Koen De Wolf: 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 Wolf
Largest movements
- Tangible fixed assets -€12,338
down €12,338 (-7.3%), from €168,106 to €155,768
of which Plant, machinery and equipment: -€7,570
- Receivables within one year +€11,006
up €11,006 (+14.6%), from €75,154 to €86,159
of which Other amounts receivable: +€7,020
- Stocks and contracts -€5,209
down €5,209 (-24.6%), from €21,211 to €16,002
- Debts after one year -€18,811
down €18,811 (-53.6%), from €35,070 to €16,259
- Profit (loss) carried forward +€9,511
no longer reported in 2025 (was -€9,511)
- Reserves +€9,030
up €9,030 (+3.5%), from €261,333 to €270,363
of which Distributable reserves: +€9,030
- Accrued charges and deferred income -€7,178
down €7,178 (-25.8%), from €27,856 to €20,679
- Gross operating margin -€17,139
down €17,139 (-28.9%), from €59,373 to €42,234
- Depreciation -€14,926
down €14,926 (-47.7%), from €31,268 to €16,342
- Financial charges -€754
down €754 (-27.7%), from €2,725 to €1,972
- Financial income +€620
up €620 (+19.0%), from €3,269 to €3,889
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 | €355,404 | €348,372 | -€7,032 | -2.0% |
| Fixed assets | 21/28 | €168,106 | €155,768 | -€12,338 | -7.3% |
| Tangible fixed assets | 22/27 | €168,106 | €155,768 | -€12,338 | -7.3% |
| Land and buildings | 22 | €143,504 | €138,736 | -€4,768 | -3.3% |
| Plant, machinery and equipment | 23 | €24,602 | €17,032 | -€7,570 | -30.8% |
| Current assets | 29/58 | €187,298 | €192,604 | +€5,306 | +2.8% |
| Stocks and contracts in progress | 3 | €21,211 | €16,002 | -€5,209 | -24.6% |
| Stocks | 30/36 | €21,211 | €16,002 | -€5,209 | -24.6% |
| Amounts receivable within one year | 40/41 | €75,154 | €86,159 | +€11,006 | +14.6% |
| Trade receivables | 40 | €3,244 | €7,230 | +€3,986 | +123% |
| Other amounts receivable | 41 | €71,909 | €78,929 | +€7,020 | +9.8% |
| Cash at bank and in hand | 54/58 | €90,065 | €89,224 | -€841 | -0.9% |
| Deferred charges and accrued income | 490/1 | €868 | €1,219 | +€351 | +40.5% |
| Total equity and liabilities | 10/49 | €355,404 | €348,372 | -€7,032 | -2.0% |
| Equity | 10/15 | €271,822 | €290,363 | +€18,542 | +6.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €261,333 | €270,363 | +€9,030 | +3.5% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €259,333 | €268,363 | +€9,030 | +3.5% |
| Profit (loss) carried forward | 14 | -€9,511 | - | +€9,511 | |
| Amounts payable | 17/49 | €83,583 | €58,009 | -€25,574 | -30.6% |
| Amounts payable after more than one year | 17 | €35,070 | €16,259 | -€18,811 | -53.6% |
| Financial debts | 170/4 | €35,070 | €16,259 | -€18,811 | -53.6% |
| Amounts payable within one year | 42/48 | €20,657 | €21,072 | +€415 | +2.0% |
| Current portion of amounts payable after more than one year | 42 | €18,077 | €18,811 | +€735 | +4.1% |
| Trade debts | 44 | €1,957 | €2,243 | +€285 | +14.6% |
| Suppliers | 440/4 | €1,957 | €2,243 | +€285 | +14.6% |
| Taxes, remuneration and social security | 45 | €622 | €18 | -€605 | -97.2% |
| Taxes | 450/3 | €622 | €18 | -€605 | -97.2% |
| Accrued charges and deferred income | 492/3 | €27,856 | €20,679 | -€7,178 | -25.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,268 | €16,342 | -€14,926 | -47.7% |
| Other operating charges | 640/8 | €987 | €1,018 | +€31 | +3.1% |
| Gross operating margin | 9900 | €59,373 | €42,234 | -€17,139 | -28.9% |
| Operating profit (loss) | 9901 | €27,118 | €24,873 | -€2,244 | -8.3% |
| Financial income | 75/76B | €3,269 | €3,889 | +€620 | +19.0% |
| Recurring financial income | 75 | €3,269 | €3,889 | +€620 | +19.0% |
| Financial charges | 65/66B | €2,725 | €1,972 | -€754 | -27.7% |
| Recurring financial charges | 65 | €2,725 | €1,972 | -€754 | -27.7% |
| Profit (loss) for the period before taxes | 9903 | €27,661 | €26,791 | -€870 | -3.1% |
| Income taxes | 67/77 | €8,092 | €8,249 | +€157 | +1.9% |
| Profit (loss) for the period | 9904 | €19,570 | €18,542 | -€1,028 | -5.3% |
| Profit (loss) for the period to be appropriated | 9905 | €19,570 | €18,542 | -€1,028 | -5.3% |
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 15 October 2026 via checked.be.