DIRK CALUWAERTS: 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.
DIRK CALUWAERTS
Largest movements
- Current investments -€422,089
down €422,089 (-100%), from €422,089 to €0
- Receivables within one year +€388,039
up €388,039 (+3,451%), from €11,244 to €399,283
of which Other amounts receivable: +€392,121
- Tangible fixed assets +€59,871
up €59,871 (+6.2%), from €973,117 to €1.0m
of which Land and buildings: +€49,176
- Cash -€30,690
down €30,690 (-95.1%), from €32,280 to €1,590
mainly Receivables within one year (-€388,039) and Investment in fixed assets (net) (-€355,308)
- Profit (loss) carried forward -€302,841
down €302,841 (-35.6%), from €850,703 to €547,862
- Debts after one year +€250,428
up €250,428 (+361%), from €69,375 to €319,803
of which Financial debts: +€248,010
- Trade debts +€52,395
up €52,395 (+364%), from €14,379 to €66,774
- Taxes +€55,508
up €55,508 (+24,780%), from €224 to €55,732
- Other operating charges +€50,369
up €50,369 (+116%), from €43,271 to €93,640
- Purchases and services -€44,383
down €44,383 (-29.9%), from €148,450 to €104,067
- Turnover -€28,343
down €28,343 (-10.2%), from €276,983 to €248,640
- Depreciation +€17,818
up €17,818 (+6.4%), from €277,619 to €295,437
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 | €1,438,980 | €1,434,111 | -€4,869 | -0.3% |
| Fixed assets | 21/28 | €973,367 | €1,033,238 | +€59,871 | +6.2% |
| Tangible fixed assets | 22/27 | €973,117 | €1,032,988 | +€59,871 | +6.2% |
| Land and buildings | 22 | €972,807 | €1,021,983 | +€49,176 | +5.1% |
| Furniture and vehicles | 24 | €310 | €11,005 | +€10,695 | +3,450% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €465,613 | €400,873 | -€64,740 | -13.9% |
| Amounts receivable within one year | 40/41 | €11,244 | €399,283 | +€388,039 | +3,451% |
| Trade receivables | 40 | €4,082 | - | -€4,082 | |
| Other amounts receivable | 41 | €7,162 | €399,283 | +€392,121 | +5,475% |
| Current investments | 50/53 | €422,089 | €0 | -€422,089 | -100% |
| Cash at bank and in hand | 54/58 | €32,280 | €1,590 | -€30,690 | -95.1% |
| Total equity and liabilities | 10/49 | €1,438,980 | €1,434,111 | -€4,869 | -0.3% |
| Equity | 10/15 | €873,953 | €571,112 | -€302,841 | -34.7% |
| Reserves | 13 | €23,250 | €23,250 | = | 0.0% |
| Non-distributable reserves | 130/1 | €23,250 | €23,250 | = | 0.0% |
| Reserves not available under the articles | 1311 | €18,600 | €18,600 | = | 0.0% |
| Other | 1319 | €4,650 | €4,650 | = | 0.0% |
| Profit (loss) carried forward | 14 | €850,703 | €547,862 | -€302,841 | -35.6% |
| Provisions and deferred taxes | 16 | €402,542 | €402,542 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €402,542 | €402,542 | = | 0.0% |
| Pensions and similar obligations | 160 | €402,542 | €402,542 | = | 0.0% |
| Amounts payable | 17/49 | €162,485 | €460,457 | +€297,972 | +183% |
| Amounts payable after more than one year | 17 | €69,375 | €319,803 | +€250,428 | +361% |
| Financial debts | 170/4 | €66,990 | €315,000 | +€248,010 | +370% |
| Trade debts | 175 | - | €2,100 | +€2,100 | |
| Advances received on contracts in progress | 176 | - | €318 | +€318 | |
| Other amounts payable | 178/9 | €2,385 | €2,385 | = | 0.0% |
| Amounts payable within one year | 42/48 | €93,110 | €140,654 | +€47,544 | +51.1% |
| Current portion of amounts payable after more than one year | 42 | €78,444 | €66,990 | -€11,454 | -14.6% |
| Trade debts | 44 | €14,379 | €66,774 | +€52,395 | +364% |
| Suppliers | 440/4 | €14,379 | €66,774 | +€52,395 | +364% |
| Taxes, remuneration and social security | 45 | €287 | €6,890 | +€6,603 | +2,301% |
| Taxes | 450/3 | €287 | €6,890 | +€6,603 | +2,301% |
| Turnover | 70 | €276,983 | €248,640 | -€28,343 | -10.2% |
| Goods, raw materials, services and sundry goods | 60/61 | €148,450 | €104,067 | -€44,383 | -29.9% |
| Remuneration, social security and pensions | 62 | - | €922 | +€922 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €277,619 | €295,437 | +€17,818 | +6.4% |
| Other operating charges | 640/8 | €43,271 | €93,640 | +€50,369 | +116% |
| Gross operating margin | 9900 | €128,533 | €144,573 | +€16,040 | +12.5% |
| Operating profit (loss) | 9901 | -€192,357 | -€245,426 | -€53,069 | -27.6% |
| Financial income | 75/76B | €4,662 | €2,416 | -€2,246 | -48.2% |
| Recurring financial income | 75 | €4,662 | €2,416 | -€2,246 | -48.2% |
| Financial charges | 65/66B | €5,232 | €4,099 | -€1,133 | -21.7% |
| Recurring financial charges | 65 | €5,232 | €4,099 | -€1,133 | -21.7% |
| Profit (loss) for the period before taxes | 9903 | -€192,927 | -€247,109 | -€54,182 | -28.1% |
| Income taxes | 67/77 | €224 | €55,732 | +€55,508 | +24,780% |
| Profit (loss) for the period | 9904 | -€193,151 | -€302,841 | -€109,690 | -56.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€193,151 | -€302,841 | -€109,690 | -56.8% |
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 28 October 2026 via checked.be.