Kenneth Van Nuffel: 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 Van Nuffel
Largest movements
- Intangible fixed assets +€272,315
up €272,315 (+1,815%), from €15,000 to €287,315
- Cash +€155,750
up €155,750 (+137%), from €113,280 to €269,030
mainly Debts after one year (+€202,875) and Depreciation (+€97,035)
- Tangible fixed assets -€68,005
down €68,005 (-10.1%), from €671,860 to €603,854
of which Land and buildings: -€45,334
- Current investments -€55,000
down €55,000 (-35.5%), from €155,000 to €100,000
- Debts after one year +€202,875
up €202,875 (+41.2%), from €491,929 to €694,803
- Reserves +€67,593
up €67,593 (+31.8%), from €212,590 to €280,183
- Current portion of long-term debt +€29,011
up €29,011 (+60.4%), from €48,055 to €77,067
- Short-term financial debts +€13,454
new in 2025: €13,454
- Staff costs +€71,237
up €71,237 (+28.7%), from €248,631 to €319,868
- Gross operating margin +€68,439
up €68,439 (+14.7%), from €464,267 to €532,705
- Depreciation +€22,653
up €22,653 (+30.5%), from €74,382 to €97,035
- Taxes -€10,041
down €10,041 (-25.6%), from €39,169 to €29,128
- Financial charges +€5,583
up €5,583 (+46.0%), from €12,136 to €17,718
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 | €959,662 | €1,275,792 | +€316,130 | +32.9% |
| Fixed assets | 21/28 | €686,860 | €891,169 | +€204,310 | +29.7% |
| Intangible fixed assets | 21 | €15,000 | €287,315 | +€272,315 | +1,815% |
| Tangible fixed assets | 22/27 | €671,860 | €603,854 | -€68,005 | -10.1% |
| Land and buildings | 22 | €587,658 | €542,325 | -€45,334 | -7.7% |
| Plant, machinery and equipment | 23 | €20,104 | €16,221 | -€3,883 | -19.3% |
| Furniture and vehicles | 24 | €64,097 | €45,309 | -€18,788 | -29.3% |
| Current assets | 29/58 | €272,802 | €384,622 | +€111,820 | +41.0% |
| Amounts receivable within one year | 40/41 | - | €11,759 | +€11,759 | |
| Other amounts receivable | 41 | - | €11,759 | +€11,759 | |
| Current investments | 50/53 | €155,000 | €100,000 | -€55,000 | -35.5% |
| Cash at bank and in hand | 54/58 | €113,280 | €269,030 | +€155,750 | +137% |
| Deferred charges and accrued income | 490/1 | €4,523 | €3,834 | -€689 | -15.2% |
| Total equity and liabilities | 10/49 | €959,662 | €1,275,792 | +€316,130 | +32.9% |
| Equity | 10/15 | €365,120 | €432,713 | +€67,593 | +18.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €212,590 | €280,183 | +€67,593 | +31.8% |
| Distributable reserves | 133 | €212,590 | €280,183 | +€67,593 | +31.8% |
| Profit (loss) carried forward | 14 | €140,130 | €140,130 | = | 0.0% |
| Amounts payable | 17/49 | €594,542 | €843,079 | +€248,537 | +41.8% |
| Amounts payable after more than one year | 17 | €491,929 | €694,803 | +€202,875 | +41.2% |
| Financial debts | 170/4 | €491,929 | €694,803 | +€202,875 | +41.2% |
| Amounts payable within one year | 42/48 | €102,613 | €148,276 | +€45,662 | +44.5% |
| Current portion of amounts payable after more than one year | 42 | €48,055 | €77,067 | +€29,011 | +60.4% |
| Financial debts | 43 | - | €13,454 | +€13,454 | |
| Credit institutions | 430/8 | - | €13,454 | +€13,454 | |
| Trade debts | 44 | €667 | €3,968 | +€3,302 | +495% |
| Suppliers | 440/4 | €667 | €3,968 | +€3,302 | +495% |
| Taxes, remuneration and social security | 45 | €43,666 | €47,050 | +€3,384 | +7.7% |
| Taxes | 450/3 | €14,435 | €10,102 | -€4,333 | -30.0% |
| Remuneration and social security | 454/9 | €29,231 | €36,948 | +€7,717 | +26.4% |
| Other amounts payable | 47/48 | €10,225 | €6,737 | -€3,488 | -34.1% |
| Remuneration, social security and pensions | 62 | €248,631 | €319,868 | +€71,237 | +28.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,382 | €97,035 | +€22,653 | +30.5% |
| Other operating charges | 640/8 | €3,482 | €4,318 | +€836 | +24.0% |
| Gross operating margin | 9900 | €464,267 | €532,705 | +€68,439 | +14.7% |
| Operating profit (loss) | 9901 | €137,771 | €111,484 | -€26,287 | -19.1% |
| Financial income | 75/76B | €5,225 | €2,955 | -€2,271 | -43.5% |
| Recurring financial income | 75 | €5,225 | €2,955 | -€2,271 | -43.5% |
| Financial charges | 65/66B | €12,136 | €17,718 | +€5,583 | +46.0% |
| Recurring financial charges | 65 | €12,136 | €17,718 | +€5,583 | +46.0% |
| Profit (loss) for the period before taxes | 9903 | €130,861 | €96,721 | -€34,140 | -26.1% |
| Income taxes | 67/77 | €39,169 | €29,128 | -€10,041 | -25.6% |
| Profit (loss) for the period | 9904 | €91,692 | €67,593 | -€24,099 | -26.3% |
| Profit (loss) for the period to be appropriated | 9905 | €91,692 | €67,593 | -€24,099 | -26.3% |
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 22 October 2026 via checked.be.