Peter Hulsmans: 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.
Peter Hulsmans
Largest movements
- Tangible fixed assets -€24,778
down €24,778 (-39.2%), from €63,155 to €38,376
of which Furniture and vehicles: -€23,381
- Cash +€23,920
up €23,920 (+22.1%), from €108,402 to €132,322
mainly Depreciation (+€27,288) and Net result for the year (+€5,818)
- Receivables within one year +€2,028
up €2,028 (+12.0%), from €16,874 to €18,902
- Debts after one year -€15,108
down €15,108 (-29.2%), from €51,664 to €36,556
- Other debts +€5,042
up €5,042 (+240.5%), from €2,096 to €7,138
- Reserves +€4,152
up €4,152 (+4.1%), from €101,021 to €105,173
- Tax, wage and social debts +€3,221
up €3,221 (+18.0%), from €17,903 to €21,124
- Short-term financial debts +€1,945
up €1,945 (+1279.7%), from €152 to €2,097
- Gross operating margin -€21,072
down €21,072 (-33.5%), from €62,903 to €41,831
- Taxes -€4,318
down €4,318 (-58.0%), from €7,445 to €3,127
- Other operating charges +€993
new in 2025: €993
- Depreciation -€694
down €694 (-2.5%), from €27,981 to €27,288
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 | €190,539 | €191,633 | +€1,093 | +0.6% |
| Fixed assets | 21/28 | €63,155 | €38,376 | -€24,778 | -39.2% |
| Tangible fixed assets | 22/27 | €63,155 | €38,376 | -€24,778 | -39.2% |
| Plant, machinery and equipment | 23 | €4,315 | €2,919 | -€1,397 | -32.4% |
| Furniture and vehicles | 24 | €58,839 | €35,458 | -€23,381 | -39.7% |
| Current assets | 29/58 | €127,385 | €153,257 | +€25,872 | +20.3% |
| Amounts receivable within one year | 40/41 | €16,874 | €18,902 | +€2,028 | +12.0% |
| Trade receivables | 40 | €16,874 | €18,902 | +€2,028 | +12.0% |
| Cash at bank and in hand | 54/58 | €108,402 | €132,322 | +€23,920 | +22.1% |
| Deferred charges and accrued income | 490/1 | €2,109 | €2,033 | -€76 | -3.6% |
| Total equity and liabilities | 10/49 | €190,539 | €191,633 | +€1,093 | +0.6% |
| Equity | 10/15 | €102,021 | €106,173 | +€4,152 | +4.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €101,021 | €105,173 | +€4,152 | +4.1% |
| Distributable reserves | 133 | €101,021 | €105,173 | +€4,152 | +4.1% |
| Amounts payable | 17/49 | €88,518 | €85,460 | -€3,059 | -3.5% |
| Amounts payable after more than one year | 17 | €51,664 | €36,556 | -€15,108 | -29.2% |
| Financial debts | 170/4 | €51,664 | €36,556 | -€15,108 | -29.2% |
| Amounts payable within one year | 42/48 | €36,854 | €48,903 | +€12,049 | +32.7% |
| Current portion of amounts payable after more than one year | 42 | €14,783 | €15,108 | +€325 | +2.2% |
| Financial debts | 43 | €152 | €2,097 | +€1,945 | +1279.7% |
| Credit institutions | 430/8 | €152 | €2,097 | +€1,945 | +1279.7% |
| Trade debts | 44 | €1,920 | €3,437 | +€1,516 | +79.0% |
| Suppliers | 440/4 | €1,920 | €3,437 | +€1,516 | +79.0% |
| Taxes, remuneration and social security | 45 | €17,903 | €21,124 | +€3,221 | +18.0% |
| Taxes | 450/3 | €17,903 | €21,124 | +€3,221 | +18.0% |
| Other amounts payable | 47/48 | €2,096 | €7,138 | +€5,042 | +240.5% |
| Non-recurring operating income | 76A | €176 | - | -€176 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,981 | €27,288 | -€694 | -2.5% |
| Other operating charges | 640/8 | - | €993 | +€993 | |
| Non-recurring operating charges | 66A | - | €1,352 | +€1,352 | |
| Gross operating margin | 9900 | €62,903 | €41,831 | -€21,072 | -33.5% |
| Operating profit (loss) | 9901 | €34,922 | €12,198 | -€22,723 | -65.1% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €3,802 | €3,253 | -€549 | -14.4% |
| Recurring financial charges | 65 | €3,802 | €3,253 | -€549 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | €31,120 | €8,945 | -€22,175 | -71.3% |
| Income taxes | 67/77 | €7,445 | €3,127 | -€4,318 | -58.0% |
| Profit (loss) for the period | 9904 | €23,675 | €5,818 | -€17,857 | -75.4% |
| Profit (loss) for the period to be appropriated | 9905 | €23,675 | €5,818 | -€17,857 | -75.4% |
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 4 October 2026 via checked.be.