CHRISTOPHER KUNER: 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.
CHRISTOPHER KUNER
Largest movements
- Tangible fixed assets +€45,937
up €45,937 (+3412.6%), from €1,346 to €47,283
of which Furniture and vehicles: +€43,895
- Current investments -€19,911
down €19,911 (-11.9%), from €166,857 to €146,946
- Cash +€2,179
up €2,179 (+102.2%), from €2,132 to €4,311
mainly Net result for the year (+€22,634) and Current investments (+€19,911)
- Receivables within one year -€2,152
down €2,152 (-14.6%), from €14,734 to €12,582
of which Trade receivables: -€2,152
- Reserves +€22,634
up €22,634 (+13.7%), from €165,404 to €188,037
of which Distributable reserves: +€22,634
- Gross operating margin +€15,270
up €15,270 (+74.1%), from €20,607 to €35,876
- Taxes +€4,969
up €4,969 (+75.6%), from €6,574 to €11,543
- Depreciation +€1,889
up €1,889 (+554.8%), from €340 to €2,229
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 | €186,274 | €211,903 | +€25,629 | +13.8% |
| Fixed assets | 21/28 | €1,346 | €47,283 | +€45,937 | +3412.6% |
| Tangible fixed assets | 22/27 | €1,346 | €47,283 | +€45,937 | +3412.6% |
| Plant, machinery and equipment | 23 | €1,017 | €640 | -€377 | -37.0% |
| Furniture and vehicles | 24 | - | €43,895 | +€43,895 | |
| Other tangible fixed assets | 26 | €329 | €2,748 | +€2,418 | +734.2% |
| Current assets | 29/58 | €184,928 | €164,620 | -€20,308 | -11.0% |
| Amounts receivable within one year | 40/41 | €14,734 | €12,582 | -€2,152 | -14.6% |
| Trade receivables | 40 | €2,199 | €47 | -€2,152 | -97.9% |
| Other amounts receivable | 41 | €12,535 | €12,535 | = | 0.0% |
| Current investments | 50/53 | €166,857 | €146,946 | -€19,911 | -11.9% |
| Cash at bank and in hand | 54/58 | €2,132 | €4,311 | +€2,179 | +102.2% |
| Deferred charges and accrued income | 490/1 | €1,206 | €780 | -€425 | -35.3% |
| Total equity and liabilities | 10/49 | €186,274 | €211,903 | +€25,629 | +13.8% |
| Equity | 10/15 | €177,804 | €200,437 | +€22,634 | +12.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €165,404 | €188,037 | +€22,634 | +13.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €163,544 | €186,177 | +€22,634 | +13.8% |
| Amounts payable | 17/49 | €8,471 | €11,465 | +€2,995 | +35.4% |
| Amounts payable within one year | 42/48 | €8,471 | €11,465 | +€2,995 | +35.4% |
| Trade debts | 44 | €1,196 | €1,672 | +€477 | +39.9% |
| Suppliers | 440/4 | €1,196 | €1,672 | +€477 | +39.9% |
| Taxes, remuneration and social security | 45 | €4,480 | €5,797 | +€1,317 | +29.4% |
| Taxes | 450/3 | €4,480 | €5,797 | +€1,317 | +29.4% |
| Other amounts payable | 47/48 | €2,794 | €3,996 | +€1,201 | +43.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €340 | €2,229 | +€1,889 | +554.8% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €20,607 | €35,876 | +€15,270 | +74.1% |
| Operating profit (loss) | 9901 | €19,879 | €33,247 | +€13,368 | +67.2% |
| Financial income | 75/76B | €1,032 | €985 | -€47 | -4.6% |
| Recurring financial income | 75 | €1,032 | €985 | -€47 | -4.6% |
| Financial charges | 65/66B | €58 | €55 | -€2 | -4.1% |
| Recurring financial charges | 65 | €58 | €55 | -€2 | -4.1% |
| Profit (loss) for the period before taxes | 9903 | €20,853 | €34,177 | +€13,324 | +63.9% |
| Income taxes | 67/77 | €6,574 | €11,543 | +€4,969 | +75.6% |
| Profit (loss) for the period | 9904 | €14,279 | €22,634 | +€8,355 | +58.5% |
| Profit (loss) for the period to be appropriated | 9905 | €14,279 | €22,634 | +€8,355 | +58.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.