KOEN DONVIL: 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 DONVIL
Largest movements
- Cash -€1.0m
down €1.0m (-65.8%), from €1.5m to €527,421
mainly Contributions, distributions and other (-€1.6m) and Current investments (-€104,887)
- Current investments +€104,887
up €104,887 (+3.4%), from €3.1m to €3.2m
- Reserves -€916,242
down €916,242 (-20.2%), from €4.5m to €3.6m
of which Non-distributable reserves: -€916,242
- Financial income +€39,578
up €39,578 (+23.3%), from €170,118 to €209,696
- Financial charges +€29,180
up €29,180 (+201%), from €14,523 to €43,703
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 | €4,630,161 | €3,711,657 | -€918,504 | -19.8% |
| Fixed assets | 21/28 | €29,868 | €19,496 | -€10,372 | -34.7% |
| Tangible fixed assets | 22/27 | €29,806 | €19,434 | -€10,372 | -34.8% |
| Plant, machinery and equipment | 23 | €1,106 | €448 | -€658 | -59.5% |
| Furniture and vehicles | 24 | €28,700 | €18,986 | -€9,714 | -33.8% |
| Financial fixed assets | 28 | €62 | €62 | = | 0.0% |
| Current assets | 29/58 | €4,600,293 | €3,692,161 | -€908,132 | -19.7% |
| Amounts receivable within one year | 40/41 | €2,955 | €3,265 | +€310 | +10.5% |
| Trade receivables | 40 | €199 | - | -€199 | |
| Other amounts receivable | 41 | €2,756 | €3,265 | +€509 | +18.5% |
| Current investments | 50/53 | €3,051,480 | €3,156,367 | +€104,887 | +3.4% |
| Cash at bank and in hand | 54/58 | €1,542,959 | €527,421 | -€1.0m | -65.8% |
| Deferred charges and accrued income | 490/1 | €2,898 | €5,108 | +€2,209 | +76.2% |
| Total equity and liabilities | 10/49 | €4,630,161 | €3,711,657 | -€918,504 | -19.8% |
| Equity | 10/15 | €4,546,491 | €3,630,249 | -€916,242 | -20.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €4,533,563 | €3,617,321 | -€916,242 | -20.2% |
| Non-distributable reserves | 130/1 | €4,524,996 | €3,608,755 | -€916,242 | -20.2% |
| Other | 1319 | €4,524,996 | €3,608,755 | -€916,242 | -20.2% |
| Distributable reserves | 133 | €8,567 | €8,567 | = | 0.0% |
| Profit (loss) carried forward | 14 | €528 | €528 | = | 0.0% |
| Amounts payable | 17/49 | €83,670 | €81,407 | -€2,262 | -2.7% |
| Amounts payable within one year | 42/48 | €83,670 | €81,407 | -€2,262 | -2.7% |
| Trade debts | 44 | €1,642 | €265 | -€1,377 | -83.9% |
| Suppliers | 440/4 | €1,642 | €265 | -€1,377 | -83.9% |
| Taxes, remuneration and social security | 45 | €82,028 | €81,142 | -€886 | -1.1% |
| Taxes | 450/3 | €82,028 | €78,327 | -€3,701 | -4.5% |
| Remuneration and social security | 454/9 | - | €2,815 | +€2,815 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,152 | €15,429 | +€277 | +1.8% |
| Other operating charges | 640/8 | €1,065 | €1,099 | +€34 | +3.2% |
| Non-recurring operating charges | 66A | €48 | €63 | +€15 | +32.1% |
| Gross operating margin | 9900 | €784,493 | €784,615 | +€122 | 0.0% |
| Operating profit (loss) | 9901 | €768,227 | €768,023 | -€204 | 0.0% |
| Financial income | 75/76B | €170,118 | €209,696 | +€39,578 | +23.3% |
| Recurring financial income | 75 | €170,118 | €209,696 | +€39,578 | +23.3% |
| Financial charges | 65/66B | €14,523 | €43,703 | +€29,180 | +201% |
| Recurring financial charges | 65 | €14,523 | €43,703 | +€29,180 | +201% |
| Profit (loss) for the period before taxes | 9903 | €923,822 | €934,016 | +€10,194 | +1.1% |
| Income taxes | 67/77 | €291,473 | €283,766 | -€7,706 | -2.6% |
| Profit (loss) for the period | 9904 | €632,349 | €650,250 | +€17,900 | +2.8% |
| Profit (loss) for the period to be appropriated | 9905 | €632,349 | €650,250 | +€17,900 | +2.8% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.