DR. KATRIEN BOLLEN: 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. KATRIEN BOLLEN
Largest movements
- Cash +€19,289
up €19,289 (+30.3%), from €63,723 to €83,012
mainly Depreciation (+€23,671) and Net result for the year (+€17,018)
- Tangible fixed assets -€16,342
down €16,342 (-8.7%), from €187,834 to €171,491
of which Land and buildings: -€16,252
- Receivables within one year +€3,510
up €3,510 (+50.9%), from €6,899 to €10,409
of which Trade receivables: +€2,526
- Stocks and contracts +€2,987
up €2,987 (+24.4%), from €12,252 to €15,240
- Other debts +€10,747
up €10,747 (+29.5%), from €36,390 to €47,138
- Debts after one year -€3,515
down €3,515 (-3.7%), from €95,527 to €92,012
- Gross operating margin -€52,066
down €52,066 (-49.3%), from €105,667 to €53,601
- Taxes -€15,149
down €15,149 (-66.6%), from €22,731 to €7,582
- Depreciation +€9,473
up €9,473 (+66.7%), from €14,199 to €23,671
- Other operating charges -€3,312
down €3,312 (-73.3%), from €4,517 to €1,206
- Financial income -€3,090
down €3,090 (-100.0%), from €3,090 to €0
of which Non-recurring financial income: -€3,089
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.
Cash bridge derived
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 | €275,473 | €282,531 | +€7,058 | +2.6% |
| Fixed assets | 21/28 | €187,834 | €171,491 | -€16,342 | -8.7% |
| Tangible fixed assets | 22/27 | €187,834 | €171,491 | -€16,342 | -8.7% |
| Land and buildings | 22 | €164,982 | €148,730 | -€16,252 | -9.9% |
| Plant, machinery and equipment | 23 | €18,208 | €14,529 | -€3,679 | -20.2% |
| Furniture and vehicles | 24 | €4,643 | €8,232 | +€3,589 | +77.3% |
| Current assets | 29/58 | €87,640 | €111,039 | +€23,400 | +26.7% |
| Stocks and contracts in progress | 3 | €12,252 | €15,240 | +€2,987 | +24.4% |
| Stocks | 30/36 | €12,252 | €15,240 | +€2,987 | +24.4% |
| Amounts receivable within one year | 40/41 | €6,899 | €10,409 | +€3,510 | +50.9% |
| Trade receivables | 40 | €1,685 | €4,211 | +€2,526 | +149.9% |
| Other amounts receivable | 41 | €5,214 | €6,198 | +€984 | +18.9% |
| Cash at bank and in hand | 54/58 | €63,723 | €83,012 | +€19,289 | +30.3% |
| Deferred charges and accrued income | 490/1 | €4,765 | €2,379 | -€2,386 | -50.1% |
| Total equity and liabilities | 10/49 | €275,473 | €282,531 | +€7,058 | +2.6% |
| Equity | 10/15 | €99,721 | €99,739 | +€18 | 0.0% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €98,221 | €98,221 | = | 0.0% |
| Distributable reserves | 133 | €98,221 | €98,221 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €18 | +€18 | |
| Amounts payable | 17/49 | €175,752 | €182,791 | +€7,039 | +4.0% |
| Amounts payable after more than one year | 17 | €95,527 | €92,012 | -€3,515 | -3.7% |
| Financial debts | 170/4 | €95,527 | €92,012 | -€3,515 | -3.7% |
| Amounts payable within one year | 42/48 | €78,487 | €90,779 | +€12,293 | +15.7% |
| Current portion of amounts payable after more than one year | 42 | €3,377 | €3,515 | +€138 | +4.1% |
| Trade debts | 44 | €3,062 | €3,414 | +€351 | +11.5% |
| Suppliers | 440/4 | €3,062 | €3,414 | +€351 | +11.5% |
| Taxes, remuneration and social security | 45 | €35,657 | €36,713 | +€1,056 | +3.0% |
| Taxes | 450/3 | €35,657 | €36,713 | +€1,056 | +3.0% |
| Other amounts payable | 47/48 | €36,390 | €47,138 | +€10,747 | +29.5% |
| Accrued charges and deferred income | 492/3 | €1,739 | - | -€1,739 | |
| Non-recurring operating income | 76A | €1,090 | €1,371 | +€282 | +25.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,199 | €23,671 | +€9,473 | +66.7% |
| Other operating charges | 640/8 | €4,517 | €1,206 | -€3,312 | -73.3% |
| Gross operating margin | 9900 | €105,667 | €53,601 | -€52,066 | -49.3% |
| Operating profit (loss) | 9901 | €86,951 | €28,724 | -€58,227 | -67.0% |
| Financial income | 75/76B | €3,090 | €0 | -€3,090 | -100.0% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -93.0% |
| Non-recurring financial income | 76B | €3,089 | - | -€3,089 | |
| Financial charges | 65/66B | €1,520 | €4,124 | +€2,604 | +171.4% |
| Recurring financial charges | 65 | €1,520 | €4,124 | +€2,604 | +171.4% |
| Profit (loss) for the period before taxes | 9903 | €88,521 | €24,600 | -€63,921 | -72.2% |
| Income taxes | 67/77 | €22,731 | €7,582 | -€15,149 | -66.6% |
| Profit (loss) for the period | 9904 | €65,790 | €17,018 | -€48,772 | -74.1% |
| Profit (loss) for the period to be appropriated | 9905 | €65,790 | €17,018 | -€48,772 | -74.1% |
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 9 October 2026 via checked.be.