PIETER HELSEN: 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.
PIETER HELSEN
Largest movements
- Current investments +€650,000
up €650,000 (+217%), from €300,000 to €950,000
- Cash -€291,635
down €291,635 (-82.3%), from €354,303 to €62,668
mainly Current investments (-€650,000) and Other debts (-€11,552)
- Tangible fixed assets -€55,914
down €55,914 (-6.5%), from €857,162 to €801,248
of which Land and buildings: -€48,395
- Receivables within one year -€29,364
down €29,364 (-13.5%), from €217,645 to €188,281
of which Trade receivables: -€40,659
- Reserves +€267,930
up €267,930 (+15.1%), from €1.8m to €2.0m
- Taxes +€13,811
up €13,811 (+16.4%), from €84,338 to €98,149
- Financial income +€11,519
up €11,519 (+727%), from €1,584 to €13,103
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 | €1,817,979 | €2,091,130 | +€273,151 | +15.0% |
| Fixed assets | 21/28 | €944,462 | €888,548 | -€55,914 | -5.9% |
| Tangible fixed assets | 22/27 | €857,162 | €801,248 | -€55,914 | -6.5% |
| Land and buildings | 22 | €836,305 | €787,911 | -€48,395 | -5.8% |
| Furniture and vehicles | 24 | €20,857 | €13,337 | -€7,519 | -36.1% |
| Financial fixed assets | 28 | €87,300 | €87,300 | = | 0.0% |
| Current assets | 29/58 | €873,517 | €1,202,582 | +€329,064 | +37.7% |
| Amounts receivable within one year | 40/41 | €217,645 | €188,281 | -€29,364 | -13.5% |
| Trade receivables | 40 | €217,607 | €176,948 | -€40,659 | -18.7% |
| Other amounts receivable | 41 | €38 | €11,333 | +€11,295 | +29,930% |
| Current investments | 50/53 | €300,000 | €950,000 | +€650,000 | +217% |
| Cash at bank and in hand | 54/58 | €354,303 | €62,668 | -€291,635 | -82.3% |
| Deferred charges and accrued income | 490/1 | €1,570 | €1,633 | +€63 | +4.0% |
| Total equity and liabilities | 10/49 | €1,817,979 | €2,091,130 | +€273,151 | +15.0% |
| Equity | 10/15 | €1,784,110 | €2,052,040 | +€267,930 | +15.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,771,710 | €2,039,640 | +€267,930 | +15.1% |
| Distributable reserves | 133 | €1,771,710 | €2,039,640 | +€267,930 | +15.1% |
| Amounts payable | 17/49 | €33,869 | €39,090 | +€5,221 | +15.4% |
| Amounts payable within one year | 42/48 | €33,869 | €39,090 | +€5,221 | +15.4% |
| Trade debts | 44 | €14,578 | €13,519 | -€1,058 | -7.3% |
| Suppliers | 440/4 | €14,578 | €13,519 | -€1,058 | -7.3% |
| Taxes, remuneration and social security | 45 | €7,739 | €25,570 | +€17,831 | +230% |
| Taxes | 450/3 | €7,739 | €25,570 | +€17,831 | +230% |
| Other amounts payable | 47/48 | €11,552 | €0 | -€11,552 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,502 | €56,496 | -€6 | 0.0% |
| Other operating charges | 640/8 | €4,370 | €3,985 | -€385 | -8.8% |
| Gross operating margin | 9900 | €411,619 | €413,540 | +€1,921 | +0.5% |
| Operating profit (loss) | 9901 | €350,748 | €353,059 | +€2,311 | +0.7% |
| Financial income | 75/76B | €1,584 | €13,103 | +€11,519 | +727% |
| Recurring financial income | 75 | €1,584 | €13,103 | +€11,519 | +727% |
| Financial charges | 65/66B | €1,186 | €84 | -€1,102 | -92.9% |
| Recurring financial charges | 65 | €1,186 | €84 | -€1,102 | -92.9% |
| Profit (loss) for the period before taxes | 9903 | €351,146 | €366,078 | +€14,933 | +4.3% |
| Income taxes | 67/77 | €84,338 | €98,149 | +€13,811 | +16.4% |
| Profit (loss) for the period | 9904 | €266,808 | €267,930 | +€1,122 | +0.4% |
| Profit (loss) for the period to be appropriated | 9905 | €266,808 | €267,930 | +€1,122 | +0.4% |
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 31 October 2026 via checked.be.