Karel Dewagtere: 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 Dewagtere
Largest movements
- Cash +€83,174
up €83,174 (+102%), from €81,446 to €164,620
mainly Net result for the year (+€67,975) and Depreciation (+€11,180)
- Tangible fixed assets -€11,180
down €11,180 (-23.2%), from €48,170 to €36,990
- Reserves +€67,975
new in 2025: €67,975
- Tax, wage and social debts +€3,884
up €3,884 (+12.6%), from €30,780 to €34,665
- Gross operating margin -€9,149
down €9,149 (-8.0%), from €115,071 to €105,922
- Taxes +€3,777
up €3,777 (+16.8%), from €22,500 to €26,277
- Depreciation +€3,394
up €3,394 (+43.6%), from €7,785 to €11,180
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 | €129,847 | €201,687 | +€71,841 | +55.3% |
| Fixed assets | 21/28 | €48,170 | €36,990 | -€11,180 | -23.2% |
| Tangible fixed assets | 22/27 | €48,170 | €36,990 | -€11,180 | -23.2% |
| Furniture and vehicles | 24 | €48,170 | €36,990 | -€11,180 | -23.2% |
| Current assets | 29/58 | €81,677 | €164,697 | +€83,020 | +102% |
| Amounts receivable within one year | 40/41 | €231 | €77 | -€154 | -66.5% |
| Other amounts receivable | 41 | €231 | €77 | -€154 | -66.5% |
| Cash at bank and in hand | 54/58 | €81,446 | €164,620 | +€83,174 | +102% |
| Total equity and liabilities | 10/49 | €129,847 | €201,687 | +€71,841 | +55.3% |
| Equity | 10/15 | €99,047 | €167,023 | +€67,975 | +68.6% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | - | €67,975 | +€67,975 | |
| Distributable reserves | 133 | - | €67,975 | +€67,975 | |
| Profit (loss) carried forward | 14 | €84,047 | €84,047 | = | 0.0% |
| Amounts payable | 17/49 | €30,799 | €34,665 | +€3,865 | +12.5% |
| Amounts payable within one year | 42/48 | €30,799 | €34,665 | +€3,865 | +12.5% |
| Trade debts | 44 | €19 | - | -€19 | |
| Suppliers | 440/4 | €19 | - | -€19 | |
| Taxes, remuneration and social security | 45 | €30,780 | €34,665 | +€3,884 | +12.6% |
| Taxes | 450/3 | €30,780 | €34,665 | +€3,884 | +12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,785 | €11,180 | +€3,394 | +43.6% |
| Other operating charges | 640/8 | €685 | €398 | -€286 | -41.8% |
| Gross operating margin | 9900 | €115,071 | €105,922 | -€9,149 | -8.0% |
| Operating profit (loss) | 9901 | €106,601 | €94,344 | -€12,257 | -11.5% |
| Financial charges | 65/66B | €54 | €92 | +€38 | +71.3% |
| Recurring financial charges | 65 | €54 | €92 | +€38 | +71.3% |
| Profit (loss) for the period before taxes | 9903 | €106,547 | €94,252 | -€12,295 | -11.5% |
| Income taxes | 67/77 | €22,500 | €26,277 | +€3,777 | +16.8% |
| Profit (loss) for the period | 9904 | €84,047 | €67,975 | -€16,072 | -19.1% |
| Profit (loss) for the period to be appropriated | 9905 | €84,047 | €67,975 | -€16,072 | -19.1% |
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.