JOAQUIM HALEN: 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.
JOAQUIM HALEN
Largest movements
- Cash +€45,555
up €45,555 (+141%), from €32,271 to €77,827
mainly Net result for the year (+€53,125) and Depreciation (+€313)
- Receivables within one year +€3,239
up €3,239 (+38.3%), from €8,448 to €11,687
of which Trade receivables: +€3,025
- Tangible fixed assets +€910
new in 2025: €910
- Profit (loss) carried forward +€53,125
up €53,125 (+254%), from €20,877 to €74,003
- Trade debts -€2,956
down €2,956 (-79.7%), from €3,710 to €755
- Gross operating margin +€41,060
up €41,060 (+156%), from €26,256 to €67,317
- Taxes +€8,407
up €8,407 (+156%), from €5,379 to €13,786
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 | €40,719 | €90,423 | +€49,704 | +122% |
| Fixed assets | 21/28 | - | €910 | +€910 | |
| Tangible fixed assets | 22/27 | - | €910 | +€910 | |
| Furniture and vehicles | 24 | - | €910 | +€910 | |
| Current assets | 29/58 | €40,719 | €89,513 | +€48,794 | +120% |
| Amounts receivable within one year | 40/41 | €8,448 | €11,687 | +€3,239 | +38.3% |
| Trade receivables | 40 | €8,448 | €11,473 | +€3,025 | +35.8% |
| Other amounts receivable | 41 | - | €214 | +€214 | |
| Cash at bank and in hand | 54/58 | €32,271 | €77,827 | +€45,555 | +141% |
| Total equity and liabilities | 10/49 | €40,719 | €90,423 | +€49,704 | +122% |
| Equity | 10/15 | €23,877 | €77,003 | +€53,125 | +222% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Contributions outside capital | 11 | €3,000 | €3,000 | = | 0.0% |
| Share premium | 1100/10 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,877 | €74,003 | +€53,125 | +254% |
| Amounts payable | 17/49 | €16,842 | €13,420 | -€3,422 | -20.3% |
| Amounts payable within one year | 42/48 | €15,423 | €12,466 | -€2,958 | -19.2% |
| Trade debts | 44 | €3,710 | €755 | -€2,956 | -79.7% |
| Suppliers | 440/4 | €3,710 | €755 | -€2,956 | -79.7% |
| Taxes, remuneration and social security | 45 | €11,713 | €11,711 | -€2 | 0.0% |
| Taxes | 450/3 | €11,713 | €10,511 | -€1,202 | -10.3% |
| Remuneration and social security | 454/9 | - | €1,200 | +€1,200 | |
| Accrued charges and deferred income | 492/3 | €1,419 | €955 | -€464 | -32.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €313 | +€313 | |
| Gross operating margin | 9900 | €26,256 | €67,317 | +€41,060 | +156% |
| Operating profit (loss) | 9901 | €26,256 | €67,004 | +€40,748 | +155% |
| Financial charges | 65/66B | - | €92 | +€92 | |
| Recurring financial charges | 65 | - | €92 | +€92 | |
| Profit (loss) for the period before taxes | 9903 | €26,256 | €66,912 | +€40,656 | +155% |
| Income taxes | 67/77 | €5,379 | €13,786 | +€8,407 | +156% |
| Profit (loss) for the period | 9904 | €20,877 | €53,125 | +€32,248 | +154% |
| Profit (loss) for the period to be appropriated | 9905 | €20,877 | €53,125 | +€32,248 | +154% |
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 25 October 2026 via checked.be.