KOEN DEVOS: 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 DEVOS
Largest movements
- Current investments +€1.5m
new in 2025: €1.5m
- Cash -€1.2m
down €1.2m (-65.5%), from €1.8m to €625,631
mainly Current investments (-€1.5m) and Receivables within one year (-€107,082)
- Receivables within one year +€107,082
up €107,082 (+23.0%), from €465,421 to €572,504
of which Other amounts receivable: +€162,572
- Financial fixed assets +€45,000
up €45,000 (+102998.4%), from €44 to €45,044
- Reserves +€405,585
up €405,585 (+16.5%), from €2.5m to €2.9m
of which Distributable reserves: +€407,785
- Tax, wage and social debts +€120,923
up €120,923 (+125.5%), from €96,362 to €217,285
- Trade debts -€83,483
down €83,483 (-65.4%), from €127,617 to €44,134
- Gross operating margin -€91,638
down €91,638 (-12.1%), from €757,415 to €665,777
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 | €3,054,026 | €3,495,919 | +€441,893 | +14.5% |
| Fixed assets | 21/28 | €725,618 | €758,133 | +€32,515 | +4.5% |
| Intangible fixed assets | 21 | €40,948 | €40,948 | = | 0.0% |
| Tangible fixed assets | 22/27 | €684,626 | €672,141 | -€12,485 | -1.8% |
| Land and buildings | 22 | €589,148 | €591,730 | +€2,582 | +0.4% |
| Furniture and vehicles | 24 | €95,478 | €80,411 | -€15,067 | -15.8% |
| Financial fixed assets | 28 | €44 | €45,044 | +€45,000 | +102998.4% |
| Current assets | 29/58 | €2,328,409 | €2,737,786 | +€409,378 | +17.6% |
| Amounts receivable within one year | 40/41 | €465,421 | €572,504 | +€107,082 | +23.0% |
| Trade receivables | 40 | €82,291 | €26,801 | -€55,490 | -67.4% |
| Other amounts receivable | 41 | €383,130 | €545,702 | +€162,572 | +42.4% |
| Current investments | 50/53 | - | €1,500,000 | +€1.5m | |
| Cash at bank and in hand | 54/58 | €1,815,531 | €625,631 | -€1.2m | -65.5% |
| Deferred charges and accrued income | 490/1 | €47,456 | €39,651 | -€7,805 | -16.4% |
| Total equity and liabilities | 10/49 | €3,054,026 | €3,495,919 | +€441,893 | +14.5% |
| Equity | 10/15 | €2,705,728 | €3,111,313 | +€405,585 | +15.0% |
| Contributions | 10/11 | €250,800 | €250,800 | = | 0.0% |
| Reserves | 13 | €2,454,547 | €2,860,132 | +€405,585 | +16.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €39,609 | €37,409 | -€2,200 | -5.6% |
| Distributable reserves | 133 | €2,414,938 | €2,822,723 | +€407,785 | +16.9% |
| Profit (loss) carried forward | 14 | €381 | €381 | +€1 | +0.2% |
| Provisions and deferred taxes | 16 | €122,720 | €121,587 | -€1,133 | -0.9% |
| Provisions for liabilities and charges | 160/5 | €102,325 | €102,325 | = | 0.0% |
| Pensions and similar obligations | 160 | €102,325 | €102,325 | = | 0.0% |
| Deferred taxes | 168 | €20,395 | €19,262 | -€1,133 | -5.6% |
| Amounts payable | 17/49 | €225,578 | €263,018 | +€37,440 | +16.6% |
| Amounts payable within one year | 42/48 | €225,578 | €263,018 | +€37,440 | +16.6% |
| Trade debts | 44 | €127,617 | €44,134 | -€83,483 | -65.4% |
| Suppliers | 440/4 | €127,617 | €44,134 | -€83,483 | -65.4% |
| Taxes, remuneration and social security | 45 | €96,362 | €217,285 | +€120,923 | +125.5% |
| Taxes | 450/3 | €96,362 | €217,285 | +€120,923 | +125.5% |
| Other amounts payable | 47/48 | €1,600 | €1,600 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,416 | €47,020 | +€1,603 | +3.5% |
| Other operating charges | 640/8 | €10,654 | €8,472 | -€2,182 | -20.5% |
| Gross operating margin | 9900 | €757,415 | €665,777 | -€91,638 | -12.1% |
| Operating profit (loss) | 9901 | €701,345 | €610,286 | -€91,059 | -13.0% |
| Financial income | 75/76B | €24,499 | €25,278 | +€779 | +3.2% |
| Recurring financial income | 75 | €24,499 | €25,278 | +€779 | +3.2% |
| Financial charges | 65/66B | €600 | €1,203 | +€603 | +100.5% |
| Recurring financial charges | 65 | €600 | €1,203 | +€603 | +100.5% |
| Profit (loss) for the period before taxes | 9903 | €725,245 | €634,362 | -€90,883 | -12.5% |
| Transfer from deferred taxes | 780 | €1,133 | €1,133 | = | 0.0% |
| Income taxes | 67/77 | €231,059 | €229,909 | -€1,149 | -0.5% |
| Profit (loss) for the period | 9904 | €495,319 | €405,585 | -€89,733 | -18.1% |
| Transfer from tax-exempt reserves | 789 | €2,200 | €2,200 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €497,519 | €407,786 | -€89,733 | -18.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.