KURT TEETAERT: 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 TEETAERT
Largest movements
- Cash +€20,735
up €20,735 (+45.7%), from €45,358 to €66,093
mainly Net result for the year (+€41,228) and Depreciation (+€11,782)
- Receivables within one year -€7,222
down €7,222 (-24.3%), from €29,724 to €22,502
- Tangible fixed assets -€5,416
down €5,416 (-33.0%), from €16,393 to €10,977
of which Furniture and vehicles: -€9,619
- Reserves +€7,000
up €7,000 (+2.4%), from €286,000 to €293,000
- Purchases and services -€12,580
down €12,580 (-11.8%), from €106,723 to €94,143
- Financial income -€7,745
down €7,745 (-68.1%), from €11,372 to €3,627
- Gross operating margin +€3,775
up €3,775 (+5.9%), from €63,905 to €67,680
- Taxes -€1,440
down €1,440 (-7.8%), from €18,536 to €17,097
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 | €296,947 | €304,970 | +€8,023 | +2.7% |
| Fixed assets | 21/28 | €16,393 | €10,977 | -€5,416 | -33.0% |
| Tangible fixed assets | 22/27 | €16,393 | €10,977 | -€5,416 | -33.0% |
| Plant, machinery and equipment | 23 | €1,082 | €3,170 | +€2,088 | +193% |
| Furniture and vehicles | 24 | €10,472 | €853 | -€9,619 | -91.9% |
| Other tangible fixed assets | 26 | €4,839 | €6,954 | +€2,115 | +43.7% |
| Current assets | 29/58 | €280,553 | €293,993 | +€13,439 | +4.8% |
| Amounts receivable within one year | 40/41 | €29,724 | €22,502 | -€7,222 | -24.3% |
| Trade receivables | 40 | €29,724 | €22,502 | -€7,222 | -24.3% |
| Current investments | 50/53 | €200,000 | €200,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €45,358 | €66,093 | +€20,735 | +45.7% |
| Deferred charges and accrued income | 490/1 | €5,471 | €5,398 | -€73 | -1.3% |
| Total equity and liabilities | 10/49 | €296,947 | €304,970 | +€8,023 | +2.7% |
| Equity | 10/15 | €286,963 | €293,357 | +€6,395 | +2.2% |
| Contributions | 10/11 | €10 | €10 | = | 0.0% |
| Reserves | 13 | €286,000 | €293,000 | +€7,000 | +2.4% |
| Distributable reserves | 133 | €286,000 | €293,000 | +€7,000 | +2.4% |
| Profit (loss) carried forward | 14 | €953 | €347 | -€605 | -63.5% |
| Amounts payable | 17/49 | €9,984 | €11,613 | +€1,629 | +16.3% |
| Amounts payable within one year | 42/48 | €9,984 | €11,613 | +€1,629 | +16.3% |
| Current portion of amounts payable after more than one year | 42 | €848 | - | -€848 | |
| Trade debts | 44 | €940 | €932 | -€8 | -0.9% |
| Suppliers | 440/4 | €940 | €932 | -€8 | -0.9% |
| Taxes, remuneration and social security | 45 | €7,006 | €9,891 | +€2,885 | +41.2% |
| Taxes | 450/3 | €7,006 | €9,891 | +€2,885 | +41.2% |
| Other amounts payable | 47/48 | €1,189 | €789 | -€400 | -33.7% |
| Goods, raw materials, services and sundry goods | 60/61 | €106,723 | €94,143 | -€12,580 | -11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,111 | €11,782 | +€671 | +6.0% |
| Other operating charges | 640/8 | €1,097 | €977 | -€120 | -11.0% |
| Gross operating margin | 9900 | €63,905 | €67,680 | +€3,775 | +5.9% |
| Operating profit (loss) | 9901 | €51,696 | €54,921 | +€3,224 | +6.2% |
| Financial income | 75/76B | €11,372 | €3,627 | -€7,745 | -68.1% |
| Recurring financial income | 75 | €11,372 | €3,627 | -€7,745 | -68.1% |
| Financial charges | 65/66B | €365 | €224 | -€141 | -38.6% |
| Recurring financial charges | 65 | €365 | €224 | -€141 | -38.6% |
| Profit (loss) for the period before taxes | 9903 | €62,704 | €58,324 | -€4,379 | -7.0% |
| Income taxes | 67/77 | €18,536 | €17,097 | -€1,440 | -7.8% |
| Profit (loss) for the period | 9904 | €44,167 | €41,228 | -€2,940 | -6.7% |
| Profit (loss) for the period to be appropriated | 9905 | €44,167 | €41,228 | -€2,940 | -6.7% |
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 20 October 2026 via checked.be.