Dr. Lore Kegels: what changed
Dr. Lore Kegels
Largest movements
- Deferred charges and accrued income +€148,747
up €148,747 (+2,451%), from €6,069 to €154,816
- Cash -€48,000
down €48,000 (-17.3%), from €276,795 to €228,795
mainly Deferred charges and accrued income (-€148,747) and Other debts (-€136,531)
- Receivables within one year +€24,118
up €24,118 (+16.4%), from €147,249 to €171,367
of which Other amounts receivable: +€171,367
- Intangible fixed assets -€20,100
down €20,100 (-11.1%), from €181,010 to €160,910
- Reserves +€245,261
up €245,261 (+70.0%), from €350,267 to €595,528
- Other debts -€136,531
no longer reported in 2025 (was €136,531)
- Tax, wage and social debts +€76,278
up €76,278 (+199%), from €38,319 to €114,597
- Current portion of long-term debt -€75,000
no longer reported in 2025 (was €75,000)
- Gross operating margin -€143,524
down €143,524 (-29.8%), from €482,394 to €338,870
- Taxes -€34,854
down €34,854 (-31.4%), from €111,132 to €76,278
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €611,123 | €715,888 | +€104,764 | +17.1% |
| Fixed assets | 21/28 | €181,010 | €160,910 | -€20,100 | -11.1% |
| Intangible fixed assets | 21 | €181,010 | €160,910 | -€20,100 | -11.1% |
| Current assets | 29/58 | €430,113 | €554,978 | +€124,864 | +29.0% |
| Amounts receivable within one year | 40/41 | €147,249 | €171,367 | +€24,118 | +16.4% |
| Trade receivables | 40 | €147,249 | - | -€147,249 | |
| Other amounts receivable | 41 | - | €171,367 | +€171,367 | |
| Cash at bank and in hand | 54/58 | €276,795 | €228,795 | -€48,000 | -17.3% |
| Deferred charges and accrued income | 490/1 | €6,069 | €154,816 | +€148,747 | +2,451% |
| Total equity and liabilities | 10/49 | €611,123 | €715,888 | +€104,764 | +17.1% |
| Equity | 10/15 | €353,267 | €598,528 | +€245,261 | +69.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €350,267 | €595,528 | +€245,261 | +70.0% |
| Distributable reserves | 133 | €350,267 | €595,528 | +€245,261 | +70.0% |
| Amounts payable | 17/49 | €257,856 | €117,360 | -€140,496 | -54.5% |
| Amounts payable within one year | 42/48 | €257,856 | €117,360 | -€140,496 | -54.5% |
| Current portion of amounts payable after more than one year | 42 | €75,000 | - | -€75,000 | |
| Trade debts | 44 | €8,006 | €2,763 | -€5,243 | -65.5% |
| Suppliers | 440/4 | €8,006 | €2,763 | -€5,243 | -65.5% |
| Taxes, remuneration and social security | 45 | €38,319 | €114,597 | +€76,278 | +199% |
| Taxes | 450/3 | €38,319 | €114,597 | +€76,278 | +199% |
| Other amounts payable | 47/48 | €136,531 | - | -€136,531 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,990 | €20,100 | +€110 | +0.5% |
| Other operating charges | 640/8 | €938 | €400 | -€538 | -57.4% |
| Gross operating margin | 9900 | €482,394 | €338,870 | -€143,524 | -29.8% |
| Operating profit (loss) | 9901 | €461,466 | €318,371 | -€143,096 | -31.0% |
| Financial income | 75/76B | - | €4,643 | +€4,643 | |
| Recurring financial income | 75 | - | €4,643 | +€4,643 | |
| Financial charges | 65/66B | €67 | €1,476 | +€1,408 | +2,090% |
| Recurring financial charges | 65 | €67 | €1,476 | +€1,408 | +2,090% |
| Profit (loss) for the period before taxes | 9903 | €461,399 | €321,538 | -€139,861 | -30.3% |
| Income taxes | 67/77 | €111,132 | €76,278 | -€34,854 | -31.4% |
| Profit (loss) for the period | 9904 | €350,267 | €245,261 | -€105,007 | -30.0% |
| Profit (loss) for the period to be appropriated | 9905 | €350,267 | €245,261 | -€105,007 | -30.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.