KORTVLEES: what changed
Two fiscal 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.
KORTVLEES
Largest movements
- Tangible fixed assets +€1.4m
up €1.4m (+4017.4%), from €34,183 to €1.4m
of which Land and buildings: +€820,306
- Cash +€483,650
up €483,650 (+13827.0%), from €3,498 to €487,148
mainly Debts after one year (+€682,834) and Trade debts (+€462,915)
- Debts after one year +€682,834
new in 2025: €682,834
- Trade debts +€462,915
up €462,915 (+41334.6%), from €1,120 to €464,035
- Current portion of long-term debt +€353,666
new in 2025: €353,666
- Investment grants +€216,737
new in 2025: €216,737
- Other debts +€121,933
up €121,933 (+63467.1%), from €192 to €122,125
- Depreciation +€15,233
new in 2025: €15,233
- Financial charges +€14,304
up €14,304 (+8847.9%), from €162 to €14,466
- Other operating charges +€9,273
up €9,273 (+926.3%), from €1,001 to €10,274
- Gross operating margin -€4,574
down €4,574 (-54.7%), from -€8,370 to -€12,944
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.
Cash bridge derived
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 | €38,602 | €1,906,515 | +€1.9m | +4838.9% |
| Fixed assets | 21/28 | €34,383 | €1,407,619 | +€1.4m | +3994.0% |
| Tangible fixed assets | 22/27 | €34,183 | €1,407,419 | +€1.4m | +4017.4% |
| Land and buildings | 22 | - | €820,306 | +€820,306 | |
| Plant, machinery and equipment | 23 | €1,750 | €586,113 | +€584,363 | +33392.2% |
| Furniture and vehicles | 24 | €1,000 | €1,000 | = | 0.0% |
| Assets under construction and advance payments | 27 | €31,433 | - | -€31,433 | |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €4,219 | €498,896 | +€494,677 | +11723.7% |
| Stocks and contracts in progress | 3 | €100 | - | -€100 | |
| Stocks | 30/36 | €100 | - | -€100 | |
| Amounts receivable within one year | 40/41 | €622 | €10,505 | +€9,884 | +1590.1% |
| Trade receivables | 40 | €89 | - | -€89 | |
| Other amounts receivable | 41 | €532 | €10,505 | +€9,973 | +1873.8% |
| Cash at bank and in hand | 54/58 | €3,498 | €487,148 | +€483,650 | +13827.0% |
| Deferred charges and accrued income | 490/1 | - | €1,243 | +€1,243 | |
| Total equity and liabilities | 10/49 | €38,602 | €1,906,515 | +€1.9m | +4838.9% |
| Equity | 10/15 | €37,290 | €211,610 | +€174,320 | +467.5% |
| Contributions | 10/11 | €56,620 | €67,120 | +€10,500 | +18.5% |
| Profit (loss) carried forward | 14 | -€19,330 | -€72,247 | -€52,917 | -273.8% |
| Investment grants | 15 | - | €216,737 | +€216,737 | |
| Provisions and deferred taxes | 16 | - | €72,246 | +€72,246 | |
| Deferred taxes | 168 | - | €72,246 | +€72,246 | |
| Amounts payable | 17/49 | €1,312 | €1,622,660 | +€1.6m | +123574.6% |
| Amounts payable after more than one year | 17 | - | €682,834 | +€682,834 | |
| Financial debts | 170/4 | - | €682,834 | +€682,834 | |
| Amounts payable within one year | 42/48 | €1,312 | €939,826 | +€938,514 | +71530.9% |
| Current portion of amounts payable after more than one year | 42 | - | €353,666 | +€353,666 | |
| Trade debts | 44 | €1,120 | €464,035 | +€462,915 | +41334.6% |
| Suppliers | 440/4 | €1,120 | €464,035 | +€462,915 | +41334.6% |
| Other amounts payable | 47/48 | €192 | €122,125 | +€121,933 | +63467.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €15,233 | +€15,233 | |
| Other operating charges | 640/8 | €1,001 | €10,274 | +€9,273 | +926.3% |
| Gross operating margin | 9900 | -€8,370 | -€12,944 | -€4,574 | -54.7% |
| Operating profit (loss) | 9901 | -€9,371 | -€38,451 | -€29,080 | -310.3% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €162 | €14,466 | +€14,304 | +8847.9% |
| Recurring financial charges | 65 | €162 | €14,466 | +€14,304 | +8847.9% |
| Profit (loss) for the period before taxes | 9903 | -€9,533 | -€52,917 | -€43,385 | -455.1% |
| Profit (loss) for the period | 9904 | -€9,533 | -€52,917 | -€43,385 | -455.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,533 | -€52,917 | -€43,385 | -455.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.