Kevin Vlerick: 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 Vlerick
Largest movements
- Stocks and contracts +€157,657
up €157,657 (+50.1%), from €314,794 to €472,450
- Receivables within one year -€26,829
down €26,829 (-46.6%), from €57,524 to €30,695
of which Trade receivables: -€37,806
- Cash -€17,139
down €17,139 (-15.6%), from €109,654 to €92,515
mainly Stocks and contracts (-€157,657) and Investment in fixed assets (net) (-€7,011)
- Tangible fixed assets -€8,946
down €8,946 (-4.3%), from €208,467 to €199,521
of which Land and buildings: -€11,852
- Profit (loss) carried forward +€72,814
up €72,814 (+46.8%), from €155,564 to €228,378
- Other debts +€17,949
up €17,949 (+5.6%), from €322,850 to €340,799
- Accrued charges and deferred income +€10,974
up €10,974 (+60.4%), from €18,166 to €29,140
- Gross operating margin +€32,662
up €32,662 (+35.0%), from €93,342 to €126,004
- Taxes +€6,629
up €6,629 (+57.8%), from €11,462 to €18,091
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 | €699,709 | €805,591 | +€105,881 | +15.1% |
| Fixed assets | 21/28 | €213,468 | €205,522 | -€7,946 | -3.7% |
| Intangible fixed assets | 21 | €1 | €1 | -€0 | -13.3% |
| Tangible fixed assets | 22/27 | €208,467 | €199,521 | -€8,946 | -4.3% |
| Land and buildings | 22 | €200,845 | €188,993 | -€11,852 | -5.9% |
| Plant, machinery and equipment | 23 | €7,622 | €9,801 | +€2,179 | +28.6% |
| Furniture and vehicles | 24 | - | €727 | +€727 | |
| Financial fixed assets | 28 | €5,000 | €6,000 | +€1,000 | +20.0% |
| Current assets | 29/58 | €486,241 | €600,069 | +€113,827 | +23.4% |
| Stocks and contracts in progress | 3 | €314,794 | €472,450 | +€157,657 | +50.1% |
| Stocks | 30/36 | €314,794 | €472,450 | +€157,657 | +50.1% |
| Amounts receivable within one year | 40/41 | €57,524 | €30,695 | -€26,829 | -46.6% |
| Trade receivables | 40 | €56,836 | €19,029 | -€37,806 | -66.5% |
| Other amounts receivable | 41 | €688 | €11,666 | +€10,978 | +1,596% |
| Cash at bank and in hand | 54/58 | €109,654 | €92,515 | -€17,139 | -15.6% |
| Deferred charges and accrued income | 490/1 | €4,270 | €4,409 | +€138 | +3.2% |
| Total equity and liabilities | 10/49 | €699,709 | €805,591 | +€105,881 | +15.1% |
| Equity | 10/15 | €160,564 | €233,378 | +€72,814 | +45.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €155,564 | €228,378 | +€72,814 | +46.8% |
| Amounts payable | 17/49 | €539,145 | €572,213 | +€33,068 | +6.1% |
| Amounts payable after more than one year | 17 | €155,000 | €155,000 | = | 0.0% |
| Financial debts | 170/4 | €155,000 | €155,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €365,979 | €388,073 | +€22,094 | +6.0% |
| Trade debts | 44 | €7,781 | €5,535 | -€2,245 | -28.9% |
| Suppliers | 440/4 | €7,781 | €5,535 | -€2,245 | -28.9% |
| Taxes, remuneration and social security | 45 | €35,349 | €41,739 | +€6,390 | +18.1% |
| Taxes | 450/3 | €35,349 | €41,739 | +€6,390 | +18.1% |
| Other amounts payable | 47/48 | €322,850 | €340,799 | +€17,949 | +5.6% |
| Accrued charges and deferred income | 492/3 | €18,166 | €29,140 | +€10,974 | +60.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,408 | €14,957 | -€451 | -2.9% |
| Other operating charges | 640/8 | €8,588 | €9,109 | +€522 | +6.1% |
| Gross operating margin | 9900 | €93,342 | €126,004 | +€32,662 | +35.0% |
| Operating profit (loss) | 9901 | €69,347 | €101,938 | +€32,591 | +47.0% |
| Financial income | 75/76B | €71 | €11 | -€60 | -84.3% |
| Recurring financial income | 75 | €71 | €11 | -€60 | -84.3% |
| Financial charges | 65/66B | €11,696 | €11,044 | -€651 | -5.6% |
| Recurring financial charges | 65 | €11,696 | €11,044 | -€651 | -5.6% |
| Profit (loss) for the period before taxes | 9903 | €57,722 | €90,904 | +€33,182 | +57.5% |
| Income taxes | 67/77 | €11,462 | €18,091 | +€6,629 | +57.8% |
| Profit (loss) for the period | 9904 | €46,260 | €72,814 | +€26,553 | +57.4% |
| Profit (loss) for the period to be appropriated | 9905 | €46,260 | €72,814 | +€26,553 | +57.4% |
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.