WERNER HEYVAERT: 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.
WERNER HEYVAERT
Largest movements
- Tangible fixed assets -€35,488
down €35,488 (-19.4%), from €182,580 to €147,092
of which Land and buildings: -€27,095
- Cash +€31,209
up €31,209 (+102.4%), from €30,489 to €61,698
mainly Depreciation (+€35,488) and Net result for the year (+€17,967)
- Current investments +€18,481
up €18,481 (+7.9%), from €234,707 to €253,188
- Profit (loss) carried forward +€17,967
up €17,967 (+3.9%), from €459,801 to €477,768
- Gross operating margin +€26,958
up €26,958 (+126.0%), from €21,391 to €48,348
- Financial income +€9,698
up €9,698 (+65.6%), from €14,792 to €24,490
of which Non-recurring financial income: +€13,721
- Taxes +€8,667
up €8,667 (+1464.9%), from €592 to €9,258
- Financial charges +€2,830
up €2,830 (+226.4%), from €1,250 to €4,080
- Other operating charges -€984
down €984 (-14.8%), from €6,664 to €5,680
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.
Cash bridge derived
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 | €479,915 | €497,497 | +€17,582 | +3.7% |
| Fixed assets | 21/28 | €184,383 | €149,533 | -€34,849 | -18.9% |
| Tangible fixed assets | 22/27 | €182,580 | €147,092 | -€35,488 | -19.4% |
| Land and buildings | 22 | €131,250 | €104,155 | -€27,095 | -20.6% |
| Plant, machinery and equipment | 23 | €689 | €160 | -€530 | -76.8% |
| Other tangible fixed assets | 26 | €50,641 | €42,777 | -€7,863 | -15.5% |
| Financial fixed assets | 28 | €1,803 | €2,441 | +€639 | +35.4% |
| Current assets | 29/58 | €295,533 | €347,964 | +€52,431 | +17.7% |
| Amounts receivable within one year | 40/41 | €27,558 | €29,965 | +€2,407 | +8.7% |
| Trade receivables | 40 | - | €420 | +€420 | |
| Other amounts receivable | 41 | €27,558 | €29,545 | +€1,987 | +7.2% |
| Current investments | 50/53 | €234,707 | €253,188 | +€18,481 | +7.9% |
| Cash at bank and in hand | 54/58 | €30,489 | €61,698 | +€31,209 | +102.4% |
| Deferred charges and accrued income | 490/1 | €2,779 | €3,113 | +€334 | +12.0% |
| Total equity and liabilities | 10/49 | €479,915 | €497,497 | +€17,582 | +3.7% |
| Equity | 10/15 | €467,857 | €485,825 | +€17,967 | +3.8% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €459,801 | €477,768 | +€17,967 | +3.9% |
| Amounts payable | 17/49 | €12,058 | €11,672 | -€386 | -3.2% |
| Amounts payable within one year | 42/48 | €12,058 | €11,672 | -€386 | -3.2% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €4,833 | €4,225 | -€609 | -12.6% |
| Suppliers | 440/4 | €4,833 | €4,225 | -€609 | -12.6% |
| Taxes, remuneration and social security | 45 | €7,225 | €7,448 | +€223 | +3.1% |
| Taxes | 450/3 | €7,225 | €7,448 | +€223 | +3.1% |
| Remuneration, social security and pensions | 62 | €66 | €365 | +€299 | +452.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,200 | €35,488 | +€288 | +0.8% |
| Other operating charges | 640/8 | €6,664 | €5,680 | -€984 | -14.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €21,391 | €48,348 | +€26,958 | +126.0% |
| Operating profit (loss) | 9901 | -€20,539 | €6,816 | +€27,355 | |
| Financial income | 75/76B | €14,792 | €24,490 | +€9,698 | +65.6% |
| Recurring financial income | 75 | €10,405 | €6,382 | -€4,023 | -38.7% |
| Non-recurring financial income | 76B | €4,387 | €18,108 | +€13,721 | +312.8% |
| Financial charges | 65/66B | €1,250 | €4,080 | +€2,830 | +226.4% |
| Recurring financial charges | 65 | €1,250 | €4,080 | +€2,830 | +226.4% |
| Profit (loss) for the period before taxes | 9903 | -€6,998 | €27,225 | +€34,223 | |
| Income taxes | 67/77 | €592 | €9,258 | +€8,667 | +1464.9% |
| Profit (loss) for the period | 9904 | -€7,589 | €17,967 | +€25,556 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,589 | €17,967 | +€25,556 |
Source: filed annual accounts (NBB), financial years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.