Vincent KREUTZ: 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.
Vincent KREUTZ
Largest movements
- Cash +€94,353
up €94,353 (+54.1%), from €174,258 to €268,610
mainly Other debts (+€141,532) and Net result for the year (+€72,824)
- Other debts +€141,532
up €141,532 (+22,226%), from €637 to €142,168
- Profit (loss) carried forward -€97,176
down €97,176 (-80.5%), from €120,790 to €23,613
- Reserves +€30,000
up €30,000 (+75.0%), from €40,000 to €70,000
- Tax, wage and social debts +€22,210
up €22,210 (+91.5%), from €24,285 to €46,494
of which Taxes: +€22,210
- Taxes +€2,689
up €2,689 (+13.4%), from €20,104 to €22,793
- Gross operating margin -€2,425
down €2,425 (-2.5%), from €98,766 to €96,341
- Financial charges +€1,089
up €1,089 (+298%), from €365 to €1,454
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 | €188,216 | €283,429 | +€95,213 | +50.6% |
| Fixed assets | 21/28 | €2,800 | €2,800 | = | 0.0% |
| Financial fixed assets | 28 | €2,800 | €2,800 | = | 0.0% |
| Current assets | 29/58 | €185,416 | €280,629 | +€95,213 | +51.4% |
| Amounts receivable within one year | 40/41 | €10,516 | €11,328 | +€812 | +7.7% |
| Trade receivables | 40 | €9,756 | €11,124 | +€1,368 | +14.0% |
| Other amounts receivable | 41 | €760 | €204 | -€556 | -73.1% |
| Cash at bank and in hand | 54/58 | €174,258 | €268,610 | +€94,353 | +54.1% |
| Deferred charges and accrued income | 490/1 | €643 | €690 | +€48 | +7.4% |
| Total equity and liabilities | 10/49 | €188,216 | €283,429 | +€95,213 | +50.6% |
| Equity | 10/15 | €161,290 | €94,113 | -€67,176 | -41.6% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €40,000 | €70,000 | +€30,000 | +75.0% |
| Distributable reserves | 133 | €40,000 | €70,000 | +€30,000 | +75.0% |
| Profit (loss) carried forward | 14 | €120,790 | €23,613 | -€97,176 | -80.5% |
| Amounts payable | 17/49 | €26,926 | €189,316 | +€162,389 | +603% |
| Amounts payable within one year | 42/48 | €26,926 | €188,916 | +€161,990 | +602% |
| Trade debts | 44 | €2,005 | €254 | -€1,751 | -87.4% |
| Suppliers | 440/4 | €2,005 | €254 | -€1,751 | -87.4% |
| Taxes, remuneration and social security | 45 | €24,285 | €46,494 | +€22,210 | +91.5% |
| Taxes | 450/3 | €22,279 | €44,488 | +€22,210 | +99.7% |
| Remuneration and social security | 454/9 | €2,006 | €2,006 | = | 0.0% |
| Other amounts payable | 47/48 | €637 | €142,168 | +€141,532 | +22,226% |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Other operating charges | 640/8 | €115 | €511 | +€396 | +343% |
| Gross operating margin | 9900 | €98,766 | €96,341 | -€2,425 | -2.5% |
| Operating profit (loss) | 9901 | €98,650 | €95,830 | -€2,821 | -2.9% |
| Financial income | 75/76B | €705 | €1,241 | +€536 | +76.1% |
| Recurring financial income | 75 | €705 | €1,241 | +€536 | +76.1% |
| Financial charges | 65/66B | €365 | €1,454 | +€1,089 | +298% |
| Recurring financial charges | 65 | €365 | €1,454 | +€1,089 | +298% |
| Profit (loss) for the period before taxes | 9903 | €98,990 | €95,617 | -€3,373 | -3.4% |
| Income taxes | 67/77 | €20,104 | €22,793 | +€2,689 | +13.4% |
| Profit (loss) for the period | 9904 | €78,886 | €72,824 | -€6,062 | -7.7% |
| Profit (loss) for the period to be appropriated | 9905 | €78,886 | €72,824 | -€6,062 | -7.7% |
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 26 October 2026 via checked.be.