Olivier Van Caester: 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 Van Caester
Largest movements
- Cash +€84,893
up €84,893 (+294%), from €28,913 to €113,806
mainly Receivables within one year (+€75,793) and Trade debts (+€10,847)
- Receivables within one year -€75,793
down €75,793 (-59.0%), from €128,547 to €52,754
of which Trade receivables: -€66,596
- Stocks and contracts +€2,995
up €2,995 (+46.4%), from €6,456 to €9,451
of which Stocks: +€2,995
- Deferred charges and accrued income +€2,467
up €2,467 (+191%), from €1,294 to €3,761
- Trade debts +€10,847
up €10,847 (+42.7%), from €25,416 to €36,263
- Reserves +€2,484
up €2,484 (+2.0%), from €121,214 to €123,698
- Gross operating margin -€91,571
down €91,571 (-95.9%), from €95,489 to €3,918
- Taxes -€19,564
down €19,564 (-94.0%), from €20,821 to €1,257
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 | €169,098 | €182,697 | +€13,599 | +8.0% |
| Fixed assets | 21/28 | €3,889 | €2,925 | -€964 | -24.8% |
| Tangible fixed assets | 22/27 | €3,889 | €2,925 | -€964 | -24.8% |
| Plant, machinery and equipment | 23 | €99 | €0 | -€99 | -100% |
| Furniture and vehicles | 24 | €1,666 | €1,301 | -€365 | -21.9% |
| Other tangible fixed assets | 26 | €2,124 | €1,624 | -€500 | -23.5% |
| Current assets | 29/58 | €165,209 | €179,772 | +€14,563 | +8.8% |
| Stocks and contracts in progress | 3 | €6,456 | €9,451 | +€2,995 | +46.4% |
| Stocks | 30/36 | €6,456 | €9,451 | +€2,995 | +46.4% |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €128,547 | €52,754 | -€75,793 | -59.0% |
| Trade receivables | 40 | €88,103 | €21,507 | -€66,596 | -75.6% |
| Other amounts receivable | 41 | €40,443 | €31,247 | -€9,197 | -22.7% |
| Cash at bank and in hand | 54/58 | €28,913 | €113,806 | +€84,893 | +294% |
| Deferred charges and accrued income | 490/1 | €1,294 | €3,761 | +€2,467 | +191% |
| Total equity and liabilities | 10/49 | €169,098 | €182,697 | +€13,599 | +8.0% |
| Equity | 10/15 | €124,214 | €126,698 | +€2,484 | +2.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €121,214 | €123,698 | +€2,484 | +2.0% |
| Distributable reserves | 133 | €121,214 | €123,698 | +€2,484 | +2.0% |
| Amounts payable | 17/49 | €44,884 | €55,999 | +€11,115 | +24.8% |
| Amounts payable within one year | 42/48 | €44,884 | €55,999 | +€11,115 | +24.8% |
| Trade debts | 44 | €25,416 | €36,263 | +€10,847 | +42.7% |
| Suppliers | 440/4 | €25,416 | €36,263 | +€10,847 | +42.7% |
| Taxes, remuneration and social security | 45 | €18,846 | €19,736 | +€891 | +4.7% |
| Taxes | 450/3 | €18,846 | €19,736 | +€891 | +4.7% |
| Other amounts payable | 47/48 | €622 | €0 | -€622 | -100% |
| Non-recurring operating income | 76A | - | €1,446 | +€1,446 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €779 | €964 | +€185 | +23.8% |
| Other operating charges | 640/8 | €714 | €733 | +€20 | +2.8% |
| Gross operating margin | 9900 | €95,489 | €3,918 | -€91,571 | -95.9% |
| Operating profit (loss) | 9901 | €93,997 | €2,220 | -€91,776 | -97.6% |
| Financial income | 75/76B | €1,386 | €1,660 | +€274 | +19.7% |
| Recurring financial income | 75 | €1,386 | €1,660 | +€274 | +19.7% |
| Financial charges | 65/66B | €171 | €140 | -€31 | -18.1% |
| Recurring financial charges | 65 | €171 | €140 | -€31 | -18.1% |
| Profit (loss) for the period before taxes | 9903 | €95,212 | €3,740 | -€91,472 | -96.1% |
| Income taxes | 67/77 | €20,821 | €1,257 | -€19,564 | -94.0% |
| Profit (loss) for the period | 9904 | €74,392 | €2,484 | -€71,908 | -96.7% |
| Profit (loss) for the period to be appropriated | 9905 | €74,392 | €2,484 | -€71,908 | -96.7% |
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 19 October 2026 via checked.be.