KEVIN BOONS: 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.
KEVIN BOONS
Largest movements
- Receivables within one year +€81,494
up €81,494 (+61.7%), from €132,094 to €213,589
of which Trade receivables: +€77,217
- Tangible fixed assets -€24,299
down €24,299 (-4.4%), from €557,926 to €533,627
of which Land and buildings: -€25,858
- Trade debts +€193,799
up €193,799 (+751%), from €25,796 to €219,595
- Reserves -€63,898
down €63,898 (-66.6%), from €95,992 to €32,094
of which Distributable reserves: -€63,898
- Debts after one year -€36,536
down €36,536 (-8.1%), from €451,742 to €415,207
- Other debts -€27,058
down €27,058 (-100%), from €27,058 to €0
- Short-term financial debts -€19,336
down €19,336 (-64.7%), from €29,893 to €10,557
- Gross operating margin -€56,803
down €56,803 (-38.1%), from €148,973 to €92,170
- Other operating charges +€33,561
up €33,561 (+343%), from €9,774 to €43,335
- Staff costs -€22,154
down €22,154 (-25.0%), from €88,698 to €66,544
- Financial charges -€5,464
down €5,464 (-21.9%), from €24,927 to €19,463
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 | €732,641 | €791,373 | +€58,732 | +8.0% |
| Fixed assets | 21/28 | €557,926 | €533,627 | -€24,299 | -4.4% |
| Tangible fixed assets | 22/27 | €557,926 | €533,627 | -€24,299 | -4.4% |
| Land and buildings | 22 | €551,686 | €525,829 | -€25,858 | -4.7% |
| Plant, machinery and equipment | 23 | €6,239 | €4,847 | -€1,393 | -22.3% |
| Furniture and vehicles | 24 | €0 | €2,951 | +€2,951 | |
| Current assets | 29/58 | €174,715 | €257,746 | +€83,031 | +47.5% |
| Stocks and contracts in progress | 3 | €12,725 | €13,018 | +€292 | +2.3% |
| Stocks | 30/36 | €12,725 | €13,018 | +€292 | +2.3% |
| Amounts receivable within one year | 40/41 | €132,094 | €213,589 | +€81,494 | +61.7% |
| Trade receivables | 40 | €123,594 | €200,811 | +€77,217 | +62.5% |
| Other amounts receivable | 41 | €8,500 | €12,778 | +€4,278 | +50.3% |
| Cash at bank and in hand | 54/58 | €23,526 | €27,379 | +€3,853 | +16.4% |
| Deferred charges and accrued income | 490/1 | €6,369 | €3,761 | -€2,609 | -41.0% |
| Total equity and liabilities | 10/49 | €732,641 | €791,373 | +€58,732 | +8.0% |
| Equity | 10/15 | €102,192 | €38,294 | -€63,898 | -62.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €95,992 | €32,094 | -€63,898 | -66.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €95,992 | €32,094 | -€63,898 | -66.6% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €630,449 | €753,079 | +€122,630 | +19.5% |
| Amounts payable after more than one year | 17 | €451,742 | €415,207 | -€36,536 | -8.1% |
| Financial debts | 170/4 | €451,742 | €415,207 | -€36,536 | -8.1% |
| Amounts payable within one year | 42/48 | €178,707 | €337,873 | +€159,166 | +89.1% |
| Current portion of amounts payable after more than one year | 42 | €37,129 | €37,027 | -€102 | -0.3% |
| Financial debts | 43 | €29,893 | €10,557 | -€19,336 | -64.7% |
| Credit institutions | 430/8 | €29,893 | €10,557 | -€19,336 | -64.7% |
| Trade debts | 44 | €25,796 | €219,595 | +€193,799 | +751% |
| Suppliers | 440/4 | €25,796 | €219,595 | +€193,799 | +751% |
| Advances received on contracts in progress | 46 | - | €5,789 | +€5,789 | |
| Taxes, remuneration and social security | 45 | €58,831 | €64,905 | +€6,073 | +10.3% |
| Taxes | 450/3 | €49,899 | €52,899 | +€3,000 | +6.0% |
| Remuneration and social security | 454/9 | €8,932 | €12,006 | +€3,073 | +34.4% |
| Other amounts payable | 47/48 | €27,058 | €0 | -€27,058 | -100% |
| Non-recurring operating income | 76A | €600 | €0 | -€600 | -100% |
| Remuneration, social security and pensions | 62 | €88,698 | €66,544 | -€22,154 | -25.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,520 | €27,749 | -€771 | -2.7% |
| Other operating charges | 640/8 | €9,774 | €43,335 | +€33,561 | +343% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €148,973 | €92,170 | -€56,803 | -38.1% |
| Operating profit (loss) | 9901 | €21,981 | -€45,458 | -€67,439 | |
| Financial income | 75/76B | €48 | €1,259 | +€1,210 | +2,500% |
| Recurring financial income | 75 | €48 | €1,259 | +€1,210 | +2,500% |
| Financial charges | 65/66B | €24,927 | €19,463 | -€5,464 | -21.9% |
| Recurring financial charges | 65 | €24,927 | €19,463 | -€5,464 | -21.9% |
| Profit (loss) for the period before taxes | 9903 | -€2,898 | -€63,662 | -€60,764 | -2,097% |
| Income taxes | 67/77 | - | €236 | +€236 | |
| Profit (loss) for the period | 9904 | -€2,898 | -€63,898 | -€61,001 | -2,105% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,898 | -€63,898 | -€61,001 | -2,105% |
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 31 October 2026 via checked.be.