Koen Dedoncker: 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.
Koen Dedoncker
Largest movements
- Receivables after one year -€34,910
down €34,910 (-43.8%), from €79,689 to €44,779
- Tangible fixed assets +€28,048
up €28,048 (+1,049%), from €2,673 to €30,721
of which Plant, machinery and equipment: +€15,959
- Cash +€2,653
up €2,653 (+16.5%), from €16,064 to €18,718
mainly Receivables after one year (+€34,910) and Net result for the year (+€29,988)
- Deferred charges and accrued income +€2,509
new in 2025: €2,509
- Receivables within one year +€1,301
up €1,301 (+16.9%), from €7,711 to €9,012
of which Other amounts receivable: +€3,569
- Profit (loss) carried forward +€6,459
up €6,459 (+7.0%), from €92,621 to €99,080
- Current portion of long-term debt -€6,152
down €6,152 (-74.7%), from €8,231 to €2,079
- Debts after one year -€2,079
no longer reported in 2025 (was €2,079)
- Trade debts +€2,048
up €2,048 (+15,424%), from €13 to €2,062
- Gross operating margin +€11,542
up €11,542 (+36.5%), from €31,643 to €43,184
- Taxes +€2,252
up €2,252 (+40.6%), from €5,551 to €7,803
- Depreciation +€469
up €469 (+11.5%), from €4,079 to €4,548
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 | €106,987 | €106,589 | -€398 | -0.4% |
| Fixed assets | 21/28 | €3,523 | €31,571 | +€28,048 | +796% |
| Tangible fixed assets | 22/27 | €2,673 | €30,721 | +€28,048 | +1,049% |
| Plant, machinery and equipment | 23 | - | €15,959 | +€15,959 | |
| Furniture and vehicles | 24 | €2,673 | €14,762 | +€12,089 | +452% |
| Financial fixed assets | 28 | €850 | €850 | = | 0.0% |
| Current assets | 29/58 | €103,464 | €75,018 | -€28,446 | -27.5% |
| Amounts receivable after more than one year | 29 | €79,689 | €44,779 | -€34,910 | -43.8% |
| Trade receivables | 290 | €79,689 | €44,779 | -€34,910 | -43.8% |
| Amounts receivable within one year | 40/41 | €7,711 | €9,012 | +€1,301 | +16.9% |
| Trade receivables | 40 | €3,715 | €1,446 | -€2,269 | -61.1% |
| Other amounts receivable | 41 | €3,996 | €7,566 | +€3,569 | +89.3% |
| Cash at bank and in hand | 54/58 | €16,064 | €18,718 | +€2,653 | +16.5% |
| Deferred charges and accrued income | 490/1 | - | €2,509 | +€2,509 | |
| Total equity and liabilities | 10/49 | €106,987 | €106,589 | -€398 | -0.4% |
| Equity | 10/15 | €94,621 | €101,080 | +€6,459 | +6.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €92,621 | €99,080 | +€6,459 | +7.0% |
| Amounts payable | 17/49 | €12,366 | €5,509 | -€6,857 | -55.4% |
| Amounts payable after more than one year | 17 | €2,079 | - | -€2,079 | |
| Financial debts | 170/4 | €2,079 | - | -€2,079 | |
| Amounts payable within one year | 42/48 | €10,287 | €5,509 | -€4,778 | -46.4% |
| Current portion of amounts payable after more than one year | 42 | €8,231 | €2,079 | -€6,152 | -74.7% |
| Trade debts | 44 | €13 | €2,062 | +€2,048 | +15,424% |
| Suppliers | 440/4 | €13 | €2,062 | +€2,048 | +15,424% |
| Taxes, remuneration and social security | 45 | €2,043 | €1,303 | -€740 | -36.2% |
| Taxes | 450/3 | €2,043 | €1,303 | -€740 | -36.2% |
| Other amounts payable | 47/48 | - | €66 | +€66 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,079 | €4,548 | +€469 | +11.5% |
| Other operating charges | 640/8 | €504 | €465 | -€39 | -7.7% |
| Gross operating margin | 9900 | €31,643 | €43,184 | +€11,542 | +36.5% |
| Operating profit (loss) | 9901 | €27,060 | €38,171 | +€11,111 | +41.1% |
| Financial income | 75/76B | €215 | €0 | -€215 | -100.0% |
| Recurring financial income | 75 | €215 | €0 | -€215 | -100.0% |
| Financial charges | 65/66B | €545 | €380 | -€165 | -30.3% |
| Recurring financial charges | 65 | €545 | €380 | -€165 | -30.3% |
| Profit (loss) for the period before taxes | 9903 | €26,731 | €37,791 | +€11,061 | +41.4% |
| Income taxes | 67/77 | €5,551 | €7,803 | +€2,252 | +40.6% |
| Profit (loss) for the period | 9904 | €21,180 | €29,988 | +€8,808 | +41.6% |
| Profit (loss) for the period to be appropriated | 9905 | €21,180 | €29,988 | +€8,808 | +41.6% |
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.