Katrien Feys: 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.
Katrien Feys
Largest movements
- Tangible fixed assets -€47,301
down €47,301 (-18.7%), from €252,738 to €205,437
of which Land and buildings: -€24,888
- Receivables within one year +€7,015
up €7,015 (+14.0%), from €50,113 to €57,127
of which Trade receivables: +€5,899
- Debts after one year -€44,589
down €44,589 (-35.8%), from €124,476 to €79,887
- Trade debts +€4,453
up €4,453 (+68.5%), from €6,503 to €10,957
- Reserves +€3,754
up €3,754 (+2.6%), from €144,824 to €148,578
- Financial charges -€2,167
down €2,167 (-26.2%), from €8,273 to €6,106
- Gross operating margin -€1,389
down €1,389 (-2.0%), from €68,226 to €66,837
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 | €322,638 | €282,078 | -€40,560 | -12.6% |
| Fixed assets | 21/28 | €252,738 | €205,437 | -€47,301 | -18.7% |
| Tangible fixed assets | 22/27 | €252,738 | €205,437 | -€47,301 | -18.7% |
| Land and buildings | 22 | €186,943 | €162,055 | -€24,888 | -13.3% |
| Plant, machinery and equipment | 23 | €46,181 | €35,447 | -€10,734 | -23.2% |
| Furniture and vehicles | 24 | €19,614 | €7,935 | -€11,679 | -59.5% |
| Current assets | 29/58 | €69,900 | €76,641 | +€6,741 | +9.6% |
| Amounts receivable within one year | 40/41 | €50,113 | €57,127 | +€7,015 | +14.0% |
| Trade receivables | 40 | €41,745 | €47,644 | +€5,899 | +14.1% |
| Other amounts receivable | 41 | €8,368 | €9,484 | +€1,116 | +13.3% |
| Cash at bank and in hand | 54/58 | €17,718 | €17,406 | -€312 | -1.8% |
| Deferred charges and accrued income | 490/1 | €2,069 | €2,107 | +€38 | +1.8% |
| Total equity and liabilities | 10/49 | €322,638 | €282,078 | -€40,560 | -12.6% |
| Equity | 10/15 | €163,424 | €167,178 | +€3,754 | +2.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €144,824 | €148,578 | +€3,754 | +2.6% |
| Distributable reserves | 133 | €144,824 | €148,578 | +€3,754 | +2.6% |
| Amounts payable | 17/49 | €159,214 | €114,900 | -€44,314 | -27.8% |
| Amounts payable after more than one year | 17 | €124,476 | €79,887 | -€44,589 | -35.8% |
| Financial debts | 170/4 | €124,476 | €79,887 | -€44,589 | -35.8% |
| Amounts payable within one year | 42/48 | €34,738 | €35,013 | +€275 | +0.8% |
| Current portion of amounts payable after more than one year | 42 | €22,013 | €19,589 | -€2,424 | -11.0% |
| Trade debts | 44 | €6,503 | €10,957 | +€4,453 | +68.5% |
| Suppliers | 440/4 | €6,503 | €10,957 | +€4,453 | +68.5% |
| Taxes, remuneration and social security | 45 | €6,221 | €4,467 | -€1,754 | -28.2% |
| Taxes | 450/3 | €6,221 | €4,467 | -€1,754 | -28.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,100 | €47,301 | +€201 | +0.4% |
| Other operating charges | 640/8 | €3,156 | €3,084 | -€72 | -2.3% |
| Gross operating margin | 9900 | €68,226 | €66,837 | -€1,389 | -2.0% |
| Operating profit (loss) | 9901 | €17,970 | €16,452 | -€1,518 | -8.4% |
| Financial income | 75/76B | €10 | - | -€10 | |
| Recurring financial income | 75 | €10 | - | -€10 | |
| Financial charges | 65/66B | €8,273 | €6,106 | -€2,167 | -26.2% |
| Recurring financial charges | 65 | €8,273 | €6,106 | -€2,167 | -26.2% |
| Profit (loss) for the period before taxes | 9903 | €9,706 | €10,345 | +€639 | +6.6% |
| Income taxes | 67/77 | €5,252 | €5,759 | +€506 | +9.6% |
| Profit (loss) for the period | 9904 | €4,454 | €4,587 | +€133 | +3.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,454 | €4,587 | +€133 | +3.0% |
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 17 October 2026 via checked.be.