KURT HAEGEMAN: 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 HAEGEMAN
Largest movements
- Current investments -€512,307
down €512,307 (-100%), from €512,307 to €0
- Receivables within one year +€400,016
up €400,016 (+58.6%), from €682,819 to €1.1m
of which Other amounts receivable: +€414,251
- Cash +€328,131
up €328,131 (+128%), from €256,478 to €584,609
mainly Net result for the year (+€882,247) and Current investments (+€512,307)
- Receivables after one year +€139,068
up €139,068 (+16.8%), from €826,784 to €965,852
- Stocks and contracts +€63,429
new in 2025: €63,429
- Reserves +€533,109
up €533,109 (+15.2%), from €3.5m to €4.0m
of which Distributable reserves: +€924,639
- Debts after one year -€57,198
down €57,198 (-12.7%), from €451,217 to €394,019
- Gross operating margin +€313,918
up €313,918 (+32.2%), from €975,360 to €1.3m
- Financial income +€128,448
up €128,448 (+415%), from €30,981 to €159,429
- Taxes +€120,667
up €120,667 (+40.1%), from €301,079 to €421,746
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 | €4,072,905 | €4,517,802 | +€444,897 | +10.9% |
| Fixed assets | 21/28 | €1,789,848 | €1,802,597 | +€12,749 | +0.7% |
| Tangible fixed assets | 22/27 | €1,788,113 | €1,800,862 | +€12,749 | +0.7% |
| Land and buildings | 22 | €1,748,864 | €1,688,437 | -€60,427 | -3.5% |
| Plant, machinery and equipment | 23 | €3,162 | €4,320 | +€1,157 | +36.6% |
| Furniture and vehicles | 24 | €10,336 | €16,696 | +€6,360 | +61.5% |
| Other tangible fixed assets | 26 | €25,750 | €91,409 | +€65,659 | +255% |
| Financial fixed assets | 28 | €1,735 | €1,735 | = | 0.0% |
| Current assets | 29/58 | €2,283,056 | €2,715,204 | +€432,148 | +18.9% |
| Amounts receivable after more than one year | 29 | €826,784 | €965,852 | +€139,068 | +16.8% |
| Other amounts receivable | 291 | €826,784 | €965,852 | +€139,068 | +16.8% |
| Stocks and contracts in progress | 3 | - | €63,429 | +€63,429 | |
| Contracts in progress | 37 | - | €63,429 | +€63,429 | |
| Amounts receivable within one year | 40/41 | €682,819 | €1,082,836 | +€400,016 | +58.6% |
| Trade receivables | 40 | €14,235 | €0 | -€14,235 | -100% |
| Other amounts receivable | 41 | €668,584 | €1,082,836 | +€414,251 | +62.0% |
| Current investments | 50/53 | €512,307 | €0 | -€512,307 | -100% |
| Cash at bank and in hand | 54/58 | €256,478 | €584,609 | +€328,131 | +128% |
| Deferred charges and accrued income | 490/1 | €4,669 | €18,479 | +€13,810 | +296% |
| Total equity and liabilities | 10/49 | €4,072,905 | €4,517,802 | +€444,897 | +10.9% |
| Equity | 10/15 | €3,510,199 | €4,043,308 | +€533,109 | +15.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €3,497,799 | €4,030,908 | +€533,109 | +15.2% |
| Tax-exempt reserves | 132 | €538,880 | €147,350 | -€391,530 | -72.7% |
| Distributable reserves | 133 | €2,958,919 | €3,883,558 | +€924,639 | +31.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €562,705 | €474,493 | -€88,212 | -15.7% |
| Amounts payable after more than one year | 17 | €451,217 | €394,019 | -€57,198 | -12.7% |
| Financial debts | 170/4 | €451,217 | €394,019 | -€57,198 | -12.7% |
| Amounts payable within one year | 42/48 | €111,488 | €80,474 | -€31,014 | -27.8% |
| Current portion of amounts payable after more than one year | 42 | €55,017 | €57,198 | +€2,181 | +4.0% |
| Trade debts | 44 | €46,543 | €5,181 | -€41,362 | -88.9% |
| Suppliers | 440/4 | €46,543 | €5,181 | -€41,362 | -88.9% |
| Taxes, remuneration and social security | 45 | €9,928 | €18,095 | +€8,167 | +82.3% |
| Taxes | 450/3 | €5,394 | €13,447 | +€8,053 | +149% |
| Remuneration and social security | 454/9 | €4,535 | €4,648 | +€114 | +2.5% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €28,031 | €28,010 | -€21 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,344 | €81,748 | +€8,404 | +11.5% |
| Other operating charges | 640/8 | €6,407 | €6,610 | +€203 | +3.2% |
| Gross operating margin | 9900 | €975,360 | €1,289,278 | +€313,918 | +32.2% |
| Operating profit (loss) | 9901 | €867,579 | €1,172,911 | +€305,332 | +35.2% |
| Financial income | 75/76B | €30,981 | €159,429 | +€128,448 | +415% |
| Recurring financial income | 75 | €30,981 | €159,429 | +€128,448 | +415% |
| Financial charges | 65/66B | €32,921 | €28,347 | -€4,574 | -13.9% |
| Recurring financial charges | 65 | €32,921 | €28,347 | -€4,574 | -13.9% |
| Profit (loss) for the period before taxes | 9903 | €865,639 | €1,303,993 | +€438,354 | +50.6% |
| Income taxes | 67/77 | €301,079 | €421,746 | +€120,667 | +40.1% |
| Profit (loss) for the period | 9904 | €564,560 | €882,247 | +€317,687 | +56.3% |
| Transfer from tax-exempt reserves | 789 | €210,500 | €391,530 | +€181,030 | +86.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €775,060 | €1,273,777 | +€498,717 | +64.3% |
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 30 October 2026 via checked.be.