Dirk Van Keirsbilck: 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 Van Keirsbilck
Largest movements
- Receivables within one year -€213,289
down €213,289 (-77.2%), from €276,238 to €62,949
of which Trade receivables: -€218,456
- Cash +€127,060
up €127,060 (+34.0%), from €373,209 to €500,269
mainly Receivables within one year (+€213,289) and Net result for the year (+€111,115)
- Tangible fixed assets -€40,047
down €40,047 (-26.5%), from €150,900 to €110,853
of which Furniture and vehicles: -€30,220
- Tax, wage and social debts -€164,486
down €164,486 (-81.0%), from €203,014 to €38,528
of which Taxes: -€161,986
- Reserves +€111,115
up €111,115 (+21.9%), from €506,996 to €618,112
- Other debts -€43,020
no longer reported in 2025 (was €43,020)
- Trade debts -€20,350
down €20,350 (-61.3%), from €33,172 to €12,821
- Gross operating margin -€103,517
down €103,517 (-33.0%), from €313,929 to €210,412
- Taxes -€25,028
down €25,028 (-31.1%), from €80,589 to €55,562
- Depreciation +€11,818
up €11,818 (+39.5%), from €29,956 to €41,774
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 | €809,307 | €688,061 | -€121,246 | -15.0% |
| Fixed assets | 21/28 | €152,925 | €112,878 | -€40,047 | -26.2% |
| Tangible fixed assets | 22/27 | €150,900 | €110,853 | -€40,047 | -26.5% |
| Plant, machinery and equipment | 23 | €43,810 | €33,983 | -€9,827 | -22.4% |
| Furniture and vehicles | 24 | €107,090 | €76,870 | -€30,220 | -28.2% |
| Financial fixed assets | 28 | €2,025 | €2,025 | = | 0.0% |
| Current assets | 29/58 | €656,382 | €575,183 | -€81,199 | -12.4% |
| Amounts receivable after more than one year | 29 | - | €7,446 | +€7,446 | |
| Other amounts receivable | 291 | - | €7,446 | +€7,446 | |
| Stocks and contracts in progress | 3 | €1,573 | €1,323 | -€250 | -15.9% |
| Stocks | 30/36 | €1,573 | €1,323 | -€250 | -15.9% |
| Amounts receivable within one year | 40/41 | €276,238 | €62,949 | -€213,289 | -77.2% |
| Trade receivables | 40 | €272,825 | €54,368 | -€218,456 | -80.1% |
| Other amounts receivable | 41 | €3,413 | €8,580 | +€5,168 | +151% |
| Cash at bank and in hand | 54/58 | €373,209 | €500,269 | +€127,060 | +34.0% |
| Deferred charges and accrued income | 490/1 | €5,362 | €3,196 | -€2,166 | -40.4% |
| Total equity and liabilities | 10/49 | €809,307 | €688,061 | -€121,246 | -15.0% |
| Equity | 10/15 | €525,596 | €636,712 | +€111,115 | +21.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €506,996 | €618,112 | +€111,115 | +21.9% |
| Distributable reserves | 133 | €506,996 | €618,112 | +€111,115 | +21.9% |
| Amounts payable | 17/49 | €283,710 | €51,349 | -€232,361 | -81.9% |
| Amounts payable after more than one year | 17 | €4,505 | - | -€4,505 | |
| Other amounts payable | 178/9 | €4,505 | - | -€4,505 | |
| Amounts payable within one year | 42/48 | €279,206 | €51,349 | -€227,856 | -81.6% |
| Trade debts | 44 | €33,172 | €12,821 | -€20,350 | -61.3% |
| Suppliers | 440/4 | €33,172 | €12,821 | -€20,350 | -61.3% |
| Taxes, remuneration and social security | 45 | €203,014 | €38,528 | -€164,486 | -81.0% |
| Taxes | 450/3 | €200,515 | €38,528 | -€161,986 | -80.8% |
| Remuneration and social security | 454/9 | €2,500 | - | -€2,500 | |
| Other amounts payable | 47/48 | €43,020 | - | -€43,020 | |
| Non-recurring operating income | 76A | €10,751 | - | -€10,751 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,956 | €41,774 | +€11,818 | +39.5% |
| Other operating charges | 640/8 | €316 | €1,516 | +€1,200 | +380% |
| Gross operating margin | 9900 | €313,929 | €210,412 | -€103,517 | -33.0% |
| Operating profit (loss) | 9901 | €283,657 | €167,122 | -€116,535 | -41.1% |
| Financial income | 75/76B | €2 | - | -€2 | |
| Recurring financial income | 75 | €2 | - | -€2 | |
| Financial charges | 65/66B | €74 | €446 | +€372 | +502% |
| Recurring financial charges | 65 | €74 | €446 | +€372 | +502% |
| Profit (loss) for the period before taxes | 9903 | €283,585 | €166,677 | -€116,908 | -41.2% |
| Income taxes | 67/77 | €80,589 | €55,562 | -€25,028 | -31.1% |
| Profit (loss) for the period | 9904 | €202,996 | €111,115 | -€91,881 | -45.3% |
| Profit (loss) for the period to be appropriated | 9905 | €202,996 | €111,115 | -€91,881 | -45.3% |
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 28 October 2026 via checked.be.