Koen Linders: 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 Linders
Largest movements
- Cash +€83,078
up €83,078 (+247%), from €33,606 to €116,684
mainly Net result for the year (+€45,351) and Current investments (+€35,000)
- Current investments -€35,000
down €35,000 (-100%), from €35,000 to €0
- Receivables within one year +€4,390
up €4,390 (+36.1%), from €12,150 to €16,541
- Tangible fixed assets -€3,593
down €3,593 (-16.3%), from €21,991 to €18,398
of which Other tangible fixed assets: -€2,008
- Profit (loss) carried forward +€45,351
up €45,351 (+107%), from €42,514 to €87,865
- Tax, wage and social debts +€2,517
up €2,517 (+14.4%), from €17,536 to €20,052
- Gross operating margin +€3,401
up €3,401 (+5.8%), from €59,077 to €62,478
- Financial income +€1,554
up €1,554 (+95,929%), from €2 to €1,556
- Taxes +€1,284
up €1,284 (+11.0%), from €11,676 to €12,961
- Depreciation +€1,007
up €1,007 (+39.0%), from €2,585 to €3,593
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 | €102,747 | €151,622 | +€48,875 | +47.6% |
| Fixed assets | 21/28 | €21,991 | €18,398 | -€3,593 | -16.3% |
| Tangible fixed assets | 22/27 | €21,991 | €18,398 | -€3,593 | -16.3% |
| Plant, machinery and equipment | 23 | €6,304 | €4,719 | -€1,584 | -25.1% |
| Other tangible fixed assets | 26 | €15,687 | €13,679 | -€2,008 | -12.8% |
| Current assets | 29/58 | €80,756 | €133,224 | +€52,468 | +65.0% |
| Amounts receivable within one year | 40/41 | €12,150 | €16,541 | +€4,390 | +36.1% |
| Trade receivables | 40 | €12,150 | €16,541 | +€4,390 | +36.1% |
| Current investments | 50/53 | €35,000 | €0 | -€35,000 | -100% |
| Cash at bank and in hand | 54/58 | €33,606 | €116,684 | +€83,078 | +247% |
| Total equity and liabilities | 10/49 | €102,747 | €151,622 | +€48,875 | +47.6% |
| Equity | 10/15 | €75,464 | €120,815 | +€45,351 | +60.1% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €31,450 | €31,450 | = | 0.0% |
| Distributable reserves | 133 | €31,450 | €31,450 | = | 0.0% |
| Profit (loss) carried forward | 14 | €42,514 | €87,865 | +€45,351 | +107% |
| Amounts payable | 17/49 | €27,283 | €30,807 | +€3,524 | +12.9% |
| Amounts payable within one year | 42/48 | €27,283 | €30,807 | +€3,524 | +12.9% |
| Trade debts | 44 | €1,769 | €2,240 | +€472 | +26.7% |
| Suppliers | 440/4 | €1,769 | €2,240 | +€472 | +26.7% |
| Taxes, remuneration and social security | 45 | €17,536 | €20,052 | +€2,517 | +14.4% |
| Taxes | 450/3 | €17,536 | €20,052 | +€2,517 | +14.4% |
| Other amounts payable | 47/48 | €7,979 | €8,514 | +€536 | +6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,585 | €3,593 | +€1,007 | +39.0% |
| Other operating charges | 640/8 | €149 | €182 | +€32 | +21.8% |
| Gross operating margin | 9900 | €59,077 | €62,478 | +€3,401 | +5.8% |
| Operating profit (loss) | 9901 | €56,342 | €58,703 | +€2,361 | +4.2% |
| Financial income | 75/76B | €2 | €1,556 | +€1,554 | +95,929% |
| Recurring financial income | 75 | €2 | €1,556 | +€1,554 | +95,929% |
| Financial charges | 65/66B | €2,208 | €1,947 | -€261 | -11.8% |
| Recurring financial charges | 65 | €2,208 | €1,947 | -€261 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | €54,136 | €58,312 | +€4,176 | +7.7% |
| Income taxes | 67/77 | €11,676 | €12,961 | +€1,284 | +11.0% |
| Profit (loss) for the period | 9904 | €42,459 | €45,351 | +€2,892 | +6.8% |
| Profit (loss) for the period to be appropriated | 9905 | €42,459 | €45,351 | +€2,892 | +6.8% |
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 19 October 2026 via checked.be.