Philippe HAENEBALCKE: 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.
Philippe HAENEBALCKE
Largest movements
- Current investments -€150,000
down €150,000 (-100%), from €150,000 to €0
- Cash +€130,049
up €130,049 (+215%), from €60,381 to €190,429
mainly Current investments (+€150,000) and Depreciation (+€14,200)
- Tangible fixed assets -€12,861
down €12,861 (-2.8%), from €460,214 to €447,353
of which Land and buildings: -€12,014
- Receivables within one year -€12,770
down €12,770 (-41.6%), from €30,718 to €17,949
of which Trade receivables: -€8,715
- Current portion of long-term debt -€19,445
down €19,445 (-71.1%), from €27,362 to €7,917
- Tax, wage and social debts -€9,935
down €9,935 (-59.3%), from €16,764 to €6,829
- Debts after one year -€7,917
down €7,917 (-100%), from €7,917 to €0
- Financial income -€44,787
down €44,787 (-90.3%), from €49,622 to €4,835
- Gross operating margin -€36,968
down €36,968 (-70.3%), from €52,614 to €15,646
- Taxes -€20,131
down €20,131 (-89.1%), from €22,595 to €2,464
- Financial charges -€7,964
down €7,964 (-88.2%), from €9,029 to €1,064
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 | €748,443 | €703,064 | -€45,379 | -6.1% |
| Fixed assets | 21/28 | €507,344 | €494,483 | -€12,861 | -2.5% |
| Tangible fixed assets | 22/27 | €460,214 | €447,353 | -€12,861 | -2.8% |
| Land and buildings | 22 | €456,087 | €444,073 | -€12,014 | -2.6% |
| Furniture and vehicles | 24 | €4,127 | €3,280 | -€847 | -20.5% |
| Financial fixed assets | 28 | €47,130 | €47,130 | = | 0.0% |
| Current assets | 29/58 | €241,099 | €208,581 | -€32,518 | -13.5% |
| Amounts receivable within one year | 40/41 | €30,718 | €17,949 | -€12,770 | -41.6% |
| Trade receivables | 40 | €12,411 | €3,695 | -€8,715 | -70.2% |
| Other amounts receivable | 41 | €18,307 | €14,253 | -€4,054 | -22.1% |
| Current investments | 50/53 | €150,000 | €0 | -€150,000 | -100% |
| Cash at bank and in hand | 54/58 | €60,381 | €190,429 | +€130,049 | +215% |
| Deferred charges and accrued income | 490/1 | €0 | €204 | +€204 | |
| Total equity and liabilities | 10/49 | €748,443 | €703,064 | -€45,379 | -6.1% |
| Equity | 10/15 | €621,429 | €621,978 | +€549 | +0.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €608,178 | €608,723 | +€545 | +0.1% |
| Distributable reserves | 133 | €608,178 | €608,723 | +€545 | +0.1% |
| Profit (loss) carried forward | 14 | €851 | €855 | +€4 | +0.4% |
| Amounts payable | 17/49 | €127,014 | €81,086 | -€45,928 | -36.2% |
| Amounts payable after more than one year | 17 | €7,917 | €0 | -€7,917 | -100% |
| Financial debts | 170/4 | €7,917 | €0 | -€7,917 | -100% |
| Amounts payable within one year | 42/48 | €101,356 | €63,345 | -€38,011 | -37.5% |
| Current portion of amounts payable after more than one year | 42 | €27,362 | €7,917 | -€19,445 | -71.1% |
| Trade debts | 44 | €6,118 | €4,762 | -€1,356 | -22.2% |
| Suppliers | 440/4 | €6,118 | €4,762 | -€1,356 | -22.2% |
| Taxes, remuneration and social security | 45 | €16,764 | €6,829 | -€9,935 | -59.3% |
| Taxes | 450/3 | €16,764 | €6,829 | -€9,935 | -59.3% |
| Other amounts payable | 47/48 | €51,112 | €43,838 | -€7,274 | -14.2% |
| Accrued charges and deferred income | 492/3 | €17,741 | €17,741 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,996 | €14,200 | +€204 | +1.5% |
| Other operating charges | 640/8 | €2,715 | €2,203 | -€513 | -18.9% |
| Gross operating margin | 9900 | €52,614 | €15,646 | -€36,968 | -70.3% |
| Operating profit (loss) | 9901 | €35,902 | -€758 | -€36,660 | |
| Financial income | 75/76B | €49,622 | €4,835 | -€44,787 | -90.3% |
| Recurring financial income | 75 | €49,622 | €4,835 | -€44,787 | -90.3% |
| Financial charges | 65/66B | €9,029 | €1,064 | -€7,964 | -88.2% |
| Recurring financial charges | 65 | €9,029 | €1,064 | -€7,964 | -88.2% |
| Profit (loss) for the period before taxes | 9903 | €76,496 | €3,013 | -€73,483 | -96.1% |
| Income taxes | 67/77 | €22,595 | €2,464 | -€20,131 | -89.1% |
| Profit (loss) for the period | 9904 | €53,901 | €549 | -€53,352 | -99.0% |
| Profit (loss) for the period to be appropriated | 9905 | €53,901 | €549 | -€53,352 | -99.0% |
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 29 October 2026 via checked.be.