DR. SOFIE KERKAERT: 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. SOFIE KERKAERT
Largest movements
- Receivables within one year +€97,617
up €97,617 (+364.5%), from €26,778 to €124,394
of which Other amounts receivable: +€102,914
- Cash -€67,628
down €67,628 (-33.7%), from €200,894 to €133,266
mainly Receivables within one year (-€97,617) and Current investments (-€20,000)
- Current investments +€20,000
new in 2025: €20,000
- Tangible fixed assets -€5,025
down €5,025 (-5.1%), from €98,564 to €93,539
of which Furniture and vehicles: -€12,639
- Reserves +€80,676
up €80,676 (+35.0%), from €230,317 to €310,993
- Tax, wage and social debts -€17,790
down €17,790 (-73.5%), from €24,191 to €6,400
- Debts after one year -€14,644
down €14,644 (-27.6%), from €53,056 to €38,412
- Other debts -€4,312
down €4,312 (-84.4%), from €5,112 to €800
- Gross operating margin +€9,902
up €9,902 (+8.5%), from €115,931 to €125,834
- Financial charges -€2,280
down €2,280 (-48.1%), from €4,739 to €2,460
of which Non-recurring financial charges: -€2,236
- Taxes +€2,105
up €2,105 (+11.0%), from €19,092 to €21,198
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 | €329,318 | €373,499 | +€44,181 | +13.4% |
| Fixed assets | 21/28 | €98,864 | €95,839 | -€3,025 | -3.1% |
| Tangible fixed assets | 22/27 | €98,564 | €93,539 | -€5,025 | -5.1% |
| Plant, machinery and equipment | 23 | €1,892 | €12,587 | +€10,695 | +565.3% |
| Furniture and vehicles | 24 | €52,096 | €39,457 | -€12,639 | -24.3% |
| Other tangible fixed assets | 26 | €44,576 | €41,495 | -€3,081 | -6.9% |
| Financial fixed assets | 28 | €300 | €2,300 | +€2,000 | +666.7% |
| Current assets | 29/58 | €230,454 | €277,660 | +€47,206 | +20.5% |
| Amounts receivable within one year | 40/41 | €26,778 | €124,394 | +€97,617 | +364.5% |
| Trade receivables | 40 | €26,778 | €21,480 | -€5,298 | -19.8% |
| Other amounts receivable | 41 | - | €102,914 | +€102,914 | |
| Current investments | 50/53 | - | €20,000 | +€20,000 | |
| Cash at bank and in hand | 54/58 | €200,894 | €133,266 | -€67,628 | -33.7% |
| Deferred charges and accrued income | 490/1 | €2,783 | - | -€2,783 | |
| Total equity and liabilities | 10/49 | €329,318 | €373,499 | +€44,181 | +13.4% |
| Equity | 10/15 | €232,317 | €312,993 | +€80,676 | +34.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €230,317 | €310,993 | +€80,676 | +35.0% |
| Distributable reserves | 133 | €230,317 | €310,993 | +€80,676 | +35.0% |
| Amounts payable | 17/49 | €97,001 | €60,506 | -€36,495 | -37.6% |
| Amounts payable after more than one year | 17 | €53,056 | €38,412 | -€14,644 | -27.6% |
| Financial debts | 170/4 | €53,056 | €38,412 | -€14,644 | -27.6% |
| Amounts payable within one year | 42/48 | €43,945 | €22,095 | -€21,851 | -49.7% |
| Current portion of amounts payable after more than one year | 42 | €14,238 | €14,644 | +€406 | +2.9% |
| Trade debts | 44 | €404 | €250 | -€154 | -38.1% |
| Suppliers | 440/4 | €404 | €250 | -€154 | -38.1% |
| Taxes, remuneration and social security | 45 | €24,191 | €6,400 | -€17,790 | -73.5% |
| Taxes | 450/3 | €24,191 | €6,400 | -€17,790 | -73.5% |
| Other amounts payable | 47/48 | €5,112 | €800 | -€4,312 | -84.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,846 | €20,579 | -€267 | -1.3% |
| Other operating charges | 640/8 | €1,193 | €1,092 | -€100 | -8.4% |
| Gross operating margin | 9900 | €115,931 | €125,834 | +€9,902 | +8.5% |
| Operating profit (loss) | 9901 | €93,893 | €104,163 | +€10,270 | +10.9% |
| Financial income | 75/76B | €507 | €170 | -€337 | -66.4% |
| Recurring financial income | 75 | €507 | €170 | -€337 | -66.4% |
| Financial charges | 65/66B | €4,739 | €2,460 | -€2,280 | -48.1% |
| Recurring financial charges | 65 | €2,504 | €2,460 | -€44 | -1.8% |
| Non-recurring financial charges | 66B | €2,236 | - | -€2,236 | |
| Profit (loss) for the period before taxes | 9903 | €89,661 | €101,873 | +€12,213 | +13.6% |
| Income taxes | 67/77 | €19,092 | €21,198 | +€2,105 | +11.0% |
| Profit (loss) for the period | 9904 | €70,568 | €80,676 | +€10,108 | +14.3% |
| Profit (loss) for the period to be appropriated | 9905 | €70,568 | €80,676 | +€10,108 | +14.3% |
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 4 October 2026 via checked.be.