SYLVIE VANHECKE: 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.
SYLVIE VANHECKE
Largest movements
- Receivables within one year +€13,364
up €13,364 (+73.3%), from €18,239 to €31,603
of which Other amounts receivable: +€10,992
- Cash +€9,283
up €9,283 (+538%), from €1,725 to €11,007
mainly Net result for the year (+€13,960) and Tax, wage and social debts (+€6,361)
- Tangible fixed assets -€2,532
down €2,532 (-26.3%), from €9,610 to €7,079
of which Plant, machinery and equipment: -€1,733
- Reserves +€13,960
up €13,960 (+136%), from €10,296 to €24,256
- Tax, wage and social debts +€6,361
up €6,361 (+1,414%), from €450 to €6,811
of which Taxes: +€3,861
- Gross operating margin +€13,850
up €13,850 (+151%), from €9,156 to €23,006
- Taxes +€4,263
up €4,263 (+208%), from €2,048 to €6,311
- Financial income +€555
up €555 (+140%), from €396 to €951
- Financial charges -€256
down €256 (-63.7%), from €402 to €146
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 | €30,322 | €50,623 | +€20,301 | +67.0% |
| Fixed assets | 21/28 | €9,610 | €7,079 | -€2,532 | -26.3% |
| Tangible fixed assets | 22/27 | €9,610 | €7,079 | -€2,532 | -26.3% |
| Plant, machinery and equipment | 23 | €7,652 | €5,919 | -€1,733 | -22.6% |
| Furniture and vehicles | 24 | €1,959 | €1,160 | -€799 | -40.8% |
| Current assets | 29/58 | €20,712 | €43,545 | +€22,833 | +110% |
| Amounts receivable within one year | 40/41 | €18,239 | €31,603 | +€13,364 | +73.3% |
| Trade receivables | 40 | €7,186 | €9,558 | +€2,372 | +33.0% |
| Other amounts receivable | 41 | €11,053 | €22,045 | +€10,992 | +99.5% |
| Cash at bank and in hand | 54/58 | €1,725 | €11,007 | +€9,283 | +538% |
| Deferred charges and accrued income | 490/1 | €748 | €934 | +€186 | +24.9% |
| Total equity and liabilities | 10/49 | €30,322 | €50,623 | +€20,301 | +67.0% |
| Equity | 10/15 | €28,896 | €42,856 | +€13,960 | +48.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €10,296 | €24,256 | +€13,960 | +136% |
| Distributable reserves | 133 | €10,296 | €24,256 | +€13,960 | +136% |
| Amounts payable | 17/49 | €1,427 | €7,767 | +€6,341 | +444% |
| Amounts payable within one year | 42/48 | €1,427 | €7,767 | +€6,341 | +444% |
| Current portion of amounts payable after more than one year | 42 | €847 | €843 | -€4 | -0.5% |
| Trade debts | 44 | €130 | €113 | -€16 | -12.6% |
| Suppliers | 440/4 | €130 | €113 | -€16 | -12.6% |
| Taxes, remuneration and social security | 45 | €450 | €6,811 | +€6,361 | +1,414% |
| Taxes | 450/3 | €450 | €4,311 | +€3,861 | +858% |
| Remuneration and social security | 454/9 | - | €2,500 | +€2,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,597 | €2,532 | -€65 | -2.5% |
| Other operating charges | 640/8 | €786 | €1,008 | +€222 | +28.3% |
| Gross operating margin | 9900 | €9,156 | €23,006 | +€13,850 | +151% |
| Operating profit (loss) | 9901 | €5,774 | €19,466 | +€13,693 | +237% |
| Financial income | 75/76B | €396 | €951 | +€555 | +140% |
| Recurring financial income | 75 | €396 | €951 | +€555 | +140% |
| Financial charges | 65/66B | €402 | €146 | -€256 | -63.7% |
| Recurring financial charges | 65 | €402 | €146 | -€256 | -63.7% |
| Profit (loss) for the period before taxes | 9903 | €5,767 | €20,271 | +€14,504 | +251% |
| Income taxes | 67/77 | €2,048 | €6,311 | +€4,263 | +208% |
| Profit (loss) for the period | 9904 | €3,719 | €13,960 | +€10,241 | +275% |
| Profit (loss) for the period to be appropriated | 9905 | €3,719 | €13,960 | +€10,241 | +275% |
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 28 October 2026 via checked.be.