KOEN BOUCKAERT: 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 BOUCKAERT
Largest movements
- Current investments +€190,393
up €190,393 (+33.0%), from €577,540 to €767,932
- Cash +€156,929
up €156,929 (+36.8%), from €426,456 to €583,384
mainly Net result for the year (+€713,430) and Other debts (+€636,701)
- Financial fixed assets +€35,457
up €35,457 (+14,183%), from €250 to €35,707
- Other debts +€636,701
up €636,701 (+200%), from €317,890 to €954,591
- Reserves -€241,161
down €241,161 (-36.3%), from €663,791 to €422,630
- Gross operating margin +€446,019
up €446,019 (+87.6%), from €509,068 to €955,086
- Taxes +€100,170
up €100,170 (+70.7%), from €141,590 to €241,760
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 | €1,060,568 | €1,460,269 | +€399,701 | +37.7% |
| Fixed assets | 21/28 | €8,046 | €46,402 | +€38,356 | +477% |
| Tangible fixed assets | 22/27 | €7,796 | €10,695 | +€2,899 | +37.2% |
| Furniture and vehicles | 24 | €4,932 | €8,122 | +€3,191 | +64.7% |
| Other tangible fixed assets | 26 | €2,864 | €2,572 | -€292 | -10.2% |
| Financial fixed assets | 28 | €250 | €35,707 | +€35,457 | +14,183% |
| Current assets | 29/58 | €1,052,522 | €1,413,868 | +€361,346 | +34.3% |
| Amounts receivable within one year | 40/41 | €45,852 | €54,596 | +€8,744 | +19.1% |
| Trade receivables | 40 | €45,852 | €47,125 | +€1,273 | +2.8% |
| Other amounts receivable | 41 | - | €7,471 | +€7,471 | |
| Current investments | 50/53 | €577,540 | €767,932 | +€190,393 | +33.0% |
| Cash at bank and in hand | 54/58 | €426,456 | €583,384 | +€156,929 | +36.8% |
| Deferred charges and accrued income | 490/1 | €2,675 | €7,955 | +€5,280 | +197% |
| Total equity and liabilities | 10/49 | €1,060,568 | €1,460,269 | +€399,701 | +37.7% |
| Equity | 10/15 | €682,391 | €441,230 | -€241,161 | -35.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €663,791 | €422,630 | -€241,161 | -36.3% |
| Distributable reserves | 133 | €663,791 | €422,630 | -€241,161 | -36.3% |
| Amounts payable | 17/49 | €378,177 | €1,019,039 | +€640,862 | +169% |
| Amounts payable within one year | 42/48 | €377,803 | €1,019,039 | +€641,236 | +170% |
| Trade debts | 44 | €3,658 | €7,932 | +€4,273 | +117% |
| Suppliers | 440/4 | €3,658 | €7,932 | +€4,273 | +117% |
| Taxes, remuneration and social security | 45 | €56,255 | €56,517 | +€262 | +0.5% |
| Taxes | 450/3 | €56,255 | €56,517 | +€262 | +0.5% |
| Other amounts payable | 47/48 | €317,890 | €954,591 | +€636,701 | +200% |
| Accrued charges and deferred income | 492/3 | €374 | - | -€374 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,882 | €2,961 | +€1,079 | +57.3% |
| Other operating charges | 640/8 | €624 | €998 | +€373 | +59.8% |
| Gross operating margin | 9900 | €509,068 | €955,086 | +€446,019 | +87.6% |
| Operating profit (loss) | 9901 | €506,561 | €951,127 | +€444,566 | +87.8% |
| Financial income | 75/76B | €2,613 | €9,041 | +€6,428 | +246% |
| Recurring financial income | 75 | €2,613 | €9,041 | +€6,428 | +246% |
| Financial charges | 65/66B | -€2,880 | €4,978 | +€7,858 | |
| Recurring financial charges | 65 | -€2,880 | €4,978 | +€7,858 | |
| Profit (loss) for the period before taxes | 9903 | €512,054 | €955,190 | +€443,136 | +86.5% |
| Income taxes | 67/77 | €141,590 | €241,760 | +€100,170 | +70.7% |
| Profit (loss) for the period | 9904 | €370,464 | €713,430 | +€342,966 | +92.6% |
| Profit (loss) for the period to be appropriated | 9905 | €370,464 | €713,430 | +€342,966 | +92.6% |
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 13 October 2026 via checked.be.