MD HANSEN: what changed
Two fiscal 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.
MD HANSEN
Largest movements
- Cash +€50,735
up €50,735 (+100.3%), from €50,558 to €101,293
mainly Net result for the year (+€59,802) and Depreciation (+€14,260)
- Current investments +€30,250
up €30,250 (+9.4%), from €320,329 to €350,579
- Tangible fixed assets -€12,555
down €12,555 (-19.8%), from €63,532 to €50,977
of which Furniture and vehicles: -€13,025
- Deferred charges and accrued income -€6,570
down €6,570 (-21.8%), from €30,154 to €23,584
- Reserves +€59,750
up €59,750 (+19.8%), from €302,110 to €361,860
of which Distributable reserves: +€59,750
- Trade debts +€6,140
up €6,140 (+292.9%), from €2,096 to €8,236
- Depreciation +€10,815
up €10,815 (+314.0%), from €3,445 to €14,260
- Gross operating margin +€6,037
up €6,037 (+5.6%), from €108,202 to €114,239
- Financial income -€4,357
down €4,357 (-80.2%), from €5,431 to €1,074
- Taxes +€3,814
up €3,814 (+14.1%), from €26,986 to €30,800
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.
Cash bridge derived
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 | €464,893 | €526,433 | +€61,540 | +13.2% |
| Fixed assets | 21/28 | €63,532 | €50,977 | -€12,555 | -19.8% |
| Tangible fixed assets | 22/27 | €63,532 | €50,977 | -€12,555 | -19.8% |
| Plant, machinery and equipment | 23 | €3,464 | €3,934 | +€470 | +13.6% |
| Furniture and vehicles | 24 | €60,068 | €47,043 | -€13,025 | -21.7% |
| Current assets | 29/58 | €401,361 | €475,456 | +€74,095 | +18.5% |
| Amounts receivable within one year | 40/41 | €320 | - | -€320 | |
| Other amounts receivable | 41 | €320 | - | -€320 | |
| Current investments | 50/53 | €320,329 | €350,579 | +€30,250 | +9.4% |
| Cash at bank and in hand | 54/58 | €50,558 | €101,293 | +€50,735 | +100.3% |
| Deferred charges and accrued income | 490/1 | €30,154 | €23,584 | -€6,570 | -21.8% |
| Total equity and liabilities | 10/49 | €464,893 | €526,433 | +€61,540 | +13.2% |
| Equity | 10/15 | €312,656 | €372,458 | +€59,802 | +19.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €302,110 | €361,860 | +€59,750 | +19.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €300,250 | €360,000 | +€59,750 | +19.9% |
| Profit (loss) carried forward | 14 | €4,346 | €4,398 | +€52 | +1.2% |
| Amounts payable | 17/49 | €152,237 | €153,975 | +€1,738 | +1.1% |
| Amounts payable within one year | 42/48 | €146,212 | €147,717 | +€1,505 | +1.0% |
| Trade debts | 44 | €2,096 | €8,236 | +€6,140 | +292.9% |
| Suppliers | 440/4 | €2,096 | €8,236 | +€6,140 | +292.9% |
| Taxes, remuneration and social security | 45 | €15,282 | €15,740 | +€457 | +3.0% |
| Taxes | 450/3 | €13,282 | €15,740 | +€2,457 | +18.5% |
| Remuneration and social security | 454/9 | €2,000 | - | -€2,000 | |
| Other amounts payable | 47/48 | €128,833 | €123,741 | -€5,092 | -4.0% |
| Accrued charges and deferred income | 492/3 | €6,025 | €6,259 | +€234 | +3.9% |
| Non-recurring operating income | 76A | €13,603 | - | -€13,603 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,445 | €14,260 | +€10,815 | +314.0% |
| Other operating charges | 640/8 | €1,809 | €1,416 | -€393 | -21.7% |
| Gross operating margin | 9900 | €108,202 | €114,239 | +€6,037 | +5.6% |
| Operating profit (loss) | 9901 | €102,948 | €98,563 | -€4,385 | -4.3% |
| Financial income | 75/76B | €5,431 | €1,074 | -€4,357 | -80.2% |
| Recurring financial income | 75 | €5,431 | €1,074 | -€4,357 | -80.2% |
| Financial charges | 65/66B | €8,725 | €9,035 | +€310 | +3.6% |
| Recurring financial charges | 65 | €8,725 | €9,035 | +€310 | +3.6% |
| Profit (loss) for the period before taxes | 9903 | €99,654 | €90,602 | -€9,053 | -9.1% |
| Income taxes | 67/77 | €26,986 | €30,800 | +€3,814 | +14.1% |
| Profit (loss) for the period | 9904 | €72,668 | €59,802 | -€12,866 | -17.7% |
| Profit (loss) for the period to be appropriated | 9905 | €72,668 | €59,802 | -€12,866 | -17.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.