KOEN BORIAU: 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.
What changed
KOEN BORIAU
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€83,889
2024 · €63,349+€20,539
Equity
€822,056
2024 · €741,268+€80,789
Cash
€36,483
2024 · €42,125-€5,642
Balance sheet total
€1.2m
2024 · €1.2m+€6,782
Largest movements
Assets
- Deferred charges and accrued income +€18,360
up €18,360 (+86.0%), from €21,351 to €39,711
Equity and liabilities
- Reserves +€80,789
up €80,789 (+11.0%), from €735,068 to €815,856
of which Distributable reserves: +€80,789
- Debts after one year -€49,778
down €49,778 (-39.1%), from €127,210 to €77,433
- Other debts -€27,017
down €27,017 (-12.8%), from €210,432 to €183,416
Income statement
- Gross operating margin +€19,838
up €19,838 (+24.6%), from €80,534 to €100,372
- Financial charges -€7,119
down €7,119 (-29.7%), from €23,998 to €16,879
- Taxes +€6,719
up €6,719 (+35.2%), from €19,086 to €25,806
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.
Result 2024
€63,349
Gross operating margin
+€19,838
Depreciation
+€911
Other operating charges
-€69
Financial income
-€540
Financial charges
+€7,119
Taxes
-€6,719
Result 2025
€83,889
raises the resultlowers the result
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.
From operations
+€46,378
Investment
€0
Financing
-€52,020
Cash 2024
€42,125
From operations (derived)
+€46,378
Net result for the year
+€83,889
Depreciation
+€8,960
Receivables within one year
-€3,025
Deferred charges and accrued income
-€18,360
Trade debts
+€63
Tax, wage and social debts
+€6,673
Other debts
-€27,017
Accrued charges and deferred income
-€4,805
Financing
-€52,020
Debts after one year
-€49,778
Current portion of long-term debt
+€858
Contributions, distributions and other
-€3,100
Cash 2025
€36,483
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,159,055 | €1,165,838 | +€6,782 | +0.6% |
| Fixed assets | 21/28 | €598,872 | €589,912 | -€8,960 | -1.5% |
| Tangible fixed assets | 22/27 | €160,260 | €151,300 | -€8,960 | -5.6% |
| Land and buildings | 22 | €159,894 | €151,300 | -€8,594 | -5.4% |
| Other tangible fixed assets | 26 | €366 | - | -€366 | |
| Financial fixed assets | 28 | €438,612 | €438,612 | = | 0.0% |
| Current assets | 29/58 | €560,183 | €575,926 | +€15,743 | +2.8% |
| Amounts receivable after more than one year | 29 | €375,755 | €375,755 | = | 0.0% |
| Other amounts receivable | 291 | €375,755 | €375,755 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €120,953 | €123,978 | +€3,025 | +2.5% |
| Trade receivables | 40 | €158 | €3,183 | +€3,025 | +1,914% |
| Other amounts receivable | 41 | €120,795 | €120,795 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €42,125 | €36,483 | -€5,642 | -13.4% |
| Deferred charges and accrued income | 490/1 | €21,351 | €39,711 | +€18,360 | +86.0% |
| Total equity and liabilities | 10/49 | €1,159,055 | €1,165,838 | +€6,782 | +0.6% |
| Equity | 10/15 | €741,268 | €822,056 | +€80,789 | +10.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €735,068 | €815,856 | +€80,789 | +11.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €733,208 | €813,996 | +€80,789 | +11.0% |
| Amounts payable | 17/49 | €417,788 | €343,781 | -€74,006 | -17.7% |
| Amounts payable after more than one year | 17 | €127,210 | €77,433 | -€49,778 | -39.1% |
| Financial debts | 170/4 | €127,210 | €77,433 | -€49,778 | -39.1% |
| Amounts payable within one year | 42/48 | €271,969 | €252,546 | -€19,423 | -7.1% |
| Current portion of amounts payable after more than one year | 42 | €50,189 | €51,046 | +€858 | +1.7% |
| Trade debts | 44 | €1,304 | €1,367 | +€63 | +4.8% |
| Suppliers | 440/4 | €1,304 | €1,367 | +€63 | +4.8% |
| Taxes, remuneration and social security | 45 | €10,044 | €16,717 | +€6,673 | +66.4% |
| Taxes | 450/3 | €10,044 | €16,717 | +€6,673 | +66.4% |
| Other amounts payable | 47/48 | €210,432 | €183,416 | -€27,017 | -12.8% |
| Accrued charges and deferred income | 492/3 | €18,608 | €13,803 | -€4,805 | -25.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,872 | €8,960 | -€911 | -9.2% |
| Other operating charges | 640/8 | €2,253 | €2,322 | +€69 | +3.1% |
| Gross operating margin | 9900 | €80,534 | €100,372 | +€19,838 | +24.6% |
| Operating profit (loss) | 9901 | €68,409 | €89,089 | +€20,680 | +30.2% |
| Financial income | 75/76B | €38,024 | €37,484 | -€540 | -1.4% |
| Recurring financial income | 75 | €38,024 | €37,484 | -€540 | -1.4% |
| Financial charges | 65/66B | €23,998 | €16,879 | -€7,119 | -29.7% |
| Recurring financial charges | 65 | €23,998 | €16,879 | -€7,119 | -29.7% |
| Profit (loss) for the period before taxes | 9903 | €82,436 | €109,694 | +€27,259 | +33.1% |
| Income taxes | 67/77 | €19,086 | €25,806 | +€6,719 | +35.2% |
| Profit (loss) for the period | 9904 | €63,349 | €83,889 | +€20,539 | +32.4% |
| Profit (loss) for the period to be appropriated | 9905 | €63,349 | €83,889 | +€20,539 | +32.4% |
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 24 October 2026 via checked.be.