ANNICK KELCHTERMANS: what changed
Two fiscal 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.
ANNICK KELCHTERMANS
Largest movements
- Cash +€132,712
up €132,712 (+250.0%), from €53,093 to €185,805
mainly Other debts (+€149,806) and Net result for the year (+€128,147)
- Current investments -€120,000
down €120,000 (-100.0%), from €120,000 to €0
- Tangible fixed assets -€27,518
down €27,518 (-22.0%), from €125,284 to €97,765
- Other debts +€149,806
up €149,806 (+1193.0%), from €12,557 to €162,363
- Reserves -€111,853
down €111,853 (-33.7%), from €331,752 to €219,899
- Debts after one year -€54,014
down €54,014 (-39.7%), from €136,158 to €82,145
- Gross operating margin +€51,250
up €51,250 (+33.8%), from €151,665 to €202,915
- Financial income -€25,692
down €25,692 (-89.2%), from €28,800 to €3,108
- Depreciation +€16,258
up €16,258 (+144.4%), from €11,260 to €27,518
- Taxes +€8,031
up €8,031 (+22.2%), from €36,192 to €44,223
- Financial charges +€2,220
up €2,220 (+79.2%), from €2,802 to €5,021
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 | €548,124 | €529,742 | -€18,382 | -3.4% |
| Fixed assets | 21/28 | €370,084 | €342,565 | -€27,518 | -7.4% |
| Tangible fixed assets | 22/27 | €125,284 | €97,765 | -€27,518 | -22.0% |
| Furniture and vehicles | 24 | €125,284 | €97,765 | -€27,518 | -22.0% |
| Financial fixed assets | 28 | €244,800 | €244,800 | = | 0.0% |
| Current assets | 29/58 | €178,040 | €187,177 | +€9,136 | +5.1% |
| Amounts receivable within one year | 40/41 | €3,808 | €0 | -€3,808 | -100.0% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €3,808 | €0 | -€3,808 | -100.0% |
| Current investments | 50/53 | €120,000 | €0 | -€120,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €53,093 | €185,805 | +€132,712 | +250.0% |
| Deferred charges and accrued income | 490/1 | €1,140 | €1,371 | +€231 | +20.3% |
| Total equity and liabilities | 10/49 | €548,124 | €529,742 | -€18,382 | -3.4% |
| Equity | 10/15 | €332,752 | €220,899 | -€111,853 | -33.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €331,752 | €219,899 | -€111,853 | -33.7% |
| Distributable reserves | 133 | €331,752 | €219,899 | -€111,853 | -33.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €215,372 | €308,843 | +€93,471 | +43.4% |
| Amounts payable after more than one year | 17 | €136,158 | €82,145 | -€54,014 | -39.7% |
| Financial debts | 170/4 | €136,158 | €82,145 | -€54,014 | -39.7% |
| Amounts payable within one year | 42/48 | €79,213 | €226,698 | +€147,485 | +186.2% |
| Current portion of amounts payable after more than one year | 42 | €62,507 | €58,873 | -€3,635 | -5.8% |
| Trade debts | 44 | €399 | €489 | +€90 | +22.5% |
| Suppliers | 440/4 | €399 | €489 | +€90 | +22.5% |
| Taxes, remuneration and social security | 45 | €3,750 | €4,973 | +€1,223 | +32.6% |
| Taxes | 450/3 | €1,104 | €2,349 | +€1,245 | +112.8% |
| Remuneration and social security | 454/9 | €2,647 | €2,624 | -€22 | -0.8% |
| Other amounts payable | 47/48 | €12,557 | €162,363 | +€149,806 | +1193.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,260 | €27,518 | +€16,258 | +144.4% |
| Other operating charges | 640/8 | €729 | €1,113 | +€384 | +52.7% |
| Gross operating margin | 9900 | €151,665 | €202,915 | +€51,250 | +33.8% |
| Operating profit (loss) | 9901 | €139,675 | €174,283 | +€34,608 | +24.8% |
| Financial income | 75/76B | €28,800 | €3,108 | -€25,692 | -89.2% |
| Recurring financial income | 75 | €28,800 | €3,108 | -€25,692 | -89.2% |
| Financial charges | 65/66B | €2,802 | €5,021 | +€2,220 | +79.2% |
| Recurring financial charges | 65 | €2,802 | €5,021 | +€2,220 | +79.2% |
| Profit (loss) for the period before taxes | 9903 | €165,674 | €172,370 | +€6,696 | +4.0% |
| Income taxes | 67/77 | €36,192 | €44,223 | +€8,031 | +22.2% |
| Profit (loss) for the period | 9904 | €129,481 | €128,147 | -€1,334 | -1.0% |
| Profit (loss) for the period to be appropriated | 9905 | €129,481 | €128,147 | -€1,334 | -1.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.