KOEN AERTS: 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.
KOEN AERTS
Largest movements
- Stocks and contracts -€9,645
down €9,645 (-7.7%), from €125,400 to €115,755
of which Contracts in progress: -€5,450
- Receivables within one year +€8,525
up €8,525 (+3.6%), from €233,983 to €242,508
of which Trade receivables: +€4,375
- Tangible fixed assets -€8,169
down €8,169 (-20.1%), from €40,668 to €32,499
of which Land and buildings: -€4,999
- Trade debts -€52,292
down €52,292 (-43.7%), from €119,721 to €67,428
- Other debts +€38,832
up €38,832 (+10.6%), from €364,883 to €403,715
- Profit (loss) carried forward +€15,346
up €15,346 (+4.5%), from -€342,156 to -€326,811
- Tax, wage and social debts -€10,077
down €10,077 (-65.6%), from €15,355 to €5,278
of which Remuneration and social security: -€8,676
- Short-term financial debts -€4,931
no longer reported in 2025 (was €4,931)
- Staff costs -€37,043
down €37,043 (-39.6%), from €93,446 to €56,404
- Gross operating margin -€27,547
down €27,547 (-23.9%), from €115,141 to €87,594
- Other operating charges -€1,163
down €1,163 (-21.5%), from €5,400 to €4,238
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 | €407,901 | €394,737 | -€13,163 | -3.2% |
| Fixed assets | 21/28 | €40,918 | €32,749 | -€8,169 | -20.0% |
| Tangible fixed assets | 22/27 | €40,668 | €32,499 | -€8,169 | -20.1% |
| Land and buildings | 22 | €28,503 | €23,504 | -€4,999 | -17.5% |
| Plant, machinery and equipment | 23 | €922 | €371 | -€551 | -59.7% |
| Furniture and vehicles | 24 | €11,243 | €8,624 | -€2,619 | -23.3% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €366,983 | €361,988 | -€4,995 | -1.4% |
| Stocks and contracts in progress | 3 | €125,400 | €115,755 | -€9,645 | -7.7% |
| Stocks | 30/36 | €50,300 | €46,105 | -€4,195 | -8.3% |
| Contracts in progress | 37 | €75,100 | €69,650 | -€5,450 | -7.3% |
| Amounts receivable within one year | 40/41 | €233,983 | €242,508 | +€8,525 | +3.6% |
| Trade receivables | 40 | €233,983 | €238,358 | +€4,375 | +1.9% |
| Other amounts receivable | 41 | - | €4,150 | +€4,150 | |
| Cash at bank and in hand | 54/58 | €5,870 | €2,649 | -€3,222 | -54.9% |
| Deferred charges and accrued income | 490/1 | €1,729 | €1,076 | -€653 | -37.8% |
| Total equity and liabilities | 10/49 | €407,901 | €394,737 | -€13,163 | -3.2% |
| Equity | 10/15 | -€188,151 | -€172,805 | +€15,346 | +8.2% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €132,005 | €132,005 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,944 | €18,944 | = | 0.0% |
| Distributable reserves | 133 | €113,062 | €113,062 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€342,156 | -€326,811 | +€15,346 | +4.5% |
| Amounts payable | 17/49 | €596,052 | €567,542 | -€28,509 | -4.8% |
| Amounts payable within one year | 42/48 | €594,890 | €566,422 | -€28,468 | -4.8% |
| Current portion of amounts payable after more than one year | 42 | €90,000 | €90,000 | = | 0.0% |
| Financial debts | 43 | €4,931 | - | -€4,931 | |
| Credit institutions | 430/8 | €4,931 | - | -€4,931 | |
| Trade debts | 44 | €119,721 | €67,428 | -€52,292 | -43.7% |
| Suppliers | 440/4 | €119,721 | €67,428 | -€52,292 | -43.7% |
| Taxes, remuneration and social security | 45 | €15,355 | €5,278 | -€10,077 | -65.6% |
| Taxes | 450/3 | €2,526 | €1,125 | -€1,401 | -55.5% |
| Remuneration and social security | 454/9 | €12,829 | €4,153 | -€8,676 | -67.6% |
| Other amounts payable | 47/48 | €364,883 | €403,715 | +€38,832 | +10.6% |
| Accrued charges and deferred income | 492/3 | €1,161 | €1,120 | -€41 | -3.5% |
| Remuneration, social security and pensions | 62 | €93,446 | €56,404 | -€37,043 | -39.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,654 | €8,830 | +€176 | +2.0% |
| Other operating charges | 640/8 | €5,400 | €4,238 | -€1,163 | -21.5% |
| Gross operating margin | 9900 | €115,141 | €87,594 | -€27,547 | -23.9% |
| Operating profit (loss) | 9901 | €7,640 | €18,123 | +€10,483 | +137.2% |
| Financial income | 75/76B | €983 | €235 | -€748 | -76.1% |
| Recurring financial income | 75 | €983 | €235 | -€748 | -76.1% |
| Financial charges | 65/66B | €2,695 | €3,012 | +€317 | +11.8% |
| Recurring financial charges | 65 | €2,695 | €3,012 | +€317 | +11.8% |
| Profit (loss) for the period before taxes | 9903 | €5,928 | €15,346 | +€9,417 | +158.9% |
| Profit (loss) for the period | 9904 | €5,928 | €15,346 | +€9,417 | +158.9% |
| Profit (loss) for the period to be appropriated | 9905 | €5,928 | €15,346 | +€9,417 | +158.9% |
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 12 October 2026 via checked.be.