Kevin Braeckman: 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 Braeckman
Largest movements
- Cash -€280,479
down €280,479 (-93.7%), from €299,378 to €18,900
mainly Contributions, distributions and other (-€348,239) and Tax, wage and social debts (-€27,516)
- Tangible fixed assets +€18,771
up €18,771 (+586%), from €3,201 to €21,972
- Reserves -€233,243
down €233,243 (-95.9%), from €243,239 to €9,996
- Tax, wage and social debts -€27,516
down €27,516 (-54.0%), from €50,975 to €23,459
- Other debts +€6,466
up €6,466 (+228%), from €2,837 to €9,303
- Contributions -€5,000
down €5,000 (-100%), from €5,000 to €0
- Gross operating margin +€12,707
up €12,707 (+8.9%), from €142,480 to €155,187
- Depreciation +€7,336
up €7,336 (+781%), from €939 to €8,275
- Taxes +€2,125
up €2,125 (+6.9%), from €30,934 to €33,059
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 | €303,910 | €44,511 | -€259,399 | -85.4% |
| Fixed assets | 21/28 | €3,201 | €21,972 | +€18,771 | +586% |
| Tangible fixed assets | 22/27 | €3,201 | €21,972 | +€18,771 | +586% |
| Furniture and vehicles | 24 | €3,201 | €21,972 | +€18,771 | +586% |
| Current assets | 29/58 | €300,709 | €22,539 | -€278,170 | -92.5% |
| Amounts receivable within one year | 40/41 | €9 | €3,045 | +€3,036 | +32,680% |
| Trade receivables | 40 | €0 | €1,089 | +€1,089 | |
| Other amounts receivable | 41 | €9 | €1,957 | +€1,947 | +20,963% |
| Cash at bank and in hand | 54/58 | €299,378 | €18,900 | -€280,479 | -93.7% |
| Deferred charges and accrued income | 490/1 | €1,321 | €594 | -€727 | -55.1% |
| Total equity and liabilities | 10/49 | €303,910 | €44,511 | -€259,399 | -85.4% |
| Equity | 10/15 | €248,239 | €9,996 | -€238,243 | -96.0% |
| Contributions | 10/11 | €5,000 | €0 | -€5,000 | -100% |
| Reserves | 13 | €243,239 | €9,996 | -€233,243 | -95.9% |
| Distributable reserves | 133 | €243,239 | €9,996 | -€233,243 | -95.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €55,671 | €34,515 | -€21,156 | -38.0% |
| Amounts payable within one year | 42/48 | €55,671 | €34,515 | -€21,156 | -38.0% |
| Financial debts | 43 | €0 | €1,055 | +€1,055 | |
| Credit institutions | 430/8 | €0 | €1,055 | +€1,055 | |
| Trade debts | 44 | €1,858 | €698 | -€1,160 | -62.4% |
| Suppliers | 440/4 | €1,858 | €698 | -€1,160 | -62.4% |
| Taxes, remuneration and social security | 45 | €50,975 | €23,459 | -€27,516 | -54.0% |
| Taxes | 450/3 | €50,975 | €23,459 | -€27,516 | -54.0% |
| Other amounts payable | 47/48 | €2,837 | €9,303 | +€6,466 | +228% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €939 | €8,275 | +€7,336 | +781% |
| Other operating charges | 640/8 | €3,453 | €3,437 | -€16 | -0.5% |
| Gross operating margin | 9900 | €142,480 | €155,187 | +€12,707 | +8.9% |
| Operating profit (loss) | 9901 | €138,088 | €143,475 | +€5,387 | +3.9% |
| Financial charges | 65/66B | €1,522 | €419 | -€1,102 | -72.4% |
| Recurring financial charges | 65 | €1,522 | €419 | -€1,102 | -72.4% |
| Profit (loss) for the period before taxes | 9903 | €136,566 | €143,055 | +€6,490 | +4.8% |
| Income taxes | 67/77 | €30,934 | €33,059 | +€2,125 | +6.9% |
| Profit (loss) for the period | 9904 | €105,631 | €109,996 | +€4,365 | +4.1% |
| Profit (loss) for the period to be appropriated | 9905 | €105,631 | €109,996 | +€4,365 | +4.1% |
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 24 October 2026 via checked.be.