FOTO KURT: 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.
FOTO KURT
Largest movements
- Receivables within one year +€10,118
up €10,118 (+49.9%), from €20,259 to €30,376
of which Other amounts receivable: +€13,243
- Cash -€5,202
down €5,202 (-25.5%), from €20,434 to €15,231
mainly Investment in fixed assets (net) (-€32,235) and Contributions, distributions and other (-€29,659)
- Tangible fixed assets +€4,286
up €4,286 (+6.4%), from €67,251 to €71,538
of which Leasing and similar rights: +€19,004
- Deferred charges and accrued income -€2,317
down €2,317 (-65.5%), from €3,536 to €1,219
- Reserves -€29,659
down €29,659 (-65.1%), from €45,573 to €15,914
- Other debts +€27,924
new in 2025: €27,924
- Debts after one year +€17,543
up €17,543 (+104%), from €16,796 to €34,338
- Current portion of long-term debt -€10,865
down €10,865 (-38.9%), from €27,904 to €17,039
- Tax, wage and social debts +€2,199
up €2,199 (+752%), from €292 to €2,492
of which Taxes: +€2,329
- Gross operating margin -€9,332
down €9,332 (-21.8%), from €42,850 to €33,518
- Depreciation -€7,563
down €7,563 (-21.3%), from €35,512 to €27,949
- Other operating charges +€716
up €716 (+23.7%), from €3,018 to €3,734
- Financial income +€446
up €446 (+219%), from €203 to €649
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 | €111,480 | €118,365 | +€6,885 | +6.2% |
| Fixed assets | 21/28 | €67,251 | €71,538 | +€4,286 | +6.4% |
| Tangible fixed assets | 22/27 | €67,251 | €71,538 | +€4,286 | +6.4% |
| Land and buildings | 22 | €14,914 | €11,713 | -€3,201 | -21.5% |
| Plant, machinery and equipment | 23 | €25,773 | €14,980 | -€10,793 | -41.9% |
| Furniture and vehicles | 24 | €3,314 | €2,590 | -€724 | -21.8% |
| Leasing and similar rights | 25 | €23,250 | €42,254 | +€19,004 | +81.7% |
| Current assets | 29/58 | €44,229 | €46,827 | +€2,598 | +5.9% |
| Amounts receivable within one year | 40/41 | €20,259 | €30,376 | +€10,118 | +49.9% |
| Trade receivables | 40 | €10,847 | €7,722 | -€3,125 | -28.8% |
| Other amounts receivable | 41 | €9,412 | €22,655 | +€13,243 | +141% |
| Cash at bank and in hand | 54/58 | €20,434 | €15,231 | -€5,202 | -25.5% |
| Deferred charges and accrued income | 490/1 | €3,536 | €1,219 | -€2,317 | -65.5% |
| Total equity and liabilities | 10/49 | €111,480 | €118,365 | +€6,885 | +6.2% |
| Equity | 10/15 | €64,173 | €33,259 | -€30,914 | -48.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €45,573 | €15,914 | -€29,659 | -65.1% |
| Distributable reserves | 133 | €45,573 | €15,914 | -€29,659 | -65.1% |
| Profit (loss) carried forward | 14 | - | -€1,255 | -€1,255 | |
| Amounts payable | 17/49 | €47,307 | €85,106 | +€37,799 | +79.9% |
| Amounts payable after more than one year | 17 | €16,796 | €34,338 | +€17,543 | +104% |
| Financial debts | 170/4 | €16,796 | €34,338 | +€17,543 | +104% |
| Amounts payable within one year | 42/48 | €30,392 | €50,767 | +€20,376 | +67.0% |
| Current portion of amounts payable after more than one year | 42 | €27,904 | €17,039 | -€10,865 | -38.9% |
| Trade debts | 44 | €2,195 | €3,313 | +€1,118 | +50.9% |
| Suppliers | 440/4 | €2,195 | €3,313 | +€1,118 | +50.9% |
| Taxes, remuneration and social security | 45 | €292 | €2,492 | +€2,199 | +752% |
| Taxes | 450/3 | €163 | €2,492 | +€2,329 | +1,427% |
| Remuneration and social security | 454/9 | €129 | €0 | -€129 | -100% |
| Other amounts payable | 47/48 | - | €27,924 | +€27,924 | |
| Accrued charges and deferred income | 492/3 | €120 | €0 | -€120 | -100% |
| Non-recurring operating income | 76A | - | €1,123 | +€1,123 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,512 | €27,949 | -€7,563 | -21.3% |
| Other operating charges | 640/8 | €3,018 | €3,734 | +€716 | +23.7% |
| Gross operating margin | 9900 | €42,850 | €33,518 | -€9,332 | -21.8% |
| Operating profit (loss) | 9901 | €4,320 | €1,835 | -€2,485 | -57.5% |
| Financial income | 75/76B | €203 | €649 | +€446 | +219% |
| Recurring financial income | 75 | €203 | €649 | +€446 | +219% |
| Financial charges | 65/66B | €2,647 | €2,978 | +€331 | +12.5% |
| Recurring financial charges | 65 | €2,647 | €2,978 | +€331 | +12.5% |
| Profit (loss) for the period before taxes | 9903 | €1,876 | -€494 | -€2,370 | |
| Income taxes | 67/77 | €1,098 | €761 | -€337 | -30.7% |
| Profit (loss) for the period | 9904 | €778 | -€1,255 | -€2,033 | |
| Profit (loss) for the period to be appropriated | 9905 | €778 | -€1,255 | -€2,033 |
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 20 October 2026 via checked.be.