Stefan HEYMANS: 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.
Stefan HEYMANS
Largest movements
- Tangible fixed assets -€16,355
down €16,355 (-25.9%), from €63,081 to €46,727
of which Furniture and vehicles: -€14,134
- Stocks and contracts -€7,500
down €7,500 (-15.1%), from €49,548 to €42,048
- Deferred charges and accrued income -€3,598
down €3,598 (-70.1%), from €5,134 to €1,536
- Cash +€1,510
up €1,510 (+73.9%), from €2,043 to €3,553
mainly Depreciation (+€16,355) and Stocks and contracts (+€7,500)
- Other debts -€9,629
down €9,629 (-23.2%), from €41,469 to €31,840
- Profit (loss) carried forward -€8,261
down €8,261 (-30.6%), from -€26,964 to -€35,225
- Debts after one year -€6,000
down €6,000 (-23.1%), from €26,000 to €20,000
- Current portion of long-term debt -€3,616
down €3,616 (-100%), from €3,616 to €0
- Gross operating margin +€7,442
up €7,442 (+201%), from €3,700 to €11,141
- Depreciation +€1,828
up €1,828 (+12.6%), from €14,526 to €16,355
- Other operating charges +€1,567
up €1,567 (+124%), from €1,262 to €2,829
- Financial income -€412
down €412 (-100.0%), from €412 to €0
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 | €121,089 | €94,083 | -€27,006 | -22.3% |
| Fixed assets | 21/28 | €63,081 | €46,727 | -€16,355 | -25.9% |
| Tangible fixed assets | 22/27 | €63,081 | €46,727 | -€16,355 | -25.9% |
| Plant, machinery and equipment | 23 | €2,092 | €59 | -€2,033 | -97.2% |
| Furniture and vehicles | 24 | €60,802 | €46,668 | -€14,134 | -23.2% |
| Other tangible fixed assets | 26 | €188 | €0 | -€188 | -100% |
| Current assets | 29/58 | €58,007 | €47,356 | -€10,652 | -18.4% |
| Stocks and contracts in progress | 3 | €49,548 | €42,048 | -€7,500 | -15.1% |
| Stocks | 30/36 | €49,548 | €42,048 | -€7,500 | -15.1% |
| Amounts receivable within one year | 40/41 | €1,283 | €219 | -€1,063 | -82.9% |
| Trade receivables | 40 | €1,283 | €219 | -€1,063 | -82.9% |
| Cash at bank and in hand | 54/58 | €2,043 | €3,553 | +€1,510 | +73.9% |
| Deferred charges and accrued income | 490/1 | €5,134 | €1,536 | -€3,598 | -70.1% |
| Total equity and liabilities | 10/49 | €121,089 | €94,083 | -€27,006 | -22.3% |
| Equity | 10/15 | €45,816 | €37,554 | -€8,261 | -18.0% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €53,779 | €53,779 | = | 0.0% |
| Distributable reserves | 133 | €53,779 | €53,779 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€26,964 | -€35,225 | -€8,261 | -30.6% |
| Amounts payable | 17/49 | €75,273 | €56,528 | -€18,745 | -24.9% |
| Amounts payable after more than one year | 17 | €26,000 | €20,000 | -€6,000 | -23.1% |
| Financial debts | 170/4 | €26,000 | €20,000 | -€6,000 | -23.1% |
| Amounts payable within one year | 42/48 | €49,273 | €36,528 | -€12,745 | -25.9% |
| Current portion of amounts payable after more than one year | 42 | €3,616 | €0 | -€3,616 | -100% |
| Trade debts | 44 | €1,194 | €1,304 | +€111 | +9.3% |
| Suppliers | 440/4 | €1,194 | €1,304 | +€111 | +9.3% |
| Taxes, remuneration and social security | 45 | €2,995 | €3,384 | +€389 | +13.0% |
| Taxes | 450/3 | €995 | €1,384 | +€389 | +39.1% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €41,469 | €31,840 | -€9,629 | -23.2% |
| Non-recurring operating income | 76A | €3,997 | €0 | -€3,997 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,526 | €16,355 | +€1,828 | +12.6% |
| Other operating charges | 640/8 | €1,262 | €2,829 | +€1,567 | +124% |
| Non-recurring operating charges | 66A | €5,994 | €0 | -€5,994 | -100% |
| Gross operating margin | 9900 | €3,700 | €11,141 | +€7,442 | +201% |
| Operating profit (loss) | 9901 | -€18,082 | -€8,042 | +€10,040 | +55.5% |
| Financial income | 75/76B | €412 | €0 | -€412 | -100.0% |
| Recurring financial income | 75 | €412 | €0 | -€412 | -100.0% |
| Financial charges | 65/66B | €282 | €219 | -€63 | -22.5% |
| Recurring financial charges | 65 | €282 | €219 | -€63 | -22.5% |
| Profit (loss) for the period before taxes | 9903 | -€17,952 | -€8,261 | +€9,691 | +54.0% |
| Profit (loss) for the period | 9904 | -€17,952 | -€8,261 | +€9,691 | +54.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,952 | -€8,261 | +€9,691 | +54.0% |
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 27 October 2026 via checked.be.