De Kwade Heyde: 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 Kwade Heyde
Largest movements
- Cash +€28,011
up €28,011 (+353%), from €7,946 to €35,957
mainly Net result for the year (+€36,331) and Tax, wage and social debts (+€13,528)
- Receivables within one year +€9,900
up €9,900 (+35.8%), from €27,648 to €37,549
of which Trade receivables: +€9,840
- Stocks and contracts -€2,620
down €2,620 (-62.4%), from €4,196 to €1,576
- Deferred charges and accrued income +€2,544
up €2,544 (+216%), from €1,180 to €3,723
- Tangible fixed assets +€1,351
up €1,351 (+15.1%), from €8,940 to €10,291
of which Plant, machinery and equipment: +€3,767
- Reserves +€35,498
up €35,498 (+311%), from €11,406 to €46,904
- Tax, wage and social debts +€13,528
up €13,528 (+360%), from €3,755 to €17,283
- Trade debts -€8,113
down €8,113 (-63.8%), from €12,716 to €4,603
- Debts after one year -€1,611
no longer reported in 2025 (was €1,611)
- Gross operating margin +€44,213
up €44,213 (+318%), from €13,893 to €58,107
- Taxes +€12,125
up €12,125 (+606%), from €2,000 to €14,125
- Depreciation -€5,059
down €5,059 (-61.0%), from €8,295 to €3,236
- Other operating charges +€2,178
up €2,178 (+194%), from €1,121 to €3,299
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 | €49,910 | €89,096 | +€39,186 | +78.5% |
| Fixed assets | 21/28 | €8,940 | €10,291 | +€1,351 | +15.1% |
| Tangible fixed assets | 22/27 | €8,940 | €10,291 | +€1,351 | +15.1% |
| Land and buildings | 22 | €6,127 | €5,671 | -€456 | -7.4% |
| Plant, machinery and equipment | 23 | €801 | €4,568 | +€3,767 | +470% |
| Furniture and vehicles | 24 | €2,012 | €52 | -€1,960 | -97.4% |
| Current assets | 29/58 | €40,969 | €78,805 | +€37,835 | +92.3% |
| Stocks and contracts in progress | 3 | €4,196 | €1,576 | -€2,620 | -62.4% |
| Stocks | 30/36 | €4,196 | €1,576 | -€2,620 | -62.4% |
| Amounts receivable within one year | 40/41 | €27,648 | €37,549 | +€9,900 | +35.8% |
| Trade receivables | 40 | €27,648 | €37,488 | +€9,840 | +35.6% |
| Other amounts receivable | 41 | - | €61 | +€61 | |
| Cash at bank and in hand | 54/58 | €7,946 | €35,957 | +€28,011 | +353% |
| Deferred charges and accrued income | 490/1 | €1,180 | €3,723 | +€2,544 | +216% |
| Total equity and liabilities | 10/49 | €49,910 | €89,096 | +€39,186 | +78.5% |
| Equity | 10/15 | €15,406 | €50,904 | +€35,498 | +230% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €11,406 | €46,904 | +€35,498 | +311% |
| Distributable reserves | 133 | €11,406 | €46,904 | +€35,498 | +311% |
| Amounts payable | 17/49 | €34,503 | €38,192 | +€3,689 | +10.7% |
| Amounts payable after more than one year | 17 | €1,611 | - | -€1,611 | |
| Financial debts | 170/4 | €1,611 | - | -€1,611 | |
| Amounts payable within one year | 42/48 | €32,893 | €38,192 | +€5,299 | +16.1% |
| Current portion of amounts payable after more than one year | 42 | €2,072 | €1,611 | -€461 | -22.3% |
| Trade debts | 44 | €12,716 | €4,603 | -€8,113 | -63.8% |
| Suppliers | 440/4 | €12,716 | €4,603 | -€8,113 | -63.8% |
| Taxes, remuneration and social security | 45 | €3,755 | €17,283 | +€13,528 | +360% |
| Taxes | 450/3 | €3,755 | €17,283 | +€13,528 | +360% |
| Other amounts payable | 47/48 | €14,349 | €14,695 | +€346 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,295 | €3,236 | -€5,059 | -61.0% |
| Other operating charges | 640/8 | €1,121 | €3,299 | +€2,178 | +194% |
| Gross operating margin | 9900 | €13,893 | €58,107 | +€44,213 | +318% |
| Operating profit (loss) | 9901 | €4,478 | €51,572 | +€47,094 | +1,052% |
| Financial income | 75/76B | €0 | €36 | +€36 | +179,950% |
| Recurring financial income | 75 | €0 | €36 | +€36 | +179,950% |
| Financial charges | 65/66B | €1,282 | €1,153 | -€130 | -10.1% |
| Recurring financial charges | 65 | €1,282 | €1,153 | -€130 | -10.1% |
| Profit (loss) for the period before taxes | 9903 | €3,196 | €50,456 | +€47,260 | +1,479% |
| Income taxes | 67/77 | €2,000 | €14,125 | +€12,125 | +606% |
| Profit (loss) for the period | 9904 | €1,196 | €36,331 | +€35,135 | +2,938% |
| Profit (loss) for the period to be appropriated | 9905 | €1,196 | €36,331 | +€35,135 | +2,938% |
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 24 October 2026 via checked.be.