Kevin GERKENS: 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 GERKENS
Largest movements
- Receivables within one year -€233,848
down €233,848 (-60.4%), from €387,317 to €153,469
of which Trade receivables: -€134,610
- Cash +€113,932
up €113,932 (+103%), from €110,245 to €224,177
mainly Receivables within one year (+€233,848) and Other debts (+€106,598)
- Receivables after one year +€81,974
new in 2025: €81,974
- Tangible fixed assets -€21,422
down €21,422 (-9.3%), from €229,562 to €208,140
of which Land and buildings: -€11,130
- Deferred charges and accrued income -€19,507
down €19,507 (-91.4%), from €21,340 to €1,833
- Debts after one year -€123,045
down €123,045 (-13.6%), from €903,114 to €780,069
- Other debts +€106,598
up €106,598 (+578%), from €18,431 to €125,030
- Profit (loss) carried forward -€52,987
down €52,987 (-19.3%), from €274,724 to €221,737
- Trade debts -€21,552
down €21,552 (-98.5%), from €21,870 to €318
- Gross operating margin -€173,968
down €173,968 (-64.1%), from €271,300 to €97,332
- Taxes -€43,008
down €43,008 (-72.9%), from €59,015 to €16,007
- Financial income +€27,332
up €27,332 (+2,419%), from €1,130 to €28,462
- Financial charges +€10,326
up €10,326 (+78.0%), from €13,246 to €23,572
- Depreciation -€7,997
down €7,997 (-39.1%), from €20,449 to €12,452
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 | €1,336,903 | €1,258,032 | -€78,872 | -5.9% |
| Fixed assets | 21/28 | €818,002 | €796,580 | -€21,422 | -2.6% |
| Tangible fixed assets | 22/27 | €229,562 | €208,140 | -€21,422 | -9.3% |
| Land and buildings | 22 | €216,749 | €205,619 | -€11,130 | -5.1% |
| Furniture and vehicles | 24 | €12,813 | €2,521 | -€10,291 | -80.3% |
| Financial fixed assets | 28 | €588,440 | €588,440 | = | 0.0% |
| Current assets | 29/58 | €518,901 | €461,452 | -€57,450 | -11.1% |
| Amounts receivable after more than one year | 29 | - | €81,974 | +€81,974 | |
| Other amounts receivable | 291 | - | €81,974 | +€81,974 | |
| Amounts receivable within one year | 40/41 | €387,317 | €153,469 | -€233,848 | -60.4% |
| Trade receivables | 40 | €287,916 | €153,306 | -€134,610 | -46.8% |
| Other amounts receivable | 41 | €99,401 | €163 | -€99,238 | -99.8% |
| Cash at bank and in hand | 54/58 | €110,245 | €224,177 | +€113,932 | +103% |
| Deferred charges and accrued income | 490/1 | €21,340 | €1,833 | -€19,507 | -91.4% |
| Total equity and liabilities | 10/49 | €1,336,903 | €1,258,032 | -€78,872 | -5.9% |
| Equity | 10/15 | €338,874 | €285,887 | -€52,987 | -15.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €63,150 | €63,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €63,150 | €63,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €274,724 | €221,737 | -€52,987 | -19.3% |
| Amounts payable | 17/49 | €998,029 | €972,145 | -€25,884 | -2.6% |
| Amounts payable after more than one year | 17 | €903,114 | €780,069 | -€123,045 | -13.6% |
| Financial debts | 170/4 | €903,114 | €780,069 | -€123,045 | -13.6% |
| Amounts payable within one year | 42/48 | €94,340 | €183,738 | +€89,398 | +94.8% |
| Current portion of amounts payable after more than one year | 42 | €41,145 | €49,095 | +€7,950 | +19.3% |
| Trade debts | 44 | €21,870 | €318 | -€21,552 | -98.5% |
| Suppliers | 440/4 | €21,870 | €318 | -€21,552 | -98.5% |
| Taxes, remuneration and social security | 45 | €12,894 | €9,295 | -€3,599 | -27.9% |
| Taxes | 450/3 | €12,894 | €9,295 | -€3,599 | -27.9% |
| Other amounts payable | 47/48 | €18,431 | €125,030 | +€106,598 | +578% |
| Accrued charges and deferred income | 492/3 | €575 | €8,338 | +€7,763 | +1,350% |
| Non-recurring operating income | 76A | €0 | €6,031 | +€6,031 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,449 | €12,452 | -€7,997 | -39.1% |
| Other operating charges | 640/8 | €1,841 | €1,750 | -€92 | -5.0% |
| Gross operating margin | 9900 | €271,300 | €97,332 | -€173,968 | -64.1% |
| Operating profit (loss) | 9901 | €249,009 | €83,130 | -€165,879 | -66.6% |
| Financial income | 75/76B | €1,130 | €28,462 | +€27,332 | +2,419% |
| Recurring financial income | 75 | €1,130 | €28,462 | +€27,332 | +2,419% |
| Financial charges | 65/66B | €13,246 | €23,572 | +€10,326 | +78.0% |
| Recurring financial charges | 65 | €13,246 | €23,572 | +€10,326 | +78.0% |
| Profit (loss) for the period before taxes | 9903 | €236,893 | €88,020 | -€148,873 | -62.8% |
| Income taxes | 67/77 | €59,015 | €16,007 | -€43,008 | -72.9% |
| Profit (loss) for the period | 9904 | €177,878 | €72,013 | -€105,865 | -59.5% |
| Transfer to tax-exempt reserves | 689 | €63,150 | €0 | -€63,150 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €114,728 | €72,013 | -€42,715 | -37.2% |
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.