MIGUEL HANQUART: 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.
MIGUEL HANQUART
Largest movements
- Cash +€172,061
up €172,061 (+253.2%), from €67,941 to €240,002
mainly Net result for the year (+€278,203) and Depreciation (+€38,310)
- Receivables within one year +€33,825
up €33,825 (+100.9%), from €33,535 to €67,360
of which Other amounts receivable: +€65,490
- Reserves +€249,600
up €249,600 (+74.8%), from €333,870 to €583,470
- Other debts -€15,145
down €15,145 (-7.8%), from €195,125 to €179,980
- Advances received -€12,000
down €12,000 (-100.0%), from €12,000 to €0
- Financial income +€227,442
up €227,442 (+38047.8%), from €598 to €228,040
- Gross operating margin -€32,817
down €32,817 (-17.7%), from €185,729 to €152,911
- Depreciation +€21,689
up €21,689 (+130.5%), from €16,622 to €38,310
- Taxes -€3,126
down €3,126 (-5.7%), from €55,237 to €52,111
- Financial charges +€2,777
up €2,777 (+63.0%), from €4,410 to €7,187
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 | €793,187 | €1,005,170 | +€211,983 | +26.7% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €691,711 | €696,015 | +€4,305 | +0.6% |
| Tangible fixed assets | 22/27 | €275,911 | €280,215 | +€4,305 | +1.6% |
| Land and buildings | 22 | €220,388 | €214,035 | -€6,353 | -2.9% |
| Furniture and vehicles | 24 | €36,887 | €46,725 | +€9,838 | +26.7% |
| Other tangible fixed assets | 26 | €18,636 | €19,455 | +€820 | +4.4% |
| Financial fixed assets | 28 | €415,800 | €415,800 | = | 0.0% |
| Current assets | 29/58 | €101,476 | €309,155 | +€207,678 | +204.7% |
| Amounts receivable within one year | 40/41 | €33,535 | €67,360 | +€33,825 | +100.9% |
| Trade receivables | 40 | €31,666 | - | -€31,666 | |
| Other amounts receivable | 41 | €1,870 | €67,360 | +€65,490 | +3502.9% |
| Cash at bank and in hand | 54/58 | €67,941 | €240,002 | +€172,061 | +253.2% |
| Deferred charges and accrued income | 490/1 | - | €1,793 | +€1,793 | |
| Total equity and liabilities | 10/49 | €793,187 | €1,005,170 | +€211,983 | +26.7% |
| Equity | 10/15 | €349,844 | €599,647 | +€249,803 | +71.4% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Outside capital | 11 | €14,260 | - | -€14,260 | |
| Share premium | 1100/10 | €14,260 | - | -€14,260 | |
| Reserves | 13 | €333,870 | €583,470 | +€249,600 | +74.8% |
| Distributable reserves | 133 | €333,870 | €583,470 | +€249,600 | +74.8% |
| Profit (loss) carried forward | 14 | €1,714 | €1,917 | +€203 | +11.9% |
| Amounts payable | 17/49 | €443,344 | €405,523 | -€37,820 | -8.5% |
| Amounts payable after more than one year | 17 | €156,124 | €146,939 | -€9,186 | -5.9% |
| Financial debts | 170/4 | €156,124 | €146,939 | -€9,186 | -5.9% |
| Amounts payable within one year | 42/48 | €287,219 | €258,584 | -€28,635 | -10.0% |
| Current portion of amounts payable after more than one year | 42 | €48,857 | €44,186 | -€4,671 | -9.6% |
| Trade debts | 44 | €8,242 | €4,023 | -€4,219 | -51.2% |
| Suppliers | 440/4 | €8,242 | €4,023 | -€4,219 | -51.2% |
| Advances received on contracts in progress | 46 | €12,000 | €0 | -€12,000 | -100.0% |
| Taxes, remuneration and social security | 45 | €22,995 | €30,396 | +€7,401 | +32.2% |
| Taxes | 450/3 | €22,995 | €30,396 | +€7,401 | +32.2% |
| Other amounts payable | 47/48 | €195,125 | €179,980 | -€15,145 | -7.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,622 | €38,310 | +€21,689 | +130.5% |
| Other operating charges | 640/8 | €2,977 | €5,140 | +€2,163 | +72.7% |
| Gross operating margin | 9900 | €185,729 | €152,911 | -€32,817 | -17.7% |
| Operating profit (loss) | 9901 | €166,130 | €109,462 | -€56,669 | -34.1% |
| Financial income | 75/76B | €598 | €228,040 | +€227,442 | +38047.8% |
| Recurring financial income | 75 | €598 | €228,040 | +€227,442 | +38047.8% |
| Financial charges | 65/66B | €4,410 | €7,187 | +€2,777 | +63.0% |
| Recurring financial charges | 65 | €4,410 | €7,187 | +€2,777 | +63.0% |
| Profit (loss) for the period before taxes | 9903 | €162,318 | €330,314 | +€167,997 | +103.5% |
| Income taxes | 67/77 | €55,237 | €52,111 | -€3,126 | -5.7% |
| Profit (loss) for the period | 9904 | €107,081 | €278,203 | +€171,122 | +159.8% |
| Profit (loss) for the period to be appropriated | 9905 | €107,081 | €278,203 | +€171,122 | +159.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.