LUC 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.
LUC HELLEMANS
Largest movements
- Receivables within one year -€43,466
down €43,466 (-57.0%), from €76,241 to €32,775
of which Trade receivables: -€44,072
- Tangible fixed assets -€17,081
down €17,081 (-6.0%), from €285,221 to €268,140
of which Land and buildings: -€9,241
- Profit (loss) carried forward -€32,408
down €32,408 (-363%), from -€8,933 to -€41,341
- Debts after one year -€22,609
down €22,609 (-17.2%), from €131,828 to €109,219
- Trade debts -€20,008
down €20,008 (-84.8%), from €23,586 to €3,578
- Advances received +€8,735
new in 2025: €8,735
- Other debts +€7,045
up €7,045 (+4.9%), from €142,329 to €149,374
- Gross operating margin -€51,906
down €51,906 (-75.3%), from €68,918 to €17,011
- Staff costs -€35,373
down €35,373 (-60.4%), from €58,587 to €23,214
- Other operating charges -€7,054
down €7,054 (-62.2%), from €11,337 to €4,282
- Financial charges -€2,371
down €2,371 (-32.9%), from €7,217 to €4,846
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 | €377,404 | €318,388 | -€59,016 | -15.6% |
| Fixed assets | 21/28 | €286,221 | €269,140 | -€17,081 | -6.0% |
| Tangible fixed assets | 22/27 | €285,221 | €268,140 | -€17,081 | -6.0% |
| Land and buildings | 22 | €271,072 | €261,831 | -€9,241 | -3.4% |
| Plant, machinery and equipment | 23 | €8,942 | €5,402 | -€3,540 | -39.6% |
| Furniture and vehicles | 24 | €5,207 | €907 | -€4,300 | -82.6% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €91,183 | €49,249 | -€41,935 | -46.0% |
| Stocks and contracts in progress | 3 | €13,260 | €15,000 | +€1,740 | +13.1% |
| Stocks | 30/36 | €13,260 | €15,000 | +€1,740 | +13.1% |
| Amounts receivable within one year | 40/41 | €76,241 | €32,775 | -€43,466 | -57.0% |
| Trade receivables | 40 | €74,885 | €30,813 | -€44,072 | -58.9% |
| Other amounts receivable | 41 | €1,356 | €1,962 | +€606 | +44.7% |
| Cash at bank and in hand | 54/58 | €1,682 | €1,473 | -€209 | -12.4% |
| Total equity and liabilities | 10/49 | €377,404 | €318,388 | -€59,016 | -15.6% |
| Equity | 10/15 | €29,067 | -€3,341 | -€32,408 | |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €18,000 | €18,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €16,000 | €16,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,933 | -€41,341 | -€32,408 | -363% |
| Amounts payable | 17/49 | €348,337 | €321,729 | -€26,608 | -7.6% |
| Amounts payable after more than one year | 17 | €131,828 | €109,219 | -€22,609 | -17.2% |
| Financial debts | 170/4 | €131,828 | €109,219 | -€22,609 | -17.2% |
| Amounts payable within one year | 42/48 | €216,509 | €212,510 | -€3,999 | -1.8% |
| Current portion of amounts payable after more than one year | 42 | €22,037 | €22,609 | +€572 | +2.6% |
| Financial debts | 43 | €12,309 | €12,392 | +€83 | +0.7% |
| Credit institutions | 430/8 | €12,309 | €12,392 | +€83 | +0.7% |
| Trade debts | 44 | €23,586 | €3,578 | -€20,008 | -84.8% |
| Suppliers | 440/4 | €23,586 | €3,578 | -€20,008 | -84.8% |
| Advances received on contracts in progress | 46 | - | €8,735 | +€8,735 | |
| Taxes, remuneration and social security | 45 | €16,248 | €15,822 | -€426 | -2.6% |
| Taxes | 450/3 | €4,803 | €15,307 | +€10,505 | +219% |
| Remuneration and social security | 454/9 | €11,446 | €515 | -€10,931 | -95.5% |
| Other amounts payable | 47/48 | €142,329 | €149,374 | +€7,045 | +4.9% |
| Remuneration, social security and pensions | 62 | €58,587 | €23,214 | -€35,373 | -60.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,081 | €17,081 | = | 0.0% |
| Other operating charges | 640/8 | €11,337 | €4,282 | -€7,054 | -62.2% |
| Gross operating margin | 9900 | €68,918 | €17,011 | -€51,906 | -75.3% |
| Operating profit (loss) | 9901 | -€18,087 | -€27,565 | -€9,479 | -52.4% |
| Financial income | 75/76B | €488 | €4 | -€484 | -99.1% |
| Recurring financial income | 75 | €16 | €4 | -€12 | -74.2% |
| Non-recurring financial income | 76B | €472 | - | -€472 | |
| Financial charges | 65/66B | €7,217 | €4,846 | -€2,371 | -32.9% |
| Recurring financial charges | 65 | €7,217 | €4,846 | -€2,371 | -32.9% |
| Profit (loss) for the period before taxes | 9903 | -€24,815 | -€32,407 | -€7,592 | -30.6% |
| Income taxes | 67/77 | €140 | €1 | -€140 | -99.5% |
| Profit (loss) for the period | 9904 | -€24,956 | -€32,408 | -€7,452 | -29.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€24,956 | -€32,408 | -€7,452 | -29.9% |
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 17 October 2026 via checked.be.