Van Herzeele Donald: 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 Herzeele Donald
Largest movements
- Receivables within one year +€19,651
up €19,651 (+50.0%), from €39,332 to €58,983
of which Trade receivables: +€32,178
- Cash +€15,826
up €15,826 (+133%), from €11,912 to €27,738
mainly Trade debts (+€22,777) and Net result for the year (+€20,524)
- Tangible fixed assets +€12,572
up €12,572 (+45.0%), from €27,927 to €40,500
of which Furniture and vehicles: +€8,787
- Reserves +€39,160
new in 2025: €39,160
- Trade debts +€22,777
up €22,777 (+103%), from €22,106 to €44,883
- Profit (loss) carried forward -€18,636
down €18,636 (-100%), from €18,636 to €0
- Tax, wage and social debts +€11,074
up €11,074 (+119%), from €9,306 to €20,380
of which Taxes: +€15,274
- Debts after one year -€7,226
down €7,226 (-32.6%), from €22,185 to €14,959
- Taxes +€3,694
up €3,694 (+72.6%), from €5,088 to €8,782
- Gross operating margin +€2,216
up €2,216 (+6.3%), from €35,355 to €37,572
- Depreciation -€1,186
down €1,186 (-13.4%), from €8,863 to €7,678
- Financial income +€932
up €932 (+78.0%), from €1,195 to €2,126
- Financial charges -€631
down €631 (-29.4%), from €2,143 to €1,512
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 | €82,089 | €130,333 | +€48,243 | +58.8% |
| Fixed assets | 21/28 | €27,927 | €40,500 | +€12,572 | +45.0% |
| Tangible fixed assets | 22/27 | €27,927 | €40,500 | +€12,572 | +45.0% |
| Furniture and vehicles | 24 | €27,927 | €36,715 | +€8,787 | +31.5% |
| Other tangible fixed assets | 26 | - | €3,785 | +€3,785 | |
| Current assets | 29/58 | €54,162 | €89,833 | +€35,671 | +65.9% |
| Amounts receivable within one year | 40/41 | €39,332 | €58,983 | +€19,651 | +50.0% |
| Trade receivables | 40 | €5,448 | €37,626 | +€32,178 | +591% |
| Other amounts receivable | 41 | €33,885 | €21,357 | -€12,527 | -37.0% |
| Cash at bank and in hand | 54/58 | €11,912 | €27,738 | +€15,826 | +133% |
| Deferred charges and accrued income | 490/1 | €2,918 | €3,112 | +€194 | +6.6% |
| Total equity and liabilities | 10/49 | €82,089 | €130,333 | +€48,243 | +58.8% |
| Equity | 10/15 | €21,636 | €42,160 | +€20,524 | +94.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | - | €39,160 | +€39,160 | |
| Distributable reserves | 133 | - | €39,160 | +€39,160 | |
| Profit (loss) carried forward | 14 | €18,636 | €0 | -€18,636 | -100% |
| Amounts payable | 17/49 | €60,453 | €88,172 | +€27,719 | +45.9% |
| Amounts payable after more than one year | 17 | €22,185 | €14,959 | -€7,226 | -32.6% |
| Financial debts | 170/4 | €22,185 | €14,959 | -€7,226 | -32.6% |
| Amounts payable within one year | 42/48 | €38,268 | €72,489 | +€34,221 | +89.4% |
| Current portion of amounts payable after more than one year | 42 | €6,856 | €7,226 | +€370 | +5.4% |
| Trade debts | 44 | €22,106 | €44,883 | +€22,777 | +103% |
| Suppliers | 440/4 | €22,106 | €44,883 | +€22,777 | +103% |
| Taxes, remuneration and social security | 45 | €9,306 | €20,380 | +€11,074 | +119% |
| Taxes | 450/3 | €5,106 | €20,380 | +€15,274 | +299% |
| Remuneration and social security | 454/9 | €4,200 | €0 | -€4,200 | -100% |
| Accrued charges and deferred income | 492/3 | - | €724 | +€724 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,863 | €7,678 | -€1,186 | -13.4% |
| Other operating charges | 640/8 | €1,820 | €1,202 | -€618 | -34.0% |
| Gross operating margin | 9900 | €35,355 | €37,572 | +€2,216 | +6.3% |
| Operating profit (loss) | 9901 | €24,673 | €28,692 | +€4,020 | +16.3% |
| Financial income | 75/76B | €1,195 | €2,126 | +€932 | +78.0% |
| Recurring financial income | 75 | €1,195 | €2,126 | +€932 | +78.0% |
| Financial charges | 65/66B | €2,143 | €1,512 | -€631 | -29.4% |
| Recurring financial charges | 65 | €2,143 | €1,512 | -€631 | -29.4% |
| Profit (loss) for the period before taxes | 9903 | €23,725 | €29,307 | +€5,582 | +23.5% |
| Income taxes | 67/77 | €5,088 | €8,782 | +€3,694 | +72.6% |
| Profit (loss) for the period | 9904 | €18,636 | €20,524 | +€1,888 | +10.1% |
| Profit (loss) for the period to be appropriated | 9905 | €18,636 | €20,524 | +€1,888 | +10.1% |
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.