OLIVIER BEIRNAERT: 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.
OLIVIER BEIRNAERT
Largest movements
- Tangible fixed assets -€24,855
down €24,855 (-24.4%), from €101,960 to €77,105
of which Furniture and vehicles: -€21,304
- Cash +€7,697
up €7,697 (+488%), from €1,576 to €9,273
mainly Depreciation (+€22,051) and Investment in fixed assets (net) (+€3,361)
- Receivables after one year +€2,500
new in 2025: €2,500
- Deferred charges and accrued income +€1,690
up €1,690 (+101%), from €1,681 to €3,371
- Receivables within one year +€1,184
up €1,184 (+43.3%), from €2,737 to €3,921
of which Trade receivables: +€1,196
- Other debts -€7,508
down €7,508 (-30.5%), from €24,589 to €17,081
- Debts after one year -€6,314
down €6,314 (-8.2%), from €76,741 to €70,427
of which Financial debts: -€6,314
- Tax, wage and social debts +€2,237
new in 2025: €2,237
- Current portion of long-term debt -€1,580
down €1,580 (-20.0%), from €7,894 to €6,314
- Gross operating margin +€4,054
up €4,054 (+15.4%), from €26,283 to €30,337
- Depreciation -€1,729
down €1,729 (-7.3%), from €23,780 to €22,051
- Financial charges -€1,439
down €1,439 (-48.9%), from €2,940 to €1,501
- Other operating charges -€1,116
down €1,116 (-66.4%), from €1,680 to €564
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 | €112,111 | €99,770 | -€12,341 | -11.0% |
| Formation expenses | 20 | €934 | €515 | -€419 | -44.9% |
| Fixed assets | 21/28 | €102,433 | €77,440 | -€24,993 | -24.4% |
| Intangible fixed assets | 21 | €473 | €335 | -€138 | -29.2% |
| Tangible fixed assets | 22/27 | €101,960 | €77,105 | -€24,855 | -24.4% |
| Plant, machinery and equipment | 23 | €14,330 | €12,322 | -€2,008 | -14.0% |
| Furniture and vehicles | 24 | €73,935 | €52,631 | -€21,304 | -28.8% |
| Other tangible fixed assets | 26 | €13,695 | €12,152 | -€1,543 | -11.3% |
| Current assets | 29/58 | €8,744 | €21,815 | +€13,071 | +149% |
| Amounts receivable after more than one year | 29 | - | €2,500 | +€2,500 | |
| Other amounts receivable | 291 | - | €2,500 | +€2,500 | |
| Stocks and contracts in progress | 3 | €2,750 | €2,750 | = | 0.0% |
| Stocks | 30/36 | €1,500 | €1,500 | = | 0.0% |
| Contracts in progress | 37 | €1,250 | €1,250 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €2,737 | €3,921 | +€1,184 | +43.3% |
| Trade receivables | 40 | €1,940 | €3,136 | +€1,196 | +61.6% |
| Other amounts receivable | 41 | €797 | €785 | -€12 | -1.5% |
| Cash at bank and in hand | 54/58 | €1,576 | €9,273 | +€7,697 | +488% |
| Deferred charges and accrued income | 490/1 | €1,681 | €3,371 | +€1,690 | +101% |
| Total equity and liabilities | 10/49 | €112,111 | €99,770 | -€12,341 | -11.0% |
| Equity | 10/15 | €2,887 | €3,711 | +€824 | +28.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,113 | -€1,289 | +€824 | +39.0% |
| Amounts payable | 17/49 | €109,224 | €96,059 | -€13,165 | -12.1% |
| Amounts payable after more than one year | 17 | €76,741 | €70,427 | -€6,314 | -8.2% |
| Financial debts | 170/4 | €16,741 | €10,427 | -€6,314 | -37.7% |
| Other amounts payable | 178/9 | €60,000 | €60,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €32,483 | €25,632 | -€6,851 | -21.1% |
| Current portion of amounts payable after more than one year | 42 | €7,894 | €6,314 | -€1,580 | -20.0% |
| Taxes, remuneration and social security | 45 | - | €2,237 | +€2,237 | |
| Remuneration and social security | 454/9 | - | €2,237 | +€2,237 | |
| Other amounts payable | 47/48 | €24,589 | €17,081 | -€7,508 | -30.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,780 | €22,051 | -€1,729 | -7.3% |
| Other operating charges | 640/8 | €1,680 | €564 | -€1,116 | -66.4% |
| Non-recurring operating charges | 66A | - | €5,184 | +€5,184 | |
| Gross operating margin | 9900 | €26,283 | €30,337 | +€4,054 | +15.4% |
| Operating profit (loss) | 9901 | €823 | €2,538 | +€1,715 | +208% |
| Financial income | 75/76B | €6 | €3 | -€3 | -50.0% |
| Recurring financial income | 75 | €6 | €3 | -€3 | -50.0% |
| Financial charges | 65/66B | €2,940 | €1,501 | -€1,439 | -48.9% |
| Recurring financial charges | 65 | €2,940 | €1,501 | -€1,439 | -48.9% |
| Profit (loss) for the period before taxes | 9903 | -€2,111 | €1,040 | +€3,151 | |
| Income taxes | 67/77 | €2 | €216 | +€214 | +10,700% |
| Profit (loss) for the period | 9904 | -€2,113 | €824 | +€2,937 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,113 | €824 | +€2,937 |
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.