De Kiekoet: 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.
De Kiekoet
Largest movements
- Receivables within one year +€192,637
up €192,637 (+3,731%), from €5,163 to €197,800
of which Trade receivables: +€185,656
- Cash +€177,320
up €177,320 (+36.5%), from €486,439 to €663,760
mainly Net result for the year (+€281,060) and Debts after one year (+€157,575)
- Tangible fixed assets +€163,970
up €163,970 (+21.3%), from €771,208 to €935,178
of which Furniture and vehicles: +€175,824
- Current investments -€40,000
down €40,000 (-100%), from €40,000 to €0
- Reserves +€281,060
up €281,060 (+83.9%), from €334,901 to €615,961
of which Distributable reserves: +€281,060
- Debts after one year +€157,575
up €157,575 (+148%), from €106,749 to €264,325
- Trade debts +€31,993
up €31,993 (+39.4%), from €81,178 to €113,171
- Current portion of long-term debt +€26,385
up €26,385 (+64.3%), from €41,040 to €67,425
- Gross operating margin +€72,487
up €72,487 (+15.8%), from €459,933 to €532,420
- Taxes +€48,334
up €48,334 (+67.3%), from €71,841 to €120,176
- Depreciation +€36,371
up €36,371 (+42.8%), from €84,894 to €121,265
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 | €1,328,667 | €1,817,592 | +€488,926 | +36.8% |
| Fixed assets | 21/28 | €771,208 | €935,178 | +€163,970 | +21.3% |
| Tangible fixed assets | 22/27 | €771,208 | €935,178 | +€163,970 | +21.3% |
| Land and buildings | 22 | €628,013 | €619,242 | -€8,771 | -1.4% |
| Plant, machinery and equipment | 23 | €57,111 | €54,029 | -€3,083 | -5.4% |
| Furniture and vehicles | 24 | €86,083 | €261,907 | +€175,824 | +204% |
| Current assets | 29/58 | €557,458 | €882,414 | +€324,956 | +58.3% |
| Stocks and contracts in progress | 3 | €20,486 | €14,983 | -€5,502 | -26.9% |
| Stocks | 30/36 | €20,486 | €14,983 | -€5,502 | -26.9% |
| Amounts receivable within one year | 40/41 | €5,163 | €197,800 | +€192,637 | +3,731% |
| Trade receivables | 40 | €5,163 | €190,819 | +€185,656 | +3,596% |
| Other amounts receivable | 41 | €0 | €6,981 | +€6,981 | |
| Current investments | 50/53 | €40,000 | €0 | -€40,000 | -100% |
| Cash at bank and in hand | 54/58 | €486,439 | €663,760 | +€177,320 | +36.5% |
| Deferred charges and accrued income | 490/1 | €5,371 | €5,872 | +€501 | +9.3% |
| Total equity and liabilities | 10/49 | €1,328,667 | €1,817,592 | +€488,926 | +36.8% |
| Equity | 10/15 | €1,054,901 | €1,335,961 | +€281,060 | +26.6% |
| Contributions | 10/11 | €720,000 | €720,000 | = | 0.0% |
| Reserves | 13 | €334,901 | €615,961 | +€281,060 | +83.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €334,901 | €615,961 | +€281,060 | +83.9% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €273,766 | €481,632 | +€207,866 | +75.9% |
| Amounts payable after more than one year | 17 | €106,749 | €264,325 | +€157,575 | +148% |
| Financial debts | 170/4 | €106,749 | €264,325 | +€157,575 | +148% |
| Amounts payable within one year | 42/48 | €167,017 | €217,307 | +€50,290 | +30.1% |
| Current portion of amounts payable after more than one year | 42 | €41,040 | €67,425 | +€26,385 | +64.3% |
| Trade debts | 44 | €81,178 | €113,171 | +€31,993 | +39.4% |
| Suppliers | 440/4 | €81,178 | €113,171 | +€31,993 | +39.4% |
| Taxes, remuneration and social security | 45 | €32,675 | €26,483 | -€6,192 | -18.9% |
| Taxes | 450/3 | €29,175 | €22,983 | -€6,192 | -21.2% |
| Remuneration and social security | 454/9 | €3,500 | €3,500 | = | 0.0% |
| Other amounts payable | 47/48 | €12,125 | €10,228 | -€1,896 | -15.6% |
| Non-recurring operating income | 76A | €28,400 | €14,000 | -€14,400 | -50.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,894 | €121,265 | +€36,371 | +42.8% |
| Other operating charges | 640/8 | €7,279 | €7,484 | +€205 | +2.8% |
| Gross operating margin | 9900 | €459,933 | €532,420 | +€72,487 | +15.8% |
| Operating profit (loss) | 9901 | €367,759 | €403,670 | +€35,911 | +9.8% |
| Financial income | 75/76B | €45 | €3,179 | +€3,133 | +6,931% |
| Recurring financial income | 75 | €45 | €3,179 | +€3,133 | +6,931% |
| Financial charges | 65/66B | €8,155 | €5,613 | -€2,542 | -31.2% |
| Recurring financial charges | 65 | €8,155 | €5,613 | -€2,542 | -31.2% |
| Profit (loss) for the period before taxes | 9903 | €359,649 | €401,236 | +€41,587 | +11.6% |
| Income taxes | 67/77 | €71,841 | €120,176 | +€48,334 | +67.3% |
| Profit (loss) for the period | 9904 | €287,808 | €281,060 | -€6,748 | -2.3% |
| Profit (loss) for the period to be appropriated | 9905 | €287,808 | €281,060 | -€6,748 | -2.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.