Joachim Hulpiau: 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.
Joachim Hulpiau
Largest movements
- Receivables within one year +€15,899
up €15,899 (+101%), from €15,720 to €31,619
of which Other amounts receivable: +€22,522
- Cash +€5,660
up €5,660 (+22.7%), from €24,890 to €30,550
mainly Contributions, distributions and other (+€12,952) and Net result for the year (+€10,803)
- Tangible fixed assets +€5,272
up €5,272 (+105%), from €5,007 to €10,279
of which Furniture and vehicles: +€3,413
- Reserves +€23,756
up €23,756 (+71.5%), from €33,234 to €56,990
- Trade debts +€4,348
up €4,348 (+350%), from €1,242 to €5,590
- Accrued charges and deferred income -€3,741
down €3,741 (-100%), from €3,741 to €0
- Tax, wage and social debts +€3,042
up €3,042 (+46.9%), from €6,491 to €9,533
- Taxes +€4,013
up €4,013 (+280%), from €1,431 to €5,443
- Other operating charges +€2,825
up €2,825 (+288%), from €982 to €3,807
- Gross operating margin -€2,181
down €2,181 (-8.4%), from €25,947 to €23,767
- Depreciation +€2,045
up €2,045 (+1,533%), from €133 to €2,179
- Financial charges +€813
up €813 (+112%), from €724 to €1,536
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 | €45,980 | €72,843 | +€26,864 | +58.4% |
| Fixed assets | 21/28 | €5,007 | €10,279 | +€5,272 | +105% |
| Tangible fixed assets | 22/27 | €5,007 | €10,279 | +€5,272 | +105% |
| Land and buildings | 22 | - | €1,185 | +€1,185 | |
| Plant, machinery and equipment | 23 | €1,389 | €2,063 | +€674 | +48.5% |
| Furniture and vehicles | 24 | €3,618 | €7,031 | +€3,413 | +94.3% |
| Current assets | 29/58 | €40,973 | €62,564 | +€21,591 | +52.7% |
| Amounts receivable within one year | 40/41 | €15,720 | €31,619 | +€15,899 | +101% |
| Trade receivables | 40 | €15,348 | €8,725 | -€6,623 | -43.2% |
| Other amounts receivable | 41 | €372 | €22,894 | +€22,522 | +6,049% |
| Cash at bank and in hand | 54/58 | €24,890 | €30,550 | +€5,660 | +22.7% |
| Deferred charges and accrued income | 490/1 | €363 | €395 | +€32 | +8.9% |
| Total equity and liabilities | 10/49 | €45,980 | €72,843 | +€26,864 | +58.4% |
| Equity | 10/15 | €33,734 | €57,490 | +€23,756 | +70.4% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €33,234 | €56,990 | +€23,756 | +71.5% |
| Distributable reserves | 133 | €33,234 | €56,990 | +€23,756 | +71.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €12,246 | €15,354 | +€3,108 | +25.4% |
| Amounts payable within one year | 42/48 | €8,505 | €15,354 | +€6,849 | +80.5% |
| Trade debts | 44 | €1,242 | €5,590 | +€4,348 | +350% |
| Suppliers | 440/4 | €1,242 | €5,590 | +€4,348 | +350% |
| Taxes, remuneration and social security | 45 | €6,491 | €9,533 | +€3,042 | +46.9% |
| Taxes | 450/3 | €6,491 | €9,533 | +€3,042 | +46.9% |
| Other amounts payable | 47/48 | €772 | €231 | -€541 | -70.1% |
| Accrued charges and deferred income | 492/3 | €3,741 | €0 | -€3,741 | -100% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €133 | €2,179 | +€2,045 | +1,533% |
| Other operating charges | 640/8 | €982 | €3,807 | +€2,825 | +288% |
| Gross operating margin | 9900 | €25,947 | €23,767 | -€2,181 | -8.4% |
| Operating profit (loss) | 9901 | €24,832 | €17,781 | -€7,051 | -28.4% |
| Financial income | 75/76B | €0 | €2 | +€2 | +21,100% |
| Recurring financial income | 75 | €0 | €2 | +€2 | +21,100% |
| Financial charges | 65/66B | €724 | €1,536 | +€813 | +112% |
| Recurring financial charges | 65 | €724 | €1,536 | +€813 | +112% |
| Profit (loss) for the period before taxes | 9903 | €24,108 | €16,247 | -€7,861 | -32.6% |
| Income taxes | 67/77 | €1,431 | €5,443 | +€4,013 | +280% |
| Profit (loss) for the period | 9904 | €22,677 | €10,803 | -€11,874 | -52.4% |
| Profit (loss) for the period to be appropriated | 9905 | €22,677 | €10,803 | -€11,874 | -52.4% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.