Torsten Huebsch: 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.
Torsten Huebsch
Largest movements
- Current investments +€587,501
new in 2025: €587,501
- Cash -€527,509
down €527,509 (-92.5%), from €570,219 to €42,710
mainly Current investments (-€587,501) and Contributions, distributions and other (-€340,131)
- Receivables within one year +€127,454
up €127,454 (+157%), from €81,023 to €208,477
of which Trade receivables: +€127,454
- Tangible fixed assets +€72,658
up €72,658 (+38.7%), from €187,759 to €260,417
of which Land and buildings: +€74,865
- Other debts +€319,475
up €319,475 (+7,218%), from €4,426 to €323,902
- Reserves -€106,544
down €106,544 (-13.8%), from €769,932 to €663,388
- Tax, wage and social debts +€50,966
up €50,966 (+108%), from €47,104 to €98,071
- Gross operating margin +€178,965
up €178,965 (+103%), from €172,970 to €351,935
- Taxes +€59,653
up €59,653 (+119%), from €50,082 to €109,736
- Financial income +€3,693
up €3,693 (+365,680%), from €1 to €3,694
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 | €840,853 | €1,102,458 | +€261,605 | +31.1% |
| Fixed assets | 21/28 | €188,319 | €260,977 | +€72,658 | +38.6% |
| Tangible fixed assets | 22/27 | €187,759 | €260,417 | +€72,658 | +38.7% |
| Land and buildings | 22 | €174,473 | €249,338 | +€74,865 | +42.9% |
| Plant, machinery and equipment | 23 | €3,475 | €2,883 | -€592 | -17.0% |
| Furniture and vehicles | 24 | €9,811 | €8,196 | -€1,614 | -16.5% |
| Financial fixed assets | 28 | €560 | €560 | = | 0.0% |
| Current assets | 29/58 | €652,534 | €841,481 | +€188,947 | +29.0% |
| Amounts receivable within one year | 40/41 | €81,023 | €208,477 | +€127,454 | +157% |
| Trade receivables | 40 | €81,023 | €208,477 | +€127,454 | +157% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | - | €587,501 | +€587,501 | |
| Cash at bank and in hand | 54/58 | €570,219 | €42,710 | -€527,509 | -92.5% |
| Deferred charges and accrued income | 490/1 | €1,292 | €2,793 | +€1,501 | +116% |
| Total equity and liabilities | 10/49 | €840,853 | €1,102,458 | +€261,605 | +31.1% |
| Equity | 10/15 | €782,332 | €675,788 | -€106,544 | -13.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €769,932 | €663,388 | -€106,544 | -13.8% |
| Distributable reserves | 133 | €769,932 | €663,388 | -€106,544 | -13.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €58,521 | €426,670 | +€368,148 | +629% |
| Amounts payable within one year | 42/48 | €58,521 | €426,670 | +€368,148 | +629% |
| Financial debts | 43 | €71 | €11 | -€61 | -84.9% |
| Other loans | 439 | €71 | €11 | -€61 | -84.9% |
| Trade debts | 44 | €6,919 | €4,687 | -€2,233 | -32.3% |
| Suppliers | 440/4 | €6,919 | €4,687 | -€2,233 | -32.3% |
| Taxes, remuneration and social security | 45 | €47,104 | €98,071 | +€50,966 | +108% |
| Taxes | 450/3 | €47,104 | €98,071 | +€50,966 | +108% |
| Other amounts payable | 47/48 | €4,426 | €323,902 | +€319,475 | +7,218% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,463 | €9,675 | +€2,211 | +29.6% |
| Other operating charges | 640/8 | €1,088 | €1,859 | +€771 | +70.8% |
| Gross operating margin | 9900 | €172,970 | €351,935 | +€178,965 | +103% |
| Operating profit (loss) | 9901 | €164,419 | €340,402 | +€175,983 | +107% |
| Financial income | 75/76B | €1 | €3,694 | +€3,693 | +365,680% |
| Recurring financial income | 75 | €1 | €3,694 | +€3,693 | +365,680% |
| Financial charges | 65/66B | €616 | €774 | +€158 | +25.6% |
| Recurring financial charges | 65 | €616 | €774 | +€158 | +25.6% |
| Profit (loss) for the period before taxes | 9903 | €163,804 | €343,322 | +€179,519 | +110% |
| Income taxes | 67/77 | €50,082 | €109,736 | +€59,653 | +119% |
| Profit (loss) for the period | 9904 | €113,722 | €233,587 | +€119,865 | +105% |
| Profit (loss) for the period to be appropriated | 9905 | €113,722 | €233,587 | +€119,865 | +105% |
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 18 October 2026 via checked.be.