Kamiel Neudt: 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.
Kamiel Neudt
Largest movements
- Tangible fixed assets -€17,113
down €17,113 (-8.3%), from €205,780 to €188,667
of which Land and buildings: -€14,265
- Intangible fixed assets -€15,000
down €15,000 (-22.9%), from €65,466 to €50,466
- Cash -€14,686
down €14,686 (-54.5%), from €26,934 to €12,248
mainly Debts after one year (-€45,902) and Other debts (-€13,500)
- Receivables within one year -€5,507
down €5,507 (-75.1%), from €7,332 to €1,825
of which Trade receivables: -€5,333
- Debts after one year -€45,902
down €45,902 (-19.0%), from €242,058 to €196,156
- Other debts -€13,500
down €13,500 (-30.3%), from €44,541 to €31,041
- Profit (loss) carried forward +€10,081
up €10,081 (+8.8%), from -€114,189 to -€104,109
- Current portion of long-term debt -€3,515
down €3,515 (-7.1%), from €49,417 to €45,902
- Depreciation -€9,318
down €9,318 (-22.5%), from €41,431 to €32,113
- Gross operating margin -€7,778
down €7,778 (-9.2%), from €84,580 to €76,801
- Staff costs +€2,013
up €2,013 (+7.9%), from €25,455 to €27,468
- Financial charges -€859
down €859 (-14.4%), from €5,983 to €5,124
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 | €306,249 | €254,524 | -€51,724 | -16.9% |
| Fixed assets | 21/28 | €271,246 | €239,132 | -€32,113 | -11.8% |
| Intangible fixed assets | 21 | €65,466 | €50,466 | -€15,000 | -22.9% |
| Tangible fixed assets | 22/27 | €205,780 | €188,667 | -€17,113 | -8.3% |
| Land and buildings | 22 | €202,860 | €188,596 | -€14,265 | -7.0% |
| Plant, machinery and equipment | 23 | €279 | €71 | -€209 | -74.6% |
| Furniture and vehicles | 24 | €2,640 | €0 | -€2,640 | -100% |
| Current assets | 29/58 | €35,003 | €15,392 | -€19,611 | -56.0% |
| Stocks and contracts in progress | 3 | €588 | €1,139 | +€551 | +93.8% |
| Stocks | 30/36 | €588 | €1,139 | +€551 | +93.8% |
| Amounts receivable within one year | 40/41 | €7,332 | €1,825 | -€5,507 | -75.1% |
| Trade receivables | 40 | €7,129 | €1,797 | -€5,333 | -74.8% |
| Other amounts receivable | 41 | €203 | €28 | -€174 | -86.0% |
| Cash at bank and in hand | 54/58 | €26,934 | €12,248 | -€14,686 | -54.5% |
| Deferred charges and accrued income | 490/1 | €149 | €180 | +€31 | +20.7% |
| Total equity and liabilities | 10/49 | €306,249 | €254,524 | -€51,724 | -16.9% |
| Equity | 10/15 | -€39,189 | -€29,109 | +€10,081 | +25.7% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€114,189 | -€104,109 | +€10,081 | +8.8% |
| Amounts payable | 17/49 | €345,438 | €283,633 | -€61,805 | -17.9% |
| Amounts payable after more than one year | 17 | €242,058 | €196,156 | -€45,902 | -19.0% |
| Financial debts | 170/4 | €242,058 | €196,156 | -€45,902 | -19.0% |
| Amounts payable within one year | 42/48 | €103,380 | €87,477 | -€15,903 | -15.4% |
| Current portion of amounts payable after more than one year | 42 | €49,417 | €45,902 | -€3,515 | -7.1% |
| Trade debts | 44 | €3,361 | €3,613 | +€252 | +7.5% |
| Suppliers | 440/4 | €3,361 | €3,613 | +€252 | +7.5% |
| Taxes, remuneration and social security | 45 | €6,061 | €6,922 | +€861 | +14.2% |
| Taxes | 450/3 | €4,486 | €4,266 | -€220 | -4.9% |
| Remuneration and social security | 454/9 | €1,575 | €2,656 | +€1,081 | +68.6% |
| Other amounts payable | 47/48 | €44,541 | €31,041 | -€13,500 | -30.3% |
| Remuneration, social security and pensions | 62 | €25,455 | €27,468 | +€2,013 | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,431 | €32,113 | -€9,318 | -22.5% |
| Other operating charges | 640/8 | €1,881 | €2,156 | +€274 | +14.6% |
| Gross operating margin | 9900 | €84,580 | €76,801 | -€7,778 | -9.2% |
| Operating profit (loss) | 9901 | €15,812 | €15,065 | -€747 | -4.7% |
| Financial income | 75/76B | €0 | €491 | +€491 | |
| Recurring financial income | 75 | €0 | €491 | +€491 | |
| Financial charges | 65/66B | €5,983 | €5,124 | -€859 | -14.4% |
| Recurring financial charges | 65 | €5,983 | €5,124 | -€859 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | €9,829 | €10,432 | +€603 | +6.1% |
| Income taxes | 67/77 | €345 | €351 | +€6 | +1.7% |
| Profit (loss) for the period | 9904 | €9,484 | €10,081 | +€597 | +6.3% |
| Profit (loss) for the period to be appropriated | 9905 | €9,484 | €10,081 | +€597 | +6.3% |
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 31 October 2026 via checked.be.