KENNETH ACKAERT: 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.
KENNETH ACKAERT
Largest movements
- Tangible fixed assets -€19,932
down €19,932 (-8.0%), from €248,399 to €228,466
of which Land and buildings: -€18,288
- Cash +€4,295
up €4,295 (+9.8%), from €44,023 to €48,318
mainly Depreciation (+€19,932) and Net result for the year (+€5,219)
- Debts after one year -€18,456
down €18,456 (-16.2%), from €114,095 to €95,640
- Reserves +€5,219
up €5,219 (+2.1%), from €247,587 to €252,807
- Gross operating margin -€11,949
down €11,949 (-27.1%), from €44,150 to €32,200
- Financial charges -€4,595
down €4,595 (-68.3%), from €6,724 to €2,129
- Taxes -€2,019
down €2,019 (-36.0%), from €5,613 to €3,594
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.
Cash bridge derived
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 | €390,599 | €373,584 | -€17,014 | -4.4% |
| Fixed assets | 21/28 | €248,399 | €228,466 | -€19,932 | -8.0% |
| Tangible fixed assets | 22/27 | €248,399 | €228,466 | -€19,932 | -8.0% |
| Land and buildings | 22 | €242,986 | €224,698 | -€18,288 | -7.5% |
| Plant, machinery and equipment | 23 | €1,216 | €808 | -€408 | -33.6% |
| Furniture and vehicles | 24 | €4,197 | €2,961 | -€1,236 | -29.5% |
| Current assets | 29/58 | €142,200 | €145,118 | +€2,918 | +2.1% |
| Amounts receivable within one year | 40/41 | €17,177 | €15,800 | -€1,377 | -8.0% |
| Trade receivables | 40 | €15,686 | €11,723 | -€3,963 | -25.3% |
| Other amounts receivable | 41 | €1,491 | €4,077 | +€2,586 | +173.4% |
| Current investments | 50/53 | €81,000 | €81,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €44,023 | €48,318 | +€4,295 | +9.8% |
| Total equity and liabilities | 10/49 | €390,599 | €373,584 | -€17,014 | -4.4% |
| Equity | 10/15 | €253,787 | €259,007 | +€5,219 | +2.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €247,587 | €252,807 | +€5,219 | +2.1% |
| Distributable reserves | 133 | €247,587 | €252,807 | +€5,219 | +2.1% |
| Amounts payable | 17/49 | €136,811 | €114,577 | -€22,234 | -16.3% |
| Amounts payable after more than one year | 17 | €114,095 | €95,640 | -€18,456 | -16.2% |
| Financial debts | 170/4 | €114,095 | €95,640 | -€18,456 | -16.2% |
| Amounts payable within one year | 42/48 | €22,716 | €18,938 | -€3,778 | -16.6% |
| Current portion of amounts payable after more than one year | 42 | €18,175 | €18,456 | +€281 | +1.5% |
| Trade debts | 44 | €1,869 | €482 | -€1,387 | -74.2% |
| Suppliers | 440/4 | €1,869 | €482 | -€1,387 | -74.2% |
| Other amounts payable | 47/48 | €2,672 | - | -€2,672 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,021 | €19,932 | -€88 | -0.4% |
| Other operating charges | 640/8 | €1,244 | €1,510 | +€267 | +21.4% |
| Gross operating margin | 9900 | €44,150 | €32,200 | -€11,949 | -27.1% |
| Operating profit (loss) | 9901 | €22,886 | €10,758 | -€12,128 | -53.0% |
| Financial income | 75/76B | €268 | €185 | -€83 | -31.0% |
| Recurring financial income | 75 | €268 | €185 | -€83 | -31.0% |
| Financial charges | 65/66B | €6,724 | €2,129 | -€4,595 | -68.3% |
| Recurring financial charges | 65 | €6,724 | €2,129 | -€4,595 | -68.3% |
| Profit (loss) for the period before taxes | 9903 | €16,430 | €8,814 | -€7,616 | -46.4% |
| Income taxes | 67/77 | €5,613 | €3,594 | -€2,019 | -36.0% |
| Profit (loss) for the period | 9904 | €10,817 | €5,219 | -€5,597 | -51.7% |
| Profit (loss) for the period to be appropriated | 9905 | €10,817 | €5,219 | -€5,597 | -51.7% |
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 9 October 2026 via checked.be.