KAARSEN BOUCKAERT: what changed
KAARSEN BOUCKAERT
Largest movements
- Intangible fixed assets +€353,616
up €353,616 (+269%), from €131,446 to €485,062
- Receivables within one year +€146,927
up €146,927 (+29.5%), from €497,532 to €644,458
of which Other amounts receivable: +€210,314
- Cash -€119,459
down €119,459 (-40.7%), from €293,232 to €173,773
mainly Investment in fixed assets (net) (-€485,096) and Contributions, distributions and other (-€320,000)
- Stocks and contracts +€102,092
up €102,092 (+11.9%), from €860,353 to €962,445
- Tangible fixed assets +€70,390
up €70,390 (+159%), from €44,169 to €114,560
of which Plant, machinery and equipment: +€57,741
- Debts after one year +€450,682
up €450,682 (+512%), from €88,000 to €538,682
of which Financial debts: +€474,682
- Short-term financial debts -€74,000
down €74,000 (-29.7%), from €249,000 to €175,000
- Tax, wage and social debts +€51,212
up €51,212 (+98.5%), from €52,009 to €103,221
of which Taxes: +€48,813
- Other debts +€50,277
up €50,277 (+17.9%), from €280,238 to €330,515
- Current portion of long-term debt +€42,100
up €42,100 (+55.1%), from €76,419 to €118,519
- Depreciation -€64,495
down €64,495 (-52.8%), from €122,259 to €57,764
- Financial charges +€22,751
up €22,751 (+192%), from €11,830 to €34,580
- Staff costs +€21,695
up €21,695 (+6.2%), from €350,305 to €372,000
- Gross operating margin -€14,076
down €14,076 (-1.7%), from €818,877 to €804,802
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 | €1,833,963 | €2,387,981 | +€554,018 | +30.2% |
| Fixed assets | 21/28 | €176,217 | €603,549 | +€427,332 | +243% |
| Intangible fixed assets | 21 | €131,446 | €485,062 | +€353,616 | +269% |
| Tangible fixed assets | 22/27 | €44,169 | €114,560 | +€70,390 | +159% |
| Land and buildings | 22 | €7,227 | €20,933 | +€13,706 | +190% |
| Plant, machinery and equipment | 23 | €12,245 | €69,986 | +€57,741 | +472% |
| Furniture and vehicles | 24 | €24,698 | €22,413 | -€2,285 | -9.3% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | - | €1,229 | +€1,229 | |
| Financial fixed assets | 28 | €602 | €3,927 | +€3,325 | +552% |
| Current assets | 29/58 | €1,657,746 | €1,784,432 | +€126,686 | +7.6% |
| Stocks and contracts in progress | 3 | €860,353 | €962,445 | +€102,092 | +11.9% |
| Stocks | 30/36 | €860,353 | €962,445 | +€102,092 | +11.9% |
| Amounts receivable within one year | 40/41 | €497,532 | €644,458 | +€146,927 | +29.5% |
| Trade receivables | 40 | €380,372 | €316,984 | -€63,388 | -16.7% |
| Other amounts receivable | 41 | €117,159 | €327,474 | +€210,314 | +180% |
| Cash at bank and in hand | 54/58 | €293,232 | €173,773 | -€119,459 | -40.7% |
| Deferred charges and accrued income | 490/1 | €6,628 | €3,755 | -€2,873 | -43.3% |
| Total equity and liabilities | 10/49 | €1,833,963 | €2,387,981 | +€554,018 | +30.2% |
| Equity | 10/15 | €913,609 | €919,457 | +€5,849 | +0.6% |
| Contributions | 10/11 | €493,704 | €493,704 | = | 0.0% |
| Reserves | 13 | €419,905 | €425,753 | +€5,849 | +1.4% |
| Distributable reserves | 133 | €419,905 | €425,753 | +€5,849 | +1.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €920,355 | €1,468,524 | +€548,169 | +59.6% |
| Amounts payable after more than one year | 17 | €88,000 | €538,682 | +€450,682 | +512% |
| Financial debts | 170/4 | €0 | €474,682 | +€474,682 | |
| Other amounts payable | 178/9 | €88,000 | €64,000 | -€24,000 | -27.3% |
| Amounts payable within one year | 42/48 | €831,855 | €929,342 | +€97,487 | +11.7% |
| Current portion of amounts payable after more than one year | 42 | €76,419 | €118,519 | +€42,100 | +55.1% |
| Financial debts | 43 | €249,000 | €175,000 | -€74,000 | -29.7% |
| Credit institutions | 430/8 | €249,000 | €175,000 | -€74,000 | -29.7% |
| Trade debts | 44 | €174,188 | €202,087 | +€27,899 | +16.0% |
| Suppliers | 440/4 | €174,188 | €202,087 | +€27,899 | +16.0% |
| Taxes, remuneration and social security | 45 | €52,009 | €103,221 | +€51,212 | +98.5% |
| Taxes | 450/3 | €23,169 | €71,981 | +€48,813 | +211% |
| Remuneration and social security | 454/9 | €28,841 | €31,240 | +€2,400 | +8.3% |
| Other amounts payable | 47/48 | €280,238 | €330,515 | +€50,277 | +17.9% |
| Accrued charges and deferred income | 492/3 | €500 | €500 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €350,305 | €372,000 | +€21,695 | +6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €122,259 | €57,764 | -€64,495 | -52.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €21,330 | €17,146 | -€4,184 | -19.6% |
| Gross operating margin | 9900 | €818,877 | €804,802 | -€14,076 | -1.7% |
| Operating profit (loss) | 9901 | €324,983 | €357,891 | +€32,908 | +10.1% |
| Financial income | 75/76B | €123 | €5,365 | +€5,242 | +4,268% |
| Recurring financial income | 75 | €123 | €5,365 | +€5,242 | +4,268% |
| Financial charges | 65/66B | €11,830 | €34,580 | +€22,751 | +192% |
| Recurring financial charges | 65 | €11,830 | €34,580 | +€22,751 | +192% |
| Profit (loss) for the period before taxes | 9903 | €313,276 | €328,676 | +€15,400 | +4.9% |
| Income taxes | 67/77 | €8,776 | €2,827 | -€5,949 | -67.8% |
| Profit (loss) for the period | 9904 | €304,500 | €325,849 | +€21,349 | +7.0% |
| Profit (loss) for the period to be appropriated | 9905 | €304,500 | €325,849 | +€21,349 | +7.0% |
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 3 November 2026 via checked.be.