VAN HERCK GUSTAAF: 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.
VAN HERCK GUSTAAF
Largest movements
- Cash +€306,035
up €306,035 (+280%), from €109,220 to €415,256
mainly Current investments (+€281,719) and Net result for the year (+€17,059)
- Current investments -€281,719
down €281,719 (-61.0%), from €461,719 to €180,000
- Tangible fixed assets -€10,980
down €10,980 (-22.0%), from €49,861 to €38,881
of which Furniture and vehicles: -€10,980
- Reserves +€17,059
up €17,059 (+2.7%), from €641,473 to €658,532
- Financial charges +€18,988
up €18,988 (+1,837%), from €1,033 to €20,022
- Taxes -€14,152
down €14,152 (-65.2%), from €21,707 to €7,554
- Gross operating margin -€9,890
down €9,890 (-15.5%), from €63,880 to €53,990
- Financial income -€9,170
down €9,170 (-75.9%), from €12,079 to €2,910
- Depreciation +€5,811
up €5,811 (+112%), from €5,169 to €10,980
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 | €672,559 | €685,924 | +€13,365 | +2.0% |
| Fixed assets | 21/28 | €49,861 | €38,881 | -€10,980 | -22.0% |
| Tangible fixed assets | 22/27 | €49,861 | €38,881 | -€10,980 | -22.0% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €49,861 | €38,881 | -€10,980 | -22.0% |
| Current assets | 29/58 | €622,699 | €647,043 | +€24,344 | +3.9% |
| Stocks and contracts in progress | 3 | €4,124 | €3,175 | -€949 | -23.0% |
| Stocks | 30/36 | €4,124 | €701 | -€3,423 | -83.0% |
| Contracts in progress | 37 | - | €2,474 | +€2,474 | |
| Amounts receivable within one year | 40/41 | €45,590 | €46,518 | +€928 | +2.0% |
| Trade receivables | 40 | €45,456 | €38,003 | -€7,453 | -16.4% |
| Other amounts receivable | 41 | €134 | €8,515 | +€8,381 | +6,252% |
| Current investments | 50/53 | €461,719 | €180,000 | -€281,719 | -61.0% |
| Cash at bank and in hand | 54/58 | €109,220 | €415,256 | +€306,035 | +280% |
| Deferred charges and accrued income | 490/1 | €2,045 | €2,095 | +€50 | +2.4% |
| Total equity and liabilities | 10/49 | €672,559 | €685,924 | +€13,365 | +2.0% |
| Equity | 10/15 | €653,876 | €670,934 | +€17,059 | +2.6% |
| Contributions | 10/11 | €12,403 | €12,403 | = | 0.0% |
| Reserves | 13 | €641,473 | €658,532 | +€17,059 | +2.7% |
| Distributable reserves | 133 | €641,473 | €658,532 | +€17,059 | +2.7% |
| Amounts payable | 17/49 | €18,684 | €14,990 | -€3,694 | -19.8% |
| Amounts payable within one year | 42/48 | €18,668 | €14,990 | -€3,678 | -19.7% |
| Trade debts | 44 | €12,421 | €8,914 | -€3,507 | -28.2% |
| Suppliers | 440/4 | €12,421 | €8,914 | -€3,507 | -28.2% |
| Taxes, remuneration and social security | 45 | €5,563 | €4,385 | -€1,178 | -21.2% |
| Taxes | 450/3 | €5,563 | €4,385 | -€1,178 | -21.2% |
| Other amounts payable | 47/48 | €684 | €1,691 | +€1,007 | +147% |
| Accrued charges and deferred income | 492/3 | €16 | €0 | -€16 | -100% |
| Non-recurring operating income | 76A | €9,502 | €0 | -€9,502 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,169 | €10,980 | +€5,811 | +112% |
| Other operating charges | 640/8 | €1,160 | €1,285 | +€125 | +10.7% |
| Gross operating margin | 9900 | €63,880 | €53,990 | -€9,890 | -15.5% |
| Operating profit (loss) | 9901 | €57,551 | €41,725 | -€15,826 | -27.5% |
| Financial income | 75/76B | €12,079 | €2,910 | -€9,170 | -75.9% |
| Recurring financial income | 75 | €12,079 | €2,910 | -€9,170 | -75.9% |
| Financial charges | 65/66B | €1,033 | €20,022 | +€18,988 | +1,837% |
| Recurring financial charges | 65 | €1,033 | €20,022 | +€18,988 | +1,837% |
| Profit (loss) for the period before taxes | 9903 | €68,597 | €24,613 | -€43,984 | -64.1% |
| Income taxes | 67/77 | €21,707 | €7,554 | -€14,152 | -65.2% |
| Profit (loss) for the period | 9904 | €46,890 | €17,059 | -€29,832 | -63.6% |
| Profit (loss) for the period to be appropriated | 9905 | €46,890 | €17,059 | -€29,832 | -63.6% |
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 25 October 2026 via checked.be.