Katrien Groenez: 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 Groenez
Largest movements
- Cash -€5,498
down €5,498 (-41.8%), from €13,147 to €7,649
mainly Debts after one year (-€5,609) and Investment in fixed assets (net) (-€4,230)
- Tangible fixed assets -€5,140
down €5,140 (-16.4%), from €31,399 to €26,259
of which Furniture and vehicles: -€8,068
- Receivables within one year +€3,895
up €3,895 (+125%), from €3,107 to €7,002
of which Other amounts receivable: +€1,969
- Deferred charges and accrued income -€1,046
down €1,046 (-60.3%), from €1,735 to €690
- Debts after one year -€5,609
down €5,609 (-25.4%), from €22,107 to €16,497
- Reserves -€1,181
down €1,181 (-10.2%), from €11,626 to €10,446
- Trade debts -€735
down €735 (-65.3%), from €1,126 to €391
- Depreciation +€6,671
up €6,671 (+247%), from €2,698 to €9,369
- Gross operating margin -€5,889
down €5,889 (-30.9%), from €19,029 to €13,140
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 | €49,388 | €41,600 | -€7,789 | -15.8% |
| Fixed assets | 21/28 | €31,399 | €26,259 | -€5,140 | -16.4% |
| Tangible fixed assets | 22/27 | €31,399 | €26,259 | -€5,140 | -16.4% |
| Plant, machinery and equipment | 23 | €1,393 | €1,984 | +€591 | +42.4% |
| Furniture and vehicles | 24 | €30,005 | €21,937 | -€8,068 | -26.9% |
| Other tangible fixed assets | 26 | - | €2,337 | +€2,337 | |
| Current assets | 29/58 | €17,990 | €15,341 | -€2,649 | -14.7% |
| Amounts receivable within one year | 40/41 | €3,107 | €7,002 | +€3,895 | +125% |
| Trade receivables | 40 | €3,074 | €5,000 | +€1,926 | +62.7% |
| Other amounts receivable | 41 | €33 | €2,002 | +€1,969 | +5,974% |
| Cash at bank and in hand | 54/58 | €13,147 | €7,649 | -€5,498 | -41.8% |
| Deferred charges and accrued income | 490/1 | €1,735 | €690 | -€1,046 | -60.3% |
| Total equity and liabilities | 10/49 | €49,388 | €41,600 | -€7,789 | -15.8% |
| Equity | 10/15 | €16,626 | €15,446 | -€1,181 | -7.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €11,626 | €10,446 | -€1,181 | -10.2% |
| Distributable reserves | 133 | €11,626 | €10,446 | -€1,181 | -10.2% |
| Amounts payable | 17/49 | €32,762 | €26,154 | -€6,608 | -20.2% |
| Amounts payable after more than one year | 17 | €22,107 | €16,497 | -€5,609 | -25.4% |
| Financial debts | 170/4 | €22,107 | €16,497 | -€5,609 | -25.4% |
| Amounts payable within one year | 42/48 | €10,655 | €9,657 | -€999 | -9.4% |
| Current portion of amounts payable after more than one year | 42 | €5,413 | €5,609 | +€196 | +3.6% |
| Trade debts | 44 | €1,126 | €391 | -€735 | -65.3% |
| Suppliers | 440/4 | €1,126 | €391 | -€735 | -65.3% |
| Taxes, remuneration and social security | 45 | €4,116 | €3,656 | -€460 | -11.2% |
| Taxes | 450/3 | €4,116 | €3,656 | -€460 | -11.2% |
| Non-recurring operating income | 76A | €5,189 | - | -€5,189 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,698 | €9,369 | +€6,671 | +247% |
| Other operating charges | 640/8 | €255 | €354 | +€99 | +38.7% |
| Gross operating margin | 9900 | €19,029 | €13,140 | -€5,889 | -30.9% |
| Operating profit (loss) | 9901 | €16,075 | €3,417 | -€12,658 | -78.7% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €899 | €997 | +€98 | +11.0% |
| Recurring financial charges | 65 | €899 | €997 | +€98 | +11.0% |
| Profit (loss) for the period before taxes | 9903 | €15,177 | €2,420 | -€12,757 | -84.1% |
| Income taxes | 67/77 | €3,551 | €3,600 | +€49 | +1.4% |
| Profit (loss) for the period | 9904 | €11,626 | -€1,181 | -€12,807 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,626 | -€1,181 | -€12,807 |
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 18 October 2026 via checked.be.