Katleen Daelman: 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.
Katleen Daelman
Largest movements
- Tangible fixed assets +€15,919
up €15,919 (+24.6%), from €64,829 to €80,748
of which Furniture and vehicles: +€23,697
- Cash -€14,035
down €14,035 (-25.8%), from €54,433 to €40,398
mainly Investment in fixed assets (net) (-€29,821) and Contributions, distributions and other (-€11,800)
- Intangible fixed assets -€3,378
down €3,378 (-25.0%), from €13,512 to €10,134
- Deferred charges and accrued income -€1,963
down €1,963 (-7.9%), from €24,804 to €22,841
- Debts after one year -€7,438
down €7,438 (-12.7%), from €58,669 to €51,232
- Reserves +€5,552
up €5,552 (+9.8%), from €56,428 to €61,980
- Gross operating margin +€9,881
up €9,881 (+4.9%), from €201,163 to €211,043
- Staff costs +€3,942
up €3,942 (+2.4%), from €160,896 to €164,838
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 | €174,820 | €173,915 | -€905 | -0.5% |
| Fixed assets | 21/28 | €78,341 | €90,882 | +€12,540 | +16.0% |
| Intangible fixed assets | 21 | €13,512 | €10,134 | -€3,378 | -25.0% |
| Tangible fixed assets | 22/27 | €64,829 | €80,748 | +€15,919 | +24.6% |
| Land and buildings | 22 | €62,178 | €52,032 | -€10,146 | -16.3% |
| Plant, machinery and equipment | 23 | €706 | €3,074 | +€2,368 | +335% |
| Furniture and vehicles | 24 | €1,946 | €25,642 | +€23,697 | +1,218% |
| Current assets | 29/58 | €96,479 | €83,033 | -€13,446 | -13.9% |
| Amounts receivable after more than one year | 29 | €15,571 | €17,102 | +€1,531 | +9.8% |
| Other amounts receivable | 291 | €15,571 | €17,102 | +€1,531 | +9.8% |
| Amounts receivable within one year | 40/41 | €1,671 | €2,692 | +€1,021 | +61.1% |
| Other amounts receivable | 41 | €1,671 | €2,692 | +€1,021 | +61.1% |
| Cash at bank and in hand | 54/58 | €54,433 | €40,398 | -€14,035 | -25.8% |
| Deferred charges and accrued income | 490/1 | €24,804 | €22,841 | -€1,963 | -7.9% |
| Total equity and liabilities | 10/49 | €174,820 | €173,915 | -€905 | -0.5% |
| Equity | 10/15 | €75,028 | €80,580 | +€5,552 | +7.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €56,428 | €61,980 | +€5,552 | +9.8% |
| Distributable reserves | 133 | €56,428 | €61,980 | +€5,552 | +9.8% |
| Amounts payable | 17/49 | €99,792 | €93,334 | -€6,458 | -6.5% |
| Amounts payable after more than one year | 17 | €58,669 | €51,232 | -€7,438 | -12.7% |
| Financial debts | 170/4 | €58,669 | €51,232 | -€7,438 | -12.7% |
| Amounts payable within one year | 42/48 | €41,123 | €42,103 | +€980 | +2.4% |
| Current portion of amounts payable after more than one year | 42 | €7,091 | €7,438 | +€347 | +4.9% |
| Trade debts | 44 | €7,276 | €7,678 | +€402 | +5.5% |
| Suppliers | 440/4 | €7,276 | €7,678 | +€402 | +5.5% |
| Taxes, remuneration and social security | 45 | €26,756 | €26,987 | +€231 | +0.9% |
| Remuneration and social security | 454/9 | €26,756 | €26,987 | +€231 | +0.9% |
| Remuneration, social security and pensions | 62 | €160,896 | €164,838 | +€3,942 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,535 | €17,280 | +€746 | +4.5% |
| Other operating charges | 640/8 | €762 | €805 | +€43 | +5.6% |
| Gross operating margin | 9900 | €201,163 | €211,043 | +€9,881 | +4.9% |
| Operating profit (loss) | 9901 | €22,970 | €28,121 | +€5,150 | +22.4% |
| Financial income | 75/76B | €386 | €419 | +€33 | +8.7% |
| Recurring financial income | 75 | €386 | €419 | +€33 | +8.7% |
| Financial charges | 65/66B | €4,948 | €3,879 | -€1,069 | -21.6% |
| Recurring financial charges | 65 | €4,948 | €3,879 | -€1,069 | -21.6% |
| Profit (loss) for the period before taxes | 9903 | €18,408 | €24,660 | +€6,252 | +34.0% |
| Income taxes | 67/77 | €6,329 | €7,308 | +€979 | +15.5% |
| Profit (loss) for the period | 9904 | €12,079 | €17,352 | +€5,273 | +43.7% |
| Profit (loss) for the period to be appropriated | 9905 | €12,079 | €17,352 | +€5,273 | +43.7% |
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 24 October 2026 via checked.be.