| Total equity and liabilities | 10/49 | €128,733 | €47,310 | -€81,423 | -63.2% |
| Equity | 10/15 | €21,625 | -€23,782 | -€45,407 | |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €27,705 | €27,705 | = | 0.0% |
| Distributable reserves | 133 | €27,705 | €27,705 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€16,080 | -€61,487 | -€45,407 | -282% |
| Amounts payable | 17/49 | €107,108 | €71,092 | -€36,016 | -33.6% |
| Amounts payable after more than one year | 17 | €950 | - | -€950 | |
| Financial debts | 170/4 | €950 | - | -€950 | |
| Amounts payable within one year | 42/48 | €106,158 | €69,842 | -€36,316 | -34.2% |
| Current portion of amounts payable after more than one year | 42 | €11,316 | €950 | -€10,366 | -91.6% |
| Financial debts | 43 | €150 | - | -€150 | |
| Credit institutions | 430/8 | €150 | - | -€150 | |
| Trade debts | 44 | €86,208 | €68,664 | -€17,544 | -20.4% |
| Suppliers | 440/4 | €86,208 | €68,664 | -€17,544 | -20.4% |
| Taxes, remuneration and social security | 45 | €8,484 | €228 | -€8,257 | -97.3% |
| Taxes | 450/3 | €8,484 | €228 | -€8,257 | -97.3% |
| Accrued charges and deferred income | 492/3 | - | €1,250 | +€1,250 | |
| Remuneration, social security and pensions | 62 | €1,627 | €132 | -€1,494 | -91.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,905 | €17,636 | -€270 | -1.5% |
| Other operating charges | 640/8 | €2,319 | €835 | -€1,483 | -64.0% |
| Gross operating margin | 9900 | €27,445 | -€20,935 | -€48,379 | |
| Operating profit (loss) | 9901 | €5,594 | -€39,538 | -€45,132 | |
| Financial income | 75/76B | €264 | €67 | -€197 | -74.7% |
| Recurring financial income | 75 | €264 | €67 | -€197 | -74.7% |
| Financial charges | 65/66B | €1,702 | €5,936 | +€4,234 | +249% |
| Recurring financial charges | 65 | €1,702 | €5,936 | +€4,234 | +249% |
| Profit (loss) for the period before taxes | 9903 | €4,157 | -€45,407 | -€49,564 | |
| Income taxes | 67/77 | €201 | - | -€201 | |
| Profit (loss) for the period | 9904 | €3,955 | -€45,407 | -€49,362 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,955 | -€45,407 | -€49,362 |
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 16 October 2026 via checked.be.