Kevin Eelen: 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 Eelen
Largest movements
- Tangible fixed assets -€74,606
down €74,606 (-22.9%), from €326,284 to €251,678
of which Furniture and vehicles: -€48,110
- Receivables within one year -€28,748
down €28,748 (-58.7%), from €48,950 to €20,202
- Cash +€21,216
up €21,216 (+19.3%), from €109,722 to €130,938
mainly Depreciation (+€75,022) and Net result for the year (+€31,600)
- Debts after one year -€28,429
down €28,429 (-18.8%), from €151,358 to €122,929
- Profit (loss) carried forward -€28,400
down €28,400 (-19.6%), from €145,059 to €116,659
- Other debts -€12,240
down €12,240 (-9.6%), from €127,688 to €115,448
- Current portion of long-term debt -€8,454
down €8,454 (-22.9%), from €36,883 to €28,429
- Taxes -€8,413
down €8,413 (-45.7%), from €18,413 to €10,000
- Depreciation +€5,724
up €5,724 (+8.3%), from €69,298 to €75,022
- Staff costs +€4,485
up €4,485 (+9.5%), from €46,984 to €51,469
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 | €484,956 | €404,338 | -€80,618 | -16.6% |
| Fixed assets | 21/28 | €326,284 | €251,678 | -€74,606 | -22.9% |
| Tangible fixed assets | 22/27 | €326,284 | €251,678 | -€74,606 | -22.9% |
| Land and buildings | 22 | €124,602 | €114,414 | -€10,188 | -8.2% |
| Plant, machinery and equipment | 23 | €46,722 | €30,414 | -€16,308 | -34.9% |
| Furniture and vehicles | 24 | €154,960 | €106,850 | -€48,110 | -31.0% |
| Current assets | 29/58 | €158,672 | €152,660 | -€6,012 | -3.8% |
| Amounts receivable within one year | 40/41 | €48,950 | €20,202 | -€28,748 | -58.7% |
| Trade receivables | 40 | €48,950 | €20,202 | -€28,748 | -58.7% |
| Cash at bank and in hand | 54/58 | €109,722 | €130,938 | +€21,216 | +19.3% |
| Deferred charges and accrued income | 490/1 | - | €1,520 | +€1,520 | |
| Total equity and liabilities | 10/49 | €484,956 | €404,338 | -€80,618 | -16.6% |
| Equity | 10/15 | €165,519 | €137,119 | -€28,400 | -17.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €145,059 | €116,659 | -€28,400 | -19.6% |
| Amounts payable | 17/49 | €319,437 | €267,219 | -€52,218 | -16.3% |
| Amounts payable after more than one year | 17 | €151,358 | €122,929 | -€28,429 | -18.8% |
| Financial debts | 170/4 | €151,358 | €122,929 | -€28,429 | -18.8% |
| Amounts payable within one year | 42/48 | €168,079 | €144,290 | -€23,789 | -14.2% |
| Current portion of amounts payable after more than one year | 42 | €36,883 | €28,429 | -€8,454 | -22.9% |
| Trade debts | 44 | €1,656 | €413 | -€1,243 | -75.1% |
| Suppliers | 440/4 | €1,656 | €413 | -€1,243 | -75.1% |
| Taxes, remuneration and social security | 45 | €1,852 | - | -€1,852 | |
| Taxes | 450/3 | €1,852 | - | -€1,852 | |
| Other amounts payable | 47/48 | €127,688 | €115,448 | -€12,240 | -9.6% |
| Remuneration, social security and pensions | 62 | €46,984 | €51,469 | +€4,485 | +9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,298 | €75,022 | +€5,724 | +8.3% |
| Gross operating margin | 9900 | €169,637 | €170,737 | +€1,100 | +0.6% |
| Operating profit (loss) | 9901 | €53,355 | €44,246 | -€9,109 | -17.1% |
| Financial income | 75/76B | €2,964 | €2,912 | -€52 | -1.8% |
| Recurring financial income | 75 | €2,964 | €2,912 | -€52 | -1.8% |
| Financial charges | 65/66B | €4,641 | €5,558 | +€917 | +19.8% |
| Recurring financial charges | 65 | €4,641 | €5,558 | +€917 | +19.8% |
| Profit (loss) for the period before taxes | 9903 | €51,678 | €41,600 | -€10,078 | -19.5% |
| Income taxes | 67/77 | €18,413 | €10,000 | -€8,413 | -45.7% |
| Profit (loss) for the period | 9904 | €33,265 | €31,600 | -€1,665 | -5.0% |
| Profit (loss) for the period to be appropriated | 9905 | €33,265 | €31,600 | -€1,665 | -5.0% |
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 10 October 2026 via checked.be.