KOEN ROTSAERT: 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 ROTSAERT
Largest movements
- Tangible fixed assets -€7,668
down €7,668 (-4.5%), from €170,238 to €162,570
of which Land and buildings: -€6,757
- Cash -€6,774
no longer reported in 2025 (was €6,774)
mainly Contributions, distributions and other (-€16,000) and Other debts (-€11,357)
- Receivables within one year -€3,062
down €3,062 (-18.6%), from €16,491 to €13,428
of which Other amounts receivable: -€3,041
- Reserves -€16,000
down €16,000 (-47.8%), from €33,500 to €17,500
- Other debts -€11,357
down €11,357 (-38.0%), from €29,904 to €18,547
- Trade debts +€7,676
up €7,676 (+146%), from €5,246 to €12,922
- Short-term financial debts +€5,999
new in 2025: €5,999
- Profit (loss) carried forward -€3,312
down €3,312, from €2,688 to -€624
- Gross operating margin -€24,051
down €24,051 (-72.3%), from €33,255 to €9,204
- Depreciation -€6,961
down €6,961 (-47.6%), from €14,629 to €7,668
- Taxes -€4,115
down €4,115 (-92.6%), from €4,442 to €328
- Other operating charges -€584
down €584 (-23.0%), from €2,539 to €1,954
- Financial charges -€464
down €464 (-15.2%), from €3,058 to €2,594
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 | €197,753 | €179,573 | -€18,180 | -9.2% |
| Fixed assets | 21/28 | €170,238 | €162,570 | -€7,668 | -4.5% |
| Tangible fixed assets | 22/27 | €170,238 | €162,570 | -€7,668 | -4.5% |
| Land and buildings | 22 | €168,250 | €161,493 | -€6,757 | -4.0% |
| Plant, machinery and equipment | 23 | €1,722 | €1,076 | -€645 | -37.5% |
| Furniture and vehicles | 24 | €266 | - | -€266 | |
| Current assets | 29/58 | €27,515 | €17,003 | -€10,512 | -38.2% |
| Stocks and contracts in progress | 3 | €3,500 | €2,500 | -€1,000 | -28.6% |
| Stocks | 30/36 | €3,500 | €2,500 | -€1,000 | -28.6% |
| Amounts receivable within one year | 40/41 | €16,491 | €13,428 | -€3,062 | -18.6% |
| Trade receivables | 40 | €12,895 | €12,874 | -€22 | -0.2% |
| Other amounts receivable | 41 | €3,595 | €554 | -€3,041 | -84.6% |
| Cash at bank and in hand | 54/58 | €6,774 | - | -€6,774 | |
| Deferred charges and accrued income | 490/1 | €750 | €1,075 | +€325 | +43.3% |
| Total equity and liabilities | 10/49 | €197,753 | €179,573 | -€18,180 | -9.2% |
| Equity | 10/15 | €42,388 | €23,076 | -€19,312 | -45.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €33,500 | €17,500 | -€16,000 | -47.8% |
| Distributable reserves | 133 | €33,500 | €17,500 | -€16,000 | -47.8% |
| Profit (loss) carried forward | 14 | €2,688 | -€624 | -€3,312 | |
| Amounts payable | 17/49 | €155,364 | €156,497 | +€1,132 | +0.7% |
| Amounts payable after more than one year | 17 | €96,879 | €97,021 | +€142 | +0.1% |
| Financial debts | 170/4 | €96,879 | €82,021 | -€14,858 | -15.3% |
| Other amounts payable | 178/9 | - | €15,000 | +€15,000 | |
| Amounts payable within one year | 42/48 | €58,335 | €58,646 | +€311 | +0.5% |
| Current portion of amounts payable after more than one year | 42 | €14,698 | €14,858 | +€160 | +1.1% |
| Financial debts | 43 | - | €5,999 | +€5,999 | |
| Credit institutions | 430/8 | - | €5,999 | +€5,999 | |
| Trade debts | 44 | €5,246 | €12,922 | +€7,676 | +146% |
| Suppliers | 440/4 | €5,246 | €12,922 | +€7,676 | +146% |
| Taxes, remuneration and social security | 45 | €8,487 | €6,320 | -€2,168 | -25.5% |
| Taxes | 450/3 | €8,487 | €6,320 | -€2,168 | -25.5% |
| Other amounts payable | 47/48 | €29,904 | €18,547 | -€11,357 | -38.0% |
| Accrued charges and deferred income | 492/3 | €151 | €830 | +€679 | +451% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,629 | €7,668 | -€6,961 | -47.6% |
| Other operating charges | 640/8 | €2,539 | €1,954 | -€584 | -23.0% |
| Gross operating margin | 9900 | €33,255 | €9,204 | -€24,051 | -72.3% |
| Operating profit (loss) | 9901 | €16,087 | -€418 | -€16,505 | |
| Financial income | 75/76B | €107 | €27 | -€80 | -74.4% |
| Recurring financial income | 75 | €107 | €27 | -€80 | -74.4% |
| Financial charges | 65/66B | €3,058 | €2,594 | -€464 | -15.2% |
| Recurring financial charges | 65 | €3,058 | €2,594 | -€464 | -15.2% |
| Profit (loss) for the period before taxes | 9903 | €13,136 | -€2,984 | -€16,121 | |
| Income taxes | 67/77 | €4,442 | €328 | -€4,115 | -92.6% |
| Profit (loss) for the period | 9904 | €8,694 | -€3,312 | -€12,006 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,694 | -€3,312 | -€12,006 |
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 20 October 2026 via checked.be.