JOSEPH VANHORENBEKE: 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.
JOSEPH VANHORENBEKE
Largest movements
- Tangible fixed assets +€105,791
up €105,791 (+30.4%), from €347,570 to €453,361
of which Furniture and vehicles: +€136,160
- Cash -€18,609
down €18,609 (-3.8%), from €489,543 to €470,934
mainly Investment in fixed assets (net) (-€191,122) and Contributions, distributions and other (-€131,000)
- Receivables within one year +€14,057
up €14,057 (+17.5%), from €80,161 to €94,219
- Debts after one year +€113,633
up €113,633 (+531%), from €21,397 to €135,030
- Reserves -€37,000
down €37,000 (-23.7%), from €155,950 to €118,950
of which Distributable reserves: -€37,000
- Current portion of long-term debt +€32,519
up €32,519 (+274%), from €11,854 to €44,373
- Tax, wage and social debts +€23,371
up €23,371 (+67.1%), from €34,808 to €58,179
of which Taxes: +€29,374
- Trade debts -€22,184
down €22,184 (-55.2%), from €40,218 to €18,034
- Gross operating margin +€148,182
up €148,182 (+46.7%), from €317,189 to €465,371
- Other operating charges -€87,061
down €87,061 (-84.4%), from €103,208 to €16,148
- Taxes +€27,458
up €27,458 (+260%), from €10,541 to €37,999
- Depreciation +€19,932
up €19,932 (+30.5%), from €65,399 to €85,332
- Staff costs +€19,692
up €19,692 (+9.6%), from €205,440 to €225,132
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 | €942,885 | €1,041,739 | +€98,854 | +10.5% |
| Fixed assets | 21/28 | €350,752 | €456,543 | +€105,791 | +30.2% |
| Tangible fixed assets | 22/27 | €347,570 | €453,361 | +€105,791 | +30.4% |
| Land and buildings | 22 | €299,339 | €267,279 | -€32,060 | -10.7% |
| Plant, machinery and equipment | 23 | €3,016 | €4,707 | +€1,691 | +56.1% |
| Furniture and vehicles | 24 | €45,215 | €181,375 | +€136,160 | +301% |
| Financial fixed assets | 28 | €3,182 | €3,182 | = | 0.0% |
| Current assets | 29/58 | €592,133 | €585,196 | -€6,936 | -1.2% |
| Stocks and contracts in progress | 3 | €13,524 | €10,310 | -€3,214 | -23.8% |
| Stocks | 30/36 | €13,524 | €10,310 | -€3,214 | -23.8% |
| Amounts receivable within one year | 40/41 | €80,161 | €94,219 | +€14,057 | +17.5% |
| Trade receivables | 40 | €80,161 | €94,219 | +€14,057 | +17.5% |
| Cash at bank and in hand | 54/58 | €489,543 | €470,934 | -€18,609 | -3.8% |
| Deferred charges and accrued income | 490/1 | €8,905 | €9,734 | +€829 | +9.3% |
| Total equity and liabilities | 10/49 | €942,885 | €1,041,739 | +€98,854 | +10.5% |
| Equity | 10/15 | €762,241 | €725,423 | -€36,818 | -4.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €155,950 | €118,950 | -€37,000 | -23.7% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €131,000 | €94,000 | -€37,000 | -28.2% |
| Profit (loss) carried forward | 14 | €544,291 | €544,473 | +€182 | 0.0% |
| Amounts payable | 17/49 | €180,644 | €316,316 | +€135,672 | +75.1% |
| Amounts payable after more than one year | 17 | €21,397 | €135,030 | +€113,633 | +531% |
| Financial debts | 170/4 | €21,397 | €135,030 | +€113,633 | +531% |
| Amounts payable within one year | 42/48 | €159,247 | €180,992 | +€21,745 | +13.7% |
| Current portion of amounts payable after more than one year | 42 | €11,854 | €44,373 | +€32,519 | +274% |
| Trade debts | 44 | €40,218 | €18,034 | -€22,184 | -55.2% |
| Suppliers | 440/4 | €40,218 | €18,034 | -€22,184 | -55.2% |
| Taxes, remuneration and social security | 45 | €34,808 | €58,179 | +€23,371 | +67.1% |
| Taxes | 450/3 | €2,327 | €31,701 | +€29,374 | +1,262% |
| Remuneration and social security | 454/9 | €32,481 | €26,478 | -€6,003 | -18.5% |
| Other amounts payable | 47/48 | €72,367 | €60,407 | -€11,960 | -16.5% |
| Accrued charges and deferred income | 492/3 | - | €294 | +€294 | |
| Remuneration, social security and pensions | 62 | €205,440 | €225,132 | +€19,692 | +9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,399 | €85,332 | +€19,932 | +30.5% |
| Other operating charges | 640/8 | €103,208 | €16,148 | -€87,061 | -84.4% |
| Gross operating margin | 9900 | €317,189 | €465,371 | +€148,182 | +46.7% |
| Operating profit (loss) | 9901 | -€56,859 | €138,759 | +€195,618 | |
| Financial income | 75/76B | €8,570 | €5,452 | -€3,118 | -36.4% |
| Recurring financial income | 75 | €8,570 | €5,452 | -€3,118 | -36.4% |
| Financial charges | 65/66B | €6,629 | €12,030 | +€5,401 | +81.5% |
| Recurring financial charges | 65 | €6,629 | €12,030 | +€5,401 | +81.5% |
| Profit (loss) for the period before taxes | 9903 | -€54,918 | €132,181 | +€187,099 | |
| Income taxes | 67/77 | €10,541 | €37,999 | +€27,458 | +260% |
| Profit (loss) for the period | 9904 | -€65,459 | €94,182 | +€159,641 | |
| Profit (loss) for the period to be appropriated | 9905 | -€65,459 | €94,182 | +€159,641 |
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 31 October 2026 via checked.be.