Karl SEVERIN: 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.
Karl SEVERIN
Largest movements
- Receivables within one year +€71,353
up €71,353 (+44.7%), from €159,543 to €230,896
of which Trade receivables: +€52,690
- Tangible fixed assets -€30,368
down €30,368 (-20.9%), from €145,042 to €114,674
- Cash +€11,671
up €11,671 (+348%), from €3,356 to €15,027
mainly Trade debts (+€32,431) and Depreciation (+€30,368)
- Stocks and contracts +€5,129
up €5,129 (+25.6%), from €20,024 to €25,153
- Trade debts +€32,431
up €32,431 (+47.6%), from €68,101 to €100,532
- Debts after one year -€28,953
down €28,953 (-74.8%), from €38,696 to €9,742
- Tax, wage and social debts +€28,557
up €28,557 (+25.8%), from €110,874 to €139,431
of which Taxes: +€46,276
- Profit (loss) carried forward +€19,777
up €19,777 (+21.2%), from -€93,260 to -€73,483
- Accrued charges and deferred income +€5,455
up €5,455 (+955%), from €571 to €6,026
- Gross operating margin -€20,311
down €20,311 (-6.6%), from €309,300 to €288,989
- Staff costs -€11,907
down €11,907 (-5.4%), from €221,107 to €209,200
- Financial charges -€3,869
down €3,869 (-10.0%), from €38,625 to €34,756
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €334,783 | €391,840 | +€57,056 | +17.0% |
| Fixed assets | 21/28 | €145,042 | €114,674 | -€30,368 | -20.9% |
| Tangible fixed assets | 22/27 | €145,042 | €114,674 | -€30,368 | -20.9% |
| Land and buildings | 22 | €79,008 | €71,826 | -€7,183 | -9.1% |
| Plant, machinery and equipment | 23 | €5,208 | €3,060 | -€2,148 | -41.2% |
| Furniture and vehicles | 24 | €42,116 | €28,004 | -€14,111 | -33.5% |
| Leasing and similar rights | 25 | €18,710 | €11,784 | -€6,926 | -37.0% |
| Current assets | 29/58 | €189,742 | €277,166 | +€87,425 | +46.1% |
| Stocks and contracts in progress | 3 | €20,024 | €25,153 | +€5,129 | +25.6% |
| Stocks | 30/36 | €20,024 | €25,153 | +€5,129 | +25.6% |
| Amounts receivable within one year | 40/41 | €159,543 | €230,896 | +€71,353 | +44.7% |
| Trade receivables | 40 | €109,782 | €162,472 | +€52,690 | +48.0% |
| Other amounts receivable | 41 | €49,761 | €68,424 | +€18,663 | +37.5% |
| Cash at bank and in hand | 54/58 | €3,356 | €15,027 | +€11,671 | +348% |
| Deferred charges and accrued income | 490/1 | €6,819 | €6,090 | -€728 | -10.7% |
| Total equity and liabilities | 10/49 | €334,783 | €391,840 | +€57,056 | +17.0% |
| Equity | 10/15 | -€61,907 | -€42,845 | +€19,061 | +30.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €4,880 | €4,880 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,020 | €3,020 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€93,260 | -€73,483 | +€19,777 | +21.2% |
| Investment grants | 15 | €7,873 | €7,158 | -€716 | -9.1% |
| Amounts payable | 17/49 | €396,690 | €434,685 | +€37,995 | +9.6% |
| Amounts payable after more than one year | 17 | €38,696 | €9,742 | -€28,953 | -74.8% |
| Financial debts | 170/4 | €38,696 | €9,742 | -€28,953 | -74.8% |
| Amounts payable within one year | 42/48 | €357,423 | €418,917 | +€61,494 | +17.2% |
| Current portion of amounts payable after more than one year | 42 | €28,447 | €28,953 | +€506 | +1.8% |
| Financial debts | 43 | €150,000 | €150,000 | = | 0.0% |
| Credit institutions | 430/8 | €150,000 | €150,000 | = | 0.0% |
| Trade debts | 44 | €68,101 | €100,532 | +€32,431 | +47.6% |
| Suppliers | 440/4 | €68,101 | €100,532 | +€32,431 | +47.6% |
| Taxes, remuneration and social security | 45 | €110,874 | €139,431 | +€28,557 | +25.8% |
| Taxes | 450/3 | €66,235 | €112,511 | +€46,276 | +69.9% |
| Remuneration and social security | 454/9 | €44,640 | €26,920 | -€17,719 | -39.7% |
| Accrued charges and deferred income | 492/3 | €571 | €6,026 | +€5,455 | +955% |
| Remuneration, social security and pensions | 62 | €221,107 | €209,200 | -€11,907 | -5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,759 | €30,368 | +€1,609 | +5.6% |
| Other operating charges | 640/8 | €3,748 | €2,832 | -€915 | -24.4% |
| Gross operating margin | 9900 | €309,300 | €288,989 | -€20,311 | -6.6% |
| Operating profit (loss) | 9901 | €55,686 | €46,588 | -€9,098 | -16.3% |
| Financial income | 75/76B | €11,289 | €8,273 | -€3,016 | -26.7% |
| Recurring financial income | 75 | €11,289 | €8,273 | -€3,016 | -26.7% |
| Financial charges | 65/66B | €38,625 | €34,756 | -€3,869 | -10.0% |
| Recurring financial charges | 65 | €38,625 | €34,756 | -€3,869 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | €28,350 | €20,105 | -€8,245 | -29.1% |
| Income taxes | 67/77 | €270 | €328 | +€58 | +21.3% |
| Profit (loss) for the period | 9904 | €28,079 | €19,777 | -€8,302 | -29.6% |
| Profit (loss) for the period to be appropriated | 9905 | €28,079 | €19,777 | -€8,302 | -29.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.