KOEN DE WULF: 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 WULF
Largest movements
- Cash -€114,555
down €114,555 (-88.5%), from €129,379 to €14,825
mainly Current investments (-€40,000) and Investment in fixed assets (net) (-€31,883)
- Current investments +€40,000
new in 2025: €40,000
- Tangible fixed assets +€28,148
up €28,148 (+79.0%), from €35,623 to €63,771
of which Furniture and vehicles: +€29,631
- Deferred charges and accrued income +€2,948
up €2,948 (+677%), from €436 to €3,383
- Reserves -€25,204
down €25,204 (-24.3%), from €103,814 to €78,610
of which Distributable reserves: -€25,204
- Debts after one year -€8,643
down €8,643 (-49.1%), from €17,606 to €8,963
- Other debts -€5,623
down €5,623 (-20.5%), from €27,444 to €21,821
- Profit (loss) carried forward -€3,065
down €3,065, from €0 to -€3,065
- Gross operating margin -€84,016
down €84,016 (-95.1%), from €88,380 to €4,364
- Taxes -€14,203
down €14,203 (-99.0%), from €14,342 to €139
- Depreciation -€8,263
down €8,263 (-70.6%), from €11,699 to €3,436
- Financial charges -€3,746
down €3,746 (-71.0%), from €5,278 to €1,532
- Other operating charges -€1,340
down €1,340 (-53.3%), from €2,516 to €1,176
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 | €165,439 | €123,048 | -€42,391 | -25.6% |
| Fixed assets | 21/28 | €35,624 | €64,071 | +€28,448 | +79.9% |
| Intangible fixed assets | 21 | €1 | €0 | -€1 | -100% |
| Tangible fixed assets | 22/27 | €35,623 | €63,771 | +€28,148 | +79.0% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €5,008 | €1,525 | -€3,483 | -69.5% |
| Furniture and vehicles | 24 | €30,615 | €60,246 | +€29,631 | +96.8% |
| Other tangible fixed assets | 26 | - | €2,000 | +€2,000 | |
| Financial fixed assets | 28 | - | €300 | +€300 | |
| Current assets | 29/58 | €129,815 | €58,977 | -€70,838 | -54.6% |
| Amounts receivable within one year | 40/41 | €0 | €769 | +€769 | |
| Trade receivables | 40 | - | €769 | +€769 | |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | - | €40,000 | +€40,000 | |
| Cash at bank and in hand | 54/58 | €129,379 | €14,825 | -€114,555 | -88.5% |
| Deferred charges and accrued income | 490/1 | €436 | €3,383 | +€2,948 | +677% |
| Total equity and liabilities | 10/49 | €165,439 | €123,048 | -€42,391 | -25.6% |
| Equity | 10/15 | €110,014 | €81,745 | -€28,268 | -25.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €103,814 | €78,610 | -€25,204 | -24.3% |
| Tax-exempt reserves | 132 | €3,928 | €3,928 | = | 0.0% |
| Distributable reserves | 133 | €99,886 | €74,682 | -€25,204 | -25.2% |
| Profit (loss) carried forward | 14 | €0 | -€3,065 | -€3,065 | |
| Amounts payable | 17/49 | €55,425 | €41,303 | -€14,122 | -25.5% |
| Amounts payable after more than one year | 17 | €17,606 | €8,963 | -€8,643 | -49.1% |
| Financial debts | 170/4 | €17,606 | €8,963 | -€8,643 | -49.1% |
| Amounts payable within one year | 42/48 | €37,819 | €32,339 | -€5,480 | -14.5% |
| Current portion of amounts payable after more than one year | 42 | €8,334 | €8,643 | +€309 | +3.7% |
| Trade debts | 44 | €250 | €0 | -€250 | -100% |
| Suppliers | 440/4 | €250 | €0 | -€250 | -100% |
| Taxes, remuneration and social security | 45 | €1,792 | €1,876 | +€84 | +4.7% |
| Taxes | 450/3 | €1,792 | €1,876 | +€84 | +4.7% |
| Other amounts payable | 47/48 | €27,444 | €21,821 | -€5,623 | -20.5% |
| Non-recurring operating income | 76A | €53,395 | €0 | -€53,395 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,699 | €3,436 | -€8,263 | -70.6% |
| Other operating charges | 640/8 | €2,516 | €1,176 | -€1,340 | -53.3% |
| Non-recurring operating charges | 66A | €721 | €10,346 | +€9,624 | +1,334% |
| Gross operating margin | 9900 | €88,380 | €4,364 | -€84,016 | -95.1% |
| Operating profit (loss) | 9901 | €73,443 | -€10,593 | -€84,037 | |
| Financial income | 75/76B | €1,397 | €194 | -€1,203 | -86.1% |
| Recurring financial income | 75 | €1,397 | €194 | -€1,203 | -86.1% |
| Financial charges | 65/66B | €5,278 | €1,532 | -€3,746 | -71.0% |
| Recurring financial charges | 65 | €5,278 | €1,532 | -€3,746 | -71.0% |
| Profit (loss) for the period before taxes | 9903 | €69,562 | -€11,931 | -€81,493 | |
| Income taxes | 67/77 | €14,342 | €139 | -€14,203 | -99.0% |
| Profit (loss) for the period | 9904 | €55,220 | -€12,070 | -€67,290 | |
| Profit (loss) for the period to be appropriated | 9905 | €55,220 | -€12,070 | -€67,290 |
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.