Koen Dercon: what changed
Two fiscal 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 Dercon
Largest movements
- Cash +€15,142
up €15,142 (+27.2%), from €55,730 to €70,872
mainly Net result for the year (+€13,379) and Stocks and contracts (+€8,934)
- Stocks and contracts -€8,934
down €8,934 (-53.8%), from €16,605 to €7,671
- Receivables within one year +€7,755
up €7,755 (+41.6%), from €18,621 to €26,376
of which Trade receivables: +€14,551
- Reserves +€13,379
up €13,379 (+20.9%), from €64,030 to €77,410
- Tax, wage and social debts +€5,810
up €5,810, from €0 to €5,810
- Trade debts -€3,701
down €3,701 (-100.0%), from €3,701 to €0
- Other debts -€1,092
down €1,092 (-17.6%), from €6,194 to €5,102
- Gross operating margin +€22,179
up €22,179, from -€2,581 to €19,598
- Taxes +€5,454
new in 2025: €5,454
- Depreciation -€229
down €229 (-35.0%), from €655 to €426
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.
Cash bridge derived
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 | €92,525 | €106,921 | +€14,396 | +15.6% |
| Fixed assets | 21/28 | €1,416 | €990 | -€426 | -30.1% |
| Tangible fixed assets | 22/27 | €991 | €565 | -€426 | -43.0% |
| Plant, machinery and equipment | 23 | €991 | €565 | -€426 | -43.0% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €425 | €425 | = | 0.0% |
| Current assets | 29/58 | €91,109 | €105,931 | +€14,822 | +16.3% |
| Stocks and contracts in progress | 3 | €16,605 | €7,671 | -€8,934 | -53.8% |
| Stocks | 30/36 | €16,605 | €7,671 | -€8,934 | -53.8% |
| Amounts receivable within one year | 40/41 | €18,621 | €26,376 | +€7,755 | +41.6% |
| Trade receivables | 40 | €10,304 | €24,855 | +€14,551 | +141.2% |
| Other amounts receivable | 41 | €8,317 | €1,521 | -€6,796 | -81.7% |
| Cash at bank and in hand | 54/58 | €55,730 | €70,872 | +€15,142 | +27.2% |
| Deferred charges and accrued income | 490/1 | €154 | €1,013 | +€859 | +559.0% |
| Total equity and liabilities | 10/49 | €92,525 | €106,921 | +€14,396 | +15.6% |
| Equity | 10/15 | €82,630 | €96,010 | +€13,379 | +16.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €64,030 | €77,410 | +€13,379 | +20.9% |
| Distributable reserves | 133 | €64,030 | €77,410 | +€13,379 | +20.9% |
| Amounts payable | 17/49 | €9,895 | €10,912 | +€1,017 | +10.3% |
| Amounts payable within one year | 42/48 | €9,895 | €10,912 | +€1,017 | +10.3% |
| Trade debts | 44 | €3,701 | €0 | -€3,701 | -100.0% |
| Suppliers | 440/4 | €3,701 | €0 | -€3,701 | -100.0% |
| Taxes, remuneration and social security | 45 | €0 | €5,810 | +€5,810 | |
| Taxes | 450/3 | €0 | €5,810 | +€5,810 | |
| Other amounts payable | 47/48 | €6,194 | €5,102 | -€1,092 | -17.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €655 | €426 | -€229 | -35.0% |
| Other operating charges | 640/8 | €840 | €699 | -€141 | -16.7% |
| Gross operating margin | 9900 | -€2,581 | €19,598 | +€22,179 | |
| Operating profit (loss) | 9901 | -€4,076 | €18,473 | +€22,549 | |
| Financial income | 75/76B | €497 | €526 | +€29 | +5.8% |
| Recurring financial income | 75 | €497 | €526 | +€29 | +5.8% |
| Financial charges | 65/66B | €69 | €166 | +€97 | +141.3% |
| Recurring financial charges | 65 | €69 | €166 | +€97 | +141.3% |
| Profit (loss) for the period before taxes | 9903 | -€3,648 | €18,833 | +€22,481 | |
| Income taxes | 67/77 | - | €5,454 | +€5,454 | |
| Profit (loss) for the period | 9904 | -€3,648 | €13,379 | +€17,027 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,648 | €13,379 | +€17,027 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.