LIESBETH HERTSENS: 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.
LIESBETH HERTSENS
Largest movements
- Tangible fixed assets +€6,972
up €6,972 (+72.4%), from €9,633 to €16,605
of which Land and buildings: +€4,145
- Deferred charges and accrued income +€4,932
up €4,932 (+63.7%), from €7,744 to €12,677
- Receivables within one year +€1,811
up €1,811 (+12.7%), from €14,294 to €16,105
of which Other amounts receivable: +€1,206
- Cash -€1,213
down €1,213 (-68.4%), from €1,773 to €560
mainly Investment in fixed assets (net) (-€8,562) and Tax, wage and social debts (-€5,982)
- Other debts +€18,762
up €18,762 (+288%), from €6,520 to €25,282
- Tax, wage and social debts -€5,982
down €5,982 (-76.2%), from €7,847 to €1,865
of which Remuneration and social security: -€3,500
- Trade debts +€5,956
up €5,956 (+73.4%), from €8,114 to €14,070
- Profit (loss) carried forward -€5,917
new in 2025: -€5,917
- Gross operating margin -€7,406
down €7,406, from €5,212 to -€2,194
- Taxes -€1,778
down €1,778 (-87.3%), from €2,037 to €259
- Financial charges +€790
up €790 (+209%), from €378 to €1,167
- Depreciation +€392
up €392 (+32.8%), from €1,197 to €1,590
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 | €33,445 | €45,947 | +€12,502 | +37.4% |
| Fixed assets | 21/28 | €9,633 | €16,605 | +€6,972 | +72.4% |
| Tangible fixed assets | 22/27 | €9,633 | €16,605 | +€6,972 | +72.4% |
| Land and buildings | 22 | €9,633 | €13,778 | +€4,145 | +43.0% |
| Furniture and vehicles | 24 | - | €2,827 | +€2,827 | |
| Current assets | 29/58 | €23,812 | €29,342 | +€5,530 | +23.2% |
| Amounts receivable within one year | 40/41 | €14,294 | €16,105 | +€1,811 | +12.7% |
| Trade receivables | 40 | €14,157 | €14,762 | +€605 | +4.3% |
| Other amounts receivable | 41 | €137 | €1,343 | +€1,206 | +881% |
| Cash at bank and in hand | 54/58 | €1,773 | €560 | -€1,213 | -68.4% |
| Deferred charges and accrued income | 490/1 | €7,744 | €12,677 | +€4,932 | +63.7% |
| Total equity and liabilities | 10/49 | €33,445 | €45,947 | +€12,502 | +37.4% |
| Equity | 10/15 | €10,641 | €4,725 | -€5,917 | -55.6% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €7,141 | €7,141 | = | 0.0% |
| Distributable reserves | 133 | €7,141 | €7,141 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€5,917 | -€5,917 | |
| Amounts payable | 17/49 | €22,804 | €41,223 | +€18,419 | +80.8% |
| Amounts payable within one year | 42/48 | €22,804 | €41,223 | +€18,419 | +80.8% |
| Financial debts | 43 | €322 | €5 | -€317 | -98.5% |
| Credit institutions | 430/8 | €322 | €5 | -€317 | -98.5% |
| Trade debts | 44 | €8,114 | €14,070 | +€5,956 | +73.4% |
| Suppliers | 440/4 | €8,114 | €14,070 | +€5,956 | +73.4% |
| Taxes, remuneration and social security | 45 | €7,847 | €1,865 | -€5,982 | -76.2% |
| Taxes | 450/3 | €4,347 | €1,865 | -€2,482 | -57.1% |
| Remuneration and social security | 454/9 | €3,500 | €0 | -€3,500 | -100% |
| Other amounts payable | 47/48 | €6,520 | €25,282 | +€18,762 | +288% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,197 | €1,590 | +€392 | +32.8% |
| Other operating charges | 640/8 | €689 | €707 | +€18 | +2.6% |
| Gross operating margin | 9900 | €5,212 | -€2,194 | -€7,406 | |
| Operating profit (loss) | 9901 | €3,325 | -€4,491 | -€7,816 | |
| Financial income | 75/76B | €0 | €1 | +€1 | |
| Recurring financial income | 75 | €0 | €1 | +€1 | |
| Financial charges | 65/66B | €378 | €1,167 | +€790 | +209% |
| Recurring financial charges | 65 | €378 | €1,167 | +€790 | +209% |
| Profit (loss) for the period before taxes | 9903 | €2,948 | -€5,658 | -€8,605 | |
| Income taxes | 67/77 | €2,037 | €259 | -€1,778 | -87.3% |
| Profit (loss) for the period | 9904 | €911 | -€5,917 | -€6,827 | |
| Profit (loss) for the period to be appropriated | 9905 | €911 | -€5,917 | -€6,827 |
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 30 October 2026 via checked.be.