Thijs Herremans: 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.
Thijs Herremans
Largest movements
- Cash +€37,373
up €37,373 (+38.1%), from €98,089 to €135,462
mainly Net result for the year (+€71,239) and Tax, wage and social debts (+€11,351)
- Tangible fixed assets +€28,799
up €28,799 (+1,417%), from €2,032 to €30,831
- Receivables after one year +€16,032
up €16,032 (+10.5%), from €152,354 to €168,387
- Profit (loss) carried forward +€71,239
up €71,239 (+28.9%), from €246,328 to €317,567
- Tax, wage and social debts +€11,351
up €11,351 (+358%), from €3,168 to €14,519
of which Taxes: +€12,296
- Gross operating margin +€26,130
up €26,130 (+34.9%), from €74,905 to €101,034
- Taxes +€7,256
up €7,256 (+39.0%), from €18,589 to €25,845
- Depreciation +€3,553
up €3,553 (+1,476%), from €241 to €3,794
- Staff costs -€2,209
no longer reported in 2025 (was €2,209)
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 | €252,894 | €335,098 | +€82,204 | +32.5% |
| Fixed assets | 21/28 | €2,032 | €30,831 | +€28,799 | +1,417% |
| Tangible fixed assets | 22/27 | €2,032 | €30,831 | +€28,799 | +1,417% |
| Furniture and vehicles | 24 | €2,032 | €30,831 | +€28,799 | +1,417% |
| Current assets | 29/58 | €250,862 | €304,268 | +€53,405 | +21.3% |
| Amounts receivable after more than one year | 29 | €152,354 | €168,387 | +€16,032 | +10.5% |
| Other amounts receivable | 291 | €152,354 | €168,387 | +€16,032 | +10.5% |
| Amounts receivable within one year | 40/41 | €419 | €419 | = | 0.0% |
| Trade receivables | 40 | €419 | €419 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €98,089 | €135,462 | +€37,373 | +38.1% |
| Total equity and liabilities | 10/49 | €252,894 | €335,098 | +€82,204 | +32.5% |
| Equity | 10/15 | €249,328 | €320,567 | +€71,239 | +28.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €246,328 | €317,567 | +€71,239 | +28.9% |
| Amounts payable | 17/49 | €3,566 | €14,531 | +€10,965 | +307% |
| Amounts payable within one year | 42/48 | €3,553 | €14,519 | +€10,965 | +309% |
| Trade debts | 44 | €386 | - | -€386 | |
| Suppliers | 440/4 | €386 | - | -€386 | |
| Taxes, remuneration and social security | 45 | €3,168 | €14,519 | +€11,351 | +358% |
| Taxes | 450/3 | €2,223 | €14,519 | +€12,296 | +553% |
| Remuneration and social security | 454/9 | €945 | - | -€945 | |
| Accrued charges and deferred income | 492/3 | €13 | €13 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €2,209 | - | -€2,209 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €241 | €3,794 | +€3,553 | +1,476% |
| Other operating charges | 640/8 | €511 | - | -€511 | |
| Gross operating margin | 9900 | €74,905 | €101,034 | +€26,130 | +34.9% |
| Operating profit (loss) | 9901 | €71,944 | €97,241 | +€25,297 | +35.2% |
| Financial charges | 65/66B | €146 | €157 | +€11 | +7.9% |
| Recurring financial charges | 65 | €146 | €157 | +€11 | +7.9% |
| Profit (loss) for the period before taxes | 9903 | €71,798 | €97,084 | +€25,286 | +35.2% |
| Income taxes | 67/77 | €18,589 | €25,845 | +€7,256 | +39.0% |
| Profit (loss) for the period | 9904 | €53,209 | €71,239 | +€18,030 | +33.9% |
| Profit (loss) for the period to be appropriated | 9905 | €53,209 | €71,239 | +€18,030 | +33.9% |
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 20 October 2026 via checked.be.