Koen Feys: 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 Feys
Largest movements
- Cash +€30,483
up €30,483 (+29.3%), from €104,068 to €134,551
mainly Net result for the year (+€83,826) and Other debts (+€58,881)
- Stocks and contracts +€25,546
up €25,546 (+80.9%), from €31,577 to €57,123
- Receivables within one year +€24,231
up €24,231 (+49.3%), from €49,123 to €73,354
of which Trade receivables: +€24,812
- Tangible fixed assets -€12,750
down €12,750 (-21.0%), from €60,713 to €47,964
of which Furniture and vehicles: -€10,939
- Current investments +€8,780
up €8,780 (+33.7%), from €26,086 to €34,866
- Other debts +€58,881
up €58,881 (+656%), from €8,975 to €67,856
- Tax, wage and social debts +€23,251
up €23,251 (+602%), from €3,865 to €27,116
of which Taxes: +€19,081
- Reserves +€12,901
up €12,901 (+6.6%), from €194,185 to €207,086
- Trade debts -€9,481
down €9,481 (-56.6%), from €16,756 to €7,275
- Debts after one year -€9,300
down €9,300 (-41.2%), from €22,565 to €13,264
- Gross operating margin +€41,055
up €41,055 (+46.2%), from €88,887 to €129,942
- Taxes +€9,808
up €9,808 (+65.1%), from €15,069 to €24,877
- Depreciation +€2,828
up €2,828 (+27.0%), from €10,461 to €13,289
- Financial charges +€2,078
up €2,078 (+36.5%), from €5,690 to €7,768
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 | €274,348 | €350,447 | +€76,099 | +27.7% |
| Fixed assets | 21/28 | €60,713 | €47,964 | -€12,750 | -21.0% |
| Tangible fixed assets | 22/27 | €60,713 | €47,964 | -€12,750 | -21.0% |
| Land and buildings | 22 | €12,406 | €10,952 | -€1,453 | -11.7% |
| Plant, machinery and equipment | 23 | €2,465 | €2,108 | -€357 | -14.5% |
| Furniture and vehicles | 24 | €45,843 | €34,904 | -€10,939 | -23.9% |
| Current assets | 29/58 | €213,635 | €302,483 | +€88,848 | +41.6% |
| Stocks and contracts in progress | 3 | €31,577 | €57,123 | +€25,546 | +80.9% |
| Stocks | 30/36 | €31,577 | €57,123 | +€25,546 | +80.9% |
| Amounts receivable within one year | 40/41 | €49,123 | €73,354 | +€24,231 | +49.3% |
| Trade receivables | 40 | €29,522 | €54,333 | +€24,812 | +84.0% |
| Other amounts receivable | 41 | €19,601 | €19,020 | -€581 | -3.0% |
| Current investments | 50/53 | €26,086 | €34,866 | +€8,780 | +33.7% |
| Cash at bank and in hand | 54/58 | €104,068 | €134,551 | +€30,483 | +29.3% |
| Deferred charges and accrued income | 490/1 | €2,781 | €2,590 | -€192 | -6.9% |
| Total equity and liabilities | 10/49 | €274,348 | €350,447 | +€76,099 | +27.7% |
| Equity | 10/15 | €212,735 | €225,636 | +€12,901 | +6.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €194,185 | €207,086 | +€12,901 | +6.6% |
| Distributable reserves | 133 | €194,185 | €207,086 | +€12,901 | +6.6% |
| Amounts payable | 17/49 | €61,613 | €124,811 | +€63,198 | +103% |
| Amounts payable after more than one year | 17 | €22,565 | €13,264 | -€9,300 | -41.2% |
| Financial debts | 170/4 | €22,565 | €13,264 | -€9,300 | -41.2% |
| Amounts payable within one year | 42/48 | €39,048 | €111,547 | +€72,499 | +186% |
| Current portion of amounts payable after more than one year | 42 | €9,452 | €9,300 | -€152 | -1.6% |
| Trade debts | 44 | €16,756 | €7,275 | -€9,481 | -56.6% |
| Suppliers | 440/4 | €16,756 | €7,275 | -€9,481 | -56.6% |
| Taxes, remuneration and social security | 45 | €3,865 | €27,116 | +€23,251 | +602% |
| Taxes | 450/3 | €3,865 | €22,946 | +€19,081 | +494% |
| Remuneration and social security | 454/9 | - | €4,170 | +€4,170 | |
| Other amounts payable | 47/48 | €8,975 | €67,856 | +€58,881 | +656% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,461 | €13,289 | +€2,828 | +27.0% |
| Other operating charges | 640/8 | €1,426 | €1,668 | +€242 | +16.9% |
| Gross operating margin | 9900 | €88,887 | €129,942 | +€41,055 | +46.2% |
| Operating profit (loss) | 9901 | €76,999 | €114,985 | +€37,986 | +49.3% |
| Financial income | 75/76B | €207 | €1,485 | +€1,278 | +617% |
| Recurring financial income | 75 | €207 | €1,485 | +€1,278 | +617% |
| Financial charges | 65/66B | €5,690 | €7,768 | +€2,078 | +36.5% |
| Recurring financial charges | 65 | €5,690 | €7,768 | +€2,078 | +36.5% |
| Profit (loss) for the period before taxes | 9903 | €71,516 | €108,702 | +€37,186 | +52.0% |
| Income taxes | 67/77 | €15,069 | €24,877 | +€9,808 | +65.1% |
| Profit (loss) for the period | 9904 | €56,448 | €83,826 | +€27,378 | +48.5% |
| Profit (loss) for the period to be appropriated | 9905 | €56,448 | €83,826 | +€27,378 | +48.5% |
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 16 October 2026 via checked.be.