K. De Vlieger: 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.
K. De Vlieger
Largest movements
- Cash +€47,507
up €47,507 (+51.7%), from €91,885 to €139,392
mainly Net result for the year (+€32,213) and Investment in fixed assets (net) (+€17,791)
- Intangible fixed assets -€10,500
down €10,500 (-100%), from €10,500 to €0
- Tangible fixed assets -€4,895
down €4,895 (-100%), from €4,895 to €0
of which Plant, machinery and equipment: -€4,666
- Financial fixed assets -€2,625
down €2,625 (-100%), from €2,625 to €0
- Profit (loss) carried forward +€17,057
up €17,057, from -€17,057 to €0
- Reserves +€15,157
new in 2025: €15,157
- Tax, wage and social debts -€2,214
down €2,214 (-30.8%), from €7,176 to €4,962
of which Remuneration and social security: -€2,265
- Trade debts -€1,546
down €1,546 (-76.6%), from €2,020 to €473
- Gross operating margin +€28,744
up €28,744 (+162%), from €17,690 to €46,434
- Depreciation -€12,100
down €12,100 (-98.1%), from €12,328 to €229
- Taxes +€9,304
up €9,304 (+757%), from €1,229 to €10,533
- Financial charges +€1,087
up €1,087 (+71.6%), from €1,517 to €2,604
- Financial income -€521
down €521 (-87.0%), from €599 to €78
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 | €113,650 | €143,043 | +€29,392 | +25.9% |
| Fixed assets | 21/28 | €18,020 | €0 | -€18,020 | -100% |
| Intangible fixed assets | 21 | €10,500 | €0 | -€10,500 | -100% |
| Tangible fixed assets | 22/27 | €4,895 | €0 | -€4,895 | -100% |
| Plant, machinery and equipment | 23 | €4,666 | €0 | -€4,666 | -100% |
| Furniture and vehicles | 24 | €229 | €0 | -€229 | -100% |
| Financial fixed assets | 28 | €2,625 | €0 | -€2,625 | -100% |
| Current assets | 29/58 | €95,631 | €143,043 | +€47,412 | +49.6% |
| Amounts receivable within one year | 40/41 | €2,642 | €3,064 | +€422 | +16.0% |
| Trade receivables | 40 | €2,642 | €214 | -€2,428 | -91.9% |
| Other amounts receivable | 41 | €0 | €2,850 | +€2,850 | |
| Cash at bank and in hand | 54/58 | €91,885 | €139,392 | +€47,507 | +51.7% |
| Deferred charges and accrued income | 490/1 | €1,104 | €587 | -€517 | -46.8% |
| Total equity and liabilities | 10/49 | €113,650 | €143,043 | +€29,392 | +25.9% |
| Equity | 10/15 | €102,140 | €134,354 | +€32,213 | +31.5% |
| Contributions | 10/11 | €119,197 | €119,197 | = | 0.0% |
| Reserves | 13 | - | €15,157 | +€15,157 | |
| Distributable reserves | 133 | - | €15,157 | +€15,157 | |
| Profit (loss) carried forward | 14 | -€17,057 | €0 | +€17,057 | |
| Amounts payable | 17/49 | €11,510 | €8,689 | -€2,821 | -24.5% |
| Amounts payable within one year | 42/48 | €11,196 | €8,541 | -€2,656 | -23.7% |
| Trade debts | 44 | €2,020 | €473 | -€1,546 | -76.6% |
| Suppliers | 440/4 | €2,020 | €473 | -€1,546 | -76.6% |
| Taxes, remuneration and social security | 45 | €7,176 | €4,962 | -€2,214 | -30.8% |
| Taxes | 450/3 | €4,911 | €4,962 | +€51 | +1.0% |
| Remuneration and social security | 454/9 | €2,265 | €0 | -€2,265 | -100% |
| Other amounts payable | 47/48 | €2,000 | €3,105 | +€1,105 | +55.2% |
| Accrued charges and deferred income | 492/3 | €314 | €148 | -€166 | -52.8% |
| Non-recurring operating income | 76A | - | €9,834 | +€9,834 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,328 | €229 | -€12,100 | -98.1% |
| Other operating charges | 640/8 | €854 | €932 | +€78 | +9.1% |
| Gross operating margin | 9900 | €17,690 | €46,434 | +€28,744 | +162% |
| Operating profit (loss) | 9901 | €4,507 | €45,273 | +€40,766 | +904% |
| Financial income | 75/76B | €599 | €78 | -€521 | -87.0% |
| Recurring financial income | 75 | €599 | €78 | -€521 | -87.0% |
| Financial charges | 65/66B | €1,517 | €2,604 | +€1,087 | +71.6% |
| Recurring financial charges | 65 | €1,517 | €2,604 | +€1,087 | +71.6% |
| Profit (loss) for the period before taxes | 9903 | €3,589 | €42,747 | +€39,158 | +1,091% |
| Income taxes | 67/77 | €1,229 | €10,533 | +€9,304 | +757% |
| Profit (loss) for the period | 9904 | €2,360 | €32,213 | +€29,853 | +1,265% |
| Profit (loss) for the period to be appropriated | 9905 | €2,360 | €32,213 | +€29,853 | +1,265% |
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.