LIZA HEYVAERT: 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.
LIZA HEYVAERT
Largest movements
- Financial fixed assets -€135,000
no longer reported in 2025 (was €135,000)
- Cash +€38,128
up €38,128 (+758%), from €5,028 to €43,155
mainly Investment in fixed assets (net) (+€135,000) and Stocks and contracts (+€1,540)
- Stocks and contracts -€1,540
no longer reported in 2025 (was €1,540)
- Profit (loss) carried forward -€50,279
new in 2025: -€50,279
- Debts after one year -€37,798
down €37,798 (-45.2%), from €83,582 to €45,784
- Tax, wage and social debts -€5,477
no longer reported in 2025 (was €5,477)
of which Taxes: -€4,374
- Accrued charges and deferred income -€4,285
no longer reported in 2025 (was €4,285)
- Trade debts -€1,984
no longer reported in 2025 (was €1,984)
- Financial charges +€47,129
up €47,129 (+1,385%), from €3,404 to €50,532
of which Non-recurring financial charges: +€49,907
- Gross operating margin -€16,131
down €16,131, from €13,273 to -€2,857
- Financial income +€4,343
new in 2025: €4,343
- Taxes -€2,133
no longer reported in 2025 (was €2,133)
- Depreciation -€1,670
down €1,670 (-63.9%), from €2,614 to €944
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 | €143,764 | €43,421 | -€100,343 | -69.8% |
| Fixed assets | 21/28 | €135,969 | €25 | -€135,944 | -100.0% |
| Intangible fixed assets | 21 | €1 | - | -€1 | |
| Tangible fixed assets | 22/27 | €968 | €25 | -€943 | -97.4% |
| Plant, machinery and equipment | 23 | €907 | €25 | -€882 | -97.2% |
| Furniture and vehicles | 24 | €61 | - | -€61 | |
| Financial fixed assets | 28 | €135,000 | - | -€135,000 | |
| Current assets | 29/58 | €7,795 | €43,396 | +€35,601 | +457% |
| Stocks and contracts in progress | 3 | €1,540 | - | -€1,540 | |
| Stocks | 30/36 | €1,540 | - | -€1,540 | |
| Amounts receivable within one year | 40/41 | €1,227 | €240 | -€987 | -80.4% |
| Trade receivables | 40 | €1,227 | - | -€1,227 | |
| Other amounts receivable | 41 | - | €240 | +€240 | |
| Cash at bank and in hand | 54/58 | €5,028 | €43,155 | +€38,128 | +758% |
| Total equity and liabilities | 10/49 | €143,764 | €43,421 | -€100,343 | -69.8% |
| Equity | 10/15 | €35,367 | -€14,912 | -€50,279 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €30,367 | €30,367 | = | 0.0% |
| Distributable reserves | 133 | €30,367 | €30,367 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€50,279 | -€50,279 | |
| Amounts payable | 17/49 | €108,397 | €58,333 | -€50,064 | -46.2% |
| Amounts payable after more than one year | 17 | €83,582 | €45,784 | -€37,798 | -45.2% |
| Financial debts | 170/4 | €83,582 | €45,784 | -€37,798 | -45.2% |
| Amounts payable within one year | 42/48 | €20,529 | €12,548 | -€7,981 | -38.9% |
| Current portion of amounts payable after more than one year | 42 | €12,364 | €12,548 | +€184 | +1.5% |
| Trade debts | 44 | €1,984 | - | -€1,984 | |
| Suppliers | 440/4 | €1,984 | - | -€1,984 | |
| Taxes, remuneration and social security | 45 | €5,477 | - | -€5,477 | |
| Taxes | 450/3 | €4,374 | - | -€4,374 | |
| Remuneration and social security | 454/9 | €1,103 | - | -€1,103 | |
| Other amounts payable | 47/48 | €704 | - | -€704 | |
| Accrued charges and deferred income | 492/3 | €4,285 | - | -€4,285 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,614 | €944 | -€1,670 | -63.9% |
| Other operating charges | 640/8 | €413 | €288 | -€125 | -30.2% |
| Gross operating margin | 9900 | €13,273 | -€2,857 | -€16,131 | |
| Operating profit (loss) | 9901 | €10,247 | -€4,090 | -€14,337 | |
| Financial income | 75/76B | - | €4,343 | +€4,343 | |
| Recurring financial income | 75 | - | €4,343 | +€4,343 | |
| Financial charges | 65/66B | €3,404 | €50,532 | +€47,129 | +1,385% |
| Recurring financial charges | 65 | €3,404 | €625 | -€2,779 | -81.6% |
| Non-recurring financial charges | 66B | - | €49,907 | +€49,907 | |
| Profit (loss) for the period before taxes | 9903 | €6,843 | -€50,279 | -€57,122 | |
| Income taxes | 67/77 | €2,133 | - | -€2,133 | |
| Profit (loss) for the period | 9904 | €4,710 | -€50,279 | -€54,989 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,710 | -€50,279 | -€54,989 |
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 27 October 2026 via checked.be.