Koen De Cort: 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 De Cort
Largest movements
- Receivables within one year -€22,745
down €22,745 (-68.3%), from €33,313 to €10,568
of which Trade receivables: -€33,090
- Current investments +€20,359
up €20,359 (+28.5%), from €71,535 to €91,894
- Tangible fixed assets +€13,340
up €13,340 (+2.8%), from €474,732 to €488,072
of which Furniture and vehicles: +€17,692
- Cash +€12,381
up €12,381 (+55.5%), from €22,290 to €34,671
mainly Net result for the year (+€29,578) and Depreciation (+€24,481)
- Receivables after one year -€9,254
down €9,254 (-30.9%), from €29,990 to €20,736
- Reserves +€29,578
up €29,578 (+22.8%), from €129,637 to €159,215
of which Distributable reserves: +€29,578
- Debts after one year -€22,754
down €22,754 (-10.9%), from €209,456 to €186,702
- Accrued charges and deferred income +€14,529
new in 2025: €14,529
- Other debts -€8,202
down €8,202 (-4.3%), from €188,767 to €180,565
- Other operating charges -€16,118
down €16,118 (-81.5%), from €19,772 to €3,653
- Financial charges +€13,171
up €13,171 (+108%), from €12,168 to €25,339
- Write-downs -€8,281
down €8,281, from €2,897 to -€5,384
- Gross operating margin +€5,243
up €5,243 (+6.6%), from €79,373 to €84,616
- Taxes +€3,629
up €3,629 (+47.2%), from €7,696 to €11,325
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 | €633,060 | €645,941 | +€12,881 | +2.0% |
| Fixed assets | 21/28 | €474,732 | €488,072 | +€13,340 | +2.8% |
| Tangible fixed assets | 22/27 | €474,732 | €488,072 | +€13,340 | +2.8% |
| Land and buildings | 22 | €459,004 | €451,869 | -€7,135 | -1.6% |
| Furniture and vehicles | 24 | €15,728 | €33,420 | +€17,692 | +112% |
| Other tangible fixed assets | 26 | - | €2,783 | +€2,783 | |
| Current assets | 29/58 | €158,328 | €157,868 | -€459 | -0.3% |
| Amounts receivable after more than one year | 29 | €29,990 | €20,736 | -€9,254 | -30.9% |
| Other amounts receivable | 291 | €29,990 | €20,736 | -€9,254 | -30.9% |
| Amounts receivable within one year | 40/41 | €33,313 | €10,568 | -€22,745 | -68.3% |
| Trade receivables | 40 | €33,090 | - | -€33,090 | |
| Other amounts receivable | 41 | €223 | €10,568 | +€10,345 | +4,641% |
| Current investments | 50/53 | €71,535 | €91,894 | +€20,359 | +28.5% |
| Cash at bank and in hand | 54/58 | €22,290 | €34,671 | +€12,381 | +55.5% |
| Deferred charges and accrued income | 490/1 | €1,200 | - | -€1,200 | |
| Total equity and liabilities | 10/49 | €633,060 | €645,941 | +€12,881 | +2.0% |
| Equity | 10/15 | €203,462 | €233,040 | +€29,578 | +14.5% |
| Contributions | 10/11 | €12,318 | €12,318 | = | 0.0% |
| Reserves | 13 | €129,637 | €159,215 | +€29,578 | +22.8% |
| Non-distributable reserves | 130/1 | €1,232 | €1,232 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,232 | €1,232 | = | 0.0% |
| Distributable reserves | 133 | €128,405 | €157,983 | +€29,578 | +23.0% |
| Profit (loss) carried forward | 14 | €61,508 | €61,508 | = | 0.0% |
| Amounts payable | 17/49 | €429,598 | €412,900 | -€16,697 | -3.9% |
| Amounts payable after more than one year | 17 | €209,456 | €186,702 | -€22,754 | -10.9% |
| Financial debts | 170/4 | €209,456 | €186,702 | -€22,754 | -10.9% |
| Amounts payable within one year | 42/48 | €220,141 | €211,669 | -€8,472 | -3.8% |
| Current portion of amounts payable after more than one year | 42 | €21,766 | €22,754 | +€988 | +4.5% |
| Trade debts | 44 | €1,293 | €21 | -€1,272 | -98.4% |
| Suppliers | 440/4 | €1,293 | €21 | -€1,272 | -98.4% |
| Taxes, remuneration and social security | 45 | €8,316 | €8,329 | +€14 | +0.2% |
| Taxes | 450/3 | €8,316 | €8,329 | +€14 | +0.2% |
| Other amounts payable | 47/48 | €188,767 | €180,565 | -€8,202 | -4.3% |
| Accrued charges and deferred income | 492/3 | - | €14,529 | +€14,529 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,852 | €24,481 | -€371 | -1.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,897 | -€5,384 | -€8,281 | |
| Other operating charges | 640/8 | €19,772 | €3,653 | -€16,118 | -81.5% |
| Gross operating margin | 9900 | €79,373 | €84,616 | +€5,243 | +6.6% |
| Operating profit (loss) | 9901 | €31,852 | €61,866 | +€30,013 | +94.2% |
| Financial income | 75/76B | €4,703 | €4,377 | -€326 | -6.9% |
| Recurring financial income | 75 | €4,703 | €4,377 | -€326 | -6.9% |
| Financial charges | 65/66B | €12,168 | €25,339 | +€13,171 | +108% |
| Recurring financial charges | 65 | €12,168 | €25,339 | +€13,171 | +108% |
| Profit (loss) for the period before taxes | 9903 | €24,387 | €40,903 | +€16,517 | +67.7% |
| Income taxes | 67/77 | €7,696 | €11,325 | +€3,629 | +47.2% |
| Profit (loss) for the period | 9904 | €16,691 | €29,578 | +€12,887 | +77.2% |
| Profit (loss) for the period to be appropriated | 9905 | €16,691 | €29,578 | +€12,887 | +77.2% |
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 31 October 2026 via checked.be.