Peter Heerwegh: 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 Heerwegh
Largest movements
- Receivables within one year +€504,442
up €504,442 (+1,096%), from €46,040 to €550,482
of which Other amounts receivable: +€497,729
- Current investments -€280,349
no longer reported in 2025 (was €280,349)
- Receivables after one year -€131,001
down €131,001 (-100%), from €131,001 to €0
- Tangible fixed assets -€14,630
down €14,630 (-33.0%), from €44,367 to €29,737
of which Furniture and vehicles: -€12,758
- Cash +€10,663
up €10,663 (+124%), from €8,630 to €19,293
mainly Current investments (+€280,349) and Net result for the year (+€227,768)
- Other debts +€126,659
up €126,659 (+58.4%), from €216,931 to €343,590
- Reserves -€54,850
down €54,850 (-21.4%), from €256,648 to €201,797
- Tax, wage and social debts +€12,797
up €12,797 (+48.5%), from €26,372 to €39,169
- Gross operating margin +€115,579
up €115,579 (+59.5%), from €194,294 to €309,874
- Taxes +€29,605
up €29,605 (+68.7%), from €43,119 to €72,725
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 | €520,848 | €609,299 | +€88,451 | +17.0% |
| Fixed assets | 21/28 | €49,617 | €34,987 | -€14,630 | -29.5% |
| Tangible fixed assets | 22/27 | €44,367 | €29,737 | -€14,630 | -33.0% |
| Land and buildings | 22 | €13,455 | €11,582 | -€1,872 | -13.9% |
| Furniture and vehicles | 24 | €30,913 | €18,155 | -€12,758 | -41.3% |
| Financial fixed assets | 28 | €5,250 | €5,250 | = | 0.0% |
| Current assets | 29/58 | €471,231 | €574,312 | +€103,081 | +21.9% |
| Amounts receivable after more than one year | 29 | €131,001 | €0 | -€131,001 | -100% |
| Other amounts receivable | 291 | €131,001 | €0 | -€131,001 | -100% |
| Amounts receivable within one year | 40/41 | €46,040 | €550,482 | +€504,442 | +1,096% |
| Trade receivables | 40 | €29,393 | €36,106 | +€6,713 | +22.8% |
| Other amounts receivable | 41 | €16,647 | €514,376 | +€497,729 | +2,990% |
| Current investments | 50/53 | €280,349 | - | -€280,349 | |
| Cash at bank and in hand | 54/58 | €8,630 | €19,293 | +€10,663 | +124% |
| Deferred charges and accrued income | 490/1 | €5,211 | €4,537 | -€674 | -12.9% |
| Total equity and liabilities | 10/49 | €520,848 | €609,299 | +€88,451 | +17.0% |
| Equity | 10/15 | €275,248 | €220,397 | -€54,850 | -19.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €256,648 | €201,797 | -€54,850 | -21.4% |
| Distributable reserves | 133 | €256,648 | €201,797 | -€54,850 | -21.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €245,600 | €388,902 | +€143,302 | +58.3% |
| Amounts payable within one year | 42/48 | €244,882 | €388,183 | +€143,302 | +58.5% |
| Financial debts | 43 | - | €2,022 | +€2,022 | |
| Credit institutions | 430/8 | - | €2,022 | +€2,022 | |
| Trade debts | 44 | €1,579 | €3,402 | +€1,823 | +115% |
| Suppliers | 440/4 | €1,579 | €3,402 | +€1,823 | +115% |
| Taxes, remuneration and social security | 45 | €26,372 | €39,169 | +€12,797 | +48.5% |
| Taxes | 450/3 | €26,372 | €39,169 | +€12,797 | +48.5% |
| Other amounts payable | 47/48 | €216,931 | €343,590 | +€126,659 | +58.4% |
| Accrued charges and deferred income | 492/3 | €719 | €719 | = | 0.0% |
| Non-recurring operating income | 76A | - | €10,729 | +€10,729 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,319 | €14,630 | +€311 | +2.2% |
| Other operating charges | 640/8 | €450 | €717 | +€267 | +59.2% |
| Gross operating margin | 9900 | €194,294 | €309,874 | +€115,579 | +59.5% |
| Operating profit (loss) | 9901 | €179,525 | €294,526 | +€115,002 | +64.1% |
| Financial income | 75/76B | €7,648 | €8,295 | +€647 | +8.5% |
| Recurring financial income | 75 | €7,648 | €8,295 | +€647 | +8.5% |
| Financial charges | 65/66B | €909 | €2,328 | +€1,419 | +156% |
| Recurring financial charges | 65 | €909 | €2,328 | +€1,419 | +156% |
| Profit (loss) for the period before taxes | 9903 | €186,264 | €300,493 | +€114,229 | +61.3% |
| Income taxes | 67/77 | €43,119 | €72,725 | +€29,605 | +68.7% |
| Profit (loss) for the period | 9904 | €143,144 | €227,768 | +€84,624 | +59.1% |
| Profit (loss) for the period to be appropriated | 9905 | €143,144 | €227,768 | +€84,624 | +59.1% |
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 24 October 2026 via checked.be.