Marthe Hillen: what changed
Marthe Hillen
Largest movements
- Current investments -€99,121
down €99,121 (-62.9%), from €157,664 to €58,542
- Cash +€23,403
up €23,403 (+46.1%), from €50,724 to €74,127
mainly Current investments (+€99,121) and Net result for the year (+€68,505)
- Intangible fixed assets -€13,571
down €13,571 (-30.0%), from €45,186 to €31,614
- Tangible fixed assets -€3,602
down €3,602 (-28.3%), from €12,716 to €9,114
- Reserves -€135,507
down €135,507 (-66.4%), from €204,012 to €68,505
- Other debts +€45,910
up €45,910 (+1,554%), from €2,954 to €48,864
- Debts after one year -€13,816
down €13,816 (-39.6%), from €34,856 to €21,040
- Tax, wage and social debts +€9,043
up €9,043 (+107%), from €8,465 to €17,508
- Taxes +€6,132
up €6,132 (+33.1%), from €18,511 to €24,643
- Financial income +€3,634
up €3,634 (+276%), from €1,319 to €4,953
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €269,200 | €176,209 | -€92,991 | -34.5% |
| Fixed assets | 21/28 | €57,902 | €40,728 | -€17,173 | -29.7% |
| Intangible fixed assets | 21 | €45,186 | €31,614 | -€13,571 | -30.0% |
| Tangible fixed assets | 22/27 | €12,716 | €9,114 | -€3,602 | -28.3% |
| Furniture and vehicles | 24 | €12,716 | €9,114 | -€3,602 | -28.3% |
| Current assets | 29/58 | €211,299 | €135,481 | -€75,818 | -35.9% |
| Amounts receivable within one year | 40/41 | €2,227 | €2,227 | = | 0.0% |
| Other amounts receivable | 41 | €2,227 | €2,227 | = | 0.0% |
| Current investments | 50/53 | €157,664 | €58,542 | -€99,121 | -62.9% |
| Cash at bank and in hand | 54/58 | €50,724 | €74,127 | +€23,403 | +46.1% |
| Deferred charges and accrued income | 490/1 | €684 | €585 | -€100 | -14.6% |
| Total equity and liabilities | 10/49 | €269,200 | €176,209 | -€92,991 | -34.5% |
| Equity | 10/15 | €209,012 | €73,505 | -€135,507 | -64.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €204,012 | €68,505 | -€135,507 | -66.4% |
| Distributable reserves | 133 | €204,012 | €68,505 | -€135,507 | -66.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €60,188 | €102,705 | +€42,516 | +70.6% |
| Amounts payable after more than one year | 17 | €34,856 | €21,040 | -€13,816 | -39.6% |
| Financial debts | 170/4 | €34,856 | €21,040 | -€13,816 | -39.6% |
| Amounts payable within one year | 42/48 | €25,333 | €81,665 | +€56,332 | +222% |
| Current portion of amounts payable after more than one year | 42 | €13,650 | €13,816 | +€166 | +1.2% |
| Trade debts | 44 | €264 | €1,477 | +€1,213 | +460% |
| Suppliers | 440/4 | €264 | €1,477 | +€1,213 | +460% |
| Taxes, remuneration and social security | 45 | €8,465 | €17,508 | +€9,043 | +107% |
| Taxes | 450/3 | €8,465 | €17,508 | +€9,043 | +107% |
| Other amounts payable | 47/48 | €2,954 | €48,864 | +€45,910 | +1,554% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,524 | €17,173 | +€650 | +3.9% |
| Other operating charges | 640/8 | €840 | €694 | -€146 | -17.4% |
| Gross operating margin | 9900 | €106,012 | €106,720 | +€709 | +0.7% |
| Operating profit (loss) | 9901 | €88,648 | €88,853 | +€205 | +0.2% |
| Financial income | 75/76B | €1,319 | €4,953 | +€3,634 | +276% |
| Recurring financial income | 75 | €1,319 | €4,953 | +€3,634 | +276% |
| Financial charges | 65/66B | €915 | €658 | -€257 | -28.1% |
| Recurring financial charges | 65 | €915 | €658 | -€257 | -28.1% |
| Profit (loss) for the period before taxes | 9903 | €89,052 | €93,148 | +€4,096 | +4.6% |
| Income taxes | 67/77 | €18,511 | €24,643 | +€6,132 | +33.1% |
| Profit (loss) for the period | 9904 | €70,540 | €68,505 | -€2,036 | -2.9% |
| Profit (loss) for the period to be appropriated | 9905 | €70,540 | €68,505 | -€2,036 | -2.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.