Koen Bovée: 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 Bovée
Largest movements
- Receivables within one year -€290,332
down €290,332 (-85.6%), from €339,192 to €48,861
of which Trade receivables: -€295,207
- Tangible fixed assets +€16,582
up €16,582 (+3,988%), from €416 to €16,998
of which Other tangible fixed assets: +€13,605
- Cash -€11,789
down €11,789 (-11.3%), from €104,015 to €92,226
mainly Trade debts (-€309,080) and Investment in fixed assets (net) (-€17,362)
- Trade debts -€309,080
down €309,080 (-93.4%), from €330,783 to €21,703
- Tax, wage and social debts +€14,985
up €14,985 (+53.1%), from €28,223 to €43,208
- Reserves +€8,136
up €8,136 (+9.9%), from €81,982 to €90,118
- Gross operating margin -€98,987
down €98,987 (-87.8%), from €112,706 to €13,719
- Taxes -€25,402
down €25,402 (-90.0%), from €28,223 to €2,821
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 | €444,821 | €158,861 | -€285,960 | -64.3% |
| Formation expenses | 20 | €233 | - | -€233 | |
| Fixed assets | 21/28 | €1,310 | €17,696 | +€16,386 | +1,251% |
| Intangible fixed assets | 21 | €894 | €698 | -€196 | -21.9% |
| Tangible fixed assets | 22/27 | €416 | €16,998 | +€16,582 | +3,988% |
| Plant, machinery and equipment | 23 | €374 | €224 | -€150 | -40.1% |
| Furniture and vehicles | 24 | €42 | €3,169 | +€3,127 | +7,521% |
| Other tangible fixed assets | 26 | - | €13,605 | +€13,605 | |
| Current assets | 29/58 | €443,279 | €141,165 | -€302,113 | -68.2% |
| Amounts receivable within one year | 40/41 | €339,192 | €48,861 | -€290,332 | -85.6% |
| Trade receivables | 40 | €301,964 | €6,757 | -€295,207 | -97.8% |
| Other amounts receivable | 41 | €37,228 | €42,104 | +€4,876 | +13.1% |
| Cash at bank and in hand | 54/58 | €104,015 | €92,226 | -€11,789 | -11.3% |
| Deferred charges and accrued income | 490/1 | €72 | €79 | +€7 | +10.4% |
| Total equity and liabilities | 10/49 | €444,821 | €158,861 | -€285,960 | -64.3% |
| Equity | 10/15 | €84,982 | €93,118 | +€8,136 | +9.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €81,982 | €90,118 | +€8,136 | +9.9% |
| Distributable reserves | 133 | €81,982 | €90,118 | +€8,136 | +9.9% |
| Amounts payable | 17/49 | €359,839 | €65,743 | -€294,096 | -81.7% |
| Amounts payable within one year | 42/48 | €359,839 | €65,743 | -€294,096 | -81.7% |
| Trade debts | 44 | €330,783 | €21,703 | -€309,080 | -93.4% |
| Suppliers | 440/4 | €330,783 | €21,703 | -€309,080 | -93.4% |
| Taxes, remuneration and social security | 45 | €28,223 | €43,208 | +€14,985 | +53.1% |
| Taxes | 450/3 | €28,223 | €43,208 | +€14,985 | +53.1% |
| Other amounts payable | 47/48 | €833 | €833 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €870 | €1,208 | +€339 | +38.9% |
| Other operating charges | 640/8 | €798 | €655 | -€142 | -17.9% |
| Gross operating margin | 9900 | €112,706 | €13,719 | -€98,987 | -87.8% |
| Operating profit (loss) | 9901 | €111,038 | €11,855 | -€99,183 | -89.3% |
| Financial charges | 65/66B | - | €66 | +€66 | |
| Recurring financial charges | 65 | - | €66 | +€66 | |
| Profit (loss) for the period before taxes | 9903 | €111,038 | €11,790 | -€99,249 | -89.4% |
| Income taxes | 67/77 | €28,223 | €2,821 | -€25,402 | -90.0% |
| Profit (loss) for the period | 9904 | €82,815 | €8,969 | -€73,847 | -89.2% |
| Profit (loss) for the period to be appropriated | 9905 | €82,815 | €8,969 | -€73,847 | -89.2% |
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 25 October 2026 via checked.be.