KURT ANTHIERENS: 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.
KURT ANTHIERENS
Largest movements
- Receivables within one year -€50,933
down €50,933 (-60.1%), from €84,802 to €33,869
of which Trade receivables: -€53,017
- Cash +€22,729
up €22,729 (+1,533%), from €1,483 to €24,212
mainly Receivables within one year (+€50,933) and Depreciation (+€12,438)
- Tangible fixed assets -€7,347
down €7,347 (-24.0%), from €30,578 to €23,230
of which Furniture and vehicles: -€8,524
- Profit (loss) carried forward -€11,823
new in 2025: -€11,823
- Debts after one year -€9,896
down €9,896 (-70.2%), from €14,101 to €4,205
- Tax, wage and social debts -€5,923
down €5,923 (-72.5%), from €8,170 to €2,246
- Current portion of long-term debt -€3,670
down €3,670 (-26.9%), from €13,629 to €9,959
- Other debts -€3,376
down €3,376 (-6.6%), from €51,454 to €48,078
- Gross operating margin -€29,703
down €29,703 (-47.7%), from €62,259 to €32,557
- Taxes -€4,084
down €4,084 (-94.0%), from €4,347 to €263
- Depreciation -€2,128
down €2,128 (-14.6%), from €14,565 to €12,438
- Other operating charges -€1,562
down €1,562 (-4.7%), from €33,105 to €31,542
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 | €143,353 | €107,083 | -€36,270 | -25.3% |
| Fixed assets | 21/28 | €30,681 | €23,333 | -€7,347 | -23.9% |
| Tangible fixed assets | 22/27 | €30,578 | €23,230 | -€7,347 | -24.0% |
| Land and buildings | 22 | €4,500 | €7,798 | +€3,298 | +73.3% |
| Plant, machinery and equipment | 23 | €5,436 | €3,314 | -€2,122 | -39.0% |
| Furniture and vehicles | 24 | €20,642 | €12,118 | -€8,524 | -41.3% |
| Financial fixed assets | 28 | €103 | €103 | = | 0.0% |
| Current assets | 29/58 | €112,673 | €83,750 | -€28,923 | -25.7% |
| Stocks and contracts in progress | 3 | €23,392 | €23,392 | = | 0.0% |
| Stocks | 30/36 | €23,392 | €23,392 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €84,802 | €33,869 | -€50,933 | -60.1% |
| Trade receivables | 40 | €84,149 | €31,132 | -€53,017 | -63.0% |
| Other amounts receivable | 41 | €653 | €2,737 | +€2,084 | +319% |
| Cash at bank and in hand | 54/58 | €1,483 | €24,212 | +€22,729 | +1,533% |
| Deferred charges and accrued income | 490/1 | €2,996 | €2,277 | -€720 | -24.0% |
| Total equity and liabilities | 10/49 | €143,353 | €107,083 | -€36,270 | -25.3% |
| Equity | 10/15 | €52,496 | €39,023 | -€13,473 | -25.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €33,896 | €32,246 | -€1,650 | -4.9% |
| Tax-exempt reserves | 132 | €11,320 | €11,320 | = | 0.0% |
| Distributable reserves | 133 | €22,576 | €20,926 | -€1,650 | -7.3% |
| Profit (loss) carried forward | 14 | - | -€11,823 | -€11,823 | |
| Amounts payable | 17/49 | €90,858 | €68,060 | -€22,798 | -25.1% |
| Amounts payable after more than one year | 17 | €14,101 | €4,205 | -€9,896 | -70.2% |
| Financial debts | 170/4 | €14,101 | €4,205 | -€9,896 | -70.2% |
| Amounts payable within one year | 42/48 | €76,757 | €63,855 | -€12,902 | -16.8% |
| Current portion of amounts payable after more than one year | 42 | €13,629 | €9,959 | -€3,670 | -26.9% |
| Trade debts | 44 | €3,504 | €3,572 | +€67 | +1.9% |
| Suppliers | 440/4 | €3,504 | €3,572 | +€67 | +1.9% |
| Taxes, remuneration and social security | 45 | €8,170 | €2,246 | -€5,923 | -72.5% |
| Taxes | 450/3 | €8,170 | €2,246 | -€5,923 | -72.5% |
| Other amounts payable | 47/48 | €51,454 | €48,078 | -€3,376 | -6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,565 | €12,438 | -€2,128 | -14.6% |
| Other operating charges | 640/8 | €33,105 | €31,542 | -€1,562 | -4.7% |
| Non-recurring operating charges | 66A | - | €1,203 | +€1,203 | |
| Gross operating margin | 9900 | €62,259 | €32,557 | -€29,703 | -47.7% |
| Operating profit (loss) | 9901 | €14,589 | -€12,626 | -€27,215 | |
| Financial income | 75/76B | €414 | €699 | +€285 | +68.9% |
| Recurring financial income | 75 | €414 | €699 | +€285 | +68.9% |
| Financial charges | 65/66B | €1,375 | €1,283 | -€93 | -6.7% |
| Recurring financial charges | 65 | €1,375 | €1,283 | -€93 | -6.7% |
| Profit (loss) for the period before taxes | 9903 | €13,628 | -€13,210 | -€26,838 | |
| Income taxes | 67/77 | €4,347 | €263 | -€4,084 | -94.0% |
| Profit (loss) for the period | 9904 | €9,281 | -€13,473 | -€22,754 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,281 | -€13,473 | -€22,754 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.