KOEKE-TROEF: 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.
KOEKE-TROEF
Largest movements
- Tangible fixed assets -€3,008
down €3,008 (-2.3%), from €132,400 to €129,392
of which Plant, machinery and equipment: -€5,812
- Receivables within one year +€2,952
up €2,952 (+56.9%), from €5,188 to €8,140
of which Trade receivables: +€2,858
- Profit (loss) carried forward +€29,619
up €29,619 (+24.0%), from -€123,226 to -€93,607
- Other debts -€21,958
down €21,958 (-66.2%), from €33,165 to €11,207
- Debts after one year -€8,993
down €8,993 (-5.1%), from €177,140 to €168,147
- Gross operating margin +€19,578
up €19,578 (+65.8%), from €29,756 to €49,334
- Other operating charges -€1,068
down €1,068 (-37.1%), from €2,877 to €1,809
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 | €145,876 | €144,578 | -€1,298 | -0.9% |
| Fixed assets | 21/28 | €132,400 | €129,392 | -€3,008 | -2.3% |
| Tangible fixed assets | 22/27 | €132,400 | €129,392 | -€3,008 | -2.3% |
| Land and buildings | 22 | €119,919 | €119,135 | -€784 | -0.7% |
| Plant, machinery and equipment | 23 | €12,232 | €6,421 | -€5,812 | -47.5% |
| Furniture and vehicles | 24 | €248 | €3,837 | +€3,588 | +1,444% |
| Current assets | 29/58 | €13,476 | €15,186 | +€1,710 | +12.7% |
| Amounts receivable within one year | 40/41 | €5,188 | €8,140 | +€2,952 | +56.9% |
| Trade receivables | 40 | €5,188 | €8,047 | +€2,858 | +55.1% |
| Other amounts receivable | 41 | €0 | €94 | +€94 | |
| Cash at bank and in hand | 54/58 | €8,034 | €7,046 | -€988 | -12.3% |
| Deferred charges and accrued income | 490/1 | €254 | €0 | -€254 | -100% |
| Total equity and liabilities | 10/49 | €145,876 | €144,578 | -€1,298 | -0.9% |
| Equity | 10/15 | -€77,149 | -€47,530 | +€29,619 | +38.4% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €21,077 | €21,077 | = | 0.0% |
| Distributable reserves | 133 | €21,077 | €21,077 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€123,226 | -€93,607 | +€29,619 | +24.0% |
| Amounts payable | 17/49 | €223,025 | €192,108 | -€30,917 | -13.9% |
| Amounts payable after more than one year | 17 | €177,140 | €168,147 | -€8,993 | -5.1% |
| Financial debts | 170/4 | €177,140 | €168,147 | -€8,993 | -5.1% |
| Amounts payable within one year | 42/48 | €45,885 | €23,961 | -€21,924 | -47.8% |
| Current portion of amounts payable after more than one year | 42 | €8,847 | €8,993 | +€146 | +1.6% |
| Trade debts | 44 | €152 | €155 | +€3 | +2.1% |
| Suppliers | 440/4 | €152 | €155 | +€3 | +2.1% |
| Taxes, remuneration and social security | 45 | €3,721 | €3,606 | -€115 | -3.1% |
| Taxes | 450/3 | €3,721 | €3,606 | -€115 | -3.1% |
| Other amounts payable | 47/48 | €33,165 | €11,207 | -€21,958 | -66.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,349 | €16,411 | +€62 | +0.4% |
| Other operating charges | 640/8 | €2,877 | €1,809 | -€1,068 | -37.1% |
| Gross operating margin | 9900 | €29,756 | €49,334 | +€19,578 | +65.8% |
| Operating profit (loss) | 9901 | €10,530 | €31,114 | +€20,584 | +195% |
| Financial income | 75/76B | €0 | €0 | -€0 | -66.7% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -66.7% |
| Financial charges | 65/66B | €1,680 | €1,495 | -€185 | -11.0% |
| Recurring financial charges | 65 | €1,680 | €1,495 | -€185 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | €8,849 | €29,619 | +€20,769 | +235% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €8,849 | €29,619 | +€20,769 | +235% |
| Profit (loss) for the period to be appropriated | 9905 | €8,849 | €29,619 | +€20,769 | +235% |
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 24 October 2026 via checked.be.