JJ KOELING: 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.
JJ KOELING
Largest movements
- Receivables within one year -€14,729
down €14,729 (-75.5%), from €19,514 to €4,785
of which Trade receivables: -€13,651
- Tangible fixed assets -€12,643
down €12,643 (-7.3%), from €172,826 to €160,183
of which Land and buildings: -€11,099
- Stocks and contracts +€12,466
up €12,466 (+199%), from €6,252 to €18,717
of which Contracts in progress: +€10,500
- Cash +€4,107
up €4,107 (+29.5%), from €13,906 to €18,014
mainly Receivables within one year (+€14,729) and Depreciation (+€12,038)
- Debts after one year -€12,801
down €12,801 (-10.4%), from €123,082 to €110,281
- Accrued charges and deferred income -€4,109
no longer reported in 2025 (was €4,109)
- Trade debts +€3,127
up €3,127 (+66.6%), from €4,695 to €7,822
- Financial charges -€2,012
down €2,012 (-46.5%), from €4,327 to €2,315
- Gross operating margin -€1,421
down €1,421 (-7.4%), from €19,174 to €17,753
- Other operating charges +€406
up €406 (+17.1%), from €2,368 to €2,774
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 | €215,217 | €204,432 | -€10,785 | -5.0% |
| Fixed assets | 21/28 | €172,826 | €160,183 | -€12,643 | -7.3% |
| Tangible fixed assets | 22/27 | €172,826 | €160,183 | -€12,643 | -7.3% |
| Land and buildings | 22 | €160,941 | €149,841 | -€11,099 | -6.9% |
| Furniture and vehicles | 24 | €11,886 | €10,342 | -€1,543 | -13.0% |
| Current assets | 29/58 | €42,391 | €44,249 | +€1,858 | +4.4% |
| Stocks and contracts in progress | 3 | €6,252 | €18,717 | +€12,466 | +199% |
| Stocks | 30/36 | €6,252 | €8,217 | +€1,966 | +31.4% |
| Contracts in progress | 37 | - | €10,500 | +€10,500 | |
| Amounts receivable within one year | 40/41 | €19,514 | €4,785 | -€14,729 | -75.5% |
| Trade receivables | 40 | €17,548 | €3,897 | -€13,651 | -77.8% |
| Other amounts receivable | 41 | €1,966 | €888 | -€1,078 | -54.8% |
| Cash at bank and in hand | 54/58 | €13,906 | €18,014 | +€4,107 | +29.5% |
| Deferred charges and accrued income | 490/1 | €2,719 | €2,733 | +€14 | +0.5% |
| Total equity and liabilities | 10/49 | €215,217 | €204,432 | -€10,785 | -5.0% |
| Equity | 10/15 | €6,413 | €7,049 | +€635 | +9.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €17,405 | €17,405 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €15,545 | €15,545 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,191 | -€16,556 | +€635 | +3.7% |
| Amounts payable | 17/49 | €208,803 | €197,383 | -€11,420 | -5.5% |
| Amounts payable after more than one year | 17 | €123,082 | €110,281 | -€12,801 | -10.4% |
| Financial debts | 170/4 | €123,082 | €110,281 | -€12,801 | -10.4% |
| Amounts payable within one year | 42/48 | €81,612 | €87,102 | +€5,490 | +6.7% |
| Current portion of amounts payable after more than one year | 42 | €12,594 | €12,801 | +€207 | +1.6% |
| Trade debts | 44 | €4,695 | €7,822 | +€3,127 | +66.6% |
| Suppliers | 440/4 | €4,695 | €7,822 | +€3,127 | +66.6% |
| Taxes, remuneration and social security | 45 | €1,200 | €3,000 | +€1,800 | +150% |
| Taxes | 450/3 | €1,200 | €3,000 | +€1,800 | +150% |
| Other amounts payable | 47/48 | €63,123 | €63,479 | +€356 | +0.6% |
| Accrued charges and deferred income | 492/3 | €4,109 | - | -€4,109 | |
| Non-recurring operating income | 76A | - | €1,240 | +€1,240 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,978 | €12,038 | +€60 | +0.5% |
| Other operating charges | 640/8 | €2,368 | €2,774 | +€406 | +17.1% |
| Gross operating margin | 9900 | €19,174 | €17,753 | -€1,421 | -7.4% |
| Operating profit (loss) | 9901 | €4,828 | €2,941 | -€1,887 | -39.1% |
| Financial income | 75/76B | €8 | €9 | +€2 | +22.0% |
| Recurring financial income | 75 | €8 | €9 | +€2 | +22.0% |
| Financial charges | 65/66B | €4,327 | €2,315 | -€2,012 | -46.5% |
| Recurring financial charges | 65 | €4,327 | €2,315 | -€2,012 | -46.5% |
| Profit (loss) for the period before taxes | 9903 | €509 | €635 | +€127 | +24.9% |
| Profit (loss) for the period | 9904 | €509 | €635 | +€127 | +24.9% |
| Profit (loss) for the period to be appropriated | 9905 | €509 | €635 | +€127 | +24.9% |
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 22 October 2026 via checked.be.