KAROLIEN SOENEN: 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.
KAROLIEN SOENEN
Largest movements
- Tangible fixed assets +€166,910
up €166,910 (+62.7%), from €266,126 to €433,036
of which Plant, machinery and equipment: +€172,404
- Receivables within one year -€41,811
down €41,811 (-37.6%), from €111,081 to €69,270
of which Other amounts receivable: -€51,811
- Debts after one year +€88,386
up €88,386 (+222%), from €39,893 to €128,279
- Trade debts +€80,560
up €80,560 (+868%), from €9,278 to €89,839
- Profit (loss) carried forward -€39,577
down €39,577, from €37,839 to -€1,738
- Current portion of long-term debt +€16,700
up €16,700 (+179%), from €9,346 to €26,046
- Accrued charges and deferred income -€9,698
no longer reported in 2025 (was €9,698)
- Financial charges +€53,691
up €53,691 (+13,343%), from €402 to €54,094
- Gross operating margin +€24,697
up €24,697 (+158%), from €15,602 to €40,299
- Depreciation +€12,368
up €12,368 (+68.3%), from €18,121 to €30,489
- Financial income -€1,189
down €1,189 (-17.1%), from €6,937 to €5,748
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 | €377,648 | €506,265 | +€128,617 | +34.1% |
| Fixed assets | 21/28 | €266,126 | €433,036 | +€166,910 | +62.7% |
| Tangible fixed assets | 22/27 | €266,126 | €433,036 | +€166,910 | +62.7% |
| Land and buildings | 22 | €207,501 | €202,007 | -€5,493 | -2.6% |
| Plant, machinery and equipment | 23 | €58,626 | €231,029 | +€172,404 | +294% |
| Current assets | 29/58 | €111,522 | €73,228 | -€38,293 | -34.3% |
| Amounts receivable within one year | 40/41 | €111,081 | €69,270 | -€41,811 | -37.6% |
| Trade receivables | 40 | - | €10,000 | +€10,000 | |
| Other amounts receivable | 41 | €111,081 | €59,270 | -€51,811 | -46.6% |
| Cash at bank and in hand | 54/58 | €42 | €675 | +€633 | +1,523% |
| Deferred charges and accrued income | 490/1 | €399 | €3,283 | +€2,884 | +723% |
| Total equity and liabilities | 10/49 | €377,648 | €506,265 | +€128,617 | +34.1% |
| Equity | 10/15 | €262,600 | €218,857 | -€43,743 | -16.7% |
| Contributions | 10/11 | €220,596 | €220,596 | = | 0.0% |
| Reserves | 13 | €4,165 | - | -€4,165 | |
| Non-distributable reserves | 130/1 | €4,165 | - | -€4,165 | |
| Reserves not available under the articles | 1311 | €4,165 | - | -€4,165 | |
| Profit (loss) carried forward | 14 | €37,839 | -€1,738 | -€39,577 | |
| Amounts payable | 17/49 | €115,048 | €287,408 | +€172,360 | +150% |
| Amounts payable after more than one year | 17 | €39,893 | €128,279 | +€88,386 | +222% |
| Financial debts | 170/4 | €39,893 | €128,279 | +€88,386 | +222% |
| Amounts payable within one year | 42/48 | €65,456 | €159,128 | +€93,672 | +143% |
| Current portion of amounts payable after more than one year | 42 | €9,346 | €26,046 | +€16,700 | +179% |
| Trade debts | 44 | €9,278 | €89,839 | +€80,560 | +868% |
| Suppliers | 440/4 | €9,278 | €89,839 | +€80,560 | +868% |
| Taxes, remuneration and social security | 45 | €8,560 | €2,104 | -€6,456 | -75.4% |
| Taxes | 450/3 | €8,560 | €2,104 | -€6,456 | -75.4% |
| Other amounts payable | 47/48 | €38,273 | €41,140 | +€2,868 | +7.5% |
| Accrued charges and deferred income | 492/3 | €9,698 | - | -€9,698 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,121 | €30,489 | +€12,368 | +68.3% |
| Other operating charges | 640/8 | €5,582 | €5,207 | -€375 | -6.7% |
| Gross operating margin | 9900 | €15,602 | €40,299 | +€24,697 | +158% |
| Operating profit (loss) | 9901 | -€8,102 | €4,603 | +€12,705 | |
| Financial income | 75/76B | €6,937 | €5,748 | -€1,189 | -17.1% |
| Recurring financial income | 75 | €6,937 | €5,748 | -€1,189 | -17.1% |
| Financial charges | 65/66B | €402 | €54,094 | +€53,691 | +13,343% |
| Recurring financial charges | 65 | €402 | €54,094 | +€53,691 | +13,343% |
| Profit (loss) for the period before taxes | 9903 | -€1,567 | -€43,743 | -€42,176 | -2,692% |
| Profit (loss) for the period | 9904 | -€1,567 | -€43,743 | -€42,176 | -2,692% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,567 | -€43,743 | -€42,176 | -2,692% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.