Thomas Heselmans: what changed
Two fiscal 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.
Thomas Heselmans
Largest movements
- Cash +€19,842
up €19,842 (+58.2%), from €34,110 to €53,951
mainly Net result for the year (+€16,762) and Receivables within one year (+€13,000)
- Receivables within one year -€13,000
down €13,000 (-87.1%), from €14,920 to €1,919
of which Trade receivables: -€14,581
- Tangible fixed assets -€983
down €983 (-7.6%), from €12,888 to €11,905
of which Other tangible fixed assets: -€559
- Reserves +€16,762
up €16,762 (+124.8%), from €13,434 to €30,196
- Trade debts -€13,691
down €13,691 (-76.3%), from €17,953 to €4,262
- Tax, wage and social debts +€2,832
up €2,832 (+17.8%), from €15,933 to €18,766
of which Taxes: +€2,824
- Gross operating margin +€10,792
up €10,792 (+59.5%), from €18,136 to €28,927
- Taxes +€2,027
up €2,027 (+57.1%), from €3,550 to €5,577
- Depreciation +€1,151
up €1,151 (+73.8%), from €1,559 to €2,709
From the 2025 result to the 2026 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.
Cash bridge derived
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €63,220 | €69,223 | +€6,003 | +9.5% |
| Fixed assets | 21/28 | €12,888 | €11,905 | -€983 | -7.6% |
| Tangible fixed assets | 22/27 | €12,888 | €11,905 | -€983 | -7.6% |
| Plant, machinery and equipment | 23 | €1,618 | €1,184 | -€435 | -26.9% |
| Furniture and vehicles | 24 | €6,103 | €6,113 | +€11 | +0.2% |
| Other tangible fixed assets | 26 | €5,167 | €4,608 | -€559 | -10.8% |
| Current assets | 29/58 | €50,332 | €57,318 | +€6,986 | +13.9% |
| Amounts receivable within one year | 40/41 | €14,920 | €1,919 | -€13,000 | -87.1% |
| Trade receivables | 40 | €14,581 | €0 | -€14,581 | -100.0% |
| Other amounts receivable | 41 | €339 | €1,919 | +€1,580 | +466.2% |
| Cash at bank and in hand | 54/58 | €34,110 | €53,951 | +€19,842 | +58.2% |
| Deferred charges and accrued income | 490/1 | €1,303 | €1,447 | +€145 | +11.1% |
| Total equity and liabilities | 10/49 | €63,220 | €69,223 | +€6,003 | +9.5% |
| Equity | 10/15 | €28,434 | €45,196 | +€16,762 | +59.0% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €13,434 | €30,196 | +€16,762 | +124.8% |
| Distributable reserves | 133 | €13,434 | €30,196 | +€16,762 | +124.8% |
| Amounts payable | 17/49 | €34,787 | €24,028 | -€10,759 | -30.9% |
| Amounts payable within one year | 42/48 | €33,887 | €23,028 | -€10,859 | -32.0% |
| Trade debts | 44 | €17,953 | €4,262 | -€13,691 | -76.3% |
| Suppliers | 440/4 | €17,953 | €4,262 | -€13,691 | -76.3% |
| Taxes, remuneration and social security | 45 | €15,933 | €18,766 | +€2,832 | +17.8% |
| Taxes | 450/3 | €15,933 | €18,758 | +€2,824 | +17.7% |
| Remuneration and social security | 454/9 | - | €8 | +€8 | |
| Accrued charges and deferred income | 492/3 | €900 | €1,000 | +€100 | +11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,559 | €2,709 | +€1,151 | +73.8% |
| Other operating charges | 640/8 | - | €87 | +€87 | |
| Gross operating margin | 9900 | €18,136 | €28,927 | +€10,792 | +59.5% |
| Operating profit (loss) | 9901 | €16,577 | €26,131 | +€9,554 | +57.6% |
| Financial income | 75/76B | €66 | €118 | +€52 | +79.4% |
| Recurring financial income | 75 | €66 | €118 | +€52 | +79.4% |
| Financial charges | 65/66B | €3,656 | €3,910 | +€255 | +7.0% |
| Recurring financial charges | 65 | €3,656 | €3,910 | +€255 | +7.0% |
| Profit (loss) for the period before taxes | 9903 | €12,987 | €22,339 | +€9,352 | +72.0% |
| Income taxes | 67/77 | €3,550 | €5,577 | +€2,027 | +57.1% |
| Profit (loss) for the period | 9904 | €9,437 | €16,762 | +€7,325 | +77.6% |
| Profit (loss) for the period to be appropriated | 9905 | €9,437 | €16,762 | +€7,325 | +77.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2025 and 30 June 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.