Karin Beeckman: 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.
Karin Beeckman
Largest movements
- Current investments +€94,505
up €94,505 (+111.5%), from €84,733 to €179,239
- Tangible fixed assets -€45,518
down €45,518 (-7.4%), from €618,327 to €572,809
of which Land and buildings: -€33,459
- Receivables within one year -€21,590
down €21,590 (-12.3%), from €175,305 to €153,716
of which Trade receivables: -€12,549
- Deferred charges and accrued income +€19,481
up €19,481 (+60.2%), from €32,372 to €51,853
- Reserves +€114,847
up €114,847 (+21.9%), from €524,624 to €639,471
- Debts after one year -€69,361
down €69,361 (-32.2%), from €215,537 to €146,177
- Other debts -€68,489
down €68,489 (-33.3%), from €205,788 to €137,299
- Provisions +€36,008
new in 2025: €36,008
- Tax, wage and social debts +€34,234
up €34,234 (+111.7%), from €30,658 to €64,892
of which Remuneration and social security: +€21,192
- Gross operating margin +€113,959
up €113,959 (+27.5%), from €414,329 to €528,288
- Provisions +€36,008
new in 2025: €36,008
- Staff costs +€33,042
up €33,042 (+20.5%), from €160,945 to €193,987
- Other operating charges +€25,863
up €25,863 (+350.1%), from €7,388 to €33,252
- Taxes +€11,265
up €11,265 (+19.8%), from €56,999 to €68,264
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 | €1,121,424 | €1,167,269 | +€45,844 | +4.1% |
| Fixed assets | 21/28 | €618,327 | €572,809 | -€45,518 | -7.4% |
| Tangible fixed assets | 22/27 | €618,327 | €572,809 | -€45,518 | -7.4% |
| Land and buildings | 22 | €580,753 | €547,293 | -€33,459 | -5.8% |
| Plant, machinery and equipment | 23 | €7,651 | €5,582 | -€2,069 | -27.0% |
| Furniture and vehicles | 24 | €29,923 | €19,933 | -€9,990 | -33.4% |
| Current assets | 29/58 | €503,097 | €594,460 | +€91,363 | +18.2% |
| Amounts receivable within one year | 40/41 | €175,305 | €153,716 | -€21,590 | -12.3% |
| Trade receivables | 40 | €159,889 | €147,340 | -€12,549 | -7.8% |
| Other amounts receivable | 41 | €15,416 | €6,376 | -€9,041 | -58.6% |
| Current investments | 50/53 | €84,733 | €179,239 | +€94,505 | +111.5% |
| Cash at bank and in hand | 54/58 | €210,687 | €209,653 | -€1,034 | -0.5% |
| Deferred charges and accrued income | 490/1 | €32,372 | €51,853 | +€19,481 | +60.2% |
| Total equity and liabilities | 10/49 | €1,121,424 | €1,167,269 | +€45,844 | +4.1% |
| Equity | 10/15 | €543,224 | €658,071 | +€114,847 | +21.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €524,624 | €639,471 | +€114,847 | +21.9% |
| Distributable reserves | 133 | €524,624 | €639,471 | +€114,847 | +21.9% |
| Provisions and deferred taxes | 16 | - | €36,008 | +€36,008 | |
| Provisions for liabilities and charges | 160/5 | - | €36,008 | +€36,008 | |
| Other liabilities and charges | 164/5 | - | €36,008 | +€36,008 | |
| Amounts payable | 17/49 | €578,200 | €473,190 | -€105,010 | -18.2% |
| Amounts payable after more than one year | 17 | €215,537 | €146,177 | -€69,361 | -32.2% |
| Financial debts | 170/4 | €215,537 | €146,177 | -€69,361 | -32.2% |
| Amounts payable within one year | 42/48 | €360,662 | €327,013 | -€33,649 | -9.3% |
| Financial debts | 43 | €84,615 | €86,585 | +€1,970 | +2.3% |
| Credit institutions | 430/8 | €84,615 | €86,585 | +€1,970 | +2.3% |
| Trade debts | 44 | €39,601 | €38,237 | -€1,364 | -3.4% |
| Suppliers | 440/4 | €39,601 | €38,237 | -€1,364 | -3.4% |
| Taxes, remuneration and social security | 45 | €30,658 | €64,892 | +€34,234 | +111.7% |
| Taxes | 450/3 | €10,569 | €23,611 | +€13,042 | +123.4% |
| Remuneration and social security | 454/9 | €20,089 | €41,281 | +€21,192 | +105.5% |
| Other amounts payable | 47/48 | €205,788 | €137,299 | -€68,489 | -33.3% |
| Accrued charges and deferred income | 492/3 | €2,000 | €0 | -€2,000 | -100.0% |
| Remuneration, social security and pensions | 62 | €160,945 | €193,987 | +€33,042 | +20.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,521 | €59,297 | +€2,776 | +4.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €8,330 | €12,417 | +€4,086 | +49.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €36,008 | +€36,008 | |
| Other operating charges | 640/8 | €7,388 | €33,252 | +€25,863 | +350.1% |
| Gross operating margin | 9900 | €414,329 | €528,288 | +€113,959 | +27.5% |
| Operating profit (loss) | 9901 | €181,144 | €193,328 | +€12,184 | +6.7% |
| Financial income | 75/76B | €2,882 | €832 | -€2,050 | -71.1% |
| Recurring financial income | 75 | €2,882 | €832 | -€2,050 | -71.1% |
| Financial charges | 65/66B | €12,659 | €11,050 | -€1,609 | -12.7% |
| Recurring financial charges | 65 | €12,659 | €11,050 | -€1,609 | -12.7% |
| Profit (loss) for the period before taxes | 9903 | €171,368 | €183,110 | +€11,743 | +6.9% |
| Income taxes | 67/77 | €56,999 | €68,264 | +€11,265 | +19.8% |
| Profit (loss) for the period | 9904 | €114,369 | €114,847 | +€478 | +0.4% |
| Profit (loss) for the period to be appropriated | 9905 | €114,369 | €114,847 | +€478 | +0.4% |
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 11 October 2026 via checked.be.