KURT NAERT: 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 NAERT
Largest movements
- Cash -€5,815
down €5,815 (-81.7%), from €7,119 to €1,304
mainly Net result for the year (-€12,323) and Receivables within one year (-€4,041)
- Receivables within one year +€4,041
up €4,041 (+93.9%), from €4,305 to €8,345
of which Trade receivables: +€3,718
- Profit (loss) carried forward -€12,323
down €12,323 (-10.6%), from -€116,529 to -€128,852
- Other debts +€6,453
up €6,453 (+5.1%), from €126,481 to €132,934
- Trade debts +€4,074
up €4,074 (+2,036%), from €200 to €4,274
- Gross operating margin -€10,826
down €10,826 (-2,105%), from -€514 to -€11,340
- Financial charges -€163
down €163 (-43.0%), from €380 to €216
- Staff costs -€126
down €126 (-47.7%), from €264 to €138
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 | €28,752 | €26,955 | -€1,797 | -6.2% |
| Current assets | 29/58 | €28,752 | €26,955 | -€1,797 | -6.2% |
| Stocks and contracts in progress | 3 | €17,329 | €17,306 | -€22 | -0.1% |
| Stocks | 30/36 | €17,329 | €17,306 | -€22 | -0.1% |
| Amounts receivable within one year | 40/41 | €4,305 | €8,345 | +€4,041 | +93.9% |
| Trade receivables | 40 | €3,934 | €7,652 | +€3,718 | +94.5% |
| Other amounts receivable | 41 | €371 | €694 | +€322 | +86.9% |
| Cash at bank and in hand | 54/58 | €7,119 | €1,304 | -€5,815 | -81.7% |
| Total equity and liabilities | 10/49 | €28,752 | €26,955 | -€1,797 | -6.2% |
| Equity | 10/15 | -€97,929 | -€110,252 | -€12,323 | -12.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€116,529 | -€128,852 | -€12,323 | -10.6% |
| Amounts payable | 17/49 | €126,681 | €137,208 | +€10,527 | +8.3% |
| Amounts payable within one year | 42/48 | €126,681 | €137,208 | +€10,527 | +8.3% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €200 | €4,274 | +€4,074 | +2,036% |
| Suppliers | 440/4 | €200 | €4,274 | +€4,074 | +2,036% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €126,481 | €132,934 | +€6,453 | +5.1% |
| Remuneration, social security and pensions | 62 | €264 | €138 | -€126 | -47.7% |
| Other operating charges | 640/8 | €624 | €688 | +€64 | +10.2% |
| Gross operating margin | 9900 | -€514 | -€11,340 | -€10,826 | -2,105% |
| Operating profit (loss) | 9901 | -€1,402 | -€12,167 | -€10,764 | -768% |
| Financial income | 75/76B | €1 | €60 | +€59 | +6,597% |
| Recurring financial income | 75 | €1 | €60 | +€59 | +6,597% |
| Financial charges | 65/66B | €380 | €216 | -€163 | -43.0% |
| Recurring financial charges | 65 | €380 | €216 | -€163 | -43.0% |
| Profit (loss) for the period before taxes | 9903 | -€1,781 | -€12,323 | -€10,542 | -592% |
| Profit (loss) for the period | 9904 | -€1,781 | -€12,323 | -€10,542 | -592% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,781 | -€12,323 | -€10,542 | -592% |
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 29 October 2026 via checked.be.