Wendy Hoeven: 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.
Wendy Hoeven
Largest movements
- Tangible fixed assets -€19,340
down €19,340 (-35.4%), from €54,590 to €35,250
of which Leasing and similar rights: -€10,707
- Receivables within one year +€4,372
up €4,372 (+72.9%), from €5,994 to €10,366
- Cash +€3,090
up €3,090 (+26.9%), from €11,466 to €14,556
mainly Depreciation (+€13,432) and Investment in fixed assets (net) (+€5,908)
- Current investments +€1,800
up €1,800 (+400%), from €450 to €2,250
- Debts after one year -€9,318
down €9,318 (-31.3%), from €29,758 to €20,440
- Profit (loss) carried forward -€5,592
down €5,592 (-45.6%), from €12,252 to €6,660
- Other debts +€4,444
up €4,444 (+33.8%), from €13,145 to €17,589
- Trade debts +€1,972
up €1,972 (+657%), from €300 to €2,272
- Tax, wage and social debts -€1,868
down €1,868 (-27.2%), from €6,858 to €4,990
- Gross operating margin -€6,714
down €6,714 (-41.4%), from €16,210 to €9,496
- Depreciation +€5,553
up €5,553 (+70.5%), from €7,879 to €13,432
- Taxes -€2,489
down €2,489 (-94.4%), from €2,636 to €147
- Financial charges +€798
up €798 (+234%), from €341 to €1,139
- Other operating charges -€282
down €282 (-41.7%), from €677 to €395
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 | €73,334 | €63,269 | -€10,065 | -13.7% |
| Fixed assets | 21/28 | €54,890 | €35,550 | -€19,340 | -35.2% |
| Tangible fixed assets | 22/27 | €54,590 | €35,250 | -€19,340 | -35.4% |
| Plant, machinery and equipment | 23 | €4,745 | €2,724 | -€2,021 | -42.6% |
| Furniture and vehicles | 24 | €7,366 | €754 | -€6,612 | -89.8% |
| Leasing and similar rights | 25 | €42,479 | €31,772 | -€10,707 | -25.2% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €18,444 | €27,719 | +€9,275 | +50.3% |
| Amounts receivable within one year | 40/41 | €5,994 | €10,366 | +€4,372 | +72.9% |
| Trade receivables | 40 | €5,994 | €10,366 | +€4,372 | +72.9% |
| Current investments | 50/53 | €450 | €2,250 | +€1,800 | +400% |
| Cash at bank and in hand | 54/58 | €11,466 | €14,556 | +€3,090 | +26.9% |
| Deferred charges and accrued income | 490/1 | €534 | €547 | +€13 | +2.4% |
| Total equity and liabilities | 10/49 | €73,334 | €63,269 | -€10,065 | -13.7% |
| Equity | 10/15 | €14,252 | €8,660 | -€5,592 | -39.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,252 | €6,660 | -€5,592 | -45.6% |
| Amounts payable | 17/49 | €59,082 | €54,609 | -€4,473 | -7.6% |
| Amounts payable after more than one year | 17 | €29,758 | €20,440 | -€9,318 | -31.3% |
| Financial debts | 170/4 | €29,758 | €20,440 | -€9,318 | -31.3% |
| Amounts payable within one year | 42/48 | €29,324 | €34,169 | +€4,845 | +16.5% |
| Current portion of amounts payable after more than one year | 42 | €9,021 | €9,318 | +€297 | +3.3% |
| Trade debts | 44 | €300 | €2,272 | +€1,972 | +657% |
| Suppliers | 440/4 | €300 | €2,272 | +€1,972 | +657% |
| Taxes, remuneration and social security | 45 | €6,858 | €4,990 | -€1,868 | -27.2% |
| Taxes | 450/3 | €6,858 | €4,990 | -€1,868 | -27.2% |
| Other amounts payable | 47/48 | €13,145 | €17,589 | +€4,444 | +33.8% |
| Non-recurring operating income | 76A | - | €6,553 | +€6,553 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,879 | €13,432 | +€5,553 | +70.5% |
| Other operating charges | 640/8 | €677 | €395 | -€282 | -41.7% |
| Gross operating margin | 9900 | €16,210 | €9,496 | -€6,714 | -41.4% |
| Operating profit (loss) | 9901 | €7,654 | -€4,331 | -€11,985 | |
| Financial income | 75/76B | €139 | €25 | -€114 | -82.0% |
| Recurring financial income | 75 | €139 | €25 | -€114 | -82.0% |
| Financial charges | 65/66B | €341 | €1,139 | +€798 | +234% |
| Recurring financial charges | 65 | €341 | €1,139 | +€798 | +234% |
| Profit (loss) for the period before taxes | 9903 | €7,452 | -€5,445 | -€12,897 | |
| Income taxes | 67/77 | €2,636 | €147 | -€2,489 | -94.4% |
| Profit (loss) for the period | 9904 | €4,816 | -€5,592 | -€10,408 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,816 | -€5,592 | -€10,408 |
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 23 October 2026 via checked.be.