Peter Van Horebeek: 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 Van Horebeek
Largest movements
- Cash +€67,254
up €67,254 (+53.9%), from €124,712 to €191,966
mainly Net result for the year (+€64,701) and Tax, wage and social debts (+€4,312)
- Deferred charges and accrued income -€2,345
down €2,345 (-68.1%), from €3,443 to €1,099
- Reserves +€64,000
up €64,000 (+72.7%), from €88,000 to €152,000
- Tax, wage and social debts +€4,312
up €4,312 (+21.3%), from €20,228 to €24,540
- Short-term financial debts -€2,164
down €2,164 (-100%), from €2,164 to €0
- Other debts -€1,954
down €1,954 (-64.9%), from €3,012 to €1,058
- Gross operating margin +€18,482
up €18,482 (+28.1%), from €65,696 to €84,178
- Taxes +€3,867
up €3,867 (+29.4%), from €13,176 to €17,043
- Financial income +€860
up €860 (+8,599,300%), from €0 to €860
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 | €129,275 | €194,413 | +€65,138 | +50.4% |
| Fixed assets | 21/28 | €794 | €1,286 | +€492 | +62.0% |
| Tangible fixed assets | 22/27 | €734 | €1,226 | +€492 | +67.1% |
| Plant, machinery and equipment | 23 | €734 | €508 | -€226 | -30.8% |
| Furniture and vehicles | 24 | - | €718 | +€718 | |
| Financial fixed assets | 28 | €60 | €60 | = | 0.0% |
| Current assets | 29/58 | €128,481 | €193,127 | +€64,646 | +50.3% |
| Amounts receivable within one year | 40/41 | €326 | €62 | -€264 | -81.0% |
| Trade receivables | 40 | €326 | €0 | -€326 | -100% |
| Other amounts receivable | 41 | - | €62 | +€62 | |
| Cash at bank and in hand | 54/58 | €124,712 | €191,966 | +€67,254 | +53.9% |
| Deferred charges and accrued income | 490/1 | €3,443 | €1,099 | -€2,345 | -68.1% |
| Total equity and liabilities | 10/49 | €129,275 | €194,413 | +€65,138 | +50.4% |
| Equity | 10/15 | €103,105 | €167,806 | +€64,701 | +62.8% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €88,000 | €152,000 | +€64,000 | +72.7% |
| Distributable reserves | 133 | €88,000 | €152,000 | +€64,000 | +72.7% |
| Profit (loss) carried forward | 14 | €105 | €806 | +€701 | +664% |
| Amounts payable | 17/49 | €26,169 | €26,607 | +€438 | +1.7% |
| Amounts payable within one year | 42/48 | €26,169 | €26,607 | +€438 | +1.7% |
| Financial debts | 43 | €2,164 | €0 | -€2,164 | -100% |
| Credit institutions | 430/8 | €2,164 | €0 | -€2,164 | -100% |
| Trade debts | 44 | €765 | €1,008 | +€243 | +31.8% |
| Suppliers | 440/4 | €765 | €1,008 | +€243 | +31.8% |
| Taxes, remuneration and social security | 45 | €20,228 | €24,540 | +€4,312 | +21.3% |
| Taxes | 450/3 | €20,228 | €24,540 | +€4,312 | +21.3% |
| Other amounts payable | 47/48 | €3,012 | €1,058 | -€1,954 | -64.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €210 | €490 | +€280 | +133% |
| Other operating charges | 640/8 | €618 | €764 | +€147 | +23.8% |
| Gross operating margin | 9900 | €65,696 | €84,178 | +€18,482 | +28.1% |
| Operating profit (loss) | 9901 | €64,869 | €82,924 | +€18,055 | +27.8% |
| Financial income | 75/76B | €0 | €860 | +€860 | +8,599,300% |
| Recurring financial income | 75 | €0 | €860 | +€860 | +8,599,300% |
| Financial charges | 65/66B | €2,617 | €2,039 | -€578 | -22.1% |
| Recurring financial charges | 65 | €2,617 | €2,039 | -€578 | -22.1% |
| Profit (loss) for the period before taxes | 9903 | €62,251 | €81,744 | +€19,493 | +31.3% |
| Income taxes | 67/77 | €13,176 | €17,043 | +€3,867 | +29.4% |
| Profit (loss) for the period | 9904 | €49,075 | €64,701 | +€15,625 | +31.8% |
| Profit (loss) for the period to be appropriated | 9905 | €49,075 | €64,701 | +€15,625 | +31.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.