KO-INVEST: what changed
Two fiscal 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.
KO-INVEST
Largest movements
- Tangible fixed assets +€450,746
up €450,746 (+64.0%), from €704,335 to €1.2m
- Receivables within one year -€64,011
down €64,011 (-81.6%), from €78,411 to €14,400
of which Trade receivables: -€60,890
- Deferred charges and accrued income -€27,479
no longer reported in 2025 (was €27,479)
- Cash +€14,648
new in 2025: €14,648
mainly Debts after one year (+€379,440) and Other debts (+€67,495)
- Debts after one year +€379,440
up €379,440 (+85.3%), from €444,992 to €824,432
of which Financial debts: +€379,440
- Profit (loss) carried forward -€117,291
down €117,291 (-572.5%), from -€20,488 to -€137,780
- Tax, wage and social debts -€69,901
no longer reported in 2025 (was €69,901)
- Other debts +€67,495
up €67,495 (+139.2%), from €48,496 to €115,991
- Reserves +€49,515
new in 2025: €49,515
- Other operating charges +€68,137
up €68,137 (+3718.4%), from €1,832 to €69,970
- Taxes +€12,855
up €12,855, from -€4,641 to €8,215
- Financial charges +€8,408
up €8,408 (+100.3%), from €8,386 to €16,794
- Depreciation +€6,632
up €6,632 (+12.6%), from €52,622 to €59,254
- Gross operating margin +€1,557
up €1,557 (+2.3%), from €68,057 to €69,614
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.
Cash bridge derived
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 | €813,387 | €1,187,291 | +€373,904 | +46.0% |
| Fixed assets | 21/28 | €707,497 | €1,158,244 | +€450,746 | +63.7% |
| Tangible fixed assets | 22/27 | €704,335 | €1,155,082 | +€450,746 | +64.0% |
| Land and buildings | 22 | €704,335 | €1,155,082 | +€450,746 | +64.0% |
| Financial fixed assets | 28 | €3,162 | €3,162 | = | 0.0% |
| Current assets | 29/58 | €105,890 | €29,048 | -€76,842 | -72.6% |
| Amounts receivable within one year | 40/41 | €78,411 | €14,400 | -€64,011 | -81.6% |
| Trade receivables | 40 | €75,290 | €14,400 | -€60,890 | -80.9% |
| Other amounts receivable | 41 | €3,121 | - | -€3,121 | |
| Cash at bank and in hand | 54/58 | - | €14,648 | +€14,648 | |
| Deferred charges and accrued income | 490/1 | €27,479 | - | -€27,479 | |
| Total equity and liabilities | 10/49 | €813,387 | €1,187,291 | +€373,904 | +46.0% |
| Equity | 10/15 | €222,962 | €180,420 | -€42,541 | -19.1% |
| Contributions | 10/11 | €19,200 | €19,200 | = | 0.0% |
| Revaluation surpluses | 12 | €224,250 | €249,485 | +€25,235 | +11.3% |
| Reserves | 13 | - | €49,515 | +€49,515 | |
| Distributable reserves | 133 | - | €49,515 | +€49,515 | |
| Profit (loss) carried forward | 14 | -€20,488 | -€137,780 | -€117,291 | -572.5% |
| Amounts payable | 17/49 | €590,426 | €1,006,871 | +€416,445 | +70.5% |
| Amounts payable after more than one year | 17 | €444,992 | €824,432 | +€379,440 | +85.3% |
| Financial debts | 170/4 | €444,992 | €824,432 | +€379,440 | +85.3% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €145,434 | €182,439 | +€37,005 | +25.4% |
| Current portion of amounts payable after more than one year | 42 | €21,180 | €50,775 | +€29,595 | +139.7% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €5,857 | €15,673 | +€9,816 | +167.6% |
| Suppliers | 440/4 | €5,857 | €15,673 | +€9,816 | +167.6% |
| Taxes, remuneration and social security | 45 | €69,901 | - | -€69,901 | |
| Taxes | 450/3 | €69,901 | - | -€69,901 | |
| Other amounts payable | 47/48 | €48,496 | €115,991 | +€67,495 | +139.2% |
| Non-recurring operating income | 76A | - | €2,068 | +€2,068 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,622 | €59,254 | +€6,632 | +12.6% |
| Other operating charges | 640/8 | €1,832 | €69,970 | +€68,137 | +3718.4% |
| Non-recurring operating charges | 66A | - | €21,776 | +€21,776 | |
| Gross operating margin | 9900 | €68,057 | €69,614 | +€1,557 | +2.3% |
| Operating profit (loss) | 9901 | €13,602 | -€81,385 | -€94,987 | |
| Financial income | 75/76B | €786 | - | -€786 | |
| Recurring financial income | 75 | €762 | - | -€762 | |
| Non-recurring financial income | 76B | €24 | - | -€24 | |
| Financial charges | 65/66B | €8,386 | €16,794 | +€8,408 | +100.3% |
| Recurring financial charges | 65 | €8,386 | €16,794 | +€8,408 | +100.3% |
| Profit (loss) for the period before taxes | 9903 | €6,002 | -€98,179 | -€104,181 | |
| Transfer from deferred taxes | 780 | €6,829 | - | -€6,829 | |
| Income taxes | 67/77 | -€4,641 | €8,215 | +€12,855 | |
| Profit (loss) for the period | 9904 | €17,472 | -€106,394 | -€123,866 | |
| Profit (loss) for the period to be appropriated | 9905 | €17,472 | -€106,394 | -€123,866 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.