KOEN BOGAERTS: 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 BOGAERTS
Largest movements
- Tangible fixed assets -€21,048
down €21,048 (-43.2%), from €48,739 to €27,691
of which Furniture and vehicles: -€14,519
- Cash +€17,490
up €17,490 (+57.6%), from €30,388 to €47,878
mainly Net result for the year (+€29,857) and Depreciation (+€24,089)
- Receivables within one year +€8,047
up €8,047 (+5.9%), from €135,754 to €143,801
of which Other amounts receivable: +€9,404
- Debts after one year -€13,745
down €13,745 (-54.0%), from €25,459 to €11,714
- Reserves +€9,990
up €9,990 (+3.6%), from €279,194 to €289,184
of which Distributable reserves: +€9,990
- Trade debts +€7,512
up €7,512 (+95.4%), from €7,877 to €15,389
- Gross operating margin -€14,085
down €14,085 (-15.8%), from €88,999 to €74,914
- Taxes -€4,286
down €4,286 (-19.5%), from €22,028 to €17,742
- Financial charges -€1,172
down €1,172 (-30.2%), from €3,887 to €2,715
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 | €379,855 | €384,485 | +€4,629 | +1.2% |
| Fixed assets | 21/28 | €49,939 | €28,891 | -€21,048 | -42.1% |
| Tangible fixed assets | 22/27 | €48,739 | €27,691 | -€21,048 | -43.2% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €13,982 | €8,012 | -€5,970 | -42.7% |
| Furniture and vehicles | 24 | €28,359 | €13,840 | -€14,519 | -51.2% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €6,398 | €5,839 | -€560 | -8.7% |
| Financial fixed assets | 28 | €1,200 | €1,200 | = | 0.0% |
| Current assets | 29/58 | €329,916 | €355,594 | +€25,677 | +7.8% |
| Amounts receivable after more than one year | 29 | €162,437 | €162,437 | = | 0.0% |
| Other amounts receivable | 291 | €162,437 | €162,437 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €135,754 | €143,801 | +€8,047 | +5.9% |
| Trade receivables | 40 | €19,299 | €17,942 | -€1,357 | -7.0% |
| Other amounts receivable | 41 | €116,455 | €125,859 | +€9,404 | +8.1% |
| Cash at bank and in hand | 54/58 | €30,388 | €47,878 | +€17,490 | +57.6% |
| Deferred charges and accrued income | 490/1 | €1,337 | €1,478 | +€141 | +10.5% |
| Total equity and liabilities | 10/49 | €379,855 | €384,485 | +€4,629 | +1.2% |
| Equity | 10/15 | €290,394 | €300,384 | +€9,990 | +3.4% |
| Contributions | 10/11 | €11,200 | €11,200 | = | 0.0% |
| Reserves | 13 | €279,194 | €289,184 | +€9,990 | +3.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,010 | €4,010 | = | 0.0% |
| Distributable reserves | 133 | €273,324 | €283,314 | +€9,990 | +3.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €89,461 | €84,101 | -€5,360 | -6.0% |
| Amounts payable after more than one year | 17 | €25,459 | €11,714 | -€13,745 | -54.0% |
| Financial debts | 170/4 | €25,459 | €11,714 | -€13,745 | -54.0% |
| Amounts payable within one year | 42/48 | €64,002 | €72,387 | +€8,385 | +13.1% |
| Current portion of amounts payable after more than one year | 42 | €13,114 | €13,745 | +€631 | +4.8% |
| Trade debts | 44 | €7,877 | €15,389 | +€7,512 | +95.4% |
| Suppliers | 440/4 | €7,877 | €15,389 | +€7,512 | +95.4% |
| Taxes, remuneration and social security | 45 | €43,011 | €43,253 | +€242 | +0.6% |
| Taxes | 450/3 | €42,272 | €43,253 | +€981 | +2.3% |
| Remuneration and social security | 454/9 | €738 | €0 | -€738 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,600 | €24,089 | -€511 | -2.1% |
| Other operating charges | 640/8 | €3,265 | €3,505 | +€241 | +7.4% |
| Gross operating margin | 9900 | €88,999 | €74,914 | -€14,085 | -15.8% |
| Operating profit (loss) | 9901 | €61,135 | €47,320 | -€13,815 | -22.6% |
| Financial income | 75/76B | €2,836 | €2,994 | +€158 | +5.6% |
| Recurring financial income | 75 | €2,836 | €2,994 | +€158 | +5.6% |
| Financial charges | 65/66B | €3,887 | €2,715 | -€1,172 | -30.2% |
| Recurring financial charges | 65 | €3,887 | €2,715 | -€1,172 | -30.2% |
| Profit (loss) for the period before taxes | 9903 | €60,083 | €47,599 | -€12,484 | -20.8% |
| Income taxes | 67/77 | €22,028 | €17,742 | -€4,286 | -19.5% |
| Profit (loss) for the period | 9904 | €38,055 | €29,857 | -€8,198 | -21.5% |
| Profit (loss) for the period to be appropriated | 9905 | €38,055 | €29,857 | -€8,198 | -21.5% |
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 29 October 2026 via checked.be.