KIM VERDONCK: 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 VERDONCK
Largest movements
- Receivables after one year -€75,000
no longer reported in 2025 (was €75,000)
- Tangible fixed assets -€71,514
down €71,514 (-2.7%), from €2.6m to €2.6m
of which Land and buildings: -€102,376
- Cash +€33,782
up €33,782 (+27.1%), from €124,569 to €158,351
mainly Depreciation (+€177,832) and Net result for the year (+€168,220)
- Debts after one year -€101,713
down €101,713 (-7.6%), from €1.3m to €1.2m
- Tax, wage and social debts -€35,177
down €35,177 (-90.8%), from €38,762 to €3,585
of which Taxes: -€28,677
- Gross operating margin +€40,780
up €40,780 (+9.9%), from €410,913 to €451,693
- Depreciation +€35,299
up €35,299 (+24.8%), from €142,533 to €177,832
- Financial income -€16,948
down €16,948 (-62.3%), from €27,218 to €10,270
- Financial charges -€5,317
down €5,317 (-14.2%), from €37,361 to €32,044
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 | €3,092,008 | €2,971,901 | -€120,107 | -3.9% |
| Fixed assets | 21/28 | €2,641,243 | €2,569,730 | -€71,514 | -2.7% |
| Tangible fixed assets | 22/27 | €2,640,913 | €2,569,400 | -€71,514 | -2.7% |
| Land and buildings | 22 | €2,216,321 | €2,113,945 | -€102,376 | -4.6% |
| Plant, machinery and equipment | 23 | €417,236 | €437,148 | +€19,912 | +4.8% |
| Furniture and vehicles | 24 | €7,356 | €18,307 | +€10,951 | +149% |
| Financial fixed assets | 28 | €330 | €330 | = | 0.0% |
| Current assets | 29/58 | €450,764 | €402,171 | -€48,593 | -10.8% |
| Amounts receivable after more than one year | 29 | €75,000 | - | -€75,000 | |
| Other amounts receivable | 291 | €75,000 | - | -€75,000 | |
| Amounts receivable within one year | 40/41 | €44,676 | €52,601 | +€7,925 | +17.7% |
| Trade receivables | 40 | €2,819 | €2,819 | = | 0.0% |
| Other amounts receivable | 41 | €41,857 | €49,782 | +€7,925 | +18.9% |
| Current investments | 50/53 | €203,143 | €190,922 | -€12,222 | -6.0% |
| Cash at bank and in hand | 54/58 | €124,569 | €158,351 | +€33,782 | +27.1% |
| Deferred charges and accrued income | 490/1 | €3,376 | €297 | -€3,079 | -91.2% |
| Total equity and liabilities | 10/49 | €3,092,008 | €2,971,901 | -€120,107 | -3.9% |
| Equity | 10/15 | €1,596,157 | €1,614,377 | +€18,220 | +1.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €895,801 | €914,021 | +€18,220 | +2.0% |
| Distributable reserves | 133 | €895,801 | €914,021 | +€18,220 | +2.0% |
| Profit (loss) carried forward | 14 | €687,956 | €687,956 | = | 0.0% |
| Amounts payable | 17/49 | €1,495,851 | €1,357,523 | -€138,327 | -9.2% |
| Amounts payable after more than one year | 17 | €1,331,199 | €1,229,486 | -€101,713 | -7.6% |
| Financial debts | 170/4 | €1,331,199 | €1,229,486 | -€101,713 | -7.6% |
| Amounts payable within one year | 42/48 | €162,769 | €128,037 | -€34,732 | -21.3% |
| Current portion of amounts payable after more than one year | 42 | €102,414 | €101,713 | -€701 | -0.7% |
| Trade debts | 44 | €17,236 | €12,049 | -€5,188 | -30.1% |
| Suppliers | 440/4 | €17,236 | €12,049 | -€5,188 | -30.1% |
| Taxes, remuneration and social security | 45 | €38,762 | €3,585 | -€35,177 | -90.8% |
| Taxes | 450/3 | €32,262 | €3,585 | -€28,677 | -88.9% |
| Remuneration and social security | 454/9 | €6,500 | - | -€6,500 | |
| Other amounts payable | 47/48 | €4,357 | €10,690 | +€6,333 | +145% |
| Accrued charges and deferred income | 492/3 | €1,882 | - | -€1,882 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €142,533 | €177,832 | +€35,299 | +24.8% |
| Other operating charges | 640/8 | €10,638 | €7,586 | -€3,052 | -28.7% |
| Gross operating margin | 9900 | €410,913 | €451,693 | +€40,780 | +9.9% |
| Operating profit (loss) | 9901 | €257,742 | €266,275 | +€8,533 | +3.3% |
| Financial income | 75/76B | €27,218 | €10,270 | -€16,948 | -62.3% |
| Recurring financial income | 75 | €27,218 | €10,270 | -€16,948 | -62.3% |
| Financial charges | 65/66B | €37,361 | €32,044 | -€5,317 | -14.2% |
| Recurring financial charges | 65 | €37,361 | €32,044 | -€5,317 | -14.2% |
| Profit (loss) for the period before taxes | 9903 | €247,599 | €244,501 | -€3,098 | -1.3% |
| Income taxes | 67/77 | €75,747 | €76,281 | +€534 | +0.7% |
| Profit (loss) for the period | 9904 | €171,852 | €168,220 | -€3,632 | -2.1% |
| Profit (loss) for the period to be appropriated | 9905 | €171,852 | €168,220 | -€3,632 | -2.1% |
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 18 October 2026 via checked.be.