KURT LANNOO: 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 LANNOO
Largest movements
- Receivables within one year -€46,676
down €46,676 (-40.8%), from €114,285 to €67,610
of which Trade receivables: -€46,616
- Tangible fixed assets -€38,695
down €38,695 (-18.9%), from €204,323 to €165,628
of which Furniture and vehicles: -€26,087
- Cash -€6,736
down €6,736 (-7.8%), from €86,228 to €79,492
mainly Trade debts (-€41,678) and Net result for the year (-€29,841)
- Stocks and contracts -€6,093
down €6,093 (-27.4%), from €22,275 to €16,182
- Trade debts -€41,678
down €41,678 (-62.1%), from €67,168 to €25,489
- Reserves -€29,841
down €29,841 (-12.0%), from €248,997 to €219,156
of which Tax-exempt reserves: -€32,071
- Debts after one year -€13,976
down €13,976 (-25.8%), from €54,121 to €40,145
- Provisions -€8,018
down €8,018 (-22.7%), from €35,310 to €27,292
- Tax, wage and social debts -€7,167
no longer reported in 2025 (was €7,167)
- Gross operating margin -€29,013
down €29,013 (-58.3%), from €49,780 to €20,768
- Depreciation +€25,688
up €25,688 (+99.3%), from €25,860 to €51,548
- Taxes -€6,028
down €6,028 (-87.0%), from €6,932 to €904
- Other operating charges +€1,704
up €1,704 (+133%), from €1,281 to €2,985
- Financial charges +€1,386
up €1,386 (+74.3%), from €1,866 to €3,252
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 | €437,093 | €338,578 | -€98,516 | -22.5% |
| Fixed assets | 21/28 | €204,593 | €165,763 | -€38,830 | -19.0% |
| Tangible fixed assets | 22/27 | €204,323 | €165,628 | -€38,695 | -18.9% |
| Plant, machinery and equipment | 23 | €63,565 | €50,956 | -€12,608 | -19.8% |
| Furniture and vehicles | 24 | €140,759 | €114,672 | -€26,087 | -18.5% |
| Financial fixed assets | 28 | €270 | €135 | -€135 | -50.0% |
| Current assets | 29/58 | €232,500 | €172,815 | -€59,686 | -25.7% |
| Stocks and contracts in progress | 3 | €22,275 | €16,182 | -€6,093 | -27.4% |
| Contracts in progress | 37 | €22,275 | €16,182 | -€6,093 | -27.4% |
| Amounts receivable within one year | 40/41 | €114,285 | €67,610 | -€46,676 | -40.8% |
| Trade receivables | 40 | €100,856 | €54,240 | -€46,616 | -46.2% |
| Other amounts receivable | 41 | €13,429 | €13,370 | -€60 | -0.4% |
| Current investments | 50/53 | €5,042 | €5,042 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €86,228 | €79,492 | -€6,736 | -7.8% |
| Deferred charges and accrued income | 490/1 | €4,670 | €4,489 | -€181 | -3.9% |
| Total equity and liabilities | 10/49 | €437,093 | €338,578 | -€98,516 | -22.5% |
| Equity | 10/15 | €256,497 | €226,656 | -€29,841 | -11.6% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €248,997 | €219,156 | -€29,841 | -12.0% |
| Tax-exempt reserves | 132 | €141,241 | €109,170 | -€32,071 | -22.7% |
| Distributable reserves | 133 | €107,756 | €109,987 | +€2,230 | +2.1% |
| Provisions and deferred taxes | 16 | €35,310 | €27,292 | -€8,018 | -22.7% |
| Deferred taxes | 168 | €35,310 | €27,292 | -€8,018 | -22.7% |
| Amounts payable | 17/49 | €145,286 | €84,629 | -€60,657 | -41.8% |
| Amounts payable after more than one year | 17 | €54,121 | €40,145 | -€13,976 | -25.8% |
| Financial debts | 170/4 | €54,121 | €40,145 | -€13,976 | -25.8% |
| Amounts payable within one year | 42/48 | €90,508 | €41,831 | -€48,677 | -53.8% |
| Current portion of amounts payable after more than one year | 42 | €13,423 | €13,976 | +€552 | +4.1% |
| Financial debts | 43 | €125 | - | -€125 | |
| Credit institutions | 430/8 | €125 | - | -€125 | |
| Trade debts | 44 | €67,168 | €25,489 | -€41,678 | -62.1% |
| Suppliers | 440/4 | €67,168 | €25,489 | -€41,678 | -62.1% |
| Taxes, remuneration and social security | 45 | €7,167 | - | -€7,167 | |
| Taxes | 450/3 | €7,167 | - | -€7,167 | |
| Other amounts payable | 47/48 | €2,624 | €2,366 | -€259 | -9.9% |
| Accrued charges and deferred income | 492/3 | €657 | €2,653 | +€1,995 | +304% |
| Non-recurring operating income | 76A | €8,000 | €3,289 | -€4,711 | -58.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,860 | €51,548 | +€25,688 | +99.3% |
| Other operating charges | 640/8 | €1,281 | €2,985 | +€1,704 | +133% |
| Non-recurring operating charges | 66A | - | €135 | +€135 | |
| Gross operating margin | 9900 | €49,780 | €20,768 | -€29,013 | -58.3% |
| Operating profit (loss) | 9901 | €22,640 | -€33,900 | -€56,540 | |
| Financial income | 75/76B | €393 | €198 | -€195 | -49.6% |
| Recurring financial income | 75 | €393 | €198 | -€195 | -49.6% |
| Financial charges | 65/66B | €1,866 | €3,252 | +€1,386 | +74.3% |
| Recurring financial charges | 65 | €1,866 | €3,252 | +€1,386 | +74.3% |
| Profit (loss) for the period before taxes | 9903 | €21,167 | -€36,955 | -€58,121 | |
| Transfer from deferred taxes | 780 | €3,520 | €8,018 | +€4,498 | +128% |
| Income taxes | 67/77 | €6,932 | €904 | -€6,028 | -87.0% |
| Profit (loss) for the period | 9904 | €17,755 | -€29,841 | -€47,596 | |
| Transfer from tax-exempt reserves | 789 | €14,080 | €32,071 | +€17,991 | +128% |
| Profit (loss) for the period to be appropriated | 9905 | €31,834 | €2,230 | -€29,604 | -93.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.