KINE HOORNAERT: 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.
KINE HOORNAERT
Largest movements
- Cash +€38,153
up €38,153 (+55.9%), from €68,234 to €106,386
mainly Net result for the year (+€37,314) and Depreciation (+€13,830)
- Tangible fixed assets +€4,403
up €4,403 (+9.9%), from €44,328 to €48,731
of which Other tangible fixed assets: +€17,507
- Reserves +€37,314
up €37,314 (+64.9%), from €57,501 to €94,816
- Accrued charges and deferred income +€5,282
up €5,282 (+103%), from €5,114 to €10,397
- Other debts +€2,634
up €2,634 (+9.6%), from €27,500 to €30,134
- Gross operating margin -€36,014
down €36,014 (-34.6%), from €104,237 to €68,223
- Taxes -€8,019
down €8,019 (-36.0%), from €22,274 to €14,256
- Depreciation -€6,234
down €6,234 (-31.1%), from €20,064 to €13,830
- Financial charges -€1,086
down €1,086 (-33.5%), from €3,241 to €2,155
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 | €118,715 | €162,886 | +€44,171 | +37.2% |
| Fixed assets | 21/28 | €44,328 | €48,731 | +€4,403 | +9.9% |
| Tangible fixed assets | 22/27 | €44,328 | €48,731 | +€4,403 | +9.9% |
| Plant, machinery and equipment | 23 | €5,625 | €3,750 | -€1,875 | -33.3% |
| Furniture and vehicles | 24 | €38,703 | €27,474 | -€11,229 | -29.0% |
| Other tangible fixed assets | 26 | - | €17,507 | +€17,507 | |
| Current assets | 29/58 | €74,387 | €114,155 | +€39,768 | +53.5% |
| Amounts receivable within one year | 40/41 | €6,153 | €7,769 | +€1,616 | +26.3% |
| Trade receivables | 40 | €5,927 | €6,799 | +€871 | +14.7% |
| Other amounts receivable | 41 | €226 | €970 | +€744 | +330% |
| Cash at bank and in hand | 54/58 | €68,234 | €106,386 | +€38,153 | +55.9% |
| Total equity and liabilities | 10/49 | €118,715 | €162,886 | +€44,171 | +37.2% |
| Equity | 10/15 | €85,001 | €122,316 | +€37,314 | +43.9% |
| Contributions | 10/11 | €27,500 | €27,500 | = | 0.0% |
| Reserves | 13 | €57,501 | €94,816 | +€37,314 | +64.9% |
| Distributable reserves | 133 | €57,501 | €94,816 | +€37,314 | +64.9% |
| Amounts payable | 17/49 | €33,713 | €40,571 | +€6,857 | +20.3% |
| Amounts payable within one year | 42/48 | €28,599 | €30,174 | +€1,575 | +5.5% |
| Trade debts | 44 | €1,099 | €40 | -€1,059 | -96.3% |
| Suppliers | 440/4 | €1,099 | €40 | -€1,059 | -96.3% |
| Other amounts payable | 47/48 | €27,500 | €30,134 | +€2,634 | +9.6% |
| Accrued charges and deferred income | 492/3 | €5,114 | €10,397 | +€5,282 | +103% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,064 | €13,830 | -€6,234 | -31.1% |
| Other operating charges | 640/8 | €1,165 | €668 | -€497 | -42.7% |
| Gross operating margin | 9900 | €104,237 | €68,223 | -€36,014 | -34.6% |
| Operating profit (loss) | 9901 | €83,008 | €53,725 | -€29,283 | -35.3% |
| Financial income | 75/76B | €9 | - | -€9 | |
| Recurring financial income | 75 | €9 | - | -€9 | |
| Financial charges | 65/66B | €3,241 | €2,155 | -€1,086 | -33.5% |
| Recurring financial charges | 65 | €3,241 | €2,155 | -€1,086 | -33.5% |
| Profit (loss) for the period before taxes | 9903 | €79,776 | €51,570 | -€28,206 | -35.4% |
| Income taxes | 67/77 | €22,274 | €14,256 | -€8,019 | -36.0% |
| Profit (loss) for the period | 9904 | €57,501 | €37,314 | -€20,187 | -35.1% |
| Profit (loss) for the period to be appropriated | 9905 | €57,501 | €37,314 | -€20,187 | -35.1% |
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 31 October 2026 via checked.be.