Dr. Lien Devuyst, NKO: what changed
Two fiscal 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. Lien Devuyst, NKO
Largest movements
- Tangible fixed assets +€24,567
new in 2025: €24,567
of which Furniture and vehicles: +€23,737
- Receivables within one year +€12,626
up €12,626 (+121.3%), from €10,405 to €23,032
of which Other amounts receivable: +€7,524
- Cash +€11,259
up €11,259 (+7.3%), from €154,551 to €165,810
mainly Net result for the year (+€85,635) and Other debts (+€6,796)
- Reserves +€85,635
up €85,635 (+85.0%), from €100,700 to €186,335
- Trade debts -€28,911
down €28,911 (-99.0%), from €29,217 to €305
- Tax, wage and social debts -€14,200
down €14,200 (-82.6%), from €17,200 to €3,000
of which Taxes: -€17,200
- Other debts +€6,796
up €6,796 (+52.9%), from €12,839 to €19,635
- Gross operating margin -€14,719
down €14,719 (-11.5%), from €128,329 to €113,611
- Depreciation +€5,196
new in 2025: €5,196
- Taxes -€4,924
down €4,924 (-17.8%), from €27,700 to €22,776
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 | €164,956 | €214,276 | +€49,319 | +29.9% |
| Fixed assets | 21/28 | - | €24,567 | +€24,567 | |
| Tangible fixed assets | 22/27 | - | €24,567 | +€24,567 | |
| Plant, machinery and equipment | 23 | - | €830 | +€830 | |
| Furniture and vehicles | 24 | - | €23,737 | +€23,737 | |
| Current assets | 29/58 | €164,956 | €189,709 | +€24,752 | +15.0% |
| Amounts receivable within one year | 40/41 | €10,405 | €23,032 | +€12,626 | +121.3% |
| Trade receivables | 40 | €10,405 | €15,508 | +€5,103 | +49.0% |
| Other amounts receivable | 41 | - | €7,524 | +€7,524 | |
| Cash at bank and in hand | 54/58 | €154,551 | €165,810 | +€11,259 | +7.3% |
| Deferred charges and accrued income | 490/1 | - | €867 | +€867 | |
| Total equity and liabilities | 10/49 | €164,956 | €214,276 | +€49,319 | +29.9% |
| Equity | 10/15 | €105,700 | €191,335 | +€85,635 | +81.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €100,700 | €186,335 | +€85,635 | +85.0% |
| Distributable reserves | 133 | €100,700 | €186,335 | +€85,635 | +85.0% |
| Amounts payable | 17/49 | €59,256 | €22,940 | -€36,316 | -61.3% |
| Amounts payable within one year | 42/48 | €59,256 | €22,940 | -€36,316 | -61.3% |
| Trade debts | 44 | €29,217 | €305 | -€28,911 | -99.0% |
| Suppliers | 440/4 | €29,217 | €305 | -€28,911 | -99.0% |
| Taxes, remuneration and social security | 45 | €17,200 | €3,000 | -€14,200 | -82.6% |
| Taxes | 450/3 | €17,200 | - | -€17,200 | |
| Remuneration and social security | 454/9 | - | €3,000 | +€3,000 | |
| Other amounts payable | 47/48 | €12,839 | €19,635 | +€6,796 | +52.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €5,196 | +€5,196 | |
| Gross operating margin | 9900 | €128,329 | €113,611 | -€14,719 | -11.5% |
| Operating profit (loss) | 9901 | €128,329 | €108,414 | -€19,915 | -15.5% |
| Financial income | 75/76B | €79 | - | -€79 | |
| Recurring financial income | 75 | €79 | - | -€79 | |
| Financial charges | 65/66B | €8 | €3 | -€5 | -62.3% |
| Recurring financial charges | 65 | €8 | €3 | -€5 | -62.3% |
| Profit (loss) for the period before taxes | 9903 | €128,400 | €108,411 | -€19,989 | -15.6% |
| Income taxes | 67/77 | €27,700 | €22,776 | -€4,924 | -17.8% |
| Profit (loss) for the period | 9904 | €100,700 | €85,635 | -€15,066 | -15.0% |
| Profit (loss) for the period to be appropriated | 9905 | €100,700 | €85,635 | -€15,066 | -15.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.