Karolien Beyens: what changed
Karolien Beyens
Largest movements
- Tangible fixed assets +€92,148
up €92,148 (+1,610%), from €5,725 to €97,873
- Cash -€26,036
down €26,036 (-31.5%), from €82,753 to €56,718
mainly Investment in fixed assets (net) (-€110,185) and Tax, wage and social debts (-€22,819)
- Receivables within one year +€12,279
up €12,279 (+37.5%), from €32,729 to €45,009
- Financial fixed assets +€6,750
new in 2025: €6,750
- Deferred charges and accrued income +€3,684
up €3,684 (+122%), from €3,014 to €6,698
- Debts after one year +€40,600
new in 2025: €40,600
- Trade debts +€36,710
up €36,710 (+815%), from €4,505 to €41,215
- Reserves +€29,852
up €29,852 (+34.0%), from €87,679 to €117,530
- Tax, wage and social debts -€22,819
down €22,819 (-86.1%), from €26,516 to €3,696
- Current portion of long-term debt +€11,078
new in 2025: €11,078
- Gross operating margin -€27,155
down €27,155 (-36.7%), from €74,007 to €46,852
- Taxes -€7,569
down €7,569 (-54.3%), from €13,942 to €6,372
- Depreciation +€5,341
up €5,341 (+232%), from €2,304 to €7,645
- Financial charges +€750
up €750 (+110%), from €682 to €1,432
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €131,517 | €223,985 | +€92,468 | +70.3% |
| Fixed assets | 21/28 | €13,020 | €115,560 | +€102,540 | +788% |
| Intangible fixed assets | 21 | €7,295 | €10,937 | +€3,642 | +49.9% |
| Tangible fixed assets | 22/27 | €5,725 | €97,873 | +€92,148 | +1,610% |
| Plant, machinery and equipment | 23 | €2,839 | €23,969 | +€21,130 | +744% |
| Furniture and vehicles | 24 | €2,886 | €40,616 | +€37,730 | +1,307% |
| Other tangible fixed assets | 26 | - | €1,419 | +€1,419 | |
| Assets under construction and advance payments | 27 | - | €31,869 | +€31,869 | |
| Financial fixed assets | 28 | - | €6,750 | +€6,750 | |
| Current assets | 29/58 | €118,497 | €108,424 | -€10,072 | -8.5% |
| Amounts receivable within one year | 40/41 | €32,729 | €45,009 | +€12,279 | +37.5% |
| Trade receivables | 40 | €32,729 | €45,009 | +€12,279 | +37.5% |
| Cash at bank and in hand | 54/58 | €82,753 | €56,718 | -€26,036 | -31.5% |
| Deferred charges and accrued income | 490/1 | €3,014 | €6,698 | +€3,684 | +122% |
| Total equity and liabilities | 10/49 | €131,517 | €223,985 | +€92,468 | +70.3% |
| Equity | 10/15 | €89,179 | €119,030 | +€29,852 | +33.5% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €87,679 | €117,530 | +€29,852 | +34.0% |
| Distributable reserves | 133 | €87,679 | €117,530 | +€29,852 | +34.0% |
| Amounts payable | 17/49 | €42,339 | €104,954 | +€62,616 | +148% |
| Amounts payable after more than one year | 17 | - | €40,600 | +€40,600 | |
| Financial debts | 170/4 | - | €40,600 | +€40,600 | |
| Amounts payable within one year | 42/48 | €35,253 | €64,253 | +€29,000 | +82.3% |
| Current portion of amounts payable after more than one year | 42 | - | €11,078 | +€11,078 | |
| Trade debts | 44 | €4,505 | €41,215 | +€36,710 | +815% |
| Suppliers | 440/4 | €4,505 | €41,215 | +€36,710 | +815% |
| Taxes, remuneration and social security | 45 | €26,516 | €3,696 | -€22,819 | -86.1% |
| Taxes | 450/3 | €26,516 | €3,696 | -€22,819 | -86.1% |
| Other amounts payable | 47/48 | €4,233 | €8,264 | +€4,031 | +95.2% |
| Accrued charges and deferred income | 492/3 | €7,085 | €101 | -€6,985 | -98.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,304 | €7,645 | +€5,341 | +232% |
| Other operating charges | 640/8 | €1,056 | €1,551 | +€495 | +46.9% |
| Gross operating margin | 9900 | €74,007 | €46,852 | -€27,155 | -36.7% |
| Operating profit (loss) | 9901 | €70,647 | €37,656 | -€32,990 | -46.7% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €682 | €1,432 | +€750 | +110% |
| Recurring financial charges | 65 | €682 | €1,432 | +€750 | +110% |
| Profit (loss) for the period before taxes | 9903 | €69,965 | €36,224 | -€33,740 | -48.2% |
| Income taxes | 67/77 | €13,942 | €6,372 | -€7,569 | -54.3% |
| Profit (loss) for the period | 9904 | €56,023 | €29,852 | -€26,171 | -46.7% |
| Profit (loss) for the period to be appropriated | 9905 | €56,023 | €29,852 | -€26,171 | -46.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.