KENNETH GIELEN: 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 GIELEN
Largest movements
- Receivables within one year -€22,049
down €22,049 (-28.8%), from €76,637 to €54,588
of which Trade receivables: -€26,431
- Deferred charges and accrued income +€8,531
up €8,531 (+527%), from €1,620 to €10,151
- Stocks and contracts +€2,000
up €2,000 (+66.7%), from €3,000 to €5,000
- Cash -€1,856
down €1,856 (-21.8%), from €8,526 to €6,670
mainly Other debts (-€11,562) and Deferred charges and accrued income (-€8,531)
- Other debts -€11,562
down €11,562 (-69.0%), from €16,767 to €5,205
- Tax, wage and social debts -€5,153
down €5,153 (-57.2%), from €9,002 to €3,848
of which Remuneration and social security: -€5,541
- Profit (loss) carried forward +€4,485
up €4,485 (+64.2%), from -€6,982 to -€2,496
- Accrued charges and deferred income -€4,395
down €4,395 (-83.6%), from €5,257 to €861
- Trade debts +€1,738
up €1,738 (+5.7%), from €30,326 to €32,064
- Gross operating margin -€50,296
down €50,296 (-69.3%), from €72,530 to €22,233
- Staff costs -€46,823
down €46,823 (-81.8%), from €57,266 to €10,443
- Taxes +€1,601
up €1,601 (+792%), from €202 to €1,803
- Financial charges +€1,540
up €1,540 (+81.5%), from €1,889 to €3,429
- Other operating charges +€1,003
up €1,003 (+92.3%), from €1,087 to €2,091
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 | €89,783 | €76,409 | -€13,373 | -14.9% |
| Current assets | 29/58 | €89,783 | €76,409 | -€13,373 | -14.9% |
| Stocks and contracts in progress | 3 | €3,000 | €5,000 | +€2,000 | +66.7% |
| Contracts in progress | 37 | €3,000 | €5,000 | +€2,000 | +66.7% |
| Amounts receivable within one year | 40/41 | €76,637 | €54,588 | -€22,049 | -28.8% |
| Trade receivables | 40 | €71,670 | €45,239 | -€26,431 | -36.9% |
| Other amounts receivable | 41 | €4,967 | €9,350 | +€4,383 | +88.2% |
| Cash at bank and in hand | 54/58 | €8,526 | €6,670 | -€1,856 | -21.8% |
| Deferred charges and accrued income | 490/1 | €1,620 | €10,151 | +€8,531 | +527% |
| Total equity and liabilities | 10/49 | €89,783 | €76,409 | -€13,373 | -14.9% |
| Equity | 10/15 | €28,431 | €32,916 | +€4,485 | +15.8% |
| Contributions | 10/11 | €2,700 | €2,700 | = | 0.0% |
| Reserves | 13 | €32,712 | €32,712 | = | 0.0% |
| Distributable reserves | 133 | €32,712 | €32,712 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,982 | -€2,496 | +€4,485 | +64.2% |
| Amounts payable | 17/49 | €61,352 | €43,493 | -€17,859 | -29.1% |
| Amounts payable within one year | 42/48 | €56,095 | €42,632 | -€13,464 | -24.0% |
| Trade debts | 44 | €30,326 | €32,064 | +€1,738 | +5.7% |
| Suppliers | 440/4 | €30,326 | €32,064 | +€1,738 | +5.7% |
| Advances received on contracts in progress | 46 | - | €1,514 | +€1,514 | |
| Taxes, remuneration and social security | 45 | €9,002 | €3,848 | -€5,153 | -57.2% |
| Taxes | 450/3 | €3,460 | €3,848 | +€388 | +11.2% |
| Remuneration and social security | 454/9 | €5,541 | - | -€5,541 | |
| Other amounts payable | 47/48 | €16,767 | €5,205 | -€11,562 | -69.0% |
| Accrued charges and deferred income | 492/3 | €5,257 | €861 | -€4,395 | -83.6% |
| Remuneration, social security and pensions | 62 | €57,266 | €10,443 | -€46,823 | -81.8% |
| Other operating charges | 640/8 | €1,087 | €2,091 | +€1,003 | +92.3% |
| Gross operating margin | 9900 | €72,530 | €22,233 | -€50,296 | -69.3% |
| Operating profit (loss) | 9901 | €14,176 | €9,700 | -€4,477 | -31.6% |
| Financial income | 75/76B | €122 | €17 | -€105 | -86.2% |
| Recurring financial income | 75 | €122 | €17 | -€105 | -86.2% |
| Financial charges | 65/66B | €1,889 | €3,429 | +€1,540 | +81.5% |
| Recurring financial charges | 65 | €1,889 | €3,429 | +€1,540 | +81.5% |
| Profit (loss) for the period before taxes | 9903 | €12,410 | €6,288 | -€6,122 | -49.3% |
| Income taxes | 67/77 | €202 | €1,803 | +€1,601 | +792% |
| Profit (loss) for the period | 9904 | €12,208 | €4,485 | -€7,722 | -63.3% |
| Profit (loss) for the period to be appropriated | 9905 | €12,208 | €4,485 | -€7,722 | -63.3% |
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.