PETER HAEGEMAN: 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.
PETER HAEGEMAN
Largest movements
- Cash -€19,937
down €19,937 (-60.7%), from €32,844 to €12,907
mainly Net result for the year (-€28,077) and Current portion of long-term debt (-€3,908)
- Receivables within one year -€12,247
down €12,247 (-58.0%), from €21,109 to €8,862
of which Trade receivables: -€11,425
- Tangible fixed assets -€3,701
down €3,701 (-96.3%), from €3,842 to €141
of which Furniture and vehicles: -€3,414
- Deferred charges and accrued income +€1,295
up €1,295 (+163%), from €794 to €2,089
- Reserves -€28,077
down €28,077 (-66.8%), from €42,043 to €13,965
- Current portion of long-term debt -€3,908
no longer reported in 2025 (was €3,908)
- Tax, wage and social debts -€1,625
down €1,625 (-100%), from €1,625 to €0
- Trade debts -€980
down €980 (-27.9%), from €3,514 to €2,534
- Gross operating margin -€30,353
down €30,353, from €7,065 to -€23,288
- Depreciation -€1,801
down €1,801 (-32.7%), from €5,502 to €3,701
- Other operating charges -€696
down €696 (-56.9%), from €1,223 to €527
- Financial income +€385
up €385 (+564%), from €68 to €453
- Taxes -€305
no longer reported in 2025 (was €305)
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 | €58,589 | €23,999 | -€34,590 | -59.0% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €3,842 | €141 | -€3,701 | -96.3% |
| Tangible fixed assets | 22/27 | €3,842 | €141 | -€3,701 | -96.3% |
| Plant, machinery and equipment | 23 | €429 | €141 | -€288 | -67.1% |
| Furniture and vehicles | 24 | €3,414 | €0 | -€3,414 | -100% |
| Current assets | 29/58 | €54,747 | €23,858 | -€30,889 | -56.4% |
| Amounts receivable within one year | 40/41 | €21,109 | €8,862 | -€12,247 | -58.0% |
| Trade receivables | 40 | €18,451 | €7,027 | -€11,425 | -61.9% |
| Other amounts receivable | 41 | €2,658 | €1,836 | -€823 | -30.9% |
| Cash at bank and in hand | 54/58 | €32,844 | €12,907 | -€19,937 | -60.7% |
| Deferred charges and accrued income | 490/1 | €794 | €2,089 | +€1,295 | +163% |
| Total equity and liabilities | 10/49 | €58,589 | €23,999 | -€34,590 | -59.0% |
| Equity | 10/15 | €49,543 | €21,465 | -€28,077 | -56.7% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €42,043 | €13,965 | -€28,077 | -66.8% |
| Distributable reserves | 133 | €42,043 | €13,965 | -€28,077 | -66.8% |
| Amounts payable | 17/49 | €9,047 | €2,534 | -€6,513 | -72.0% |
| Amounts payable within one year | 42/48 | €9,047 | €2,534 | -€6,513 | -72.0% |
| Current portion of amounts payable after more than one year | 42 | €3,908 | - | -€3,908 | |
| Trade debts | 44 | €3,514 | €2,534 | -€980 | -27.9% |
| Suppliers | 440/4 | €3,514 | €2,534 | -€980 | -27.9% |
| Taxes, remuneration and social security | 45 | €1,625 | €0 | -€1,625 | -100% |
| Taxes | 450/3 | €1,625 | €0 | -€1,625 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,502 | €3,701 | -€1,801 | -32.7% |
| Other operating charges | 640/8 | €1,223 | €527 | -€696 | -56.9% |
| Gross operating margin | 9900 | €7,065 | -€23,288 | -€30,353 | |
| Operating profit (loss) | 9901 | €340 | -€27,516 | -€27,856 | |
| Financial income | 75/76B | €68 | €453 | +€385 | +564% |
| Recurring financial income | 75 | €68 | €453 | +€385 | +564% |
| Financial charges | 65/66B | €982 | €1,015 | +€33 | +3.4% |
| Recurring financial charges | 65 | €982 | €1,015 | +€33 | +3.4% |
| Profit (loss) for the period before taxes | 9903 | -€574 | -€28,077 | -€27,504 | -4,793% |
| Income taxes | 67/77 | €305 | - | -€305 | |
| Profit (loss) for the period | 9904 | -€879 | -€28,077 | -€27,199 | -3,095% |
| Profit (loss) for the period to be appropriated | 9905 | -€879 | -€28,077 | -€27,199 | -3,095% |
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 14 October 2026 via checked.be.