What The Hek: 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.
What The Hek
Largest movements
- Receivables within one year -€48,783
down €48,783 (-63.3%), from €77,081 to €28,298
of which Trade receivables: -€49,967
- Cash +€44,140
up €44,140 (+227%), from €19,483 to €63,622
mainly Debts after one year (+€186,514) and Short-term financial debts (+€75,000)
- Stocks and contracts +€41,011
up €41,011 (+62.0%), from €66,193 to €107,204
- Intangible fixed assets +€29,290
up €29,290 (+270%), from €10,853 to €40,143
- Deferred charges and accrued income -€22,632
down €22,632 (-77.3%), from €29,274 to €6,643
- Profit (loss) carried forward -€196,592
new in 2025: -€196,592
- Debts after one year +€186,514
up €186,514 (+1,402%), from €13,303 to €199,817
- Short-term financial debts +€75,000
up €75,000 (+300%), from €25,000 to €100,000
- Other debts -€47,234
down €47,234 (-98.2%), from €48,110 to €876
- Current portion of long-term debt +€38,717
up €38,717 (+812%), from €4,769 to €43,486
- Gross operating margin -€213,514
down €213,514, from €46,490 to -€167,024
- Depreciation +€7,121
up €7,121 (+212%), from €3,359 to €10,480
- Taxes -€6,288
down €6,288 (-100%), from €6,288 to €0
- Financial charges +€5,912
up €5,912 (+46.5%), from €12,725 to €18,638
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 | €217,646 | €273,758 | +€56,112 | +25.8% |
| Fixed assets | 21/28 | €25,616 | €67,992 | +€42,376 | +165% |
| Intangible fixed assets | 21 | €10,853 | €40,143 | +€29,290 | +270% |
| Tangible fixed assets | 22/27 | €12,078 | €27,849 | +€15,771 | +131% |
| Plant, machinery and equipment | 23 | €12,078 | €16,954 | +€4,876 | +40.4% |
| Furniture and vehicles | 24 | - | €7,680 | +€7,680 | |
| Other tangible fixed assets | 26 | - | €3,215 | +€3,215 | |
| Financial fixed assets | 28 | €2,685 | €0 | -€2,685 | -100% |
| Current assets | 29/58 | €192,031 | €205,767 | +€13,736 | +7.2% |
| Stocks and contracts in progress | 3 | €66,193 | €107,204 | +€41,011 | +62.0% |
| Stocks | 30/36 | €66,193 | €107,204 | +€41,011 | +62.0% |
| Amounts receivable within one year | 40/41 | €77,081 | €28,298 | -€48,783 | -63.3% |
| Trade receivables | 40 | €49,967 | €0 | -€49,967 | -100% |
| Other amounts receivable | 41 | €27,115 | €28,298 | +€1,183 | +4.4% |
| Cash at bank and in hand | 54/58 | €19,483 | €63,622 | +€44,140 | +227% |
| Deferred charges and accrued income | 490/1 | €29,274 | €6,643 | -€22,632 | -77.3% |
| Total equity and liabilities | 10/49 | €217,646 | €273,758 | +€56,112 | +25.8% |
| Equity | 10/15 | €25,617 | -€170,975 | -€196,592 | |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €23,617 | €23,617 | = | 0.0% |
| Distributable reserves | 133 | €23,617 | €23,617 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€196,592 | -€196,592 | |
| Amounts payable | 17/49 | €192,030 | €444,734 | +€252,704 | +132% |
| Amounts payable after more than one year | 17 | €13,303 | €199,817 | +€186,514 | +1,402% |
| Financial debts | 170/4 | €13,303 | €199,817 | +€186,514 | +1,402% |
| Amounts payable within one year | 42/48 | €178,727 | €237,183 | +€58,456 | +32.7% |
| Current portion of amounts payable after more than one year | 42 | €4,769 | €43,486 | +€38,717 | +812% |
| Financial debts | 43 | €25,000 | €100,000 | +€75,000 | +300% |
| Credit institutions | 430/8 | €25,000 | €100,000 | +€75,000 | +300% |
| Trade debts | 44 | €91,337 | €83,729 | -€7,608 | -8.3% |
| Suppliers | 440/4 | €91,337 | €83,729 | -€7,608 | -8.3% |
| Taxes, remuneration and social security | 45 | €9,511 | €9,091 | -€420 | -4.4% |
| Taxes | 450/3 | €9,511 | €9,091 | -€420 | -4.4% |
| Other amounts payable | 47/48 | €48,110 | €876 | -€47,234 | -98.2% |
| Accrued charges and deferred income | 492/3 | - | €7,734 | +€7,734 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,359 | €10,480 | +€7,121 | +212% |
| Other operating charges | 640/8 | €534 | €640 | +€106 | +19.8% |
| Gross operating margin | 9900 | €46,490 | -€167,024 | -€213,514 | |
| Operating profit (loss) | 9901 | €42,596 | -€178,144 | -€220,741 | |
| Financial income | 75/76B | €34 | €190 | +€157 | +464% |
| Recurring financial income | 75 | €34 | €190 | +€157 | +464% |
| Financial charges | 65/66B | €12,725 | €18,638 | +€5,912 | +46.5% |
| Recurring financial charges | 65 | €12,725 | €18,638 | +€5,912 | +46.5% |
| Profit (loss) for the period before taxes | 9903 | €29,905 | -€196,592 | -€226,497 | |
| Income taxes | 67/77 | €6,288 | €0 | -€6,288 | -100% |
| Profit (loss) for the period | 9904 | €23,617 | -€196,592 | -€220,209 | |
| Profit (loss) for the period to be appropriated | 9905 | €23,617 | -€196,592 | -€220,209 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.