Koen Magnus: what changed
Koen Magnus
Largest movements
- Cash +€56,025
up €56,025 (+7.3%), from €764,475 to €820,500
mainly Current portion of long-term debt (+€330,167) and Net result for the year (+€272,784)
- Receivables within one year +€52,310
up €52,310 (+29.8%), from €175,730 to €228,040
of which Trade receivables: +€31,014
- Receivables after one year +€34,000
up €34,000 (+7.1%), from €476,000 to €510,000
- Tangible fixed assets +€26,954
up €26,954 (+164%), from €16,410 to €43,364
of which Furniture and vehicles: +€28,401
- Current portion of long-term debt +€330,167
new in 2025: €330,167
- Short-term financial debts -€293,247
down €293,247 (-98.2%), from €298,767 to €5,520
- Profit (loss) carried forward +€272,784
up €272,784 (+74.4%), from €366,845 to €639,629
- Tax, wage and social debts -€141,699
down €141,699 (-96.7%), from €146,539 to €4,839
of which Taxes: -€146,539
- Gross operating margin +€71,773
up €71,773 (+22.0%), from €326,381 to €398,154
- Other operating charges +€21,680
new in 2025: €21,680
- Financial charges -€18,706
down €18,706 (-92.7%), from €20,185 to €1,478
- Taxes +€7,718
up €7,718 (+9.5%), from €81,095 to €88,813
- Depreciation +€7,063
up €7,063 (+522%), from €1,354 to €8,417
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,518,835 | €1,688,481 | +€169,646 | +11.2% |
| Fixed assets | 21/28 | €96,454 | €123,408 | +€26,954 | +27.9% |
| Tangible fixed assets | 22/27 | €16,410 | €43,364 | +€26,954 | +164% |
| Plant, machinery and equipment | 23 | €12,058 | €10,611 | -€1,447 | -12.0% |
| Furniture and vehicles | 24 | €4,352 | €32,753 | +€28,401 | +653% |
| Financial fixed assets | 28 | €80,043 | €80,043 | = | 0.0% |
| Current assets | 29/58 | €1,422,381 | €1,565,073 | +€142,692 | +10.0% |
| Amounts receivable after more than one year | 29 | €476,000 | €510,000 | +€34,000 | +7.1% |
| Other amounts receivable | 291 | €476,000 | €510,000 | +€34,000 | +7.1% |
| Amounts receivable within one year | 40/41 | €175,730 | €228,040 | +€52,310 | +29.8% |
| Trade receivables | 40 | €165,900 | €196,914 | +€31,014 | +18.7% |
| Other amounts receivable | 41 | €9,830 | €31,126 | +€21,296 | +217% |
| Cash at bank and in hand | 54/58 | €764,475 | €820,500 | +€56,025 | +7.3% |
| Deferred charges and accrued income | 490/1 | €6,176 | €6,533 | +€357 | +5.8% |
| Total equity and liabilities | 10/49 | €1,518,835 | €1,688,481 | +€169,646 | +11.2% |
| Equity | 10/15 | €967,845 | €1,240,629 | +€272,784 | +28.2% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €571,000 | €571,000 | = | 0.0% |
| Distributable reserves | 133 | €571,000 | €571,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €366,845 | €639,629 | +€272,784 | +74.4% |
| Amounts payable | 17/49 | €550,990 | €447,852 | -€103,139 | -18.7% |
| Amounts payable within one year | 42/48 | €535,160 | €430,645 | -€104,515 | -19.5% |
| Current portion of amounts payable after more than one year | 42 | - | €330,167 | +€330,167 | |
| Financial debts | 43 | €298,767 | €5,520 | -€293,247 | -98.2% |
| Other loans | 439 | €298,767 | €5,520 | -€293,247 | -98.2% |
| Trade debts | 44 | €89,855 | €90,119 | +€264 | +0.3% |
| Suppliers | 440/4 | €89,855 | €90,119 | +€264 | +0.3% |
| Taxes, remuneration and social security | 45 | €146,539 | €4,839 | -€141,699 | -96.7% |
| Taxes | 450/3 | €146,539 | - | -€146,539 | |
| Remuneration and social security | 454/9 | - | €4,839 | +€4,839 | |
| Accrued charges and deferred income | 492/3 | €15,830 | €17,207 | +€1,377 | +8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,354 | €8,417 | +€7,063 | +522% |
| Other operating charges | 640/8 | - | €21,680 | +€21,680 | |
| Non-recurring operating charges | 66A | - | €16,437 | +€16,437 | |
| Gross operating margin | 9900 | €326,381 | €398,154 | +€71,773 | +22.0% |
| Operating profit (loss) | 9901 | €325,027 | €351,620 | +€26,593 | +8.2% |
| Financial income | 75/76B | €9,738 | €11,456 | +€1,718 | +17.6% |
| Recurring financial income | 75 | €9,738 | €11,456 | +€1,718 | +17.6% |
| Financial charges | 65/66B | €20,185 | €1,478 | -€18,706 | -92.7% |
| Recurring financial charges | 65 | €20,185 | €1,478 | -€18,706 | -92.7% |
| Profit (loss) for the period before taxes | 9903 | €314,580 | €361,597 | +€47,017 | +14.9% |
| Income taxes | 67/77 | €81,095 | €88,813 | +€7,718 | +9.5% |
| Profit (loss) for the period | 9904 | €233,486 | €272,784 | +€39,299 | +16.8% |
| Profit (loss) for the period to be appropriated | 9905 | €233,486 | €272,784 | +€39,299 | +16.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.