Pierre HANOT: 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.
Pierre HANOT
Largest movements
- Cash +€63,479
up €63,479 (+216%), from €29,430 to €92,908
mainly Investment in fixed assets (net) (+€53,790) and Depreciation (+€25,780)
- Tangible fixed assets -€61,570
down €61,570 (-76.0%), from €81,018 to €19,448
of which Furniture and vehicles: -€55,209
- Intangible fixed assets -€18,000
down €18,000 (-14.8%), from €121,463 to €103,463
- Debts after one year -€17,183
down €17,183 (-48.1%), from €35,722 to €18,539
- Other operating charges +€24,954
up €24,954 (+1,754%), from €1,423 to €26,377
- Depreciation -€16,717
down €16,717 (-39.3%), from €42,496 to €25,780
- Gross operating margin -€12,941
down €12,941 (-16.7%), from €77,596 to €64,654
- Taxes -€3,052
down €3,052 (-52.0%), from €5,870 to €2,818
- Write-downs +€2,705
up €2,705 (+85.8%), from €3,153 to €5,858
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 | €292,266 | €279,259 | -€13,007 | -4.5% |
| Fixed assets | 21/28 | €202,481 | €122,911 | -€79,570 | -39.3% |
| Intangible fixed assets | 21 | €121,463 | €103,463 | -€18,000 | -14.8% |
| Tangible fixed assets | 22/27 | €81,018 | €19,448 | -€61,570 | -76.0% |
| Plant, machinery and equipment | 23 | €25,808 | €19,448 | -€6,361 | -24.6% |
| Furniture and vehicles | 24 | €55,209 | - | -€55,209 | |
| Current assets | 29/58 | €89,785 | €156,349 | +€66,563 | +74.1% |
| Amounts receivable within one year | 40/41 | €60,182 | €60,826 | +€644 | +1.1% |
| Trade receivables | 40 | €15,604 | €11,248 | -€4,356 | -27.9% |
| Other amounts receivable | 41 | €44,578 | €49,578 | +€5,000 | +11.2% |
| Cash at bank and in hand | 54/58 | €29,430 | €92,908 | +€63,479 | +216% |
| Deferred charges and accrued income | 490/1 | €174 | €2,614 | +€2,440 | +1,403% |
| Total equity and liabilities | 10/49 | €292,266 | €279,259 | -€13,007 | -4.5% |
| Equity | 10/15 | €72,986 | €75,088 | +€2,102 | +2.9% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €68,986 | €71,088 | +€2,102 | +3.0% |
| Amounts payable | 17/49 | €219,280 | €204,171 | -€15,109 | -6.9% |
| Amounts payable after more than one year | 17 | €35,722 | €18,539 | -€17,183 | -48.1% |
| Financial debts | 170/4 | €35,722 | €18,539 | -€17,183 | -48.1% |
| Amounts payable within one year | 42/48 | €183,258 | €185,333 | +€2,075 | +1.1% |
| Current portion of amounts payable after more than one year | 42 | €16,609 | €17,183 | +€574 | +3.5% |
| Trade debts | 44 | €2,504 | €3,316 | +€813 | +32.5% |
| Suppliers | 440/4 | €2,504 | €3,316 | +€813 | +32.5% |
| Taxes, remuneration and social security | 45 | €10,518 | €13,336 | +€2,818 | +26.8% |
| Taxes | 450/3 | €8,318 | €11,136 | +€2,818 | +33.9% |
| Remuneration and social security | 454/9 | €2,200 | €2,200 | = | 0.0% |
| Other amounts payable | 47/48 | €153,627 | €151,497 | -€2,130 | -1.4% |
| Accrued charges and deferred income | 492/3 | €300 | €300 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,496 | €25,780 | -€16,717 | -39.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,153 | €5,858 | +€2,705 | +85.8% |
| Other operating charges | 640/8 | €1,423 | €26,377 | +€24,954 | +1,754% |
| Gross operating margin | 9900 | €77,596 | €64,654 | -€12,941 | -16.7% |
| Operating profit (loss) | 9901 | €30,524 | €6,640 | -€23,883 | -78.2% |
| Financial charges | 65/66B | €2,265 | €1,721 | -€545 | -24.1% |
| Recurring financial charges | 65 | €2,265 | €1,721 | -€545 | -24.1% |
| Profit (loss) for the period before taxes | 9903 | €28,258 | €4,920 | -€23,339 | -82.6% |
| Income taxes | 67/77 | €5,870 | €2,818 | -€3,052 | -52.0% |
| Profit (loss) for the period | 9904 | €22,388 | €2,102 | -€20,287 | -90.6% |
| Profit (loss) for the period to be appropriated | 9905 | €22,388 | €2,102 | -€20,287 | -90.6% |
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 25 October 2026 via checked.be.