KOEN MAES: 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 MAES
Largest movements
- Cash -€43,247
down €43,247 (-68.4%), from €63,187 to €19,941
mainly Other debts (-€35,123) and Receivables within one year (-€25,719)
- Receivables within one year +€25,719
up €25,719 (+67.2%), from €38,244 to €63,963
of which Trade receivables: +€26,337
- Other debts -€35,123
down €35,123 (-35.8%), from €98,003 to €62,881
- Profit (loss) carried forward +€26,716
up €26,716 (+80.9%), from -€33,020 to -€6,304
- Trade debts -€8,193
down €8,193 (-74.2%), from €11,045 to €2,853
- Accrued charges and deferred income -€1,708
down €1,708 (-95.3%), from €1,792 to €84
- Tax, wage and social debts +€1,308
up €1,308 (+11.5%), from €11,384 to €12,692
- Gross operating margin -€17,754
down €17,754 (-28.4%), from €62,419 to €44,665
- Financial charges -€6,118
down €6,118 (-60.8%), from €10,059 to €3,940
- Depreciation +€1,570
up €1,570 (+721%), from €218 to €1,788
- Taxes -€1,121
down €1,121 (-10.1%), from €11,092 to €9,971
- Financial income +€1,003
up €1,003 (+2,231%), from €45 to €1,048
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 | €109,665 | €92,666 | -€16,999 | -15.5% |
| Fixed assets | 21/28 | €8,234 | €8,762 | +€528 | +6.4% |
| Tangible fixed assets | 22/27 | €8,234 | €8,762 | +€528 | +6.4% |
| Furniture and vehicles | 24 | €8,234 | €8,762 | +€528 | +6.4% |
| Current assets | 29/58 | €101,431 | €83,904 | -€17,527 | -17.3% |
| Amounts receivable within one year | 40/41 | €38,244 | €63,963 | +€25,719 | +67.2% |
| Trade receivables | 40 | €8,566 | €34,903 | +€26,337 | +307% |
| Other amounts receivable | 41 | €29,678 | €29,060 | -€618 | -2.1% |
| Cash at bank and in hand | 54/58 | €63,187 | €19,941 | -€43,247 | -68.4% |
| Total equity and liabilities | 10/49 | €109,665 | €92,666 | -€16,999 | -15.5% |
| Equity | 10/15 | -€12,560 | €14,156 | +€26,716 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€33,020 | -€6,304 | +€26,716 | +80.9% |
| Amounts payable | 17/49 | €122,225 | €78,510 | -€43,715 | -35.8% |
| Amounts payable within one year | 42/48 | €120,433 | €78,425 | -€42,007 | -34.9% |
| Trade debts | 44 | €11,045 | €2,853 | -€8,193 | -74.2% |
| Suppliers | 440/4 | €11,045 | €2,853 | -€8,193 | -74.2% |
| Taxes, remuneration and social security | 45 | €11,384 | €12,692 | +€1,308 | +11.5% |
| Taxes | 450/3 | €11,384 | €12,692 | +€1,308 | +11.5% |
| Other amounts payable | 47/48 | €98,003 | €62,881 | -€35,123 | -35.8% |
| Accrued charges and deferred income | 492/3 | €1,792 | €84 | -€1,708 | -95.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €218 | €1,788 | +€1,570 | +721% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €3,992 | €3,298 | -€693 | -17.4% |
| Gross operating margin | 9900 | €62,419 | €44,665 | -€17,754 | -28.4% |
| Operating profit (loss) | 9901 | €58,210 | €39,579 | -€18,631 | -32.0% |
| Financial income | 75/76B | €45 | €1,048 | +€1,003 | +2,231% |
| Recurring financial income | 75 | €45 | €1,048 | +€1,003 | +2,231% |
| Financial charges | 65/66B | €10,059 | €3,940 | -€6,118 | -60.8% |
| Recurring financial charges | 65 | €10,059 | €3,940 | -€6,118 | -60.8% |
| Profit (loss) for the period before taxes | 9903 | €48,196 | €36,687 | -€11,509 | -23.9% |
| Income taxes | 67/77 | €11,092 | €9,971 | -€1,121 | -10.1% |
| Profit (loss) for the period | 9904 | €37,104 | €26,716 | -€10,388 | -28.0% |
| Transfer from tax-exempt reserves | 789 | €21,050 | €0 | -€21,050 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €58,154 | €26,716 | -€31,438 | -54.1% |
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 15 October 2026 via checked.be.