KIM NGUYEN: 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.
KIM NGUYEN
Largest movements
- Receivables within one year +€217,843
up €217,843 (+48,410%), from €450 to €218,293
of which Trade receivables: +€217,184
- Current portion of long-term debt +€151,665
new in 2025: €151,665
- Reserves +€35,000
new in 2025: €35,000
- Profit (loss) carried forward +€18,390
up €18,390, from -€16,717 to €1,673
- Tax, wage and social debts +€14,455
up €14,455 (+122%), from €11,866 to €26,321
of which Taxes: +€12,786
- Debts after one year -€7,261
down €7,261 (-10.4%), from €70,000 to €62,739
- Gross operating margin +€103,021
up €103,021 (+616%), from €16,718 to €119,739
- Staff costs +€15,264
up €15,264 (+54.8%), from €27,871 to €43,135
- Taxes +€14,414
up €14,414 (+1,455,930%), from €1 to €14,415
- Depreciation +€3,655
up €3,655 (+88.0%), from €4,153 to €7,808
- Other operating charges -€1,413
no longer reported in 2025 (was €1,413)
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 | €89,366 | €302,989 | +€213,623 | +239% |
| Fixed assets | 21/28 | €57,104 | €54,516 | -€2,588 | -4.5% |
| Tangible fixed assets | 22/27 | €50,149 | €47,561 | -€2,588 | -5.2% |
| Plant, machinery and equipment | 23 | €33,592 | €34,732 | +€1,140 | +3.4% |
| Furniture and vehicles | 24 | €16,557 | €12,829 | -€3,728 | -22.5% |
| Financial fixed assets | 28 | €6,955 | €6,955 | = | 0.0% |
| Current assets | 29/58 | €32,261 | €248,473 | +€216,211 | +670% |
| Amounts receivable within one year | 40/41 | €450 | €218,293 | +€217,843 | +48,410% |
| Trade receivables | 40 | - | €217,184 | +€217,184 | |
| Other amounts receivable | 41 | €450 | €1,109 | +€659 | +146% |
| Cash at bank and in hand | 54/58 | €31,811 | €30,180 | -€1,632 | -5.1% |
| Total equity and liabilities | 10/49 | €89,366 | €302,989 | +€213,623 | +239% |
| Equity | 10/15 | -€6,717 | €46,673 | +€53,390 | |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Capital | 10 | - | €10,000 | +€10,000 | |
| Issued capital | 100 | - | €10,000 | +€10,000 | |
| Reserves | 13 | - | €35,000 | +€35,000 | |
| Distributable reserves | 133 | - | €35,000 | +€35,000 | |
| Profit (loss) carried forward | 14 | -€16,717 | €1,673 | +€18,390 | |
| Amounts payable | 17/49 | €96,082 | €256,316 | +€160,234 | +167% |
| Amounts payable after more than one year | 17 | €70,000 | €62,739 | -€7,261 | -10.4% |
| Other amounts payable | 178/9 | €70,000 | €62,739 | -€7,261 | -10.4% |
| Amounts payable within one year | 42/48 | €26,082 | €193,577 | +€167,495 | +642% |
| Current portion of amounts payable after more than one year | 42 | - | €151,665 | +€151,665 | |
| Trade debts | 44 | €4,267 | €8,109 | +€3,842 | +90.0% |
| Suppliers | 440/4 | €4,267 | €8,109 | +€3,842 | +90.0% |
| Taxes, remuneration and social security | 45 | €11,866 | €26,321 | +€14,455 | +122% |
| Taxes | 450/3 | €2,302 | €15,088 | +€12,786 | +555% |
| Remuneration and social security | 454/9 | €9,564 | €11,234 | +€1,669 | +17.5% |
| Other amounts payable | 47/48 | €9,949 | €7,482 | -€2,467 | -24.8% |
| Remuneration, social security and pensions | 62 | €27,871 | €43,135 | +€15,264 | +54.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,153 | €7,808 | +€3,655 | +88.0% |
| Other operating charges | 640/8 | €1,413 | - | -€1,413 | |
| Gross operating margin | 9900 | €16,718 | €119,739 | +€103,021 | +616% |
| Operating profit (loss) | 9901 | -€16,719 | €68,797 | +€85,515 | |
| Financial income | 75/76B | €3 | - | -€3 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Financial charges | 65/66B | €0 | €985 | +€985 | +656,753% |
| Recurring financial charges | 65 | €0 | €985 | +€985 | +656,753% |
| Profit (loss) for the period before taxes | 9903 | -€16,716 | €67,811 | +€84,527 | |
| Income taxes | 67/77 | €1 | €14,415 | +€14,414 | +1,455,930% |
| Profit (loss) for the period | 9904 | -€16,717 | €53,397 | +€70,113 | |
| Profit (loss) for the period to be appropriated | 9905 | -€16,717 | €53,397 | +€70,113 |
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 29 October 2026 via checked.be.