KOEN DE WINTER: 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 WINTER
Largest movements
- Cash +€656,356
up €656,356 (+124%), from €529,893 to €1.2m
mainly Current investments (+€300,000) and Investment in fixed assets (net) (+€237,429)
- Current investments -€300,000
down €300,000 (-25.0%), from €1.2m to €900,000
- Tangible fixed assets -€288,115
down €288,115 (-50.2%), from €574,180 to €286,064
of which Land and buildings: -€324,164
- Receivables within one year +€52,941
up €52,941 (+460%), from €11,499 to €64,440
of which Other amounts receivable: +€59,348
- Deferred charges and accrued income -€25,628
down €25,628 (-73.4%), from €34,907 to €9,280
- Other debts +€168,042
up €168,042 (+526%), from €31,958 to €200,000
- Reserves -€75,157
down €75,157 (-3.3%), from €2.3m to €2.2m
- Gross operating margin +€71,457
up €71,457 (+110%), from €64,952 to €136,409
- Financial income +€43,118
up €43,118 (+108%), from €39,988 to €83,106
- Taxes +€28,489
up €28,489 (+212%), from €13,456 to €41,945
- Depreciation -€7,830
down €7,830 (-13.4%), from €58,516 to €50,686
- Other operating charges -€3,607
down €3,607 (-82.6%), from €4,367 to €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 | €2,350,480 | €2,446,034 | +€95,554 | +4.1% |
| Fixed assets | 21/28 | €574,180 | €286,064 | -€288,115 | -50.2% |
| Tangible fixed assets | 22/27 | €574,180 | €286,064 | -€288,115 | -50.2% |
| Land and buildings | 22 | €568,838 | €244,674 | -€324,164 | -57.0% |
| Furniture and vehicles | 24 | €5,342 | €41,391 | +€36,049 | +675% |
| Current assets | 29/58 | €1,776,300 | €2,159,969 | +€383,669 | +21.6% |
| Amounts receivable within one year | 40/41 | €11,499 | €64,440 | +€52,941 | +460% |
| Trade receivables | 40 | €9,041 | €2,635 | -€6,407 | -70.9% |
| Other amounts receivable | 41 | €2,458 | €61,806 | +€59,348 | +2,414% |
| Current investments | 50/53 | €1,200,000 | €900,000 | -€300,000 | -25.0% |
| Cash at bank and in hand | 54/58 | €529,893 | €1,186,249 | +€656,356 | +124% |
| Deferred charges and accrued income | 490/1 | €34,907 | €9,280 | -€25,628 | -73.4% |
| Total equity and liabilities | 10/49 | €2,350,480 | €2,446,034 | +€95,554 | +4.1% |
| Equity | 10/15 | €2,303,956 | €2,228,799 | -€75,157 | -3.3% |
| Reserves | 13 | €2,303,956 | €2,228,799 | -€75,157 | -3.3% |
| Distributable reserves | 133 | €2,303,956 | €2,228,799 | -€75,157 | -3.3% |
| Amounts payable | 17/49 | €46,524 | €217,235 | +€170,711 | +367% |
| Amounts payable within one year | 42/48 | €46,524 | €217,235 | +€170,711 | +367% |
| Trade debts | 44 | €7,666 | €1,984 | -€5,683 | -74.1% |
| Suppliers | 440/4 | €7,666 | €1,984 | -€5,683 | -74.1% |
| Taxes, remuneration and social security | 45 | €6,900 | €15,251 | +€8,351 | +121% |
| Taxes | 450/3 | €6,900 | €15,251 | +€8,351 | +121% |
| Other amounts payable | 47/48 | €31,958 | €200,000 | +€168,042 | +526% |
| Non-recurring operating income | 76A | - | €172,231 | +€172,231 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,516 | €50,686 | -€7,830 | -13.4% |
| Other operating charges | 640/8 | €4,367 | €760 | -€3,607 | -82.6% |
| Gross operating margin | 9900 | €64,952 | €136,409 | +€71,457 | +110% |
| Operating profit (loss) | 9901 | €2,068 | €84,963 | +€82,895 | +4,008% |
| Financial income | 75/76B | €39,988 | €83,106 | +€43,118 | +108% |
| Recurring financial income | 75 | €39,988 | €83,106 | +€43,118 | +108% |
| Financial charges | 65/66B | €2,059 | €1,280 | -€779 | -37.8% |
| Recurring financial charges | 65 | €2,059 | €1,280 | -€779 | -37.8% |
| Profit (loss) for the period before taxes | 9903 | €39,997 | €166,789 | +€126,791 | +317% |
| Income taxes | 67/77 | €13,456 | €41,945 | +€28,489 | +212% |
| Profit (loss) for the period | 9904 | €26,541 | €124,843 | +€98,302 | +370% |
| Profit (loss) for the period to be appropriated | 9905 | €26,541 | €124,843 | +€98,302 | +370% |
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 17 October 2026 via checked.be.