Kris De Munck: 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 Munck
Largest movements
- Tangible fixed assets -€53,768
down €53,768 (-20.8%), from €258,633 to €204,865
of which Plant, machinery and equipment: -€50,920
- Receivables within one year +€12,722
up €12,722 (+678.6%), from €1,875 to €14,596
of which Other amounts receivable: +€12,802
- Debts after one year -€24,819
down €24,819 (-47.8%), from €51,918 to €27,099
- Trade debts -€12,568
down €12,568 (-25.9%), from €48,433 to €35,865
- Reserves -€4,811
down €4,811 (-1.9%), from €256,015 to €251,204
- Gross operating margin -€135,565
down €135,565 (-34.5%), from €392,804 to €257,238
- Staff costs -€46,388
down €46,388 (-19.4%), from €239,157 to €192,769
- Taxes -€18,844
down €18,844 (-98.7%), from €19,088 to €244
- Depreciation -€14,116
down €14,116 (-19.6%), from €72,180 to €58,064
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 | €477,216 | €435,806 | -€41,410 | -8.7% |
| Fixed assets | 21/28 | €258,874 | €204,865 | -€54,009 | -20.9% |
| Intangible fixed assets | 21 | €240 | €0 | -€240 | -100.0% |
| Tangible fixed assets | 22/27 | €258,633 | €204,865 | -€53,768 | -20.8% |
| Land and buildings | 22 | €130,520 | €109,669 | -€20,852 | -16.0% |
| Plant, machinery and equipment | 23 | €118,284 | €67,363 | -€50,920 | -43.0% |
| Furniture and vehicles | 24 | €9,829 | €27,833 | +€18,004 | +183.2% |
| Current assets | 29/58 | €218,343 | €230,941 | +€12,598 | +5.8% |
| Stocks and contracts in progress | 3 | €24,402 | €20,443 | -€3,959 | -16.2% |
| Stocks | 30/36 | €24,402 | €20,443 | -€3,959 | -16.2% |
| Amounts receivable within one year | 40/41 | €1,875 | €14,596 | +€12,722 | +678.6% |
| Trade receivables | 40 | €1,875 | €1,794 | -€80 | -4.3% |
| Other amounts receivable | 41 | €0 | €12,802 | +€12,802 | |
| Cash at bank and in hand | 54/58 | €186,182 | €185,723 | -€460 | -0.2% |
| Deferred charges and accrued income | 490/1 | €5,884 | €10,179 | +€4,295 | +73.0% |
| Total equity and liabilities | 10/49 | €477,216 | €435,806 | -€41,410 | -8.7% |
| Equity | 10/15 | €305,615 | €300,804 | -€4,811 | -1.6% |
| Contributions | 10/11 | €49,600 | €49,600 | = | 0.0% |
| Reserves | 13 | €256,015 | €251,204 | -€4,811 | -1.9% |
| Distributable reserves | 133 | €256,015 | €251,204 | -€4,811 | -1.9% |
| Amounts payable | 17/49 | €171,601 | €135,002 | -€36,599 | -21.3% |
| Amounts payable after more than one year | 17 | €51,918 | €27,099 | -€24,819 | -47.8% |
| Financial debts | 170/4 | €51,918 | €27,099 | -€24,819 | -47.8% |
| Amounts payable within one year | 42/48 | €119,684 | €107,903 | -€11,781 | -9.8% |
| Current portion of amounts payable after more than one year | 42 | €30,459 | €25,990 | -€4,469 | -14.7% |
| Financial debts | 43 | - | €3,372 | +€3,372 | |
| Credit institutions | 430/8 | - | €3,372 | +€3,372 | |
| Trade debts | 44 | €48,433 | €35,865 | -€12,568 | -25.9% |
| Suppliers | 440/4 | €48,433 | €35,865 | -€12,568 | -25.9% |
| Taxes, remuneration and social security | 45 | €40,791 | €41,500 | +€709 | +1.7% |
| Taxes | 450/3 | €11,103 | €10,622 | -€482 | -4.3% |
| Remuneration and social security | 454/9 | €29,688 | €30,879 | +€1,191 | +4.0% |
| Other amounts payable | 47/48 | €0 | €1,175 | +€1,175 | |
| Non-recurring operating income | 76A | €23,643 | €0 | -€23,643 | -100.0% |
| Remuneration, social security and pensions | 62 | €239,157 | €192,769 | -€46,388 | -19.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,180 | €58,064 | -€14,116 | -19.6% |
| Other operating charges | 640/8 | €5,506 | €5,063 | -€443 | -8.0% |
| Gross operating margin | 9900 | €392,804 | €257,238 | -€135,565 | -34.5% |
| Operating profit (loss) | 9901 | €75,961 | €1,343 | -€74,619 | -98.2% |
| Financial income | 75/76B | €1,227 | €3,667 | +€2,439 | +198.7% |
| Recurring financial income | 75 | €1,227 | €3,667 | +€2,439 | +198.7% |
| Financial charges | 65/66B | €9,681 | €9,576 | -€105 | -1.1% |
| Recurring financial charges | 65 | €9,681 | €9,576 | -€105 | -1.1% |
| Profit (loss) for the period before taxes | 9903 | €67,508 | -€4,567 | -€72,075 | |
| Income taxes | 67/77 | €19,088 | €244 | -€18,844 | -98.7% |
| Profit (loss) for the period | 9904 | €48,420 | -€4,811 | -€53,231 | |
| Profit (loss) for the period to be appropriated | 9905 | €48,420 | -€4,811 | -€53,231 |
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 12 October 2026 via checked.be.