KOED-FEU: 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.
KOED-FEU
Largest movements
- Receivables within one year +€14,173
up €14,173 (+652%), from €2,173 to €16,346
of which Trade receivables: +€14,147
- Cash -€6,855
down €6,855 (-29.4%), from €23,305 to €16,450
mainly Receivables within one year (-€14,173) and Contributions, distributions and other (-€4,600)
- Tangible fixed assets -€3,686
down €3,686 (-16.1%), from €22,948 to €19,262
of which Plant, machinery and equipment: -€2,543
- Reserves +€4,317
up €4,317 (+28.9%), from €14,938 to €19,255
- Trade debts +€3,701
up €3,701 (+92.5%), from €3,999 to €7,700
- Other debts -€2,971
down €2,971 (-36.6%), from €8,109 to €5,138
- Accrued charges and deferred income -€776
down €776 (-100%), from €776 to €0
- Gross operating margin +€2,404
up €2,404 (+12.2%), from €19,661 to €22,066
- Financial charges -€902
down €902 (-25.7%), from €3,511 to €2,608
- Taxes +€784
up €784 (+32.6%), from €2,404 to €3,189
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 | €51,845 | €55,795 | +€3,951 | +7.6% |
| Fixed assets | 21/28 | €22,948 | €19,262 | -€3,686 | -16.1% |
| Tangible fixed assets | 22/27 | €22,948 | €19,262 | -€3,686 | -16.1% |
| Plant, machinery and equipment | 23 | €13,978 | €11,435 | -€2,543 | -18.2% |
| Leasing and similar rights | 25 | €4,341 | €2,870 | -€1,471 | -33.9% |
| Other tangible fixed assets | 26 | €4,629 | €4,958 | +€329 | +7.1% |
| Current assets | 29/58 | €28,897 | €36,533 | +€7,636 | +26.4% |
| Stocks and contracts in progress | 3 | €2,920 | €3,302 | +€382 | +13.1% |
| Stocks | 30/36 | €2,920 | €3,302 | +€382 | +13.1% |
| Amounts receivable within one year | 40/41 | €2,173 | €16,346 | +€14,173 | +652% |
| Trade receivables | 40 | €1,970 | €16,117 | +€14,147 | +718% |
| Other amounts receivable | 41 | €203 | €229 | +€26 | +12.6% |
| Cash at bank and in hand | 54/58 | €23,305 | €16,450 | -€6,855 | -29.4% |
| Deferred charges and accrued income | 490/1 | €499 | €434 | -€64 | -12.9% |
| Total equity and liabilities | 10/49 | €51,845 | €55,795 | +€3,951 | +7.6% |
| Equity | 10/15 | €24,938 | €29,255 | +€4,317 | +17.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €14,938 | €19,255 | +€4,317 | +28.9% |
| Distributable reserves | 133 | €14,938 | €19,255 | +€4,317 | +28.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €26,906 | €26,540 | -€366 | -1.4% |
| Amounts payable within one year | 42/48 | €26,130 | €26,540 | +€410 | +1.6% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €3,999 | €7,700 | +€3,701 | +92.5% |
| Suppliers | 440/4 | €3,999 | €7,700 | +€3,701 | +92.5% |
| Taxes, remuneration and social security | 45 | €14,021 | €13,702 | -€319 | -2.3% |
| Taxes | 450/3 | €10,321 | €10,002 | -€319 | -3.1% |
| Remuneration and social security | 454/9 | €3,700 | €3,700 | = | 0.0% |
| Other amounts payable | 47/48 | €8,109 | €5,138 | -€2,971 | -36.6% |
| Accrued charges and deferred income | 492/3 | €776 | €0 | -€776 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,783 | €5,794 | +€12 | +0.2% |
| Other operating charges | 640/8 | €1,768 | €1,563 | -€205 | -11.6% |
| Gross operating margin | 9900 | €19,661 | €22,066 | +€2,404 | +12.2% |
| Operating profit (loss) | 9901 | €12,111 | €14,708 | +€2,598 | +21.5% |
| Financial income | 75/76B | €3 | €5 | +€3 | +111% |
| Recurring financial income | 75 | €3 | €5 | +€3 | +111% |
| Financial charges | 65/66B | €3,511 | €2,608 | -€902 | -25.7% |
| Recurring financial charges | 65 | €3,511 | €2,608 | -€902 | -25.7% |
| Profit (loss) for the period before taxes | 9903 | €8,602 | €12,105 | +€3,503 | +40.7% |
| Income taxes | 67/77 | €2,404 | €3,189 | +€784 | +32.6% |
| Profit (loss) for the period | 9904 | €6,198 | €8,917 | +€2,718 | +43.9% |
| Profit (loss) for the period to be appropriated | 9905 | €6,198 | €8,917 | +€2,718 | +43.9% |
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 25 October 2026 via checked.be.