THE BELGIAN HEDGEHOG: 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.
THE BELGIAN HEDGEHOG
Largest movements
- Cash +€23,938
up €23,938 (+90.7%), from €26,401 to €50,339
mainly Receivables within one year (+€12,568) and Net result for the year (+€4,365)
- Receivables within one year -€12,568
down €12,568 (-47.7%), from €26,356 to €13,788
of which Other amounts receivable: -€6,797
- Tangible fixed assets -€2,439
down €2,439 (-52.0%), from €4,694 to €2,254
- Profit (loss) carried forward +€4,365
up €4,365 (+10.0%), from €43,459 to €47,824
- Tax, wage and social debts +€4,001
up €4,001 (+53.1%), from €7,530 to €11,531
- Other debts +€2,827
up €2,827 (+331%), from €855 to €3,682
- Trade debts -€2,688
down €2,688 (-42.0%), from €6,397 to €3,710
- Gross operating margin +€12,498
up €12,498 (+381%), from €3,281 to €15,779
- Financial charges +€722
up €722 (+816%), from €88 to €810
- Financial income -€409
down €409 (-54.5%), from €750 to €341
- Other operating charges -€287
down €287 (-12.4%), from €2,309 to €2,022
- Taxes +€196
up €196 (+3.1%), from €6,287 to €6,484
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 | €63,242 | €71,747 | +€8,505 | +13.4% |
| Fixed assets | 21/28 | €4,694 | €2,254 | -€2,439 | -52.0% |
| Tangible fixed assets | 22/27 | €4,694 | €2,254 | -€2,439 | -52.0% |
| Furniture and vehicles | 24 | €4,694 | €2,254 | -€2,439 | -52.0% |
| Current assets | 29/58 | €58,548 | €69,492 | +€10,944 | +18.7% |
| Amounts receivable within one year | 40/41 | €26,356 | €13,788 | -€12,568 | -47.7% |
| Trade receivables | 40 | €15,505 | €9,734 | -€5,771 | -37.2% |
| Other amounts receivable | 41 | €10,851 | €4,054 | -€6,797 | -62.6% |
| Cash at bank and in hand | 54/58 | €26,401 | €50,339 | +€23,938 | +90.7% |
| Deferred charges and accrued income | 490/1 | €5,791 | €5,365 | -€426 | -7.4% |
| Total equity and liabilities | 10/49 | €63,242 | €71,747 | +€8,505 | +13.4% |
| Equity | 10/15 | €48,459 | €52,824 | +€4,365 | +9.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €43,459 | €47,824 | +€4,365 | +10.0% |
| Amounts payable | 17/49 | €14,782 | €18,923 | +€4,140 | +28.0% |
| Amounts payable within one year | 42/48 | €14,782 | €18,923 | +€4,140 | +28.0% |
| Trade debts | 44 | €6,397 | €3,710 | -€2,688 | -42.0% |
| Suppliers | 440/4 | €6,397 | €3,710 | -€2,688 | -42.0% |
| Taxes, remuneration and social security | 45 | €7,530 | €11,531 | +€4,001 | +53.1% |
| Taxes | 450/3 | €7,530 | €11,531 | +€4,001 | +53.1% |
| Other amounts payable | 47/48 | €855 | €3,682 | +€2,827 | +331% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,384 | €2,439 | +€55 | +2.3% |
| Other operating charges | 640/8 | €2,309 | €2,022 | -€287 | -12.4% |
| Gross operating margin | 9900 | €3,281 | €15,779 | +€12,498 | +381% |
| Operating profit (loss) | 9901 | -€1,412 | €11,317 | +€12,730 | |
| Financial income | 75/76B | €750 | €341 | -€409 | -54.5% |
| Recurring financial income | 75 | €750 | €341 | -€409 | -54.5% |
| Financial charges | 65/66B | €88 | €810 | +€722 | +816% |
| Recurring financial charges | 65 | €88 | €810 | +€722 | +816% |
| Profit (loss) for the period before taxes | 9903 | -€751 | €10,848 | +€11,599 | |
| Income taxes | 67/77 | €6,287 | €6,484 | +€196 | +3.1% |
| Profit (loss) for the period | 9904 | -€7,038 | €4,365 | +€11,403 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,038 | €4,365 | +€11,403 |
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.