KAREN DE COLFMACKER: 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.
KAREN DE COLFMACKER
Largest movements
- Cash +€47,187
up €47,187 (+244%), from €19,335 to €66,522
mainly Net result for the year (+€69,577) and Depreciation (+€45,566)
- Tangible fixed assets -€45,374
down €45,374 (-6.9%), from €654,690 to €609,316
of which Land and buildings: -€29,991
- Current investments +€21,339
up €21,339 (+28.8%), from €74,000 to €95,339
- Reserves +€69,577
up €69,577 (+30.1%), from €231,205 to €300,782
- Debts after one year -€41,913
down €41,913 (-13.9%), from €301,476 to €259,563
- Gross operating margin -€10,811
down €10,811 (-6.3%), from €172,372 to €161,561
- Taxes -€4,155
down €4,155 (-11.0%), from €37,715 to €33,560
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 | €756,253 | €776,342 | +€20,088 | +2.7% |
| Fixed assets | 21/28 | €655,242 | €609,675 | -€45,566 | -7.0% |
| Intangible fixed assets | 21 | €551 | €359 | -€192 | -34.8% |
| Tangible fixed assets | 22/27 | €654,690 | €609,316 | -€45,374 | -6.9% |
| Land and buildings | 22 | €597,902 | €567,911 | -€29,991 | -5.0% |
| Plant, machinery and equipment | 23 | €49,225 | €39,242 | -€9,983 | -20.3% |
| Furniture and vehicles | 24 | €7,563 | €2,163 | -€5,400 | -71.4% |
| Current assets | 29/58 | €101,012 | €166,666 | +€65,655 | +65.0% |
| Amounts receivable within one year | 40/41 | €1,886 | €1,208 | -€678 | -35.9% |
| Trade receivables | 40 | €1,886 | €1,208 | -€678 | -35.9% |
| Current investments | 50/53 | €74,000 | €95,339 | +€21,339 | +28.8% |
| Cash at bank and in hand | 54/58 | €19,335 | €66,522 | +€47,187 | +244% |
| Deferred charges and accrued income | 490/1 | €5,791 | €3,597 | -€2,194 | -37.9% |
| Total equity and liabilities | 10/49 | €756,253 | €776,342 | +€20,088 | +2.7% |
| Equity | 10/15 | €347,792 | €417,368 | +€69,577 | +20.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €231,205 | €300,782 | +€69,577 | +30.1% |
| Distributable reserves | 133 | €231,205 | €300,782 | +€69,577 | +30.1% |
| Profit (loss) carried forward | 14 | €104,187 | €104,187 | = | 0.0% |
| Amounts payable | 17/49 | €408,462 | €358,973 | -€49,489 | -12.1% |
| Amounts payable after more than one year | 17 | €301,476 | €259,563 | -€41,913 | -13.9% |
| Financial debts | 170/4 | €301,476 | €259,563 | -€41,913 | -13.9% |
| Amounts payable within one year | 42/48 | €104,324 | €98,031 | -€6,293 | -6.0% |
| Current portion of amounts payable after more than one year | 42 | €41,540 | €41,913 | +€372 | +0.9% |
| Trade debts | 44 | €23,647 | €18,986 | -€4,660 | -19.7% |
| Suppliers | 440/4 | €23,647 | €18,986 | -€4,660 | -19.7% |
| Taxes, remuneration and social security | 45 | €17,672 | €21,232 | +€3,560 | +20.1% |
| Taxes | 450/3 | €17,672 | €21,232 | +€3,560 | +20.1% |
| Other amounts payable | 47/48 | €21,466 | €15,900 | -€5,566 | -25.9% |
| Accrued charges and deferred income | 492/3 | €2,662 | €1,379 | -€1,283 | -48.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,517 | €45,566 | +€1,049 | +2.4% |
| Other operating charges | 640/8 | €2,336 | €1,995 | -€341 | -14.6% |
| Gross operating margin | 9900 | €172,372 | €161,561 | -€10,811 | -6.3% |
| Operating profit (loss) | 9901 | €125,519 | €113,999 | -€11,520 | -9.2% |
| Financial income | 75/76B | €337 | €340 | +€3 | +0.8% |
| Recurring financial income | 75 | €337 | €340 | +€3 | +0.8% |
| Financial charges | 65/66B | €12,513 | €11,202 | -€1,311 | -10.5% |
| Recurring financial charges | 65 | €12,513 | €11,202 | -€1,311 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | €113,344 | €103,137 | -€10,206 | -9.0% |
| Income taxes | 67/77 | €37,715 | €33,560 | -€4,155 | -11.0% |
| Profit (loss) for the period | 9904 | €75,628 | €69,577 | -€6,051 | -8.0% |
| Profit (loss) for the period to be appropriated | 9905 | €75,628 | €69,577 | -€6,051 | -8.0% |
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 22 October 2026 via checked.be.