Bart Van Kerkhoven: 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.
Bart Van Kerkhoven
Largest movements
- Receivables after one year +€273,290
up €273,290 (+30.2%), from €905,719 to €1.2m
- Cash -€142,455
down €142,455 (-59.7%), from €238,559 to €96,104
mainly Contributions, distributions and other (-€543,258) and Receivables after one year (-€273,290)
- Tangible fixed assets +€117,527
up €117,527 (+11.3%), from €1.0m to €1.2m
of which Plant, machinery and equipment: +€224,488
- Other debts +€276,445
up €276,445 (+10,437%), from €2,649 to €279,094
- Short-term financial debts +€71,136
up €71,136 (+31.1%), from €228,765 to €299,901
of which Credit institutions: +€59,886
- Current portion of long-term debt -€59,733
down €59,733 (-53.7%), from €111,233 to €51,500
- Debts after one year -€51,500
down €51,500 (-11.1%), from €463,500 to €412,000
- Tax, wage and social debts +€39,432
up €39,432 (+65.8%), from €59,896 to €99,328
- Gross operating margin +€127,116
up €127,116 (+16.1%), from €791,099 to €918,215
- Other operating charges +€77,583
up €77,583 (+3,765%), from €2,061 to €79,643
- Depreciation +€24,980
up €24,980 (+29.4%), from €84,843 to €109,824
- Financial charges +€17,990
up €17,990 (+126%), from €14,266 to €32,256
- Financial income +€9,831
up €9,831 (+18.4%), from €53,458 to €63,289
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 | €2,234,828 | €2,507,735 | +€272,907 | +12.2% |
| Fixed assets | 21/28 | €1,040,223 | €1,169,400 | +€129,177 | +12.4% |
| Tangible fixed assets | 22/27 | €1,040,223 | €1,157,750 | +€117,527 | +11.3% |
| Land and buildings | 22 | €916,329 | €897,246 | -€19,083 | -2.1% |
| Plant, machinery and equipment | 23 | €30,359 | €254,847 | +€224,488 | +739% |
| Furniture and vehicles | 24 | €57,520 | €2,945 | -€54,575 | -94.9% |
| Other tangible fixed assets | 26 | €36,015 | €2,712 | -€33,303 | -92.5% |
| Financial fixed assets | 28 | - | €11,650 | +€11,650 | |
| Current assets | 29/58 | €1,194,605 | €1,338,335 | +€143,730 | +12.0% |
| Amounts receivable after more than one year | 29 | €905,719 | €1,179,010 | +€273,290 | +30.2% |
| Other amounts receivable | 291 | €905,719 | €1,179,010 | +€273,290 | +30.2% |
| Amounts receivable within one year | 40/41 | €2,389 | €8,715 | +€6,326 | +265% |
| Trade receivables | 40 | - | €8,000 | +€8,000 | |
| Other amounts receivable | 41 | €2,389 | €715 | -€1,674 | -70.1% |
| Cash at bank and in hand | 54/58 | €238,559 | €96,104 | -€142,455 | -59.7% |
| Deferred charges and accrued income | 490/1 | €47,937 | €54,506 | +€6,569 | +13.7% |
| Total equity and liabilities | 10/49 | €2,234,828 | €2,507,735 | +€272,907 | +12.2% |
| Equity | 10/15 | €1,353,601 | €1,329,359 | -€24,242 | -1.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,335,001 | €1,310,759 | -€24,242 | -1.8% |
| Non-distributable reserves | 130/1 | €100 | - | -€100 | |
| Reserves not available under the articles | 1311 | €100 | - | -€100 | |
| Distributable reserves | 133 | €1,334,901 | €1,310,759 | -€24,142 | -1.8% |
| Amounts payable | 17/49 | €881,227 | €1,178,376 | +€297,149 | +33.7% |
| Amounts payable after more than one year | 17 | €463,500 | €412,000 | -€51,500 | -11.1% |
| Financial debts | 170/4 | €463,500 | €412,000 | -€51,500 | -11.1% |
| Amounts payable within one year | 42/48 | €406,922 | €754,310 | +€347,388 | +85.4% |
| Current portion of amounts payable after more than one year | 42 | €111,233 | €51,500 | -€59,733 | -53.7% |
| Financial debts | 43 | €228,765 | €299,901 | +€71,136 | +31.1% |
| Credit institutions | 430/8 | - | €59,886 | +€59,886 | |
| Other loans | 439 | €228,765 | €240,015 | +€11,250 | +4.9% |
| Trade debts | 44 | €4,380 | €24,488 | +€20,108 | +459% |
| Suppliers | 440/4 | €4,380 | €24,488 | +€20,108 | +459% |
| Taxes, remuneration and social security | 45 | €59,896 | €99,328 | +€39,432 | +65.8% |
| Taxes | 450/3 | €59,896 | €99,328 | +€39,432 | +65.8% |
| Other amounts payable | 47/48 | €2,649 | €279,094 | +€276,445 | +10,437% |
| Accrued charges and deferred income | 492/3 | €10,805 | €12,066 | +€1,261 | +11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,843 | €109,824 | +€24,980 | +29.4% |
| Other operating charges | 640/8 | €2,061 | €79,643 | +€77,583 | +3,765% |
| Gross operating margin | 9900 | €791,099 | €918,215 | +€127,116 | +16.1% |
| Operating profit (loss) | 9901 | €704,194 | €728,748 | +€24,553 | +3.5% |
| Financial income | 75/76B | €53,458 | €63,289 | +€9,831 | +18.4% |
| Recurring financial income | 75 | €53,458 | €63,289 | +€9,831 | +18.4% |
| Financial charges | 65/66B | €14,266 | €32,256 | +€17,990 | +126% |
| Recurring financial charges | 65 | €14,266 | €32,256 | +€17,990 | +126% |
| Profit (loss) for the period before taxes | 9903 | €743,386 | €759,780 | +€16,394 | +2.2% |
| Income taxes | 67/77 | €234,251 | €240,764 | +€6,513 | +2.8% |
| Profit (loss) for the period | 9904 | €509,135 | €519,016 | +€9,881 | +1.9% |
| Profit (loss) for the period to be appropriated | 9905 | €509,135 | €519,016 | +€9,881 | +1.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.