KOAN: 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.
KOAN
Largest movements
- Cash +€181,634
up €181,634 (+25772.8%), from €705 to €182,338
mainly Other debts (+€400,202) and Stocks and contracts (+€143,887)
- Stocks and contracts -€143,887
down €143,887 (-4.8%), from €3.0m to €2.9m
- Receivables within one year -€84,721
down €84,721 (-29.8%), from €284,764 to €200,043
of which Trade receivables: -€86,400
- Short-term financial debts -€510,714
down €510,714 (-85.7%), from €595,886 to €85,172
- Other debts +€400,202
up €400,202 (+24.8%), from €1.6m to €2.0m
- Gross operating margin +€35,020
up €35,020 (+36.6%), from €95,580 to €130,599
- Taxes +€17,708
up €17,708, from -€26 to €17,682
- Financial charges -€11,802
down €11,802 (-12.5%), from €94,158 to €82,355
- Financial income +€3,400
up €3,400 (+44.6%), from €7,629 to €11,029
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 | €6,816,963 | €6,769,989 | -€46,974 | -0.7% |
| Fixed assets | 21/28 | €3,516,000 | €3,516,000 | = | 0.0% |
| Financial fixed assets | 28 | €3,516,000 | €3,516,000 | = | 0.0% |
| Current assets | 29/58 | €3,300,963 | €3,253,989 | -€46,974 | -1.4% |
| Stocks and contracts in progress | 3 | €3,013,994 | €2,870,107 | -€143,887 | -4.8% |
| Stocks | 30/36 | €3,013,994 | €2,870,107 | -€143,887 | -4.8% |
| Amounts receivable within one year | 40/41 | €284,764 | €200,043 | -€84,721 | -29.8% |
| Trade receivables | 40 | €86,400 | €0 | -€86,400 | -100.0% |
| Other amounts receivable | 41 | €198,364 | €200,043 | +€1,679 | +0.8% |
| Current investments | 50/53 | €1,500 | €1,500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €705 | €182,338 | +€181,634 | +25772.8% |
| Total equity and liabilities | 10/49 | €6,816,963 | €6,769,989 | -€46,974 | -0.7% |
| Equity | 10/15 | €1,219,553 | €1,260,066 | +€40,512 | +3.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Capital | 10 | €18,550 | €18,550 | = | 0.0% |
| Issued capital | 100 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Legal reserve | 130 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,199,148 | €1,239,661 | +€40,512 | +3.4% |
| Amounts payable | 17/49 | €5,597,409 | €5,509,923 | -€87,486 | -1.6% |
| Amounts payable after more than one year | 17 | €2,758,000 | €2,758,000 | = | 0.0% |
| Other amounts payable | 178/9 | €2,758,000 | €2,758,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,839,409 | €2,751,923 | -€87,486 | -3.1% |
| Financial debts | 43 | €595,886 | €85,172 | -€510,714 | -85.7% |
| Credit institutions | 430/8 | €595,886 | €85,172 | -€510,714 | -85.7% |
| Trade debts | 44 | €605,968 | €605,099 | -€869 | -0.1% |
| Suppliers | 440/4 | €605,968 | €605,099 | -€869 | -0.1% |
| Advances received on contracts in progress | 46 | - | €4,550 | +€4,550 | |
| Taxes, remuneration and social security | 45 | €23,520 | €42,865 | +€19,345 | +82.2% |
| Taxes | 450/3 | €23,520 | €42,865 | +€19,345 | +82.2% |
| Other amounts payable | 47/48 | €1,614,035 | €2,014,237 | +€400,202 | +24.8% |
| Other operating charges | 640/8 | €847 | €1,079 | +€233 | +27.5% |
| Gross operating margin | 9900 | €95,580 | €130,599 | +€35,020 | +36.6% |
| Operating profit (loss) | 9901 | €94,733 | €129,520 | +€34,787 | +36.7% |
| Financial income | 75/76B | €7,629 | €11,029 | +€3,400 | +44.6% |
| Recurring financial income | 75 | €7,629 | €11,029 | +€3,400 | +44.6% |
| Financial charges | 65/66B | €94,158 | €82,355 | -€11,802 | -12.5% |
| Recurring financial charges | 65 | €94,158 | €82,355 | -€11,802 | -12.5% |
| Profit (loss) for the period before taxes | 9903 | €8,205 | €58,194 | +€49,989 | +609.3% |
| Income taxes | 67/77 | -€26 | €17,682 | +€17,708 | |
| Profit (loss) for the period | 9904 | €8,231 | €40,512 | +€32,281 | +392.2% |
| Profit (loss) for the period to be appropriated | 9905 | €8,231 | €40,512 | +€32,281 | +392.2% |
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 9 October 2026 via checked.be.