Katrien Theunis: 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 Theunis
Largest movements
- Tangible fixed assets +€61,674
up €61,674 (+109%), from €56,683 to €118,357
of which Plant, machinery and equipment: +€31,498
- Receivables within one year -€16,044
down €16,044 (-12.6%), from €126,893 to €110,849
- Cash -€4,178
down €4,178 (-54.8%), from €7,631 to €3,452
mainly Investment in fixed assets (net) (-€79,965) and Deferred charges and accrued income (-€356)
- Profit (loss) carried forward +€38,894
up €38,894 (+18.5%), from €210,059 to €248,953
- Gross operating margin -€13,116
down €13,116 (-15.7%), from €83,525 to €70,410
- Depreciation +€9,852
up €9,852 (+117%), from €8,439 to €18,291
- Taxes -€5,321
down €5,321 (-31.0%), from €17,146 to €11,825
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 | €265,859 | €307,666 | +€41,807 | +15.7% |
| Fixed assets | 21/28 | €130,683 | €192,357 | +€61,674 | +47.2% |
| Tangible fixed assets | 22/27 | €56,683 | €118,357 | +€61,674 | +109% |
| Plant, machinery and equipment | 23 | €3,537 | €35,035 | +€31,498 | +891% |
| Furniture and vehicles | 24 | €53,147 | €83,322 | +€30,176 | +56.8% |
| Financial fixed assets | 28 | €74,000 | €74,000 | = | 0.0% |
| Current assets | 29/58 | €135,176 | €115,309 | -€19,867 | -14.7% |
| Amounts receivable within one year | 40/41 | €126,893 | €110,849 | -€16,044 | -12.6% |
| Other amounts receivable | 41 | €126,893 | €110,849 | -€16,044 | -12.6% |
| Cash at bank and in hand | 54/58 | €7,631 | €3,452 | -€4,178 | -54.8% |
| Deferred charges and accrued income | 490/1 | €652 | €1,008 | +€356 | +54.6% |
| Total equity and liabilities | 10/49 | €265,859 | €307,666 | +€41,807 | +15.7% |
| Equity | 10/15 | €230,464 | €269,358 | +€38,894 | +16.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €210,059 | €248,953 | +€38,894 | +18.5% |
| Amounts payable | 17/49 | €35,395 | €38,308 | +€2,913 | +8.2% |
| Amounts payable after more than one year | 17 | €32,000 | €32,000 | = | 0.0% |
| Financial debts | 170/4 | €32,000 | €32,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,868 | €5,781 | +€2,913 | +102% |
| Trade debts | 44 | €722 | €1,814 | +€1,092 | +151% |
| Suppliers | 440/4 | €722 | €1,814 | +€1,092 | +151% |
| Taxes, remuneration and social security | 45 | €2,146 | €3,967 | +€1,822 | +84.9% |
| Taxes | 450/3 | €2,146 | €3,967 | +€1,822 | +84.9% |
| Accrued charges and deferred income | 492/3 | €527 | €527 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,439 | €18,291 | +€9,852 | +117% |
| Other operating charges | 640/8 | €443 | €400 | -€43 | -9.7% |
| Gross operating margin | 9900 | €83,525 | €70,410 | -€13,116 | -15.7% |
| Operating profit (loss) | 9901 | €74,643 | €51,719 | -€22,924 | -30.7% |
| Financial income | 75/76B | €1 | €12 | +€11 | +1,059% |
| Recurring financial income | 75 | €1 | €12 | +€11 | +1,059% |
| Financial charges | 65/66B | €584 | €1,011 | +€428 | +73.3% |
| Recurring financial charges | 65 | €584 | €1,011 | +€428 | +73.3% |
| Profit (loss) for the period before taxes | 9903 | €74,061 | €50,719 | -€23,341 | -31.5% |
| Income taxes | 67/77 | €17,146 | €11,825 | -€5,321 | -31.0% |
| Profit (loss) for the period | 9904 | €56,915 | €38,894 | -€18,021 | -31.7% |
| Profit (loss) for the period to be appropriated | 9905 | €56,915 | €38,894 | -€18,021 | -31.7% |
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 27 October 2026 via checked.be.