KATRIEN HELLEMANS: 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.
KATRIEN HELLEMANS
Largest movements
- Cash -€25,970
down €25,970 (-16.3%), from €158,879 to €132,908
mainly Receivables within one year (-€13,433) and Debts after one year (-€13,002)
- Tangible fixed assets -€25,645
down €25,645 (-46.3%), from €55,371 to €29,727
of which Furniture and vehicles: -€31,825
- Receivables within one year +€13,433
up €13,433 (+84.9%), from €15,827 to €29,261
of which Trade receivables: +€12,649
- Reserves -€21,454
down €21,454 (-7.7%), from €279,504 to €258,050
- Debts after one year -€13,002
down €13,002 (-40.2%), from €32,314 to €19,313
- Gross operating margin -€150,546
down €150,546 (-66.9%), from €225,043 to €74,497
- Taxes -€58,809
down €58,809 (-96.9%), from €60,712 to €1,903
- Financial charges +€48,703
up €48,703 (+1,750%), from €2,783 to €51,485
- Depreciation +€6,319
up €6,319 (+23.6%), from €26,752 to €33,071
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 | €347,795 | €310,588 | -€37,207 | -10.7% |
| Fixed assets | 21/28 | €89,041 | €63,397 | -€25,645 | -28.8% |
| Tangible fixed assets | 22/27 | €55,371 | €29,727 | -€25,645 | -46.3% |
| Plant, machinery and equipment | 23 | €83 | €23 | -€60 | -72.3% |
| Furniture and vehicles | 24 | €55,289 | €23,464 | -€31,825 | -57.6% |
| Other tangible fixed assets | 26 | - | €6,240 | +€6,240 | |
| Financial fixed assets | 28 | €33,670 | €33,670 | = | 0.0% |
| Current assets | 29/58 | €258,754 | €247,191 | -€11,562 | -4.5% |
| Amounts receivable after more than one year | 29 | €80,000 | €80,000 | = | 0.0% |
| Other amounts receivable | 291 | €80,000 | €80,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €15,827 | €29,261 | +€13,433 | +84.9% |
| Trade receivables | 40 | €2,250 | €14,899 | +€12,649 | +562% |
| Other amounts receivable | 41 | €13,577 | €14,361 | +€784 | +5.8% |
| Cash at bank and in hand | 54/58 | €158,879 | €132,908 | -€25,970 | -16.3% |
| Deferred charges and accrued income | 490/1 | €4,048 | €5,022 | +€975 | +24.1% |
| Total equity and liabilities | 10/49 | €347,795 | €310,588 | -€37,207 | -10.7% |
| Equity | 10/15 | €291,904 | €270,450 | -€21,454 | -7.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €279,504 | €258,050 | -€21,454 | -7.7% |
| Distributable reserves | 133 | €279,504 | €258,050 | -€21,454 | -7.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €55,891 | €40,138 | -€15,753 | -28.2% |
| Amounts payable after more than one year | 17 | €32,314 | €19,313 | -€13,002 | -40.2% |
| Financial debts | 170/4 | €32,314 | €19,313 | -€13,002 | -40.2% |
| Amounts payable within one year | 42/48 | €23,577 | €20,825 | -€2,752 | -11.7% |
| Current portion of amounts payable after more than one year | 42 | €12,502 | €13,002 | +€499 | +4.0% |
| Financial debts | 43 | €1,476 | €1,198 | -€278 | -18.8% |
| Credit institutions | 430/8 | €1,476 | €1,198 | -€278 | -18.8% |
| Trade debts | 44 | €2,491 | €2,659 | +€168 | +6.7% |
| Suppliers | 440/4 | €2,491 | €2,659 | +€168 | +6.7% |
| Taxes, remuneration and social security | 45 | €7,107 | €3,966 | -€3,141 | -44.2% |
| Taxes | 450/3 | €7,107 | €3,966 | -€3,141 | -44.2% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,752 | €33,071 | +€6,319 | +23.6% |
| Other operating charges | 640/8 | €2,304 | €2,086 | -€218 | -9.5% |
| Non-recurring operating charges | 66A | €590 | €0 | -€590 | -100% |
| Gross operating margin | 9900 | €225,043 | €74,497 | -€150,546 | -66.9% |
| Operating profit (loss) | 9901 | €195,396 | €39,340 | -€156,056 | -79.9% |
| Financial income | 75/76B | €1,571 | €2,915 | +€1,344 | +85.6% |
| Recurring financial income | 75 | €1,571 | €2,915 | +€1,344 | +85.6% |
| Financial charges | 65/66B | €2,783 | €51,485 | +€48,703 | +1,750% |
| Recurring financial charges | 65 | €2,783 | €51,485 | +€48,703 | +1,750% |
| Profit (loss) for the period before taxes | 9903 | €194,184 | -€9,230 | -€203,414 | |
| Income taxes | 67/77 | €60,712 | €1,903 | -€58,809 | -96.9% |
| Profit (loss) for the period | 9904 | €133,472 | -€11,133 | -€144,605 | |
| Profit (loss) for the period to be appropriated | 9905 | €133,472 | -€11,133 | -€144,605 |
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 15 October 2026 via checked.be.