Dr. KOEN ENGELBORGHS: what changed
What changed
Dr. KOEN ENGELBORGHS
filed annual accounts (NBB)
Net result for the year
€218,657
2024 · €229,190-€10,532
Equity
€2.9m
2024 · €2.7m+€218,657
Cash
€1.1m
2024 · €870,424+€272,091
Balance sheet total
€2.9m
2024 · €2.7m+€207,332
Largest movements
Assets
- Cash +€272,091
up €272,091 (+31.3%), from €870,424 to €1.1m
mainly Net result for the year (+€218,657) and Depreciation (+€80,411)
- Tangible fixed assets -€74,943
down €74,943 (-9.3%), from €805,290 to €730,347
of which Land and buildings: -€59,998
- Receivables within one year +€61,853
up €61,853 (+8.0%), from €777,998 to €839,851
of which Other amounts receivable: +€80,933
- Deferred charges and accrued income -€51,669
down €51,669 (-29.3%), from €176,400 to €124,731
Equity and liabilities
- Reserves +€218,657
up €218,657 (+11.4%), from €1.9m to €2.1m
of which Tax-exempt reserves: +€121,839
Income statement
- Gross operating margin -€59,205
down €59,205 (-13.6%), from €434,505 to €375,300
- Taxes -€58,363
down €58,363 (-43.5%), from €134,108 to €75,745
- Financial income -€20,980
down €20,980 (-85.0%), from €24,672 to €3,692
- Other operating charges -€8,825
down €8,825 (-77.1%), from €11,445 to €2,620
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€229,190
Gross operating margin
-€59,205
Depreciation
+€1,973
Other operating charges
+€8,825
Financial income
-€20,980
Financial charges
+€491
Taxes
+€58,363
Result 2025
€218,657
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€288,178
Investment
-€5,468
Financing
-€10,619
Cash 2024
€870,424
From operations (derived)
+€288,178
Net result for the year
+€218,657
Depreciation
+€80,411
Receivables within one year
-€61,853
Deferred charges and accrued income
+€51,669
Provisions
-€103
Trade debts
-€604
Investment (derived)
-€5,468
Investment in fixed assets (net)
-€5,468
Financing
-€10,619
Debts after one year
-€1,446
Current portion of long-term debt
-€15,839
Short-term financial debts
+€6,667
Cash 2025
€1.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,730,112 | €2,937,444 | +€207,332 | +7.6% |
| Fixed assets | 21/28 | €805,290 | €730,347 | -€74,943 | -9.3% |
| Tangible fixed assets | 22/27 | €805,290 | €730,347 | -€74,943 | -9.3% |
| Land and buildings | 22 | €758,324 | €698,326 | -€59,998 | -7.9% |
| Plant, machinery and equipment | 23 | €1,915 | €6,083 | +€4,168 | +218% |
| Furniture and vehicles | 24 | €34,551 | €16,170 | -€18,382 | -53.2% |
| Other tangible fixed assets | 26 | €10,500 | €9,768 | -€731 | -7.0% |
| Current assets | 29/58 | €1,924,822 | €2,207,097 | +€282,275 | +14.7% |
| Amounts receivable within one year | 40/41 | €777,998 | €839,851 | +€61,853 | +8.0% |
| Trade receivables | 40 | €19,080 | - | -€19,080 | |
| Other amounts receivable | 41 | €758,918 | €839,851 | +€80,933 | +10.7% |
| Current investments | 50/53 | €100,000 | €100,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €870,424 | €1,142,516 | +€272,091 | +31.3% |
| Deferred charges and accrued income | 490/1 | €176,400 | €124,731 | -€51,669 | -29.3% |
| Total equity and liabilities | 10/49 | €2,730,112 | €2,937,444 | +€207,332 | +7.6% |
| Equity | 10/15 | €2,655,795 | €2,874,452 | +€218,657 | +8.2% |
| Contributions | 10/11 | €732,400 | €732,400 | = | 0.0% |
| Reserves | 13 | €1,923,395 | €2,142,052 | +€218,657 | +11.4% |
| Non-distributable reserves | 130/1 | €34,350 | €34,350 | = | 0.0% |
| Reserves not available under the articles | 1311 | €34,350 | €34,350 | = | 0.0% |
| Tax-exempt reserves | 132 | €244,825 | €366,664 | +€121,839 | +49.8% |
| Distributable reserves | 133 | €1,644,220 | €1,741,039 | +€96,819 | +5.9% |
| Provisions and deferred taxes | 16 | €263 | €161 | -€103 | -39.0% |
| Deferred taxes | 168 | €263 | €161 | -€103 | -39.0% |
| Amounts payable | 17/49 | €74,054 | €62,832 | -€11,222 | -15.2% |
| Amounts payable after more than one year | 17 | €1,446 | - | -€1,446 | |
| Financial debts | 170/4 | €1,446 | - | -€1,446 | |
| Amounts payable within one year | 42/48 | €72,608 | €62,832 | -€9,776 | -13.5% |
| Current portion of amounts payable after more than one year | 42 | €17,285 | €1,446 | -€15,839 | -91.6% |
| Financial debts | 43 | €13,333 | €20,000 | +€6,667 | +50.0% |
| Credit institutions | 430/8 | €13,333 | €20,000 | +€6,667 | +50.0% |
| Trade debts | 44 | €4,404 | €3,800 | -€604 | -13.7% |
| Suppliers | 440/4 | €4,404 | €3,800 | -€604 | -13.7% |
| Taxes, remuneration and social security | 45 | €8,585 | €8,585 | = | 0.0% |
| Taxes | 450/3 | €8,585 | €8,585 | = | 0.0% |
| Other amounts payable | 47/48 | €29,000 | €29,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,384 | €80,411 | -€1,973 | -2.4% |
| Other operating charges | 640/8 | €11,445 | €2,620 | -€8,825 | -77.1% |
| Gross operating margin | 9900 | €434,505 | €375,300 | -€59,205 | -13.6% |
| Operating profit (loss) | 9901 | €340,676 | €292,269 | -€48,407 | -14.2% |
| Financial income | 75/76B | €24,672 | €3,692 | -€20,980 | -85.0% |
| Recurring financial income | 75 | €24,672 | €3,692 | -€20,980 | -85.0% |
| Financial charges | 65/66B | €2,153 | €1,662 | -€491 | -22.8% |
| Recurring financial charges | 65 | €2,153 | €1,662 | -€491 | -22.8% |
| Profit (loss) for the period before taxes | 9903 | €363,194 | €294,299 | -€68,895 | -19.0% |
| Transfer from deferred taxes | 780 | €103 | €103 | = | 0.0% |
| Income taxes | 67/77 | €134,108 | €75,745 | -€58,363 | -43.5% |
| Profit (loss) for the period | 9904 | €229,190 | €218,657 | -€10,532 | -4.6% |
| Transfer from tax-exempt reserves | 789 | €251 | €251 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €122,090 | €122,090 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €107,351 | €96,819 | -€10,532 | -9.8% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.