KAREL DEWAELE: 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.
KAREL DEWAELE
Largest movements
- Cash +€402,434
up €402,434 (+241%), from €167,164 to €569,598
mainly Current investments (+€270,899) and Net result for the year (+€136,692)
- Current investments -€270,899
down €270,899 (-34.5%), from €785,394 to €514,495
- Reserves +€136,692
up €136,692 (+15.2%), from €901,215 to €1.0m
- Tax, wage and social debts -€28,199
down €28,199 (-69.5%), from €40,589 to €12,391
- Trade debts +€16,529
up €16,529 (+439%), from €3,767 to €20,297
- Financial income +€28,703
up €28,703 (+133%), from €21,620 to €50,323
- Financial charges +€9,856
up €9,856 (+833%), from €1,183 to €11,038
- Taxes -€5,146
down €5,146 (-10.2%), from €50,622 to €45,476
- Gross operating margin -€4,379
down €4,379 (-2.4%), from €180,655 to €176,276
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 | €1,067,510 | €1,196,566 | +€129,056 | +12.1% |
| Fixed assets | 21/28 | €72,720 | €77,032 | +€4,312 | +5.9% |
| Tangible fixed assets | 22/27 | €72,720 | €77,032 | +€4,312 | +5.9% |
| Land and buildings | 22 | €11,773 | €39,220 | +€27,447 | +233% |
| Plant, machinery and equipment | 23 | €9,508 | €7,577 | -€1,930 | -20.3% |
| Furniture and vehicles | 24 | €51,440 | €30,235 | -€21,204 | -41.2% |
| Current assets | 29/58 | €994,790 | €1,119,534 | +€124,744 | +12.5% |
| Amounts receivable within one year | 40/41 | €39,237 | €33,343 | -€5,894 | -15.0% |
| Trade receivables | 40 | €39,237 | €26,817 | -€12,420 | -31.7% |
| Other amounts receivable | 41 | - | €6,526 | +€6,526 | |
| Current investments | 50/53 | €785,394 | €514,495 | -€270,899 | -34.5% |
| Cash at bank and in hand | 54/58 | €167,164 | €569,598 | +€402,434 | +241% |
| Deferred charges and accrued income | 490/1 | €2,995 | €2,098 | -€897 | -30.0% |
| Total equity and liabilities | 10/49 | €1,067,510 | €1,196,566 | +€129,056 | +12.1% |
| Equity | 10/15 | €907,415 | €1,044,107 | +€136,692 | +15.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €901,215 | €1,037,907 | +€136,692 | +15.2% |
| Distributable reserves | 133 | €901,215 | €1,037,907 | +€136,692 | +15.2% |
| Amounts payable | 17/49 | €160,095 | €152,459 | -€7,636 | -4.8% |
| Amounts payable after more than one year | 17 | €100,000 | €100,000 | = | 0.0% |
| Financial debts | 170/4 | €100,000 | €100,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €50,349 | €43,492 | -€6,857 | -13.6% |
| Trade debts | 44 | €3,767 | €20,297 | +€16,529 | +439% |
| Suppliers | 440/4 | €3,767 | €20,297 | +€16,529 | +439% |
| Taxes, remuneration and social security | 45 | €40,589 | €12,391 | -€28,199 | -69.5% |
| Taxes | 450/3 | €40,589 | €12,391 | -€28,199 | -69.5% |
| Other amounts payable | 47/48 | €5,992 | €10,804 | +€4,812 | +80.3% |
| Accrued charges and deferred income | 492/3 | €9,746 | €8,967 | -€779 | -8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,265 | €26,844 | -€421 | -1.5% |
| Other operating charges | 640/8 | €2,344 | €3,486 | +€1,142 | +48.7% |
| Non-recurring operating charges | 66A | - | €3,062 | +€3,062 | |
| Gross operating margin | 9900 | €180,655 | €176,276 | -€4,379 | -2.4% |
| Operating profit (loss) | 9901 | €151,046 | €142,883 | -€8,162 | -5.4% |
| Financial income | 75/76B | €21,620 | €50,323 | +€28,703 | +133% |
| Recurring financial income | 75 | €21,620 | €50,323 | +€28,703 | +133% |
| Financial charges | 65/66B | €1,183 | €11,038 | +€9,856 | +833% |
| Recurring financial charges | 65 | €1,183 | €11,038 | +€9,856 | +833% |
| Profit (loss) for the period before taxes | 9903 | €171,483 | €182,168 | +€10,685 | +6.2% |
| Income taxes | 67/77 | €50,622 | €45,476 | -€5,146 | -10.2% |
| Profit (loss) for the period | 9904 | €120,861 | €136,692 | +€15,831 | +13.1% |
| Profit (loss) for the period to be appropriated | 9905 | €120,861 | €136,692 | +€15,831 | +13.1% |
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.