KOELEN: 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.
KOELEN
Largest movements
- Receivables within one year -€15,236
down €15,236 (-52.9%), from €28,775 to €13,539
of which Trade receivables: -€16,928
- Cash -€14,273
down €14,273 (-2.0%), from €696,807 to €682,535
mainly Net result for the year (-€43,420) and Trade debts (-€1,211)
- Profit (loss) carried forward -€43,420
down €43,420 (-37.5%), from -€115,919 to -€159,339
- Staff costs +€19,502
up €19,502, from -€15,774 to €3,728
- Gross operating margin -€12,086
down €12,086 (-62.6%), from -€19,295 to -€31,382
- Depreciation -€6,667
down €6,667 (-44.1%), from €15,116 to €8,448
- Other operating charges +€1,573
up €1,573 (+248%), from €635 to €2,208
- Financial income -€1,472
down €1,472 (-37.0%), from €3,979 to €2,506
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 | €854,572 | €813,313 | -€41,259 | -4.8% |
| Fixed assets | 21/28 | €13,415 | €4,967 | -€8,448 | -63.0% |
| Tangible fixed assets | 22/27 | €13,415 | €4,967 | -€8,448 | -63.0% |
| Furniture and vehicles | 24 | €13,415 | €4,967 | -€8,448 | -63.0% |
| Current assets | 29/58 | €841,156 | €808,346 | -€32,810 | -3.9% |
| Amounts receivable within one year | 40/41 | €28,775 | €13,539 | -€15,236 | -52.9% |
| Trade receivables | 40 | €26,008 | €9,080 | -€16,928 | -65.1% |
| Other amounts receivable | 41 | €2,767 | €4,459 | +€1,692 | +61.1% |
| Current investments | 50/53 | €110,269 | €110,269 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €696,807 | €682,535 | -€14,273 | -2.0% |
| Deferred charges and accrued income | 490/1 | €5,305 | €2,004 | -€3,301 | -62.2% |
| Total equity and liabilities | 10/49 | €854,572 | €813,313 | -€41,259 | -4.8% |
| Equity | 10/15 | €797,718 | €754,298 | -€43,420 | -5.4% |
| Contributions | 10/11 | €132,000 | €132,000 | = | 0.0% |
| Capital | 10 | €132,000 | €132,000 | = | 0.0% |
| Issued capital | 100 | €132,000 | €132,000 | = | 0.0% |
| Reserves | 13 | €781,637 | €781,637 | = | 0.0% |
| Non-distributable reserves | 130/1 | €35,495 | €35,495 | = | 0.0% |
| Legal reserve | 130 | €35,495 | €35,495 | = | 0.0% |
| Tax-exempt reserves | 132 | €163,374 | €163,374 | = | 0.0% |
| Distributable reserves | 133 | €582,768 | €582,768 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€115,919 | -€159,339 | -€43,420 | -37.5% |
| Provisions and deferred taxes | 16 | €54,458 | €54,458 | = | 0.0% |
| Deferred taxes | 168 | €54,458 | €54,458 | = | 0.0% |
| Amounts payable | 17/49 | €2,396 | €4,557 | +€2,161 | +90.2% |
| Amounts payable within one year | 42/48 | €1,411 | €3,119 | +€1,708 | +121% |
| Trade debts | 44 | €1,411 | €200 | -€1,211 | -85.8% |
| Suppliers | 440/4 | €1,411 | €200 | -€1,211 | -85.8% |
| Taxes, remuneration and social security | 45 | €0 | €1,301 | +€1,301 | |
| Taxes | 450/3 | €0 | €301 | +€301 | |
| Remuneration and social security | 454/9 | €0 | €1,000 | +€1,000 | |
| Other amounts payable | 47/48 | - | €1,618 | +€1,618 | |
| Accrued charges and deferred income | 492/3 | €984 | €1,437 | +€453 | +46.1% |
| Non-recurring operating income | 76A | €2,407 | €1,433 | -€974 | -40.5% |
| Remuneration, social security and pensions | 62 | -€15,774 | €3,728 | +€19,502 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,116 | €8,448 | -€6,667 | -44.1% |
| Other operating charges | 640/8 | €635 | €2,208 | +€1,573 | +248% |
| Non-recurring operating charges | 66A | €1,220 | €0 | -€1,220 | -100% |
| Gross operating margin | 9900 | -€19,295 | -€31,382 | -€12,086 | -62.6% |
| Operating profit (loss) | 9901 | -€20,492 | -€45,766 | -€25,274 | -123% |
| Financial income | 75/76B | €3,979 | €2,506 | -€1,472 | -37.0% |
| Recurring financial income | 75 | €3,979 | €2,506 | -€1,472 | -37.0% |
| Financial charges | 65/66B | €305 | €160 | -€145 | -47.5% |
| Recurring financial charges | 65 | €305 | €160 | -€145 | -47.5% |
| Profit (loss) for the period before taxes | 9903 | -€16,819 | -€43,420 | -€26,601 | -158% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€16,819 | -€43,420 | -€26,601 | -158% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,819 | -€43,420 | -€26,601 | -158% |
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 18 October 2026 via checked.be.