DER KREIS: 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.
DER KREIS
Largest movements
- Cash +€670,848
up €670,848 (+200%), from €335,061 to €1.0m
mainly Net result for the year (+€295,486) and Current investments (+€142,957)
- Current investments -€142,957
down €142,957 (-7.1%), from €2.0m to €1.9m
- Receivables within one year -€130,262
down €130,262 (-8.1%), from €1.6m to €1.5m
of which Trade receivables: -€74,692
- Profit (loss) carried forward +€157,830
up €157,830 (+67.8%), from €232,878 to €390,708
- Reserves +€126,300
up €126,300 (+4.1%), from €3.1m to €3.2m
of which Tax-exempt reserves: +€126,300
- Gross operating margin +€27,178
up €27,178 (+4.2%), from €651,187 to €678,365
- Depreciation -€19,234
down €19,234 (-47.7%), from €40,330 to €21,096
- Staff costs -€14,938
down €14,938 (-5.1%), from €293,251 to €278,312
- Taxes +€11,942
up €11,942 (+13.0%), from €91,541 to €103,483
- Other operating charges -€10,063
down €10,063 (-39.4%), from €25,551 to €15,488
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 | €4,749,869 | €5,124,420 | +€374,551 | +7.9% |
| Fixed assets | 21/28 | €783,635 | €764,775 | -€18,860 | -2.4% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €779,435 | €760,575 | -€18,860 | -2.4% |
| Land and buildings | 22 | €778,870 | €758,419 | -€20,451 | -2.6% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €565 | €2,156 | +€1,591 | +282% |
| Financial fixed assets | 28 | €4,200 | €4,200 | = | 0.0% |
| Current assets | 29/58 | €3,966,233 | €4,359,645 | +€393,411 | +9.9% |
| Amounts receivable within one year | 40/41 | €1,604,190 | €1,473,928 | -€130,262 | -8.1% |
| Trade receivables | 40 | €1,143,158 | €1,068,465 | -€74,692 | -6.5% |
| Other amounts receivable | 41 | €461,032 | €405,463 | -€55,569 | -12.1% |
| Current investments | 50/53 | €2,009,403 | €1,866,446 | -€142,957 | -7.1% |
| Cash at bank and in hand | 54/58 | €335,061 | €1,005,909 | +€670,848 | +200% |
| Deferred charges and accrued income | 490/1 | €17,580 | €13,362 | -€4,218 | -24.0% |
| Total equity and liabilities | 10/49 | €4,749,869 | €5,124,420 | +€374,551 | +7.9% |
| Equity | 10/15 | €3,299,951 | €3,584,081 | +€284,130 | +8.6% |
| Contributions | 10/11 | €6,214 | €6,214 | = | 0.0% |
| Reserves | 13 | €3,060,859 | €3,187,159 | +€126,300 | +4.1% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €126,300 | +€126,300 | |
| Distributable reserves | 133 | €3,059,000 | €3,059,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €232,878 | €390,708 | +€157,830 | +67.8% |
| Amounts payable | 17/49 | €1,449,918 | €1,540,339 | +€90,421 | +6.2% |
| Amounts payable within one year | 42/48 | €1,449,918 | €1,540,339 | +€90,421 | +6.2% |
| Trade debts | 44 | €135,574 | €184,280 | +€48,706 | +35.9% |
| Suppliers | 440/4 | €135,574 | €184,280 | +€48,706 | +35.9% |
| Taxes, remuneration and social security | 45 | €23,476 | €38,789 | +€15,313 | +65.2% |
| Taxes | 450/3 | €140 | €23,424 | +€23,284 | +16,663% |
| Remuneration and social security | 454/9 | €23,336 | €15,366 | -€7,971 | -34.2% |
| Other amounts payable | 47/48 | €1,290,868 | €1,317,270 | +€26,402 | +2.0% |
| Non-recurring operating income | 76A | €762 | €5,974 | +€5,212 | +684% |
| Remuneration, social security and pensions | 62 | €293,251 | €278,312 | -€14,938 | -5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,330 | €21,096 | -€19,234 | -47.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,636 | €3,300 | -€4,336 | -56.8% |
| Other operating charges | 640/8 | €25,551 | €15,488 | -€10,063 | -39.4% |
| Gross operating margin | 9900 | €651,187 | €678,365 | +€27,178 | +4.2% |
| Operating profit (loss) | 9901 | €284,419 | €360,169 | +€75,749 | +26.6% |
| Financial income | 75/76B | €44,354 | €43,456 | -€899 | -2.0% |
| Recurring financial income | 75 | €44,354 | €43,456 | -€899 | -2.0% |
| Financial charges | 65/66B | €4,782 | €4,656 | -€126 | -2.6% |
| Recurring financial charges | 65 | €4,782 | €4,656 | -€126 | -2.6% |
| Profit (loss) for the period before taxes | 9903 | €323,992 | €398,969 | +€74,977 | +23.1% |
| Income taxes | 67/77 | €91,541 | €103,483 | +€11,942 | +13.0% |
| Profit (loss) for the period | 9904 | €232,451 | €295,486 | +€63,035 | +27.1% |
| Transfer to tax-exempt reserves | 689 | - | €126,300 | +€126,300 | |
| Profit (loss) for the period to be appropriated | 9905 | €232,451 | €169,186 | -€63,265 | -27.2% |
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 29 October 2026 via checked.be.