KOEN'S: what changed
Two fiscal 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'S
Largest movements
- Receivables within one year -€69,463
down €69,463 (-19.2%), from €361,615 to €292,152
of which Trade receivables: -€42,629
- Tangible fixed assets -€24,418
down €24,418 (-17.2%), from €142,136 to €117,718
- Cash -€17,738
down €17,738 (-13.0%), from €136,039 to €118,301
mainly Debts after one year (-€65,061) and Other debts (-€50,699)
- Debts after one year -€65,061
down €65,061 (-52.9%), from €122,872 to €57,812
- Other debts -€50,699
down €50,699 (-72.4%), from €70,000 to €19,301
- Trade debts -€36,133
down €36,133 (-33.3%), from €108,401 to €72,268
- Reserves +€19,338
up €19,338 (+41.7%), from €46,408 to €65,746
of which Distributable reserves: +€19,338
- Current portion of long-term debt +€9,934
up €9,934 (+180.5%), from €5,502 to €15,436
- Gross operating margin -€37,832
down €37,832 (-7.1%), from €534,005 to €496,174
- Staff costs +€33,288
up €33,288 (+8.8%), from €378,355 to €411,643
- Taxes -€18,318
down €18,318 (-58.5%), from €31,305 to €12,987
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.
Cash bridge derived
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 | €660,142 | €547,211 | -€112,931 | -17.1% |
| Fixed assets | 21/28 | €142,443 | €118,825 | -€23,618 | -16.6% |
| Tangible fixed assets | 22/27 | €142,136 | €117,718 | -€24,418 | -17.2% |
| Land and buildings | 22 | €14,771 | €9,831 | -€4,940 | -33.4% |
| Plant, machinery and equipment | 23 | €64,557 | €59,518 | -€5,040 | -7.8% |
| Furniture and vehicles | 24 | €11,108 | €6,015 | -€5,092 | -45.8% |
| Other tangible fixed assets | 26 | €51,700 | €42,354 | -€9,346 | -18.1% |
| Financial fixed assets | 28 | €307 | €1,107 | +€800 | +260.5% |
| Current assets | 29/58 | €517,699 | €428,386 | -€89,313 | -17.3% |
| Stocks and contracts in progress | 3 | €15,208 | €16,111 | +€903 | +5.9% |
| Stocks | 30/36 | €15,208 | €16,111 | +€903 | +5.9% |
| Amounts receivable within one year | 40/41 | €361,615 | €292,152 | -€69,463 | -19.2% |
| Trade receivables | 40 | €60,488 | €17,859 | -€42,629 | -70.5% |
| Other amounts receivable | 41 | €301,127 | €274,293 | -€26,834 | -8.9% |
| Cash at bank and in hand | 54/58 | €136,039 | €118,301 | -€17,738 | -13.0% |
| Deferred charges and accrued income | 490/1 | €4,837 | €1,822 | -€3,015 | -62.3% |
| Total equity and liabilities | 10/49 | €660,142 | €547,211 | -€112,931 | -17.1% |
| Equity | 10/15 | €296,408 | €315,746 | +€19,338 | +6.5% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €46,408 | €65,746 | +€19,338 | +41.7% |
| Non-distributable reserves | 130/1 | €3,858 | €3,858 | = | 0.0% |
| Legal reserve | 130 | €3,858 | €3,858 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,496 | €3,496 | = | 0.0% |
| Distributable reserves | 133 | €39,053 | €58,392 | +€19,338 | +49.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €363,735 | €231,465 | -€132,269 | -36.4% |
| Amounts payable after more than one year | 17 | €122,872 | €57,812 | -€65,061 | -52.9% |
| Financial debts | 170/4 | €122,872 | €57,812 | -€65,061 | -52.9% |
| Amounts payable within one year | 42/48 | €240,862 | €173,654 | -€67,209 | -27.9% |
| Current portion of amounts payable after more than one year | 42 | €5,502 | €15,436 | +€9,934 | +180.5% |
| Financial debts | 43 | €23,537 | €23,457 | -€80 | -0.3% |
| Credit institutions | 430/8 | - | €23,457 | +€23,457 | |
| Other loans | 439 | €23,537 | €0 | -€23,537 | -100.0% |
| Trade debts | 44 | €108,401 | €72,268 | -€36,133 | -33.3% |
| Suppliers | 440/4 | €108,401 | €72,268 | -€36,133 | -33.3% |
| Taxes, remuneration and social security | 45 | €33,421 | €43,192 | +€9,770 | +29.2% |
| Taxes | 450/3 | €16,421 | €5,424 | -€10,996 | -67.0% |
| Remuneration and social security | 454/9 | €17,001 | €37,768 | +€20,767 | +122.2% |
| Other amounts payable | 47/48 | €70,000 | €19,301 | -€50,699 | -72.4% |
| Non-recurring operating income | 76A | €1,033 | €0 | -€1,033 | -100.0% |
| Remuneration, social security and pensions | 62 | €378,355 | €411,643 | +€33,288 | +8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,498 | €39,925 | +€3,426 | +9.4% |
| Other operating charges | 640/8 | €8,883 | €4,964 | -€3,918 | -44.1% |
| Gross operating margin | 9900 | €534,005 | €496,174 | -€37,832 | -7.1% |
| Operating profit (loss) | 9901 | €110,270 | €39,642 | -€70,627 | -64.0% |
| Financial income | 75/76B | €1,481 | €11 | -€1,470 | -99.3% |
| Recurring financial income | 75 | €1,481 | €11 | -€1,470 | -99.3% |
| Financial charges | 65/66B | €5,019 | €7,328 | +€2,309 | +46.0% |
| Recurring financial charges | 65 | €5,019 | €7,328 | +€2,309 | +46.0% |
| Profit (loss) for the period before taxes | 9903 | €106,732 | €32,325 | -€74,407 | -69.7% |
| Income taxes | 67/77 | €31,305 | €12,987 | -€18,318 | -58.5% |
| Profit (loss) for the period | 9904 | €75,427 | €19,338 | -€56,089 | -74.4% |
| Profit (loss) for the period to be appropriated | 9905 | €75,427 | €19,338 | -€56,089 | -74.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.