Dr. Kim Van Daele: 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. Kim Van Daele
Largest movements
- Tangible fixed assets -€37,736
down €37,736 (-20.8%), from €181,452 to €143,716
- Reserves -€75,038
down €75,038 (-6.8%), from €1.1m to €1.0m
- Tax, wage and social debts +€16,349
up €16,349 (+20.7%), from €78,922 to €95,272
of which Taxes: +€15,925
- Gross operating margin +€26,546
up €26,546 (+6.1%), from €433,861 to €460,407
- Financial charges -€15,381
down €15,381 (-89.1%), from €17,268 to €1,887
- Taxes +€8,870
up €8,870 (+7.1%), from €125,356 to €134,225
- Depreciation +€8,778
up €8,778 (+30.3%), from €28,958 to €37,736
- Financial income -€5,222
down €5,222 (-16.5%), from €31,570 to €26,349
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 | €1,201,889 | €1,147,769 | -€54,120 | -4.5% |
| Fixed assets | 21/28 | €181,482 | €143,746 | -€37,736 | -20.8% |
| Tangible fixed assets | 22/27 | €181,452 | €143,716 | -€37,736 | -20.8% |
| Land and buildings | 22 | €108,991 | €91,199 | -€17,792 | -16.3% |
| Plant, machinery and equipment | 23 | €7,516 | €6,235 | -€1,281 | -17.0% |
| Furniture and vehicles | 24 | €64,945 | €46,282 | -€18,663 | -28.7% |
| Financial fixed assets | 28 | €30 | €30 | = | 0.0% |
| Current assets | 29/58 | €1,020,406 | €1,004,023 | -€16,384 | -1.6% |
| Amounts receivable within one year | 40/41 | €139,652 | €130,287 | -€9,365 | -6.7% |
| Trade receivables | 40 | €127,922 | €129,885 | +€1,963 | +1.5% |
| Other amounts receivable | 41 | €11,730 | €402 | -€11,328 | -96.6% |
| Current investments | 50/53 | €741,810 | €735,209 | -€6,601 | -0.9% |
| Cash at bank and in hand | 54/58 | €137,733 | €136,606 | -€1,127 | -0.8% |
| Deferred charges and accrued income | 490/1 | €1,211 | €1,920 | +€709 | +58.6% |
| Total equity and liabilities | 10/49 | €1,201,889 | €1,147,769 | -€54,120 | -4.5% |
| Equity | 10/15 | €1,116,856 | €1,041,818 | -€75,038 | -6.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,104,456 | €1,029,418 | -€75,038 | -6.8% |
| Distributable reserves | 133 | €1,104,456 | €1,029,418 | -€75,038 | -6.8% |
| Amounts payable | 17/49 | €85,033 | €105,951 | +€20,918 | +24.6% |
| Amounts payable within one year | 42/48 | €85,033 | €105,951 | +€20,918 | +24.6% |
| Trade debts | 44 | €6,111 | - | -€6,111 | |
| Suppliers | 440/4 | €6,111 | - | -€6,111 | |
| Taxes, remuneration and social security | 45 | €78,922 | €95,272 | +€16,349 | +20.7% |
| Taxes | 450/3 | €78,922 | €94,848 | +€15,925 | +20.2% |
| Remuneration and social security | 454/9 | - | €424 | +€424 | |
| Other amounts payable | 47/48 | - | €10,679 | +€10,679 | |
| Non-recurring operating income | 76A | €16,521 | €18,546 | +€2,025 | +12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,958 | €37,736 | +€8,778 | +30.3% |
| Other operating charges | 640/8 | €14,096 | €14,311 | +€215 | +1.5% |
| Gross operating margin | 9900 | €433,861 | €460,407 | +€26,546 | +6.1% |
| Operating profit (loss) | 9901 | €390,807 | €408,360 | +€17,553 | +4.5% |
| Financial income | 75/76B | €31,570 | €26,349 | -€5,222 | -16.5% |
| Recurring financial income | 75 | €31,570 | €26,349 | -€5,222 | -16.5% |
| Financial charges | 65/66B | €17,268 | €1,887 | -€15,381 | -89.1% |
| Recurring financial charges | 65 | €17,268 | €1,887 | -€15,381 | -89.1% |
| Profit (loss) for the period before taxes | 9903 | €405,109 | €432,821 | +€27,712 | +6.8% |
| Income taxes | 67/77 | €125,356 | €134,225 | +€8,870 | +7.1% |
| Profit (loss) for the period | 9904 | €279,754 | €298,596 | +€18,842 | +6.7% |
| Profit (loss) for the period to be appropriated | 9905 | €279,754 | €298,596 | +€18,842 | +6.7% |
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.