NOWE KEVIN: 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.
NOWE KEVIN
Largest movements
- Receivables within one year +€97,618
up €97,618 (+20.3%), from €480,345 to €577,963
of which Trade receivables: +€188,072
- Tangible fixed assets +€48,449
up €48,449 (+43.0%), from €112,559 to €161,008
of which Furniture and vehicles: +€50,521
- Other debts +€354,809
up €354,809 (+263%), from €134,997 to €489,806
- Reserves -€262,498
down €262,498 (-30.0%), from €875,986 to €613,488
- Trade debts +€35,101
up €35,101 (+171%), from €20,574 to €55,674
- Tax, wage and social debts +€31,808
up €31,808 (+148%), from €21,458 to €53,266
of which Taxes: +€40,639
- Current portion of long-term debt -€13,303
down €13,303 (-28.7%), from €46,404 to €33,101
- Staff costs -€120,621
down €120,621 (-58.1%), from €207,579 to €86,958
- Gross operating margin +€59,838
up €59,838 (+13.2%), from €452,030 to €511,869
- Taxes +€47,884
up €47,884 (+70.7%), from €67,755 to €115,639
- Depreciation +€25,299
up €25,299 (+76.2%), from €33,204 to €58,504
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 | €1,149,327 | €1,286,929 | +€137,602 | +12.0% |
| Fixed assets | 21/28 | €112,909 | €161,358 | +€48,449 | +42.9% |
| Tangible fixed assets | 22/27 | €112,559 | €161,008 | +€48,449 | +43.0% |
| Land and buildings | 22 | €1,165 | €1,021 | -€144 | -12.4% |
| Plant, machinery and equipment | 23 | €6,568 | €5,028 | -€1,540 | -23.4% |
| Furniture and vehicles | 24 | €102,992 | €153,513 | +€50,521 | +49.1% |
| Other tangible fixed assets | 26 | €1,833 | €1,446 | -€387 | -21.1% |
| Financial fixed assets | 28 | €350 | €350 | = | 0.0% |
| Current assets | 29/58 | €1,036,418 | €1,125,571 | +€89,153 | +8.6% |
| Amounts receivable within one year | 40/41 | €480,345 | €577,963 | +€97,618 | +20.3% |
| Trade receivables | 40 | €326,873 | €514,945 | +€188,072 | +57.5% |
| Other amounts receivable | 41 | €153,472 | €63,018 | -€90,454 | -58.9% |
| Cash at bank and in hand | 54/58 | €544,182 | €539,998 | -€4,184 | -0.8% |
| Deferred charges and accrued income | 490/1 | €11,891 | €7,610 | -€4,281 | -36.0% |
| Total equity and liabilities | 10/49 | €1,149,327 | €1,286,929 | +€137,602 | +12.0% |
| Equity | 10/15 | €908,257 | €645,759 | -€262,498 | -28.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €875,986 | €613,488 | -€262,498 | -30.0% |
| Distributable reserves | 133 | €875,986 | €613,488 | -€262,498 | -30.0% |
| Profit (loss) carried forward | 14 | €13,671 | €13,671 | = | 0.0% |
| Amounts payable | 17/49 | €241,071 | €641,170 | +€400,100 | +166% |
| Amounts payable after more than one year | 17 | €17,593 | €9,322 | -€8,271 | -47.0% |
| Financial debts | 170/4 | €17,593 | €9,322 | -€8,271 | -47.0% |
| Amounts payable within one year | 42/48 | €223,433 | €631,848 | +€408,415 | +183% |
| Current portion of amounts payable after more than one year | 42 | €46,404 | €33,101 | -€13,303 | -28.7% |
| Trade debts | 44 | €20,574 | €55,674 | +€35,101 | +171% |
| Suppliers | 440/4 | €20,574 | €55,674 | +€35,101 | +171% |
| Taxes, remuneration and social security | 45 | €21,458 | €53,266 | +€31,808 | +148% |
| Taxes | 450/3 | €0 | €40,639 | +€40,639 | |
| Remuneration and social security | 454/9 | €21,458 | €12,627 | -€8,831 | -41.2% |
| Other amounts payable | 47/48 | €134,997 | €489,806 | +€354,809 | +263% |
| Accrued charges and deferred income | 492/3 | €44 | €0 | -€44 | -100% |
| Remuneration, social security and pensions | 62 | €207,579 | €86,958 | -€120,621 | -58.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,204 | €58,504 | +€25,299 | +76.2% |
| Other operating charges | 640/8 | €3,097 | €2,220 | -€877 | -28.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €452,030 | €511,869 | +€59,838 | +13.2% |
| Operating profit (loss) | 9901 | €208,150 | €364,187 | +€156,037 | +75.0% |
| Financial income | 75/76B | €12,759 | €8,494 | -€4,266 | -33.4% |
| Recurring financial income | 75 | €12,759 | €8,494 | -€4,266 | -33.4% |
| Financial charges | 65/66B | €4,565 | €2,478 | -€2,086 | -45.7% |
| Recurring financial charges | 65 | €4,565 | €2,478 | -€2,086 | -45.7% |
| Profit (loss) for the period before taxes | 9903 | €216,344 | €370,202 | +€153,857 | +71.1% |
| Income taxes | 67/77 | €67,755 | €115,639 | +€47,884 | +70.7% |
| Profit (loss) for the period | 9904 | €148,589 | €254,563 | +€105,974 | +71.3% |
| Profit (loss) for the period to be appropriated | 9905 | €148,589 | €254,563 | +€105,974 | +71.3% |
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 30 October 2026 via checked.be.