DR. YVES KOCKAERTS: what changed
DR. YVES KOCKAERTS
Largest movements
- Current investments +€925,341
new in 2025: €925,341
- Cash -€405,933
down €405,933 (-69.7%), from €582,310 to €176,377
mainly Current investments (-€925,341) and Receivables within one year (-€78,492)
- Financial fixed assets -€372,432
down €372,432 (-100%), from €372,432 to €0
- Receivables within one year +€78,492
up €78,492 (+42.7%), from €183,794 to €262,286
of which Trade receivables: +€74,863
- Reserves +€199,988
up €199,988 (+66.2%), from €301,872 to €501,860
- Tax, wage and social debts +€30,211
up €30,211 (+213%), from €14,216 to €44,427
- Gross operating margin +€137,194
up €137,194 (+60.2%), from €228,060 to €365,254
- Financial charges +€86,028
up €86,028 (+4,595%), from €1,872 to €87,900
- Financial income -€29,284
down €29,284 (-67.8%), from €43,219 to €13,935
- Taxes +€7,779
up €7,779 (+9.6%), from €80,987 to €88,766
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,140,467 | €1,371,441 | +€230,974 | +20.3% |
| Fixed assets | 21/28 | €372,432 | €2,618 | -€369,814 | -99.3% |
| Tangible fixed assets | 22/27 | - | €2,618 | +€2,618 | |
| Furniture and vehicles | 24 | - | €2,618 | +€2,618 | |
| Financial fixed assets | 28 | €372,432 | €0 | -€372,432 | -100% |
| Current assets | 29/58 | €768,035 | €1,368,822 | +€600,787 | +78.2% |
| Amounts receivable within one year | 40/41 | €183,794 | €262,286 | +€78,492 | +42.7% |
| Trade receivables | 40 | €121,982 | €196,845 | +€74,863 | +61.4% |
| Other amounts receivable | 41 | €61,812 | €65,441 | +€3,629 | +5.9% |
| Current investments | 50/53 | - | €925,341 | +€925,341 | |
| Cash at bank and in hand | 54/58 | €582,310 | €176,377 | -€405,933 | -69.7% |
| Deferred charges and accrued income | 490/1 | €1,931 | €4,818 | +€2,887 | +150% |
| Total equity and liabilities | 10/49 | €1,140,467 | €1,371,441 | +€230,974 | +20.3% |
| Equity | 10/15 | €1,103,380 | €1,303,368 | +€199,988 | +18.1% |
| Contributions | 10/11 | €262,500 | €262,500 | = | 0.0% |
| Reserves | 13 | €301,872 | €501,860 | +€199,988 | +66.2% |
| Distributable reserves | 133 | €301,872 | €501,860 | +€199,988 | +66.2% |
| Profit (loss) carried forward | 14 | €539,008 | €539,008 | +€0 | 0.0% |
| Amounts payable | 17/49 | €37,087 | €68,073 | +€30,986 | +83.5% |
| Amounts payable within one year | 42/48 | €37,087 | €68,073 | +€30,986 | +83.5% |
| Financial debts | 43 | €22,871 | €22,775 | -€96 | -0.4% |
| Credit institutions | 430/8 | €22,871 | €22,775 | -€96 | -0.4% |
| Trade debts | 44 | - | €870 | +€870 | |
| Suppliers | 440/4 | - | €870 | +€870 | |
| Taxes, remuneration and social security | 45 | €14,216 | €44,427 | +€30,211 | +213% |
| Taxes | 450/3 | €14,216 | €44,427 | +€30,211 | +213% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €185 | €770 | +€585 | +316% |
| Other operating charges | 640/8 | €423 | €1,767 | +€1,344 | +318% |
| Gross operating margin | 9900 | €228,060 | €365,254 | +€137,194 | +60.2% |
| Operating profit (loss) | 9901 | €227,452 | €362,718 | +€135,266 | +59.5% |
| Financial income | 75/76B | €43,219 | €13,935 | -€29,284 | -67.8% |
| Recurring financial income | 75 | €43,219 | €13,935 | -€29,284 | -67.8% |
| Financial charges | 65/66B | €1,872 | €87,900 | +€86,028 | +4,595% |
| Recurring financial charges | 65 | €1,872 | €87,900 | +€86,028 | +4,595% |
| Profit (loss) for the period before taxes | 9903 | €268,799 | €288,753 | +€19,954 | +7.4% |
| Income taxes | 67/77 | €80,987 | €88,766 | +€7,779 | +9.6% |
| Profit (loss) for the period | 9904 | €187,812 | €199,988 | +€12,176 | +6.5% |
| Profit (loss) for the period to be appropriated | 9905 | €187,812 | €199,988 | +€12,176 | +6.5% |
Next steps
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 7 November 2026 via checked.be.