S. Van Hecke: 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.
S. Van Hecke
Largest movements
- Receivables within one year +€429,173
up €429,173 (+1,516%), from €28,303 to €457,476
of which Trade receivables: +€429,243
- Tangible fixed assets -€57,876
down €57,876 (-4.8%), from €1.2m to €1.2m
of which Land and buildings: -€49,720
- Cash -€34,780
down €34,780 (-92.1%), from €37,758 to €2,978
mainly Receivables within one year (-€429,173) and Contributions, distributions and other (-€367,000)
- Other debts +€161,874
up €161,874 (+1,189%), from €13,612 to €175,486
- Tax, wage and social debts +€143,718
up €143,718 (+139%), from €103,405 to €247,123
- Reserves +€91,000
up €91,000 (+8.1%), from €1.1m to €1.2m
of which Distributable reserves: +€91,000
- Debts after one year -€33,597
down €33,597 (-53.7%), from €62,510 to €28,913
- Trade debts -€26,779
down €26,779 (-89.7%), from €29,837 to €3,058
- Gross operating margin +€405,603
up €405,603 (+114%), from €354,673 to €760,276
- Taxes +€128,975
up €128,975 (+152%), from €84,877 to €213,852
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 | €1,478,840 | €1,816,378 | +€337,539 | +22.8% |
| Fixed assets | 21/28 | €1,209,222 | €1,151,346 | -€57,876 | -4.8% |
| Tangible fixed assets | 22/27 | €1,209,222 | €1,151,346 | -€57,876 | -4.8% |
| Land and buildings | 22 | €1,177,405 | €1,127,685 | -€49,720 | -4.2% |
| Plant, machinery and equipment | 23 | €21,120 | €15,415 | -€5,705 | -27.0% |
| Furniture and vehicles | 24 | €10,696 | €8,246 | -€2,450 | -22.9% |
| Current assets | 29/58 | €269,618 | €665,033 | +€395,414 | +147% |
| Amounts receivable within one year | 40/41 | €28,303 | €457,476 | +€429,173 | +1,516% |
| Trade receivables | 40 | €28,137 | €457,380 | +€429,243 | +1,526% |
| Other amounts receivable | 41 | €166 | €96 | -€70 | -42.2% |
| Current investments | 50/53 | €195,000 | €201,250 | +€6,250 | +3.2% |
| Cash at bank and in hand | 54/58 | €37,758 | €2,978 | -€34,780 | -92.1% |
| Deferred charges and accrued income | 490/1 | €8,557 | €3,329 | -€5,228 | -61.1% |
| Total equity and liabilities | 10/49 | €1,478,840 | €1,816,378 | +€337,539 | +22.8% |
| Equity | 10/15 | €1,181,037 | €1,272,201 | +€91,163 | +7.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,118,118 | €1,209,118 | +€91,000 | +8.1% |
| Non-distributable reserves | 130/1 | €8,160 | €8,160 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,160 | €8,160 | = | 0.0% |
| Distributable reserves | 133 | €1,109,958 | €1,200,958 | +€91,000 | +8.2% |
| Profit (loss) carried forward | 14 | €50,519 | €50,682 | +€163 | +0.3% |
| Provisions and deferred taxes | 16 | €56,000 | €56,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €56,000 | €56,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €56,000 | €56,000 | = | 0.0% |
| Amounts payable | 17/49 | €241,802 | €488,178 | +€246,375 | +102% |
| Amounts payable after more than one year | 17 | €62,510 | €28,913 | -€33,597 | -53.7% |
| Financial debts | 170/4 | €62,510 | €28,913 | -€33,597 | -53.7% |
| Amounts payable within one year | 42/48 | €179,292 | €459,264 | +€279,972 | +156% |
| Financial debts | 43 | €32,437 | €33,597 | +€1,160 | +3.6% |
| Credit institutions | 430/8 | €32,437 | €33,597 | +€1,160 | +3.6% |
| Trade debts | 44 | €29,837 | €3,058 | -€26,779 | -89.7% |
| Suppliers | 440/4 | €29,837 | €3,058 | -€26,779 | -89.7% |
| Taxes, remuneration and social security | 45 | €103,405 | €247,123 | +€143,718 | +139% |
| Taxes | 450/3 | €103,405 | €247,123 | +€143,718 | +139% |
| Other amounts payable | 47/48 | €13,612 | €175,486 | +€161,874 | +1,189% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,110 | €76,065 | +€2,956 | +4.0% |
| Other operating charges | 640/8 | €3,550 | €2,687 | -€863 | -24.3% |
| Gross operating margin | 9900 | €354,673 | €760,276 | +€405,603 | +114% |
| Operating profit (loss) | 9901 | €278,013 | €681,524 | +€403,510 | +145% |
| Financial charges | 65/66B | €4,044 | €9,509 | +€5,465 | +135% |
| Recurring financial charges | 65 | €4,044 | €9,509 | +€5,465 | +135% |
| Profit (loss) for the period before taxes | 9903 | €273,969 | €672,015 | +€398,046 | +145% |
| Income taxes | 67/77 | €84,877 | €213,852 | +€128,975 | +152% |
| Profit (loss) for the period | 9904 | €189,093 | €458,163 | +€269,070 | +142% |
| Profit (loss) for the period to be appropriated | 9905 | €189,093 | €458,163 | +€269,070 | +142% |
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 1 November 2026 via checked.be.