Koel: 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.
Koel
Largest movements
- Cash -€62,172
down €62,172 (-73.4%), from €84,687 to €22,515
mainly Accrued charges and deferred income (-€27,500) and Current portion of long-term debt (-€22,785)
- Receivables within one year +€2,597
new in 2025: €2,597
- Accrued charges and deferred income -€27,500
no longer reported in 2025 (was €27,500)
- Current portion of long-term debt -€22,785
down €22,785 (-93.9%), from €24,259 to €1,474
- Tax, wage and social debts -€12,642
down €12,642 (-93.5%), from €13,514 to €872
- Other debts +€1,980
up €1,980 (+99000.0%), from €2 to €1,982
- Trade debts +€1,112
up €1,112 (+1737.5%), from €64 to €1,176
- Gross operating margin -€38,570
down €38,570 (-96.0%), from €40,166 to €1,596
- Depreciation -€2,175
down €2,175 (-80.6%), from €2,699 to €524
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 | €90,752 | €31,576 | -€59,176 | -65.2% |
| Fixed assets | 21/28 | €6,065 | €6,464 | +€399 | +6.6% |
| Tangible fixed assets | 22/27 | €4,190 | €4,589 | +€399 | +9.5% |
| Plant, machinery and equipment | 23 | - | €923 | +€923 | |
| Furniture and vehicles | 24 | - | €3,666 | +€3,666 | |
| Other tangible fixed assets | 26 | €4,190 | - | -€4,190 | |
| Financial fixed assets | 28 | €1,875 | €1,875 | = | 0.0% |
| Current assets | 29/58 | €84,687 | €25,112 | -€59,575 | -70.3% |
| Amounts receivable within one year | 40/41 | - | €2,597 | +€2,597 | |
| Trade receivables | 40 | - | €2,597 | +€2,597 | |
| Cash at bank and in hand | 54/58 | €84,687 | €22,515 | -€62,172 | -73.4% |
| Total equity and liabilities | 10/49 | €90,752 | €31,576 | -€59,176 | -65.2% |
| Equity | 10/15 | €25,413 | €26,072 | +€659 | +2.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,413 | €16,072 | +€659 | +4.3% |
| Amounts payable | 17/49 | €65,339 | €5,504 | -€59,835 | -91.6% |
| Amounts payable within one year | 42/48 | €37,839 | €5,504 | -€32,335 | -85.5% |
| Current portion of amounts payable after more than one year | 42 | €24,259 | €1,474 | -€22,785 | -93.9% |
| Trade debts | 44 | €64 | €1,176 | +€1,112 | +1737.5% |
| Suppliers | 440/4 | €64 | €1,176 | +€1,112 | +1737.5% |
| Taxes, remuneration and social security | 45 | €13,514 | €872 | -€12,642 | -93.5% |
| Taxes | 450/3 | €13,514 | €872 | -€12,642 | -93.5% |
| Other amounts payable | 47/48 | €2 | €1,982 | +€1,980 | +99000.0% |
| Accrued charges and deferred income | 492/3 | €27,500 | - | -€27,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,699 | €524 | -€2,175 | -80.6% |
| Gross operating margin | 9900 | €40,166 | €1,596 | -€38,570 | -96.0% |
| Operating profit (loss) | 9901 | €37,467 | €1,072 | -€36,395 | -97.1% |
| Financial income | 75/76B | - | €10 | +€10 | |
| Recurring financial income | 75 | - | €10 | +€10 | |
| Financial charges | 65/66B | €310 | €423 | +€113 | +36.5% |
| Recurring financial charges | 65 | €310 | €423 | +€113 | +36.5% |
| Profit (loss) for the period before taxes | 9903 | €37,157 | €659 | -€36,498 | -98.2% |
| Profit (loss) for the period | 9904 | €37,157 | €659 | -€36,498 | -98.2% |
| Profit (loss) for the period to be appropriated | 9905 | €37,157 | €659 | -€36,498 | -98.2% |
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 11 October 2026 via checked.be.