KOEN BALUWÉ: 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 BALUWÉ
Largest movements
- Tangible fixed assets +€297,728
up €297,728 (+258%), from €115,527 to €413,254
of which Assets under construction and advance payments: +€255,681
- Cash -€102,723
down €102,723 (-83.9%), from €122,390 to €19,667
mainly Investment in fixed assets (net) (-€337,095) and Tax, wage and social debts (-€15,324)
- Current investments -€50,000
down €50,000 (-54.4%), from €91,951 to €41,951
- Receivables within one year +€13,862
up €13,862 (+12.0%), from €115,585 to €129,447
of which Trade receivables: +€15,169
- Debts after one year +€114,741
up €114,741 (+255%), from €45,000 to €159,741
of which Financial debts: +€114,741
- Other debts +€35,641
up €35,641 (+1,047%), from €3,403 to €39,043
- Current portion of long-term debt +€23,664
new in 2025: €23,664
- Tax, wage and social debts -€15,324
down €15,324 (-33.4%), from €45,915 to €30,591
of which Taxes: -€16,676
- Reserves -€9,272
down €9,272 (-2.9%), from €316,233 to €306,961
of which Distributable reserves: -€9,272
- Gross operating margin +€18,568
up €18,568 (+20.2%), from €91,983 to €110,551
- Depreciation +€14,970
up €14,970 (+61.4%), from €24,397 to €39,367
- Staff costs +€6,963
up €6,963 (+11.9%), from €58,682 to €65,645
- Financial income +€3,927
up €3,927 (+575%), from €683 to €4,610
- Financial charges +€3,070
up €3,070 (+73.1%), from €4,199 to €7,268
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 | €450,905 | €608,094 | +€157,189 | +34.9% |
| Fixed assets | 21/28 | €115,827 | €413,554 | +€297,728 | +257% |
| Tangible fixed assets | 22/27 | €115,527 | €413,254 | +€297,728 | +258% |
| Land and buildings | 22 | €51,808 | €105,960 | +€54,152 | +105% |
| Furniture and vehicles | 24 | €46,911 | €37,075 | -€9,836 | -21.0% |
| Other tangible fixed assets | 26 | €16,808 | €14,539 | -€2,268 | -13.5% |
| Assets under construction and advance payments | 27 | - | €255,681 | +€255,681 | |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €335,079 | €194,540 | -€140,539 | -41.9% |
| Amounts receivable within one year | 40/41 | €115,585 | €129,447 | +€13,862 | +12.0% |
| Trade receivables | 40 | €107,827 | €122,995 | +€15,169 | +14.1% |
| Other amounts receivable | 41 | €7,758 | €6,451 | -€1,307 | -16.8% |
| Current investments | 50/53 | €91,951 | €41,951 | -€50,000 | -54.4% |
| Cash at bank and in hand | 54/58 | €122,390 | €19,667 | -€102,723 | -83.9% |
| Deferred charges and accrued income | 490/1 | €5,153 | €3,475 | -€1,678 | -32.6% |
| Total equity and liabilities | 10/49 | €450,905 | €608,094 | +€157,189 | +34.9% |
| Equity | 10/15 | €334,833 | €325,561 | -€9,272 | -2.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €316,233 | €306,961 | -€9,272 | -2.9% |
| Tax-exempt reserves | 132 | €4,500 | €4,500 | = | 0.0% |
| Distributable reserves | 133 | €311,733 | €302,461 | -€9,272 | -3.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €116,072 | €282,533 | +€166,461 | +143% |
| Amounts payable after more than one year | 17 | €45,000 | €159,741 | +€114,741 | +255% |
| Financial debts | 170/4 | - | €114,741 | +€114,741 | |
| Other amounts payable | 178/9 | €45,000 | €45,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €66,931 | €118,321 | +€51,390 | +76.8% |
| Current portion of amounts payable after more than one year | 42 | - | €23,664 | +€23,664 | |
| Trade debts | 44 | €17,614 | €25,023 | +€7,409 | +42.1% |
| Suppliers | 440/4 | €17,614 | €25,023 | +€7,409 | +42.1% |
| Taxes, remuneration and social security | 45 | €45,915 | €30,591 | -€15,324 | -33.4% |
| Taxes | 450/3 | €32,850 | €16,174 | -€16,676 | -50.8% |
| Remuneration and social security | 454/9 | €13,065 | €14,418 | +€1,353 | +10.4% |
| Other amounts payable | 47/48 | €3,403 | €39,043 | +€35,641 | +1,047% |
| Accrued charges and deferred income | 492/3 | €4,141 | €4,470 | +€330 | +8.0% |
| Non-recurring operating income | 76A | - | €5,000 | +€5,000 | |
| Remuneration, social security and pensions | 62 | €58,682 | €65,645 | +€6,963 | +11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,397 | €39,367 | +€14,970 | +61.4% |
| Other operating charges | 640/8 | €1,597 | €1,475 | -€122 | -7.6% |
| Gross operating margin | 9900 | €91,983 | €110,551 | +€18,568 | +20.2% |
| Operating profit (loss) | 9901 | €7,307 | €4,065 | -€3,242 | -44.4% |
| Financial income | 75/76B | €683 | €4,610 | +€3,927 | +575% |
| Recurring financial income | 75 | €683 | €4,610 | +€3,927 | +575% |
| Financial charges | 65/66B | €4,199 | €7,268 | +€3,070 | +73.1% |
| Recurring financial charges | 65 | €4,199 | €7,268 | +€3,070 | +73.1% |
| Profit (loss) for the period before taxes | 9903 | €3,792 | €1,406 | -€2,385 | -62.9% |
| Income taxes | 67/77 | €1,514 | €265 | -€1,248 | -82.5% |
| Profit (loss) for the period | 9904 | €2,278 | €1,141 | -€1,137 | -49.9% |
| Profit (loss) for the period to be appropriated | 9905 | €2,278 | €1,141 | -€1,137 | -49.9% |
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.