Kurt Neyens: 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 Neyens
Largest movements
- Tangible fixed assets +€84,181
up €84,181 (+37.2%), from €226,247 to €310,428
of which Land and buildings: +€105,661
- Stocks and contracts +€22,250
new in 2025: €22,250
- Deferred charges and accrued income +€11,375
up €11,375 (+16.4%), from €69,175 to €80,550
- Intangible fixed assets -€6,795
down €6,795 (-17.0%), from €40,083 to €33,288
- Reserves +€112,651
up €112,651 (+42.7%), from €263,642 to €376,293
of which Distributable reserves: +€112,651
- Other debts +€9,601
new in 2025: €9,601
- Debts after one year -€8,843
down €8,843 (-10.2%), from €86,284 to €77,442
- Trade debts +€8,228
up €8,228 (+161%), from €5,122 to €13,350
- Accrued charges and deferred income -€7,914
down €7,914 (-41.4%), from €19,132 to €11,218
- Gross operating margin -€16,847
down €16,847 (-5.7%), from €297,092 to €280,244
- Staff costs +€8,826
up €8,826 (+17.6%), from €50,027 to €58,852
- Taxes -€8,248
down €8,248 (-14.7%), from €56,090 to €47,843
- Depreciation +€6,290
up €6,290 (+18.5%), from €34,068 to €40,359
- Other operating charges -€5,801
down €5,801 (-26.0%), from €22,313 to €16,512
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 | €435,658 | €543,718 | +€108,059 | +24.8% |
| Fixed assets | 21/28 | €266,330 | €343,716 | +€77,386 | +29.1% |
| Intangible fixed assets | 21 | €40,083 | €33,288 | -€6,795 | -17.0% |
| Tangible fixed assets | 22/27 | €226,247 | €310,428 | +€84,181 | +37.2% |
| Land and buildings | 22 | €159,207 | €264,868 | +€105,661 | +66.4% |
| Furniture and vehicles | 24 | €67,040 | €45,560 | -€21,480 | -32.0% |
| Current assets | 29/58 | €169,328 | €200,002 | +€30,674 | +18.1% |
| Stocks and contracts in progress | 3 | - | €22,250 | +€22,250 | |
| Contracts in progress | 37 | - | €22,250 | +€22,250 | |
| Amounts receivable within one year | 40/41 | €4,831 | €2,054 | -€2,777 | -57.5% |
| Other amounts receivable | 41 | €4,831 | €2,054 | -€2,777 | -57.5% |
| Cash at bank and in hand | 54/58 | €95,322 | €95,148 | -€174 | -0.2% |
| Deferred charges and accrued income | 490/1 | €69,175 | €80,550 | +€11,375 | +16.4% |
| Total equity and liabilities | 10/49 | €435,658 | €543,718 | +€108,059 | +24.8% |
| Equity | 10/15 | €280,865 | €393,516 | +€112,651 | +40.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €263,642 | €376,293 | +€112,651 | +42.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €261,782 | €374,433 | +€112,651 | +43.0% |
| Profit (loss) carried forward | 14 | €4,823 | €4,823 | = | 0.0% |
| Amounts payable | 17/49 | €154,793 | €150,202 | -€4,592 | -3.0% |
| Amounts payable after more than one year | 17 | €86,284 | €77,442 | -€8,843 | -10.2% |
| Financial debts | 170/4 | €86,284 | €77,442 | -€8,843 | -10.2% |
| Amounts payable within one year | 42/48 | €49,377 | €61,542 | +€12,165 | +24.6% |
| Current portion of amounts payable after more than one year | 42 | €9,031 | €9,169 | +€138 | +1.5% |
| Trade debts | 44 | €5,122 | €13,350 | +€8,228 | +161% |
| Suppliers | 440/4 | €5,122 | €13,350 | +€8,228 | +161% |
| Taxes, remuneration and social security | 45 | €35,223 | €29,422 | -€5,801 | -16.5% |
| Taxes | 450/3 | €28,166 | €23,487 | -€4,679 | -16.6% |
| Remuneration and social security | 454/9 | €7,057 | €5,935 | -€1,122 | -15.9% |
| Other amounts payable | 47/48 | - | €9,601 | +€9,601 | |
| Accrued charges and deferred income | 492/3 | €19,132 | €11,218 | -€7,914 | -41.4% |
| Remuneration, social security and pensions | 62 | €50,027 | €58,852 | +€8,826 | +17.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,068 | €40,359 | +€6,290 | +18.5% |
| Other operating charges | 640/8 | €22,313 | €16,512 | -€5,801 | -26.0% |
| Gross operating margin | 9900 | €297,092 | €280,244 | -€16,847 | -5.7% |
| Operating profit (loss) | 9901 | €190,684 | €164,521 | -€26,163 | -13.7% |
| Financial charges | 65/66B | €3,205 | €4,027 | +€822 | +25.7% |
| Recurring financial charges | 65 | €3,205 | €4,027 | +€822 | +25.7% |
| Profit (loss) for the period before taxes | 9903 | €187,479 | €160,493 | -€26,985 | -14.4% |
| Income taxes | 67/77 | €56,090 | €47,843 | -€8,248 | -14.7% |
| Profit (loss) for the period | 9904 | €131,388 | €112,651 | -€18,737 | -14.3% |
| Profit (loss) for the period to be appropriated | 9905 | €131,388 | €112,651 | -€18,737 | -14.3% |
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 17 October 2026 via checked.be.