Katrien Nackaerts: 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 Nackaerts
Largest movements
- Receivables after one year -€60,000
down €60,000 (-100%), from €60,000 to €0
- Receivables within one year -€37,301
down €37,301 (-69.5%), from €53,679 to €16,378
- Cash -€27,692
down €27,692 (-39.8%), from €69,554 to €41,861
mainly Other debts (-€105,043) and Contributions, distributions and other (-€54,957)
- Deferred charges and accrued income +€18,997
up €18,997 (+535%), from €3,552 to €22,549
- Tangible fixed assets -€3,320
down €3,320 (-21.3%), from €15,572 to €12,252
of which Plant, machinery and equipment: -€3,259
- Other debts -€105,043
down €105,043 (-65.7%), from €160,000 to €54,957
- Tax, wage and social debts -€8,809
down €8,809 (-63.3%), from €13,913 to €5,104
of which Taxes: -€10,659
- Accrued charges and deferred income +€3,675
up €3,675 (+24.2%), from €15,192 to €18,867
- Gross operating margin -€13,899
down €13,899 (-15.2%), from €91,578 to €77,678
- Taxes -€3,996
down €3,996 (-19.7%), from €20,254 to €16,258
- Financial income -€2,076
down €2,076 (-53.6%), from €3,873 to €1,797
- Depreciation +€2,019
up €2,019 (+41.5%), from €4,868 to €6,887
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 | €202,357 | €93,040 | -€109,317 | -54.0% |
| Fixed assets | 21/28 | €15,572 | €12,252 | -€3,320 | -21.3% |
| Tangible fixed assets | 22/27 | €15,572 | €12,252 | -€3,320 | -21.3% |
| Plant, machinery and equipment | 23 | €9,481 | €6,222 | -€3,259 | -34.4% |
| Furniture and vehicles | 24 | €4,677 | €2,561 | -€2,116 | -45.2% |
| Other tangible fixed assets | 26 | €1,414 | €3,468 | +€2,054 | +145% |
| Current assets | 29/58 | €186,785 | €80,788 | -€105,997 | -56.7% |
| Amounts receivable after more than one year | 29 | €60,000 | €0 | -€60,000 | -100% |
| Other amounts receivable | 291 | €60,000 | €0 | -€60,000 | -100% |
| Amounts receivable within one year | 40/41 | €53,679 | €16,378 | -€37,301 | -69.5% |
| Other amounts receivable | 41 | €53,679 | €16,378 | -€37,301 | -69.5% |
| Cash at bank and in hand | 54/58 | €69,554 | €41,861 | -€27,692 | -39.8% |
| Deferred charges and accrued income | 490/1 | €3,552 | €22,549 | +€18,997 | +535% |
| Total equity and liabilities | 10/49 | €202,357 | €93,040 | -€109,317 | -54.0% |
| Equity | 10/15 | €10,920 | €10,000 | -€920 | -8.4% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €6,920 | €6,000 | -€920 | -13.3% |
| Distributable reserves | 133 | €6,920 | €6,000 | -€920 | -13.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €191,437 | €83,040 | -€108,397 | -56.6% |
| Amounts payable within one year | 42/48 | €176,245 | €64,173 | -€112,072 | -63.6% |
| Trade debts | 44 | €2,331 | €4,112 | +€1,780 | +76.4% |
| Suppliers | 440/4 | €2,331 | €4,112 | +€1,780 | +76.4% |
| Taxes, remuneration and social security | 45 | €13,913 | €5,104 | -€8,809 | -63.3% |
| Taxes | 450/3 | €13,913 | €3,254 | -€10,659 | -76.6% |
| Remuneration and social security | 454/9 | - | €1,850 | +€1,850 | |
| Other amounts payable | 47/48 | €160,000 | €54,957 | -€105,043 | -65.7% |
| Accrued charges and deferred income | 492/3 | €15,192 | €18,867 | +€3,675 | +24.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,868 | €6,887 | +€2,019 | +41.5% |
| Other operating charges | 640/8 | €899 | €918 | +€19 | +2.1% |
| Gross operating margin | 9900 | €91,578 | €77,678 | -€13,899 | -15.2% |
| Operating profit (loss) | 9901 | €85,810 | €69,873 | -€15,937 | -18.6% |
| Financial income | 75/76B | €3,873 | €1,797 | -€2,076 | -53.6% |
| Recurring financial income | 75 | €3,873 | €1,797 | -€2,076 | -53.6% |
| Financial charges | 65/66B | €1,421 | €1,375 | -€46 | -3.2% |
| Recurring financial charges | 65 | €1,421 | €1,375 | -€46 | -3.2% |
| Profit (loss) for the period before taxes | 9903 | €88,262 | €70,295 | -€17,967 | -20.4% |
| Income taxes | 67/77 | €20,254 | €16,258 | -€3,996 | -19.7% |
| Profit (loss) for the period | 9904 | €68,008 | €54,037 | -€13,971 | -20.5% |
| Profit (loss) for the period to be appropriated | 9905 | €68,008 | €54,037 | -€13,971 | -20.5% |
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 25 October 2026 via checked.be.