MICHAEL VAN KUYK: 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.
MICHAEL VAN KUYK
Largest movements
- Tangible fixed assets -€24,704
down €24,704 (-7.4%), from €331,915 to €307,211
- Debts after one year -€19,569
down €19,569 (-9.8%), from €200,171 to €180,602
- Trade debts -€17,457
down €17,457 (-82.5%), from €21,171 to €3,714
- Short-term financial debts +€11,716
up €11,716 (+114%), from €10,304 to €22,020
- Tax, wage and social debts +€5,238
up €5,238 (+68.7%), from €7,623 to €12,861
of which Taxes: +€5,888
- Other debts -€4,947
down €4,947 (-12.6%), from €39,198 to €34,251
- Gross operating margin -€29,782
down €29,782 (-36.8%), from €80,926 to €51,144
- Taxes -€7,533
down €7,533 (-90.8%), from €8,293 to €760
- Depreciation +€2,471
up €2,471 (+8.2%), from €30,123 to €32,594
- Other operating charges -€949
down €949 (-13.6%), from €6,969 to €6,021
- Financial charges +€847
up €847 (+7.9%), from €10,747 to €11,594
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 | €377,274 | €352,630 | -€24,644 | -6.5% |
| Fixed assets | 21/28 | €332,415 | €308,431 | -€23,984 | -7.2% |
| Tangible fixed assets | 22/27 | €331,915 | €307,211 | -€24,704 | -7.4% |
| Land and buildings | 22 | €262,744 | €254,109 | -€8,635 | -3.3% |
| Plant, machinery and equipment | 23 | €33,539 | €29,341 | -€4,198 | -12.5% |
| Furniture and vehicles | 24 | €186 | €106 | -€80 | -43.2% |
| Leasing and similar rights | 25 | €35,446 | €23,654 | -€11,792 | -33.3% |
| Financial fixed assets | 28 | €500 | €1,220 | +€720 | +144% |
| Current assets | 29/58 | €44,859 | €44,200 | -€659 | -1.5% |
| Stocks and contracts in progress | 3 | €23,147 | €25,504 | +€2,357 | +10.2% |
| Stocks | 30/36 | €23,147 | €25,504 | +€2,357 | +10.2% |
| Amounts receivable within one year | 40/41 | €15,409 | €13,708 | -€1,701 | -11.0% |
| Trade receivables | 40 | €15,409 | €9,968 | -€5,441 | -35.3% |
| Other amounts receivable | 41 | - | €3,740 | +€3,740 | |
| Cash at bank and in hand | 54/58 | €3,995 | €4,987 | +€992 | +24.8% |
| Deferred charges and accrued income | 490/1 | €2,308 | - | -€2,308 | |
| Total equity and liabilities | 10/49 | €377,274 | €352,630 | -€24,644 | -6.5% |
| Equity | 10/15 | €65,214 | €65,488 | +€274 | +0.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €29,000 | €29,000 | = | 0.0% |
| Distributable reserves | 133 | €29,000 | €29,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,386 | -€2,112 | +€274 | +11.5% |
| Amounts payable | 17/49 | €312,060 | €287,143 | -€24,917 | -8.0% |
| Amounts payable after more than one year | 17 | €200,171 | €180,602 | -€19,569 | -9.8% |
| Financial debts | 170/4 | €200,171 | €180,602 | -€19,569 | -9.8% |
| Amounts payable within one year | 42/48 | €111,889 | €106,541 | -€5,348 | -4.8% |
| Current portion of amounts payable after more than one year | 42 | €33,593 | €33,694 | +€101 | +0.3% |
| Financial debts | 43 | €10,304 | €22,020 | +€11,716 | +114% |
| Credit institutions | 430/8 | €10,304 | €22,020 | +€11,716 | +114% |
| Trade debts | 44 | €21,171 | €3,714 | -€17,457 | -82.5% |
| Suppliers | 440/4 | €21,171 | €3,714 | -€17,457 | -82.5% |
| Taxes, remuneration and social security | 45 | €7,623 | €12,861 | +€5,238 | +68.7% |
| Taxes | 450/3 | €6,973 | €12,861 | +€5,888 | +84.4% |
| Remuneration and social security | 454/9 | €650 | - | -€650 | |
| Other amounts payable | 47/48 | €39,198 | €34,251 | -€4,947 | -12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,123 | €32,594 | +€2,471 | +8.2% |
| Other operating charges | 640/8 | €6,969 | €6,021 | -€949 | -13.6% |
| Gross operating margin | 9900 | €80,926 | €51,144 | -€29,782 | -36.8% |
| Operating profit (loss) | 9901 | €43,834 | €12,529 | -€31,305 | -71.4% |
| Financial income | 75/76B | €259 | €97 | -€163 | -62.7% |
| Recurring financial income | 75 | €91 | €97 | +€6 | +6.0% |
| Non-recurring financial income | 76B | €168 | - | -€168 | |
| Financial charges | 65/66B | €10,747 | €11,594 | +€847 | +7.9% |
| Recurring financial charges | 65 | €10,747 | €11,594 | +€847 | +7.9% |
| Profit (loss) for the period before taxes | 9903 | €33,346 | €1,032 | -€32,314 | -96.9% |
| Income taxes | 67/77 | €8,293 | €760 | -€7,533 | -90.8% |
| Profit (loss) for the period | 9904 | €25,053 | €272 | -€24,781 | -98.9% |
| Profit (loss) for the period to be appropriated | 9905 | €25,053 | €272 | -€24,781 | -98.9% |
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 24 October 2026 via checked.be.