PIETER HEBBEN: what changed
PIETER HEBBEN
Largest movements
- Receivables after one year +€118,455
up €118,455 (+34.5%), from €343,408 to €461,863
- Cash +€98,236
up €98,236 (+3,886%), from €2,528 to €100,764
mainly Net result for the year (+€377,969) and Current investments (+€89,875)
- Current investments -€89,875
down €89,875 (-52.8%), from €170,167 to €80,292
- Receivables within one year -€52,877
down €52,877 (-93.9%), from €56,330 to €3,453
of which Other amounts receivable: -€52,404
- Tangible fixed assets -€8,072
down €8,072 (-76.3%), from €10,581 to €2,509
of which Furniture and vehicles: -€8,931
- Other debts +€72,897
up €72,897 (+15.2%), from €478,788 to €551,685
- Profit (loss) carried forward +€27,969
up €27,969 (+65.9%), from €42,414 to €70,383
- Tax, wage and social debts -€23,157
down €23,157 (-44.5%), from €51,998 to €28,841
- Gross operating margin +€114,411
up €114,411 (+30.8%), from €371,422 to €485,832
- Taxes +€27,596
up €27,596 (+29.2%), from €94,646 to €122,241
- Financial income +€8,272
up €8,272 (+40.1%), from €20,629 to €28,902
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €603,331 | €676,831 | +€73,500 | +12.2% |
| Fixed assets | 21/28 | €10,581 | €2,509 | -€8,072 | -76.3% |
| Tangible fixed assets | 22/27 | €10,581 | €2,509 | -€8,072 | -76.3% |
| Plant, machinery and equipment | 23 | - | €859 | +€859 | |
| Furniture and vehicles | 24 | €10,581 | €1,650 | -€8,931 | -84.4% |
| Current assets | 29/58 | €592,750 | €674,323 | +€81,573 | +13.8% |
| Amounts receivable after more than one year | 29 | €343,408 | €461,863 | +€118,455 | +34.5% |
| Other amounts receivable | 291 | €343,408 | €461,863 | +€118,455 | +34.5% |
| Amounts receivable within one year | 40/41 | €56,330 | €3,453 | -€52,877 | -93.9% |
| Trade receivables | 40 | €473 | - | -€473 | |
| Other amounts receivable | 41 | €55,857 | €3,453 | -€52,404 | -93.8% |
| Current investments | 50/53 | €170,167 | €80,292 | -€89,875 | -52.8% |
| Cash at bank and in hand | 54/58 | €2,528 | €100,764 | +€98,236 | +3,886% |
| Deferred charges and accrued income | 490/1 | €20,317 | €27,951 | +€7,634 | +37.6% |
| Total equity and liabilities | 10/49 | €603,331 | €676,831 | +€73,500 | +12.2% |
| Equity | 10/15 | €62,819 | €90,788 | +€27,969 | +44.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €42,414 | €70,383 | +€27,969 | +65.9% |
| Amounts payable | 17/49 | €540,512 | €586,043 | +€45,532 | +8.4% |
| Amounts payable within one year | 42/48 | €534,750 | €581,733 | +€46,983 | +8.8% |
| Trade debts | 44 | €3,964 | €1,207 | -€2,757 | -69.6% |
| Suppliers | 440/4 | €3,964 | €1,207 | -€2,757 | -69.6% |
| Taxes, remuneration and social security | 45 | €51,998 | €28,841 | -€23,157 | -44.5% |
| Taxes | 450/3 | €51,998 | €28,841 | -€23,157 | -44.5% |
| Other amounts payable | 47/48 | €478,788 | €551,685 | +€72,897 | +15.2% |
| Accrued charges and deferred income | 492/3 | €5,762 | €4,310 | -€1,451 | -25.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,203 | €9,085 | -€118 | -1.3% |
| Other operating charges | 640/8 | €730 | €1,111 | +€382 | +52.3% |
| Gross operating margin | 9900 | €371,422 | €485,832 | +€114,411 | +30.8% |
| Operating profit (loss) | 9901 | €361,489 | €475,636 | +€114,147 | +31.6% |
| Financial income | 75/76B | €20,629 | €28,902 | +€8,272 | +40.1% |
| Recurring financial income | 75 | €20,629 | €28,902 | +€8,272 | +40.1% |
| Financial charges | 65/66B | €3,024 | €4,328 | +€1,303 | +43.1% |
| Recurring financial charges | 65 | €3,024 | €4,328 | +€1,303 | +43.1% |
| Profit (loss) for the period before taxes | 9903 | €379,094 | €500,210 | +€121,116 | +31.9% |
| Income taxes | 67/77 | €94,646 | €122,241 | +€27,596 | +29.2% |
| Profit (loss) for the period | 9904 | €284,448 | €377,969 | +€93,521 | +32.9% |
| Profit (loss) for the period to be appropriated | 9905 | €284,448 | €377,969 | +€93,521 | +32.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.