DR. KETELE ERWIN: 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. KETELE ERWIN
Largest movements
- Deferred charges and accrued income -€59,476
down €59,476 (-50.2%), from €118,533 to €59,057
- Cash -€35,783
down €35,783 (-11.9%), from €300,905 to €265,122
mainly Trade debts (-€51,843) and Net result for the year (-€48,179)
- Receivables within one year +€14,868
up €14,868 (+49.8%), from €29,862 to €44,730
- Tangible fixed assets -€14,158
down €14,158 (-22.6%), from €62,572 to €48,413
of which Furniture and vehicles: -€10,505
- Trade debts -€51,843
down €51,843 (-86.3%), from €60,104 to €8,261
- Profit (loss) carried forward -€48,037
down €48,037, from €25,474 to -€22,564
- Gross operating margin +€11,811
up €11,811 (+27.7%), from -€42,680 to -€30,869
- Depreciation +€454
up €454 (+3.0%), from €15,228 to €15,682
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 | €918,496 | €823,947 | -€94,549 | -10.3% |
| Fixed assets | 21/28 | €62,596 | €48,438 | -€14,158 | -22.6% |
| Tangible fixed assets | 22/27 | €62,572 | €48,413 | -€14,158 | -22.6% |
| Land and buildings | 22 | €42,847 | €38,510 | -€4,336 | -10.1% |
| Plant, machinery and equipment | 23 | €2,481 | €3,165 | +€683 | +27.5% |
| Furniture and vehicles | 24 | €17,244 | €6,738 | -€10,505 | -60.9% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €855,900 | €775,509 | -€80,391 | -9.4% |
| Amounts receivable after more than one year | 29 | €406,600 | €406,600 | = | 0.0% |
| Other amounts receivable | 291 | €406,600 | €406,600 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €29,862 | €44,730 | +€14,868 | +49.8% |
| Other amounts receivable | 41 | €29,862 | €44,730 | +€14,868 | +49.8% |
| Cash at bank and in hand | 54/58 | €300,905 | €265,122 | -€35,783 | -11.9% |
| Deferred charges and accrued income | 490/1 | €118,533 | €59,057 | -€59,476 | -50.2% |
| Total equity and liabilities | 10/49 | €918,496 | €823,947 | -€94,549 | -10.3% |
| Equity | 10/15 | €773,294 | €725,116 | -€48,179 | -6.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €735,420 | €735,279 | -€141 | 0.0% |
| Distributable reserves | 133 | €735,420 | €735,279 | -€141 | 0.0% |
| Profit (loss) carried forward | 14 | €25,474 | -€22,564 | -€48,037 | |
| Amounts payable | 17/49 | €145,202 | €98,832 | -€46,370 | -31.9% |
| Amounts payable within one year | 42/48 | €139,520 | €93,330 | -€46,190 | -33.1% |
| Trade debts | 44 | €60,104 | €8,261 | -€51,843 | -86.3% |
| Suppliers | 440/4 | €60,104 | €8,261 | -€51,843 | -86.3% |
| Taxes, remuneration and social security | 45 | €4,400 | €4,400 | = | 0.0% |
| Remuneration and social security | 454/9 | €4,400 | €4,400 | = | 0.0% |
| Other amounts payable | 47/48 | €75,016 | €80,669 | +€5,653 | +7.5% |
| Accrued charges and deferred income | 492/3 | €5,681 | €5,501 | -€180 | -3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,228 | €15,682 | +€454 | +3.0% |
| Other operating charges | 640/8 | €1,814 | €1,656 | -€158 | -8.7% |
| Gross operating margin | 9900 | -€42,680 | -€30,869 | +€11,811 | +27.7% |
| Operating profit (loss) | 9901 | -€59,722 | -€48,206 | +€11,516 | +19.3% |
| Financial income | 75/76B | €5,855 | €5,855 | = | 0.0% |
| Recurring financial income | 75 | €5,855 | €5,855 | = | 0.0% |
| Financial charges | 65/66B | €5,885 | €5,695 | -€190 | -3.2% |
| Recurring financial charges | 65 | €5,885 | €5,695 | -€190 | -3.2% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | -€59,753 | -€48,047 | +€11,706 | +19.6% |
| Income taxes | 67/77 | €138 | €132 | -€6 | -4.4% |
| Profit (loss) for the period | 9904 | -€59,891 | -€48,179 | +€11,712 | +19.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€59,891 | -€48,179 | +€11,712 | +19.6% |
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 18 October 2026 via checked.be.