Dr. Apr. D. Kieffer: 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.
Dr. Apr. D. Kieffer
Largest movements
- Current investments +€60,000
up €60,000 (+23.5%), from €255,000 to €315,000
- Tangible fixed assets -€17,024
down €17,024 (-26.2%), from €65,090 to €48,065
of which Furniture and vehicles: -€27,489
- Cash +€13,113
up €13,113 (+6.2%), from €210,146 to €223,259
mainly Net result for the year (+€110,402) and Other debts (+€71,892)
- Other debts +€71,892
up €71,892 (+40.6%), from €176,952 to €248,843
- Reserves -€47,595
down €47,595 (-11.7%), from €406,617 to €359,021
of which Distributable reserves: -€47,595
- Accrued charges and deferred income +€36,610
up €36,610 (+29.3%), from €125,104 to €161,713
- Debts after one year -€11,215
no longer reported in 2025 (was €11,215)
- Financial income -€22,500
down €22,500 (-70.0%), from €32,121 to €9,621
- Taxes -€7,473
down €7,473 (-19.3%), from €38,658 to €31,186
- Gross operating margin +€6,491
up €6,491 (+1.3%), from €497,115 to €503,606
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 | €740,475 | €790,139 | +€49,664 | +6.7% |
| Fixed assets | 21/28 | €65,090 | €48,065 | -€17,024 | -26.2% |
| Tangible fixed assets | 22/27 | €65,090 | €48,065 | -€17,024 | -26.2% |
| Land and buildings | 22 | €2,707 | €13,455 | +€10,749 | +397% |
| Plant, machinery and equipment | 23 | €9,690 | €9,406 | -€284 | -2.9% |
| Furniture and vehicles | 24 | €52,694 | €25,204 | -€27,489 | -52.2% |
| Current assets | 29/58 | €675,386 | €742,074 | +€66,688 | +9.9% |
| Amounts receivable within one year | 40/41 | €210,239 | €203,814 | -€6,425 | -3.1% |
| Other amounts receivable | 41 | €210,239 | €203,814 | -€6,425 | -3.1% |
| Current investments | 50/53 | €255,000 | €315,000 | +€60,000 | +23.5% |
| Cash at bank and in hand | 54/58 | €210,146 | €223,259 | +€13,113 | +6.2% |
| Total equity and liabilities | 10/49 | €740,475 | €790,139 | +€49,664 | +6.7% |
| Equity | 10/15 | €406,617 | €359,021 | -€47,595 | -11.7% |
| Reserves | 13 | €406,617 | €359,021 | -€47,595 | -11.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €404,757 | €357,161 | -€47,595 | -11.8% |
| Amounts payable | 17/49 | €333,859 | €431,118 | +€97,259 | +29.1% |
| Amounts payable after more than one year | 17 | €11,215 | - | -€11,215 | |
| Financial debts | 170/4 | €11,215 | - | -€11,215 | |
| Amounts payable within one year | 42/48 | €197,541 | €269,404 | +€71,864 | +36.4% |
| Financial debts | 43 | €12,123 | €10,822 | -€1,301 | -10.7% |
| Credit institutions | 430/8 | €12,123 | €10,822 | -€1,301 | -10.7% |
| Trade debts | 44 | €80 | €1,120 | +€1,040 | +1,299% |
| Suppliers | 440/4 | €80 | €1,120 | +€1,040 | +1,299% |
| Taxes, remuneration and social security | 45 | €8,386 | €8,619 | +€233 | +2.8% |
| Taxes | 450/3 | €8,386 | €8,619 | +€233 | +2.8% |
| Other amounts payable | 47/48 | €176,952 | €248,843 | +€71,892 | +40.6% |
| Accrued charges and deferred income | 492/3 | €125,104 | €161,713 | +€36,610 | +29.3% |
| Remuneration, social security and pensions | 62 | - | €2,801 | +€2,801 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,448 | €32,864 | +€1,416 | +4.5% |
| Other operating charges | 640/8 | €1,369 | €4,572 | +€3,203 | +234% |
| Gross operating margin | 9900 | €497,115 | €503,606 | +€6,491 | +1.3% |
| Operating profit (loss) | 9901 | €464,299 | €463,369 | -€929 | -0.2% |
| Financial income | 75/76B | €32,121 | €9,621 | -€22,500 | -70.0% |
| Recurring financial income | 75 | €32,121 | €9,621 | -€22,500 | -70.0% |
| Financial charges | 65/66B | €329,124 | €331,402 | +€2,279 | +0.7% |
| Recurring financial charges | 65 | €329,124 | €331,402 | +€2,279 | +0.7% |
| Profit (loss) for the period before taxes | 9903 | €167,296 | €141,588 | -€25,708 | -15.4% |
| Income taxes | 67/77 | €38,658 | €31,186 | -€7,473 | -19.3% |
| Profit (loss) for the period | 9904 | €128,638 | €110,402 | -€18,235 | -14.2% |
| Profit (loss) for the period to be appropriated | 9905 | €128,638 | €110,402 | -€18,235 | -14.2% |
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 25 October 2026 via checked.be.