Dr. Koen Bouman: 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.
Dr. Koen Bouman
Largest movements
- Financial fixed assets +€197,151
up €197,151 (+63,597%), from €310 to €197,461
- Tangible fixed assets -€86,117
down €86,117 (-8.4%), from €1.0m to €934,222
of which Land and buildings: -€75,798
- Receivables within one year -€69,371
down €69,371 (-79.6%), from €87,184 to €17,814
- Cash +€54,682
up €54,682 (+28.8%), from €189,934 to €244,617
mainly Net result for the year (+€164,590) and Depreciation (+€87,991)
- Deferred charges and accrued income +€22,168
up €22,168 (+30.6%), from €72,452 to €94,620
- Reserves +€164,590
up €164,590 (+22.4%), from €734,150 to €898,740
- Other debts -€31,114
down €31,114 (-5.3%), from €591,675 to €560,561
- Current portion of long-term debt -€16,129
down €16,129 (-100%), from €16,129 to €0
- Gross operating margin +€18,349
up €18,349 (+5.8%), from €315,304 to €333,653
- Taxes +€10,987
up €10,987 (+16.7%), from €65,600 to €76,587
- Financial charges -€5,383
down €5,383 (-72.6%), from €7,412 to €2,028
- Depreciation -€4,302
down €4,302 (-4.7%), from €92,293 to €87,991
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 | €1,370,218 | €1,488,733 | +€118,514 | +8.6% |
| Fixed assets | 21/28 | €1,020,648 | €1,131,682 | +€111,034 | +10.9% |
| Tangible fixed assets | 22/27 | €1,020,338 | €934,222 | -€86,117 | -8.4% |
| Land and buildings | 22 | €998,888 | €923,091 | -€75,798 | -7.6% |
| Plant, machinery and equipment | 23 | €2,283 | €3,469 | +€1,186 | +51.9% |
| Furniture and vehicles | 24 | €19,167 | €7,662 | -€11,505 | -60.0% |
| Financial fixed assets | 28 | €310 | €197,461 | +€197,151 | +63,597% |
| Current assets | 29/58 | €349,570 | €357,050 | +€7,480 | +2.1% |
| Amounts receivable within one year | 40/41 | €87,184 | €17,814 | -€69,371 | -79.6% |
| Other amounts receivable | 41 | €87,184 | €17,814 | -€69,371 | -79.6% |
| Cash at bank and in hand | 54/58 | €189,934 | €244,617 | +€54,682 | +28.8% |
| Deferred charges and accrued income | 490/1 | €72,452 | €94,620 | +€22,168 | +30.6% |
| Total equity and liabilities | 10/49 | €1,370,218 | €1,488,733 | +€118,514 | +8.6% |
| Equity | 10/15 | €752,750 | €917,340 | +€164,590 | +21.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €734,150 | €898,740 | +€164,590 | +22.4% |
| Distributable reserves | 133 | €734,150 | €898,740 | +€164,590 | +22.4% |
| Amounts payable | 17/49 | €617,468 | €571,392 | -€46,076 | -7.5% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €617,468 | €571,392 | -€46,076 | -7.5% |
| Current portion of amounts payable after more than one year | 42 | €16,129 | €0 | -€16,129 | -100% |
| Financial debts | 43 | €0 | €6,872 | +€6,872 | |
| Credit institutions | 430/8 | €0 | €6,787 | +€6,787 | |
| Other loans | 439 | - | €85 | +€85 | |
| Trade debts | 44 | €9,664 | €3,959 | -€5,705 | -59.0% |
| Suppliers | 440/4 | €9,664 | €3,959 | -€5,705 | -59.0% |
| Other amounts payable | 47/48 | €591,675 | €560,561 | -€31,114 | -5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,293 | €87,991 | -€4,302 | -4.7% |
| Other operating charges | 640/8 | €3,339 | €2,487 | -€852 | -25.5% |
| Gross operating margin | 9900 | €315,304 | €333,653 | +€18,349 | +5.8% |
| Operating profit (loss) | 9901 | €219,672 | €243,175 | +€23,503 | +10.7% |
| Financial income | 75/76B | €7 | €30 | +€23 | +329% |
| Recurring financial income | 75 | €7 | €30 | +€23 | +329% |
| Financial charges | 65/66B | €7,412 | €2,028 | -€5,383 | -72.6% |
| Recurring financial charges | 65 | €7,412 | €2,028 | -€5,383 | -72.6% |
| Profit (loss) for the period before taxes | 9903 | €212,267 | €241,177 | +€28,910 | +13.6% |
| Income taxes | 67/77 | €65,600 | €76,587 | +€10,987 | +16.7% |
| Profit (loss) for the period | 9904 | €146,668 | €164,590 | +€17,922 | +12.2% |
| Profit (loss) for the period to be appropriated | 9905 | €146,668 | €164,590 | +€17,922 | +12.2% |
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 16 October 2026 via checked.be.