Jolien Vanhecke: 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.
Jolien Vanhecke
Largest movements
- Current investments +€68,000
up €68,000 (+136%), from €50,000 to €118,000
- Receivables within one year +€36,093
new in 2025: €36,093
- Cash -€16,559
down €16,559 (-79.4%), from €20,862 to €4,303
mainly Current investments (-€68,000) and Receivables within one year (-€36,093)
- Tangible fixed assets -€7,311
down €7,311 (-12.9%), from €56,825 to €49,515
of which Furniture and vehicles: -€11,601
- Deferred charges and accrued income +€3,264
new in 2025: €3,264
- Reserves +€86,597
up €86,597 (+141%), from €61,550 to €148,147
- Other debts -€10,070
down €10,070 (-38.8%), from €25,945 to €15,875
- Tax, wage and social debts +€6,792
up €6,792 (+28.9%), from €23,483 to €30,275
- Gross operating margin +€33,230
up €33,230 (+35.4%), from €93,811 to €127,041
- Taxes +€6,948
up €6,948 (+42.2%), from €16,457 to €23,404
- Depreciation +€3,097
up €3,097 (+23.6%), from €13,118 to €16,215
- Financial income +€1,695
new in 2025: €1,695
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 | €127,687 | €211,175 | +€83,488 | +65.4% |
| Fixed assets | 21/28 | €56,825 | €49,515 | -€7,311 | -12.9% |
| Tangible fixed assets | 22/27 | €56,825 | €49,515 | -€7,311 | -12.9% |
| Plant, machinery and equipment | 23 | €9,864 | €14,154 | +€4,290 | +43.5% |
| Furniture and vehicles | 24 | €46,962 | €35,361 | -€11,601 | -24.7% |
| Current assets | 29/58 | €70,862 | €161,660 | +€90,798 | +128% |
| Amounts receivable within one year | 40/41 | - | €36,093 | +€36,093 | |
| Trade receivables | 40 | - | €36,093 | +€36,093 | |
| Current investments | 50/53 | €50,000 | €118,000 | +€68,000 | +136% |
| Cash at bank and in hand | 54/58 | €20,862 | €4,303 | -€16,559 | -79.4% |
| Deferred charges and accrued income | 490/1 | - | €3,264 | +€3,264 | |
| Total equity and liabilities | 10/49 | €127,687 | €211,175 | +€83,488 | +65.4% |
| Equity | 10/15 | €76,550 | €163,147 | +€86,597 | +113% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €61,550 | €148,147 | +€86,597 | +141% |
| Distributable reserves | 133 | €61,550 | €148,147 | +€86,597 | +141% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €51,137 | €48,027 | -€3,110 | -6.1% |
| Amounts payable within one year | 42/48 | €49,950 | €46,571 | -€3,379 | -6.8% |
| Trade debts | 44 | €523 | €422 | -€101 | -19.3% |
| Suppliers | 440/4 | €523 | €422 | -€101 | -19.3% |
| Taxes, remuneration and social security | 45 | €23,483 | €30,275 | +€6,792 | +28.9% |
| Taxes | 450/3 | €23,483 | €30,275 | +€6,792 | +28.9% |
| Other amounts payable | 47/48 | €25,945 | €15,875 | -€10,070 | -38.8% |
| Accrued charges and deferred income | 492/3 | €1,187 | €1,456 | +€269 | +22.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,118 | €16,215 | +€3,097 | +23.6% |
| Other operating charges | 640/8 | €661 | €192 | -€469 | -71.0% |
| Gross operating margin | 9900 | €93,811 | €127,041 | +€33,230 | +35.4% |
| Operating profit (loss) | 9901 | €80,032 | €110,635 | +€30,602 | +38.2% |
| Financial income | 75/76B | - | €1,695 | +€1,695 | |
| Recurring financial income | 75 | - | €1,695 | +€1,695 | |
| Financial charges | 65/66B | €1,193 | €1,495 | +€302 | +25.3% |
| Recurring financial charges | 65 | €1,193 | €1,495 | +€302 | +25.3% |
| Profit (loss) for the period before taxes | 9903 | €78,839 | €110,834 | +€31,995 | +40.6% |
| Income taxes | 67/77 | €16,457 | €23,404 | +€6,948 | +42.2% |
| Profit (loss) for the period | 9904 | €62,383 | €87,430 | +€25,047 | +40.2% |
| Profit (loss) for the period to be appropriated | 9905 | €62,383 | €87,430 | +€25,047 | +40.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.