Steven D'hoore: 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.
Steven D'hoore
Largest movements
- Cash +€24,745
up €24,745 (+42.1%), from €58,711 to €83,455
mainly Net result for the year (+€26,074) and Depreciation (+€6,918)
- Receivables within one year -€6,597
down €6,597 (-43.0%), from €15,359 to €8,762
of which Other amounts receivable: -€3,324
- Reserves +€26,074
up €26,074 (+94.8%), from €27,493 to €53,568
- Other debts -€6,642
down €6,642 (-51.8%), from €12,828 to €6,187
- Gross operating margin +€23,355
up €23,355 (+126%), from €18,592 to €41,947
- Taxes +€6,108
up €6,108 (+329%), from €1,858 to €7,966
- Depreciation +€2,437
up €2,437 (+54.4%), from €4,481 to €6,918
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 | €106,766 | €124,536 | +€17,770 | +16.6% |
| Fixed assets | 21/28 | €20,496 | €20,119 | -€377 | -1.8% |
| Tangible fixed assets | 22/27 | €20,496 | €20,119 | -€377 | -1.8% |
| Land and buildings | 22 | €2,625 | €2,340 | -€285 | -10.8% |
| Plant, machinery and equipment | 23 | €11,770 | €13,059 | +€1,290 | +11.0% |
| Furniture and vehicles | 24 | €6,102 | €4,720 | -€1,383 | -22.7% |
| Current assets | 29/58 | €86,269 | €104,417 | +€18,148 | +21.0% |
| Amounts receivable within one year | 40/41 | €15,359 | €8,762 | -€6,597 | -43.0% |
| Trade receivables | 40 | €10,531 | €7,259 | -€3,272 | -31.1% |
| Other amounts receivable | 41 | €4,827 | €1,503 | -€3,324 | -68.9% |
| Current investments | 50/53 | €12,200 | €12,200 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €58,711 | €83,455 | +€24,745 | +42.1% |
| Total equity and liabilities | 10/49 | €106,766 | €124,536 | +€17,770 | +16.6% |
| Equity | 10/15 | €29,493 | €55,568 | +€26,074 | +88.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €27,493 | €53,568 | +€26,074 | +94.8% |
| Distributable reserves | 133 | €27,493 | €53,568 | +€26,074 | +94.8% |
| Amounts payable | 17/49 | €77,272 | €68,968 | -€8,304 | -10.7% |
| Amounts payable after more than one year | 17 | €50,000 | €50,000 | = | 0.0% |
| Financial debts | 170/4 | €50,000 | €50,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €17,486 | €9,769 | -€7,718 | -44.1% |
| Financial debts | 43 | €38 | - | -€38 | |
| Credit institutions | 430/8 | €38 | - | -€38 | |
| Trade debts | 44 | €2,820 | €2,688 | -€132 | -4.7% |
| Suppliers | 440/4 | €2,820 | €2,688 | -€132 | -4.7% |
| Taxes, remuneration and social security | 45 | €1,799 | €894 | -€906 | -50.3% |
| Taxes | 450/3 | €1,799 | €894 | -€906 | -50.3% |
| Other amounts payable | 47/48 | €12,828 | €6,187 | -€6,642 | -51.8% |
| Accrued charges and deferred income | 492/3 | €9,786 | €9,200 | -€586 | -6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,481 | €6,918 | +€2,437 | +54.4% |
| Other operating charges | 640/8 | €505 | €357 | -€148 | -29.3% |
| Non-recurring operating charges | 66A | €9,768 | - | -€9,768 | |
| Gross operating margin | 9900 | €18,592 | €41,947 | +€23,355 | +126% |
| Operating profit (loss) | 9901 | €3,838 | €34,672 | +€30,834 | +803% |
| Financial income | 75/76B | €43 | - | -€43 | |
| Recurring financial income | 75 | €43 | - | -€43 | |
| Financial charges | 65/66B | €587 | €632 | +€45 | +7.6% |
| Recurring financial charges | 65 | €587 | €632 | +€45 | +7.6% |
| Profit (loss) for the period before taxes | 9903 | €3,295 | €34,041 | +€30,746 | +933% |
| Income taxes | 67/77 | €1,858 | €7,966 | +€6,108 | +329% |
| Profit (loss) for the period | 9904 | €1,436 | €26,074 | +€24,638 | +1,715% |
| Profit (loss) for the period to be appropriated | 9905 | €1,436 | €26,074 | +€24,638 | +1,715% |
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 26 October 2026 via checked.be.