P. VAN HECKE: 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.
P. VAN HECKE
Largest movements
- Tangible fixed assets -€31,320
down €31,320 (-6.3%), from €496,123 to €464,803
of which Land and buildings: -€19,376
- Cash -€26,647
down €26,647 (-91.5%), from €29,132 to €2,486
mainly Debts after one year (-€30,443) and Accrued charges and deferred income (-€19,508)
- Debts after one year -€30,443
down €30,443 (-11.3%), from €268,442 to €238,000
- Accrued charges and deferred income -€19,508
down €19,508 (-99.3%), from €19,646 to €138
- Reserves +€9,675
up €9,675 (+10.7%), from €90,258 to €99,933
- Trade debts +€7,046
up €7,046 (+17.2%), from €40,978 to €48,025
- Other debts -€6,768
down €6,768 (-12.9%), from €52,421 to €45,653
- Gross operating margin -€59,559
down €59,559 (-40.6%), from €146,755 to €87,196
- Taxes -€16,088
down €16,088 (-79.5%), from €20,244 to €4,156
- Financial charges -€9,917
down €9,917 (-57.5%), from €17,243 to €7,326
- Staff costs -€8,476
down €8,476 (-33.4%), from €25,396 to €16,920
- Other operating charges +€3,307
up €3,307 (+23.5%), from €14,071 to €17,378
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 | €600,334 | €550,510 | -€49,823 | -8.3% |
| Fixed assets | 21/28 | €496,172 | €464,852 | -€31,320 | -6.3% |
| Tangible fixed assets | 22/27 | €496,123 | €464,803 | -€31,320 | -6.3% |
| Land and buildings | 22 | €447,335 | €427,959 | -€19,376 | -4.3% |
| Plant, machinery and equipment | 23 | €3,081 | €2,196 | -€885 | -28.7% |
| Furniture and vehicles | 24 | €12,481 | €5,423 | -€7,058 | -56.6% |
| Other tangible fixed assets | 26 | €33,227 | €29,226 | -€4,001 | -12.0% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €104,161 | €85,658 | -€18,503 | -17.8% |
| Stocks and contracts in progress | 3 | €5,001 | €9,563 | +€4,562 | +91.2% |
| Stocks | 30/36 | €5,001 | €9,563 | +€4,562 | +91.2% |
| Amounts receivable within one year | 40/41 | €62,829 | €65,967 | +€3,138 | +5.0% |
| Trade receivables | 40 | €56,720 | €56,196 | -€523 | -0.9% |
| Other amounts receivable | 41 | €6,109 | €9,771 | +€3,662 | +59.9% |
| Cash at bank and in hand | 54/58 | €29,132 | €2,486 | -€26,647 | -91.5% |
| Deferred charges and accrued income | 490/1 | €7,199 | €7,642 | +€443 | +6.2% |
| Total equity and liabilities | 10/49 | €600,334 | €550,510 | -€49,823 | -8.3% |
| Equity | 10/15 | €167,205 | €176,880 | +€9,675 | +5.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €90,258 | €99,933 | +€9,675 | +10.7% |
| Distributable reserves | 133 | €90,258 | €99,933 | +€9,675 | +10.7% |
| Profit (loss) carried forward | 14 | €58,355 | €58,355 | = | 0.0% |
| Amounts payable | 17/49 | €433,129 | €373,630 | -€59,499 | -13.7% |
| Amounts payable after more than one year | 17 | €268,442 | €238,000 | -€30,443 | -11.3% |
| Financial debts | 170/4 | €268,442 | €238,000 | -€30,443 | -11.3% |
| Amounts payable within one year | 42/48 | €145,041 | €135,493 | -€9,548 | -6.6% |
| Current portion of amounts payable after more than one year | 42 | €35,385 | €30,443 | -€4,942 | -14.0% |
| Financial debts | 43 | €873 | - | -€873 | |
| Credit institutions | 430/8 | €873 | - | -€873 | |
| Trade debts | 44 | €40,978 | €48,025 | +€7,046 | +17.2% |
| Suppliers | 440/4 | €40,978 | €48,025 | +€7,046 | +17.2% |
| Advances received on contracts in progress | 46 | €5,161 | €3,488 | -€1,673 | -32.4% |
| Taxes, remuneration and social security | 45 | €10,223 | €7,884 | -€2,339 | -22.9% |
| Taxes | 450/3 | €5,404 | €3,744 | -€1,660 | -30.7% |
| Remuneration and social security | 454/9 | €4,819 | €4,140 | -€679 | -14.1% |
| Other amounts payable | 47/48 | €52,421 | €45,653 | -€6,768 | -12.9% |
| Accrued charges and deferred income | 492/3 | €19,646 | €138 | -€19,508 | -99.3% |
| Remuneration, social security and pensions | 62 | €25,396 | €16,920 | -€8,476 | -33.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,494 | €32,010 | +€2,516 | +8.5% |
| Other operating charges | 640/8 | €14,071 | €17,378 | +€3,307 | +23.5% |
| Gross operating margin | 9900 | €146,755 | €87,196 | -€59,559 | -40.6% |
| Operating profit (loss) | 9901 | €77,795 | €20,889 | -€56,906 | -73.1% |
| Financial income | 75/76B | €14 | €268 | +€254 | +1,760% |
| Recurring financial income | 75 | €14 | €268 | +€254 | +1,760% |
| Financial charges | 65/66B | €17,243 | €7,326 | -€9,917 | -57.5% |
| Recurring financial charges | 65 | €17,243 | €7,326 | -€9,917 | -57.5% |
| Profit (loss) for the period before taxes | 9903 | €60,566 | €13,831 | -€46,735 | -77.2% |
| Income taxes | 67/77 | €20,244 | €4,156 | -€16,088 | -79.5% |
| Profit (loss) for the period | 9904 | €40,323 | €9,675 | -€30,647 | -76.0% |
| Profit (loss) for the period to be appropriated | 9905 | €40,323 | €9,675 | -€30,647 | -76.0% |
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 20 October 2026 via checked.be.