Kris De Bock: 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.
Kris De Bock
Largest movements
- Receivables within one year -€121,459
down €121,459 (-38.4%), from €316,420 to €194,960
of which Trade receivables: -€78,435
- Cash +€28,927
up €28,927 (+4.1%), from €707,164 to €736,091
mainly Net result for the year (+€207,494) and Receivables within one year (+€121,459)
- Tangible fixed assets -€27,942
down €27,942 (-4.9%), from €575,149 to €547,206
of which Land and buildings: -€28,133
- Deferred charges and accrued income +€19,635
up €19,635 (+455%), from €4,315 to €23,950
- Stocks and contracts -€18,832
down €18,832 (-12.4%), from €152,367 to €133,534
- Other debts -€84,656
down €84,656 (-56.5%), from €149,885 to €65,229
- Reserves +€49,395
up €49,395 (+3.8%), from €1.3m to €1.4m
of which Tax-exempt reserves: +€105,250
- Debts after one year -€48,858
down €48,858 (-39.1%), from €124,881 to €76,023
- Tax, wage and social debts -€23,029
down €23,029 (-39.8%), from €57,866 to €34,836
of which Taxes: -€28,319
- Gross operating margin +€12,697
up €12,697 (+3.4%), from €369,979 to €382,675
- Staff costs +€8,353
up €8,353 (+19.7%), from €42,464 to €50,817
- Financial income -€4,004
down €4,004 (-45.0%), from €8,899 to €4,895
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 | €1,755,575 | €1,635,903 | -€119,673 | -6.8% |
| Fixed assets | 21/28 | €575,310 | €547,367 | -€27,942 | -4.9% |
| Tangible fixed assets | 22/27 | €575,149 | €547,206 | -€27,942 | -4.9% |
| Land and buildings | 22 | €550,990 | €522,857 | -€28,133 | -5.1% |
| Plant, machinery and equipment | 23 | €2,201 | €5,701 | +€3,500 | +159% |
| Furniture and vehicles | 24 | €21,957 | €18,648 | -€3,309 | -15.1% |
| Financial fixed assets | 28 | €161 | €161 | = | 0.0% |
| Current assets | 29/58 | €1,180,265 | €1,088,535 | -€91,730 | -7.8% |
| Stocks and contracts in progress | 3 | €152,367 | €133,534 | -€18,832 | -12.4% |
| Stocks | 30/36 | €152,367 | €133,534 | -€18,832 | -12.4% |
| Amounts receivable within one year | 40/41 | €316,420 | €194,960 | -€121,459 | -38.4% |
| Trade receivables | 40 | €268,220 | €189,785 | -€78,435 | -29.2% |
| Other amounts receivable | 41 | €48,200 | €5,175 | -€43,025 | -89.3% |
| Cash at bank and in hand | 54/58 | €707,164 | €736,091 | +€28,927 | +4.1% |
| Deferred charges and accrued income | 490/1 | €4,315 | €23,950 | +€19,635 | +455% |
| Total equity and liabilities | 10/49 | €1,755,575 | €1,635,903 | -€119,673 | -6.8% |
| Equity | 10/15 | €1,322,422 | €1,371,817 | +€49,395 | +3.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,303,822 | €1,353,217 | +€49,395 | +3.8% |
| Tax-exempt reserves | 132 | €71,570 | €176,820 | +€105,250 | +147% |
| Distributable reserves | 133 | €1,232,252 | €1,176,397 | -€55,855 | -4.5% |
| Provisions and deferred taxes | 16 | €20,744 | €20,744 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €20,744 | €20,744 | = | 0.0% |
| Pensions and similar obligations | 160 | €20,744 | €20,744 | = | 0.0% |
| Amounts payable | 17/49 | €412,409 | €243,341 | -€169,068 | -41.0% |
| Amounts payable after more than one year | 17 | €124,881 | €76,023 | -€48,858 | -39.1% |
| Financial debts | 170/4 | €124,881 | €76,023 | -€48,858 | -39.1% |
| Amounts payable within one year | 42/48 | €283,898 | €164,220 | -€119,678 | -42.2% |
| Current portion of amounts payable after more than one year | 42 | €48,041 | €48,858 | +€817 | +1.7% |
| Trade debts | 44 | €28,106 | €15,297 | -€12,810 | -45.6% |
| Suppliers | 440/4 | €28,106 | €15,297 | -€12,810 | -45.6% |
| Taxes, remuneration and social security | 45 | €57,866 | €34,836 | -€23,029 | -39.8% |
| Taxes | 450/3 | €45,930 | €17,611 | -€28,319 | -61.7% |
| Remuneration and social security | 454/9 | €11,935 | €17,225 | +€5,290 | +44.3% |
| Other amounts payable | 47/48 | €149,885 | €65,229 | -€84,656 | -56.5% |
| Accrued charges and deferred income | 492/3 | €3,631 | €3,099 | -€532 | -14.7% |
| Remuneration, social security and pensions | 62 | €42,464 | €50,817 | +€8,353 | +19.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,017 | €40,432 | +€1,415 | +3.6% |
| Other operating charges | 640/8 | €5,245 | €5,020 | -€225 | -4.3% |
| Gross operating margin | 9900 | €369,979 | €382,675 | +€12,697 | +3.4% |
| Operating profit (loss) | 9901 | €283,253 | €286,407 | +€3,154 | +1.1% |
| Financial income | 75/76B | €8,899 | €4,895 | -€4,004 | -45.0% |
| Recurring financial income | 75 | €8,899 | €4,895 | -€4,004 | -45.0% |
| Financial charges | 65/66B | €8,081 | €6,935 | -€1,146 | -14.2% |
| Recurring financial charges | 65 | €8,081 | €6,935 | -€1,146 | -14.2% |
| Profit (loss) for the period before taxes | 9903 | €284,070 | €284,367 | +€297 | +0.1% |
| Income taxes | 67/77 | €79,429 | €76,873 | -€2,556 | -3.2% |
| Profit (loss) for the period | 9904 | €204,641 | €207,494 | +€2,853 | +1.4% |
| Transfer to tax-exempt reserves | 689 | €71,570 | €105,250 | +€33,680 | +47.1% |
| Profit (loss) for the period to be appropriated | 9905 | €133,071 | €102,244 | -€30,827 | -23.2% |
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 22 October 2026 via checked.be.