KOEL MANAGEMENT: 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 MANAGEMENT
Largest movements
- Receivables within one year +€33,026
up €33,026 (+19.5%), from €169,423 to €202,448
of which Trade receivables: +€43,238
- Tangible fixed assets -€8,781
down €8,781 (-34.5%), from €25,480 to €16,700
- Cash -€7,866
down €7,866 (-81.7%), from €9,634 to €1,767
mainly Receivables within one year (-€33,026) and Debts after one year (-€8,292)
- Reserves +€15,732
up €15,732 (+22.0%), from €71,596 to €87,328
- Debts after one year -€8,292
down €8,292 (-49.1%), from €16,898 to €8,606
- Tax, wage and social debts +€2,742
up €2,742 (+36.3%), from €7,560 to €10,302
- Financial income -€10,092
down €10,092 (-76.1%), from €13,267 to €3,175
- Gross operating margin +€9,596
up €9,596 (+32.6%), from €29,406 to €39,002
- Taxes +€3,316
up €3,316 (+42.5%), from €7,804 to €11,120
- Write-downs -€3,035
down €3,035 (-100%), from €3,035 to €0
- Financial charges -€2,074
down €2,074 (-35.0%), from €5,933 to €3,859
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 | €224,844 | €236,348 | +€11,504 | +5.1% |
| Fixed assets | 21/28 | €31,183 | €20,875 | -€10,308 | -33.1% |
| Intangible fixed assets | 21 | €5,553 | €4,026 | -€1,527 | -27.5% |
| Tangible fixed assets | 22/27 | €25,480 | €16,700 | -€8,781 | -34.5% |
| Furniture and vehicles | 24 | €25,480 | €16,700 | -€8,781 | -34.5% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €193,661 | €215,473 | +€21,812 | +11.3% |
| Amounts receivable within one year | 40/41 | €169,423 | €202,448 | +€33,026 | +19.5% |
| Trade receivables | 40 | €44,695 | €87,932 | +€43,238 | +96.7% |
| Other amounts receivable | 41 | €124,728 | €114,516 | -€10,212 | -8.2% |
| Current investments | 50/53 | €8,336 | €7,058 | -€1,278 | -15.3% |
| Cash at bank and in hand | 54/58 | €9,634 | €1,767 | -€7,866 | -81.7% |
| Deferred charges and accrued income | 490/1 | €6,269 | €4,199 | -€2,070 | -33.0% |
| Total equity and liabilities | 10/49 | €224,844 | €236,348 | +€11,504 | +5.1% |
| Equity | 10/15 | €171,596 | €187,328 | +€15,732 | +9.2% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €71,596 | €87,328 | +€15,732 | +22.0% |
| Distributable reserves | 133 | €71,596 | €87,328 | +€15,732 | +22.0% |
| Amounts payable | 17/49 | €53,248 | €49,020 | -€4,228 | -7.9% |
| Amounts payable after more than one year | 17 | €16,898 | €8,606 | -€8,292 | -49.1% |
| Financial debts | 170/4 | €16,898 | €8,606 | -€8,292 | -49.1% |
| Amounts payable within one year | 42/48 | €36,351 | €40,011 | +€3,661 | +10.1% |
| Current portion of amounts payable after more than one year | 42 | €7,989 | €8,292 | +€302 | +3.8% |
| Financial debts | 43 | €5,018 | €5,012 | -€6 | -0.1% |
| Credit institutions | 430/8 | €5,018 | €5,012 | -€6 | -0.1% |
| Trade debts | 44 | €15,784 | €14,559 | -€1,225 | -7.8% |
| Suppliers | 440/4 | €15,784 | €14,559 | -€1,225 | -7.8% |
| Taxes, remuneration and social security | 45 | €7,560 | €10,302 | +€2,742 | +36.3% |
| Taxes | 450/3 | €7,560 | €10,302 | +€2,742 | +36.3% |
| Other amounts payable | 47/48 | €0 | €1,847 | +€1,847 | |
| Accrued charges and deferred income | 492/3 | €0 | €403 | +€403 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,846 | €10,308 | +€462 | +4.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,035 | €0 | -€3,035 | -100% |
| Other operating charges | 640/8 | €1,153 | €1,158 | +€6 | +0.5% |
| Non-recurring operating charges | 66A | €147 | €0 | -€147 | -100% |
| Gross operating margin | 9900 | €29,406 | €39,002 | +€9,596 | +32.6% |
| Operating profit (loss) | 9901 | €15,225 | €27,536 | +€12,310 | +80.9% |
| Financial income | 75/76B | €13,267 | €3,175 | -€10,092 | -76.1% |
| Recurring financial income | 75 | €13,267 | €3,175 | -€10,092 | -76.1% |
| Financial charges | 65/66B | €5,933 | €3,859 | -€2,074 | -35.0% |
| Recurring financial charges | 65 | €5,933 | €3,859 | -€2,074 | -35.0% |
| Profit (loss) for the period before taxes | 9903 | €22,560 | €26,852 | +€4,292 | +19.0% |
| Income taxes | 67/77 | €7,804 | €11,120 | +€3,316 | +42.5% |
| Profit (loss) for the period | 9904 | €14,756 | €15,732 | +€976 | +6.6% |
| Profit (loss) for the period to be appropriated | 9905 | €14,756 | €15,732 | +€976 | +6.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.