Karel Bourguignon: 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.
Karel Bourguignon
Largest movements
- Cash -€17,014
down €17,014 (-41.7%), from €40,849 to €23,835
mainly Investment in fixed assets (net) (-€15,080) and Tax, wage and social debts (-€7,173)
- Tangible fixed assets +€11,546
up €11,546 (+525.8%), from €2,196 to €13,742
of which Furniture and vehicles: +€7,031
- Tax, wage and social debts -€7,173
down €7,173 (-50.3%), from €14,259 to €7,085
of which Taxes: -€9,691
- Other debts +€2,151
new in 2025: €2,151
- Gross operating margin -€37,478
down €37,478 (-82.9%), from €45,213 to €7,735
- Taxes -€8,889
down €8,889 (-98.6%), from €9,019 to €130
- Financial charges +€2,964
up €2,964 (+782.1%), from €379 to €3,343
- Depreciation +€2,485
up €2,485 (+236.9%), from €1,049 to €3,534
- Other operating charges +€677
new in 2025: €677
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 | €54,061 | €49,129 | -€4,933 | -9.1% |
| Fixed assets | 21/28 | €2,196 | €13,742 | +€11,546 | +525.8% |
| Tangible fixed assets | 22/27 | €2,196 | €13,742 | +€11,546 | +525.8% |
| Plant, machinery and equipment | 23 | €1,665 | €6,180 | +€4,515 | +271.1% |
| Furniture and vehicles | 24 | €530 | €7,562 | +€7,031 | +1325.9% |
| Current assets | 29/58 | €51,865 | €35,387 | -€16,478 | -31.8% |
| Amounts receivable within one year | 40/41 | €10,696 | €10,783 | +€87 | +0.8% |
| Trade receivables | 40 | €9,722 | €10,533 | +€811 | +8.3% |
| Other amounts receivable | 41 | €973 | €250 | -€723 | -74.3% |
| Cash at bank and in hand | 54/58 | €40,849 | €23,835 | -€17,014 | -41.7% |
| Deferred charges and accrued income | 490/1 | €321 | €769 | +€448 | +139.7% |
| Total equity and liabilities | 10/49 | €54,061 | €49,129 | -€4,933 | -9.1% |
| Equity | 10/15 | €38,271 | €38,322 | +€52 | +0.1% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €34,771 | €34,822 | +€52 | +0.1% |
| Amounts payable | 17/49 | €15,791 | €10,806 | -€4,984 | -31.6% |
| Amounts payable within one year | 42/48 | €15,791 | €10,806 | -€4,984 | -31.6% |
| Trade debts | 44 | €1,532 | €1,570 | +€39 | +2.5% |
| Suppliers | 440/4 | €1,532 | €1,570 | +€39 | +2.5% |
| Taxes, remuneration and social security | 45 | €14,259 | €7,085 | -€7,173 | -50.3% |
| Taxes | 450/3 | €14,259 | €4,567 | -€9,691 | -68.0% |
| Remuneration and social security | 454/9 | - | €2,518 | +€2,518 | |
| Other amounts payable | 47/48 | - | €2,151 | +€2,151 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,049 | €3,534 | +€2,485 | +236.9% |
| Other operating charges | 640/8 | - | €677 | +€677 | |
| Gross operating margin | 9900 | €45,213 | €7,735 | -€37,478 | -82.9% |
| Operating profit (loss) | 9901 | €44,164 | €3,524 | -€40,639 | -92.0% |
| Financial income | 75/76B | €5 | €0 | -€5 | -100.0% |
| Recurring financial income | 75 | €5 | €0 | -€5 | -100.0% |
| Financial charges | 65/66B | €379 | €3,343 | +€2,964 | +782.1% |
| Recurring financial charges | 65 | €379 | €3,343 | +€2,964 | +782.1% |
| Profit (loss) for the period before taxes | 9903 | €43,789 | €182 | -€43,607 | -99.6% |
| Income taxes | 67/77 | €9,019 | €130 | -€8,889 | -98.6% |
| Profit (loss) for the period | 9904 | €34,771 | €52 | -€34,719 | -99.9% |
| Profit (loss) for the period to be appropriated | 9905 | €34,771 | €52 | -€34,719 | -99.9% |
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 8 October 2026 via checked.be.