KOEN HEYLEN: 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 HEYLEN
Largest movements
- Receivables within one year -€175,301
down €175,301 (-76.2%), from €229,968 to €54,667
of which Other amounts receivable: -€165,081
- Cash +€164,193
up €164,193 (+161%), from €101,756 to €265,949
mainly Receivables within one year (+€175,301) and Current investments (+€127,744)
- Current investments -€127,744
down €127,744 (-48.7%), from €262,141 to €134,397
- Reserves -€143,200
down €143,200 (-26.6%), from €538,467 to €395,267
of which Distributable reserves: -€143,200
- Tax, wage and social debts +€11,828
up €11,828 (+53.5%), from €22,089 to €33,917
of which Taxes: +€9,528
- Trade debts -€6,975
down €6,975 (-38.3%), from €18,212 to €11,237
- Financial income +€40,055
up €40,055 (+311%), from €12,896 to €52,951
- Taxes +€7,304
up €7,304 (+16.1%), from €45,481 to €52,786
- Staff costs -€3,060
down €3,060 (-95.4%), from €3,208 to €149
- Gross operating margin -€1,882
down €1,882 (-1.4%), from €134,038 to €132,157
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 | €621,953 | €483,672 | -€138,281 | -22.2% |
| Fixed assets | 21/28 | €23,491 | €23,146 | -€345 | -1.5% |
| Tangible fixed assets | 22/27 | €23,446 | €23,101 | -€345 | -1.5% |
| Furniture and vehicles | 24 | €21,902 | €21,557 | -€345 | -1.6% |
| Other tangible fixed assets | 26 | €1,544 | €1,544 | = | 0.0% |
| Financial fixed assets | 28 | €45 | €45 | = | 0.0% |
| Current assets | 29/58 | €598,462 | €460,526 | -€137,936 | -23.0% |
| Amounts receivable within one year | 40/41 | €229,968 | €54,667 | -€175,301 | -76.2% |
| Trade receivables | 40 | €51,758 | €41,538 | -€10,219 | -19.7% |
| Other amounts receivable | 41 | €178,210 | €13,129 | -€165,081 | -92.6% |
| Current investments | 50/53 | €262,141 | €134,397 | -€127,744 | -48.7% |
| Cash at bank and in hand | 54/58 | €101,756 | €265,949 | +€164,193 | +161% |
| Deferred charges and accrued income | 490/1 | €4,597 | €5,512 | +€915 | +19.9% |
| Total equity and liabilities | 10/49 | €621,953 | €483,672 | -€138,281 | -22.2% |
| Equity | 10/15 | €581,652 | €438,452 | -€143,200 | -24.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €538,467 | €395,267 | -€143,200 | -26.6% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €536,612 | €393,412 | -€143,200 | -26.7% |
| Profit (loss) carried forward | 14 | €30,785 | €30,785 | = | 0.0% |
| Amounts payable | 17/49 | €40,301 | €45,220 | +€4,919 | +12.2% |
| Amounts payable within one year | 42/48 | €40,301 | €45,154 | +€4,853 | +12.0% |
| Trade debts | 44 | €18,212 | €11,237 | -€6,975 | -38.3% |
| Suppliers | 440/4 | €18,212 | €11,237 | -€6,975 | -38.3% |
| Taxes, remuneration and social security | 45 | €22,089 | €33,917 | +€11,828 | +53.5% |
| Taxes | 450/3 | €22,089 | €31,617 | +€9,528 | +43.1% |
| Remuneration and social security | 454/9 | - | €2,300 | +€2,300 | |
| Accrued charges and deferred income | 492/3 | - | €66 | +€66 | |
| Remuneration, social security and pensions | 62 | €3,208 | €149 | -€3,060 | -95.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,975 | €7,218 | +€243 | +3.5% |
| Other operating charges | 640/8 | €455 | €233 | -€223 | -48.9% |
| Gross operating margin | 9900 | €134,038 | €132,157 | -€1,882 | -1.4% |
| Operating profit (loss) | 9901 | €123,399 | €124,557 | +€1,158 | +0.9% |
| Financial income | 75/76B | €12,896 | €52,951 | +€40,055 | +311% |
| Recurring financial income | 75 | €12,896 | €52,951 | +€40,055 | +311% |
| Financial charges | 65/66B | €123 | €1,024 | +€901 | +735% |
| Recurring financial charges | 65 | €123 | €1,024 | +€901 | +735% |
| Profit (loss) for the period before taxes | 9903 | €136,173 | €176,485 | +€40,312 | +29.6% |
| Income taxes | 67/77 | €45,481 | €52,786 | +€7,304 | +16.1% |
| Profit (loss) for the period | 9904 | €90,692 | €123,699 | +€33,008 | +36.4% |
| Profit (loss) for the period to be appropriated | 9905 | €90,692 | €123,699 | +€33,008 | +36.4% |
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 28 October 2026 via checked.be.