DECLERCK KURT: 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.
DECLERCK KURT
Largest movements
- Receivables within one year +€190,005
up €190,005 (+20.8%), from €911,366 to €1.1m
of which Other amounts receivable: +€149,470
- Cash -€105,820
down €105,820 (-69.0%), from €153,457 to €47,637
mainly Receivables within one year (-€190,005) and Current investments (-€80,135)
- Current investments +€80,135
up €80,135 (+23.8%), from €336,910 to €417,046
- Tangible fixed assets -€55,965
down €55,965 (-3.9%), from €1.4m to €1.4m
- Deferred charges and accrued income +€46,833
up €46,833 (+305%), from €15,377 to €62,209
- Reserves +€153,535
up €153,535 (+4.8%), from €3.2m to €3.3m
of which Distributable reserves: +€153,535
- Gross operating margin +€87,250
up €87,250 (+52.9%), from €164,890 to €252,140
- Financial income -€42,182
down €42,182 (-46.8%), from €90,086 to €47,903
- Taxes +€15,006
up €15,006 (+26.5%), from €56,655 to €71,660
- Depreciation -€3,165
down €3,165 (-5.4%), from €59,130 to €55,965
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,134,085 | €4,263,198 | +€129,113 | +3.1% |
| Fixed assets | 21/28 | €1,422,594 | €1,366,629 | -€55,965 | -3.9% |
| Tangible fixed assets | 22/27 | €1,422,594 | €1,366,629 | -€55,965 | -3.9% |
| Land and buildings | 22 | €1,422,594 | €1,366,629 | -€55,965 | -3.9% |
| Current assets | 29/58 | €2,711,491 | €2,896,568 | +€185,078 | +6.8% |
| Amounts receivable after more than one year | 29 | €1,294,382 | €1,268,306 | -€26,075 | -2.0% |
| Other amounts receivable | 291 | €1,294,382 | €1,268,306 | -€26,075 | -2.0% |
| Amounts receivable within one year | 40/41 | €911,366 | €1,101,371 | +€190,005 | +20.8% |
| Trade receivables | 40 | €29,040 | €69,575 | +€40,535 | +140% |
| Other amounts receivable | 41 | €882,326 | €1,031,796 | +€149,470 | +16.9% |
| Current investments | 50/53 | €336,910 | €417,046 | +€80,135 | +23.8% |
| Cash at bank and in hand | 54/58 | €153,457 | €47,637 | -€105,820 | -69.0% |
| Deferred charges and accrued income | 490/1 | €15,377 | €62,209 | +€46,833 | +305% |
| Total equity and liabilities | 10/49 | €4,134,085 | €4,263,198 | +€129,113 | +3.1% |
| Equity | 10/15 | €3,920,759 | €4,074,294 | +€153,535 | +3.9% |
| Contributions | 10/11 | €746,639 | €746,639 | = | 0.0% |
| Reserves | 13 | €3,174,121 | €3,327,656 | +€153,535 | +4.8% |
| Non-distributable reserves | 130/1 | €62,975 | €62,975 | = | 0.0% |
| Reserves not available under the articles | 1311 | €62,975 | €62,975 | = | 0.0% |
| Distributable reserves | 133 | €3,111,145 | €3,264,680 | +€153,535 | +4.9% |
| Amounts payable | 17/49 | €213,325 | €188,903 | -€24,422 | -11.4% |
| Amounts payable within one year | 42/48 | €209,559 | €185,076 | -€24,483 | -11.7% |
| Trade debts | 44 | €776 | €1,768 | +€992 | +128% |
| Suppliers | 440/4 | €776 | €1,768 | +€992 | +128% |
| Taxes, remuneration and social security | 45 | €23,658 | €17,503 | -€6,155 | -26.0% |
| Taxes | 450/3 | €23,658 | €17,503 | -€6,155 | -26.0% |
| Other amounts payable | 47/48 | €185,125 | €165,805 | -€19,320 | -10.4% |
| Accrued charges and deferred income | 492/3 | €3,767 | €3,827 | +€61 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,130 | €55,965 | -€3,165 | -5.4% |
| Other operating charges | 640/8 | €12,918 | €13,002 | +€84 | +0.7% |
| Gross operating margin | 9900 | €164,890 | €252,140 | +€87,250 | +52.9% |
| Operating profit (loss) | 9901 | €92,842 | €183,173 | +€90,331 | +97.3% |
| Financial income | 75/76B | €90,086 | €47,903 | -€42,182 | -46.8% |
| Recurring financial income | 75 | €90,086 | €47,903 | -€42,182 | -46.8% |
| Financial charges | 65/66B | €5,423 | €5,881 | +€458 | +8.4% |
| Recurring financial charges | 65 | €5,423 | €5,881 | +€458 | +8.4% |
| Profit (loss) for the period before taxes | 9903 | €177,504 | €225,195 | +€47,691 | +26.9% |
| Income taxes | 67/77 | €56,655 | €71,660 | +€15,006 | +26.5% |
| Profit (loss) for the period | 9904 | €120,849 | €153,535 | +€32,686 | +27.0% |
| Profit (loss) for the period to be appropriated | 9905 | €120,849 | €153,535 | +€32,686 | +27.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.