DE KOEPEL: 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.
DE KOEPEL
Largest movements
- Receivables within one year -€73,677
down €73,677 (-32.3%), from €228,215 to €154,537
of which Other amounts receivable: -€50,226
- Cash +€73,006
up €73,006 (+53.9%), from €135,563 to €208,569
mainly Other debts (+€79,722) and Receivables within one year (+€73,677)
- Tangible fixed assets -€16,713
down €16,713 (-24.6%), from €67,974 to €51,261
of which Furniture and vehicles: -€13,955
- Reserves -€93,805
down €93,805 (-46.9%), from €199,847 to €106,041
of which Distributable reserves: -€86,868
- Other debts +€79,722
new in 2025: €79,722
- Gross operating margin -€48,343
down €48,343 (-28.9%), from €167,431 to €119,088
- Depreciation +€5,896
up €5,896 (+43.1%), from €13,690 to €19,586
- Financial charges +€3,580
new in 2025: €3,580
- Staff costs -€2,762
down €2,762 (-2.4%), from €115,796 to €113,033
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 | €1,448,288 | €1,429,668 | -€18,620 | -1.3% |
| Fixed assets | 21/28 | €1,073,974 | €1,057,261 | -€16,713 | -1.6% |
| Tangible fixed assets | 22/27 | €67,974 | €51,261 | -€16,713 | -24.6% |
| Plant, machinery and equipment | 23 | €5,249 | €2,491 | -€2,758 | -52.5% |
| Furniture and vehicles | 24 | €62,725 | €48,770 | -€13,955 | -22.2% |
| Financial fixed assets | 28 | €1,006,000 | €1,006,000 | = | 0.0% |
| Current assets | 29/58 | €374,314 | €372,407 | -€1,907 | -0.5% |
| Amounts receivable within one year | 40/41 | €228,215 | €154,537 | -€73,677 | -32.3% |
| Trade receivables | 40 | €26,278 | €2,826 | -€23,452 | -89.2% |
| Other amounts receivable | 41 | €201,937 | €151,711 | -€50,226 | -24.9% |
| Cash at bank and in hand | 54/58 | €135,563 | €208,569 | +€73,006 | +53.9% |
| Deferred charges and accrued income | 490/1 | €10,536 | €9,301 | -€1,235 | -11.7% |
| Total equity and liabilities | 10/49 | €1,448,288 | €1,429,668 | -€18,620 | -1.3% |
| Equity | 10/15 | €1,401,847 | €1,308,041 | -€93,805 | -6.7% |
| Contributions | 10/11 | €1,202,000 | €1,202,000 | = | 0.0% |
| Reserves | 13 | €199,847 | €106,041 | -€93,805 | -46.9% |
| Tax-exempt reserves | 132 | €32,312 | €25,374 | -€6,938 | -21.5% |
| Distributable reserves | 133 | €167,535 | €80,667 | -€86,868 | -51.9% |
| Provisions and deferred taxes | 16 | €10,771 | €8,458 | -€2,313 | -21.5% |
| Deferred taxes | 168 | €10,771 | €8,458 | -€2,313 | -21.5% |
| Amounts payable | 17/49 | €35,670 | €113,168 | +€77,498 | +217% |
| Amounts payable within one year | 42/48 | €35,406 | €109,609 | +€74,203 | +210% |
| Trade debts | 44 | €4,458 | €4,138 | -€320 | -7.2% |
| Suppliers | 440/4 | €4,458 | €4,138 | -€320 | -7.2% |
| Taxes, remuneration and social security | 45 | €30,948 | €25,748 | -€5,200 | -16.8% |
| Taxes | 450/3 | €7,821 | €6,903 | -€918 | -11.7% |
| Remuneration and social security | 454/9 | €23,127 | €18,846 | -€4,282 | -18.5% |
| Other amounts payable | 47/48 | - | €79,722 | +€79,722 | |
| Accrued charges and deferred income | 492/3 | €264 | €3,559 | +€3,295 | +1,248% |
| Remuneration, social security and pensions | 62 | €115,796 | €113,033 | -€2,762 | -2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,690 | €19,586 | +€5,896 | +43.1% |
| Other operating charges | 640/8 | €133 | €1,113 | +€980 | +736% |
| Gross operating margin | 9900 | €167,431 | €119,088 | -€48,343 | -28.9% |
| Operating profit (loss) | 9901 | €37,813 | -€14,644 | -€52,457 | |
| Financial income | 75/76B | €6,732 | €5,828 | -€904 | -13.4% |
| Recurring financial income | 75 | €6,732 | €5,828 | -€904 | -13.4% |
| Financial charges | 65/66B | - | €3,580 | +€3,580 | |
| Recurring financial charges | 65 | - | €3,580 | +€3,580 | |
| Profit (loss) for the period before taxes | 9903 | €44,545 | -€12,395 | -€56,940 | |
| Transfer from deferred taxes | 780 | €792 | €2,313 | +€1,521 | +192% |
| Transfer to deferred taxes | 680 | €11,563 | - | -€11,563 | |
| Income taxes | 67/77 | €133 | - | -€133 | |
| Profit (loss) for the period | 9904 | €33,641 | -€10,083 | -€43,724 | |
| Transfer from tax-exempt reserves | 789 | €2,376 | €6,938 | +€4,562 | +192% |
| Transfer to tax-exempt reserves | 689 | €34,688 | - | -€34,688 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,329 | -€3,145 | -€4,475 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.