Sophie Hernou: 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.
Sophie Hernou
Largest movements
- Stocks and contracts -€154,764
no longer reported in 2025 (was €154,764)
- Cash -€102,583
down €102,583 (-98.1%), from €104,576 to €1,993
mainly Receivables within one year (-€94,711) and Trade debts (-€89,445)
- Receivables within one year +€94,711
up €94,711 (+735%), from €12,879 to €107,590
of which Other amounts receivable: +€99,004
- Tangible fixed assets -€12,667
no longer reported in 2025 (was €12,667)
of which Plant, machinery and equipment: -€11,633
- Deferred charges and accrued income -€3,669
no longer reported in 2025 (was €3,669)
- Trade debts -€89,445
down €89,445 (-40.2%), from €222,253 to €132,808
- Profit (loss) carried forward -€50,371
down €50,371 (-36.9%), from -€136,567 to -€186,938
- Tax, wage and social debts -€36,766
down €36,766 (-96.8%), from €37,983 to €1,218
of which Remuneration and social security: -€37,631
- Staff costs -€147,970
down €147,970 (-76.5%), from €193,516 to €45,546
- Gross operating margin -€70,009
down €70,009 (-94.8%), from €73,811 to €3,802
- Financial charges -€3,831
down €3,831 (-31.1%), from €12,309 to €8,478
- Depreciation -€2,975
no longer reported in 2025 (was €2,975)
- Financial income +€1,057
up €1,057 (+235%), from €450 to €1,508
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 | €288,555 | €109,583 | -€178,972 | -62.0% |
| Fixed assets | 21/28 | €12,667 | - | -€12,667 | |
| Tangible fixed assets | 22/27 | €12,667 | - | -€12,667 | |
| Plant, machinery and equipment | 23 | €11,633 | - | -€11,633 | |
| Furniture and vehicles | 24 | €1,035 | - | -€1,035 | |
| Current assets | 29/58 | €275,888 | €109,583 | -€166,304 | -60.3% |
| Stocks and contracts in progress | 3 | €154,764 | - | -€154,764 | |
| Stocks | 30/36 | €154,764 | - | -€154,764 | |
| Amounts receivable within one year | 40/41 | €12,879 | €107,590 | +€94,711 | +735% |
| Trade receivables | 40 | €4,293 | - | -€4,293 | |
| Other amounts receivable | 41 | €8,587 | €107,590 | +€99,004 | +1,153% |
| Cash at bank and in hand | 54/58 | €104,576 | €1,993 | -€102,583 | -98.1% |
| Deferred charges and accrued income | 490/1 | €3,669 | - | -€3,669 | |
| Total equity and liabilities | 10/49 | €288,555 | €109,583 | -€178,972 | -62.0% |
| Equity | 10/15 | €25,833 | -€24,538 | -€50,371 | |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €132,400 | €132,400 | = | 0.0% |
| Distributable reserves | 133 | €132,400 | €132,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€136,567 | -€186,938 | -€50,371 | -36.9% |
| Amounts payable | 17/49 | €262,722 | €134,121 | -€128,600 | -48.9% |
| Amounts payable within one year | 42/48 | €260,748 | €134,121 | -€126,626 | -48.6% |
| Trade debts | 44 | €222,253 | €132,808 | -€89,445 | -40.2% |
| Suppliers | 440/4 | €222,253 | €132,808 | -€89,445 | -40.2% |
| Taxes, remuneration and social security | 45 | €37,983 | €1,218 | -€36,766 | -96.8% |
| Taxes | 450/3 | €352 | €1,218 | +€865 | +245% |
| Remuneration and social security | 454/9 | €37,631 | - | -€37,631 | |
| Other amounts payable | 47/48 | €511 | €96 | -€415 | -81.2% |
| Accrued charges and deferred income | 492/3 | €1,974 | - | -€1,974 | |
| Remuneration, social security and pensions | 62 | €193,516 | €45,546 | -€147,970 | -76.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,975 | - | -€2,975 | |
| Other operating charges | 640/8 | €1,914 | €1,633 | -€281 | -14.7% |
| Gross operating margin | 9900 | €73,811 | €3,802 | -€70,009 | -94.8% |
| Operating profit (loss) | 9901 | -€124,593 | -€43,377 | +€81,216 | +65.2% |
| Financial income | 75/76B | €450 | €1,508 | +€1,057 | +235% |
| Recurring financial income | 75 | €450 | €1,508 | +€1,057 | +235% |
| Financial charges | 65/66B | €12,309 | €8,478 | -€3,831 | -31.1% |
| Recurring financial charges | 65 | €12,309 | €8,478 | -€3,831 | -31.1% |
| Profit (loss) for the period before taxes | 9903 | -€136,452 | -€50,347 | +€86,105 | +63.1% |
| Income taxes | 67/77 | €115 | €24 | -€90 | -78.9% |
| Profit (loss) for the period | 9904 | -€136,567 | -€50,371 | +€86,195 | +63.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€136,567 | -€50,371 | +€86,195 | +63.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.