Karolien Desimpel: what changed
Karolien Desimpel
Largest movements
- Financial fixed assets +€101,939
up €101,939 (+120%), from €85,000 to €186,939
- Current investments -€71,712
down €71,712 (-13.3%), from €541,206 to €469,494
- Tangible fixed assets -€21,274
down €21,274 (-5.8%), from €369,400 to €348,127
of which Other tangible fixed assets: -€20,083
- Receivables within one year +€17,349
up €17,349 (+648%), from €2,676 to €20,025
of which Other amounts receivable: +€15,000
- Cash -€16,415
down €16,415 (-13.5%), from €121,173 to €104,758
mainly Contributions, distributions and other (-€558,627) and Investment in fixed assets (net) (-€101,939)
- Reserves -€775,000
down €775,000 (-100.0%), from €775,075 to €75
of which Distributable reserves: -€775,000
- Other debts +€482,456
up €482,456 (+906%), from €53,231 to €535,686
- Profit (loss) carried forward +€290,509
up €290,509 (+268%), from €108,407 to €398,917
- Tax, wage and social debts +€27,154
up €27,154 (+54.5%), from €49,859 to €77,012
- Debts after one year -€21,943
down €21,943 (-23.9%), from €91,864 to €69,922
- Gross operating margin -€103,113
down €103,113 (-46.9%), from €220,059 to €116,947
- Taxes -€30,508
down €30,508 (-56.0%), from €54,517 to €24,009
- Financial income -€15,538
down €15,538 (-43.3%), from €35,926 to €20,388
of which Non-recurring financial income: -€10,469
- Financial charges +€14,385
up €14,385 (+196%), from €7,325 to €21,710
of which Financial charges: +€14,222
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 | €1,120,024 | €1,129,343 | +€9,318 | +0.8% |
| Fixed assets | 21/28 | €454,400 | €535,066 | +€80,665 | +17.8% |
| Tangible fixed assets | 22/27 | €369,400 | €348,127 | -€21,274 | -5.8% |
| Plant, machinery and equipment | 23 | €846 | €466 | -€380 | -45.0% |
| Furniture and vehicles | 24 | €1,610 | €799 | -€810 | -50.3% |
| Other tangible fixed assets | 26 | €366,945 | €346,862 | -€20,083 | -5.5% |
| Financial fixed assets | 28 | €85,000 | €186,939 | +€101,939 | +120% |
| Current assets | 29/58 | €665,624 | €594,277 | -€71,347 | -10.7% |
| Amounts receivable within one year | 40/41 | €2,676 | €20,025 | +€17,349 | +648% |
| Trade receivables | 40 | €2,676 | €5,025 | +€2,349 | +87.8% |
| Other amounts receivable | 41 | - | €15,000 | +€15,000 | |
| Current investments | 50/53 | €541,206 | €469,494 | -€71,712 | -13.3% |
| Cash at bank and in hand | 54/58 | €121,173 | €104,758 | -€16,415 | -13.5% |
| Deferred charges and accrued income | 490/1 | €569 | - | -€569 | |
| Total equity and liabilities | 10/49 | €1,120,024 | €1,129,343 | +€9,318 | +0.8% |
| Equity | 10/15 | €900,559 | €407,442 | -€493,117 | -54.8% |
| Contributions | 10/11 | €17,077 | €8,450 | -€8,627 | -50.5% |
| Reserves | 13 | €775,075 | €75 | -€775,000 | -100.0% |
| Tax-exempt reserves | 132 | €75 | €75 | = | 0.0% |
| Distributable reserves | 133 | €775,000 | - | -€775,000 | |
| Profit (loss) carried forward | 14 | €108,407 | €398,917 | +€290,509 | +268% |
| Amounts payable | 17/49 | €219,465 | €721,901 | +€502,435 | +229% |
| Amounts payable after more than one year | 17 | €91,864 | €69,922 | -€21,943 | -23.9% |
| Financial debts | 170/4 | €91,864 | €69,922 | -€21,943 | -23.9% |
| Amounts payable within one year | 42/48 | €127,601 | €638,466 | +€510,865 | +400% |
| Current portion of amounts payable after more than one year | 42 | €21,001 | €21,924 | +€923 | +4.4% |
| Trade debts | 44 | €3,511 | €3,843 | +€332 | +9.5% |
| Suppliers | 440/4 | €3,511 | €3,843 | +€332 | +9.5% |
| Taxes, remuneration and social security | 45 | €49,859 | €77,012 | +€27,154 | +54.5% |
| Taxes | 450/3 | €49,859 | €77,012 | +€27,154 | +54.5% |
| Other amounts payable | 47/48 | €53,231 | €535,686 | +€482,456 | +906% |
| Accrued charges and deferred income | 492/3 | - | €13,513 | +€13,513 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,119 | €21,274 | -€1,845 | -8.0% |
| Other operating charges | 640/8 | €4,750 | €4,833 | +€82 | +1.7% |
| Gross operating margin | 9900 | €220,059 | €116,947 | -€103,113 | -46.9% |
| Operating profit (loss) | 9901 | €192,190 | €90,840 | -€101,350 | -52.7% |
| Financial income | 75/76B | €35,926 | €20,388 | -€15,538 | -43.3% |
| Recurring financial income | 75 | €18,139 | €13,070 | -€5,070 | -27.9% |
| Non-recurring financial income | 76B | €17,787 | €7,318 | -€10,469 | -58.9% |
| Financial charges | 65/66B | €7,325 | €21,710 | +€14,385 | +196% |
| Recurring financial charges | 65 | €7,325 | €21,548 | +€14,222 | +194% |
| Non-recurring financial charges | 66B | - | €162 | +€162 | |
| Profit (loss) for the period before taxes | 9903 | €220,791 | €89,518 | -€131,273 | -59.5% |
| Income taxes | 67/77 | €54,517 | €24,009 | -€30,508 | -56.0% |
| Profit (loss) for the period | 9904 | €166,274 | €65,509 | -€100,765 | -60.6% |
| Profit (loss) for the period to be appropriated | 9905 | €166,274 | €65,509 | -€100,765 | -60.6% |
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 7 November 2026 via checked.be.