Koen Segers: what changed
Koen Segers
Largest movements
- Tangible fixed assets +€43,368
up €43,368 (+49.9%), from €86,960 to €130,329
of which Furniture and vehicles: +€117,745
- Receivables within one year -€30,877
down €30,877 (-45.5%), from €67,922 to €37,045
of which Trade receivables: -€29,299
- Deferred charges and accrued income -€7,248
down €7,248 (-58.8%), from €12,330 to €5,082
- Cash -€6,088
down €6,088 (-17.6%), from €34,645 to €28,557
mainly Contributions, distributions and other (-€83,050) and Investment in fixed assets (net) (-€57,326)
- Profit (loss) carried forward +€39,771
up €39,771 (+47.9%), from €83,050 to €122,822
- Debts after one year -€37,984
no longer reported in 2025 (was €37,984)
- Advances received -€22,850
down €22,850 (-91.3%), from €25,025 to €2,175
- Other debts +€21,330
up €21,330 (+505%), from €4,224 to €25,554
- Current portion of long-term debt -€11,135
no longer reported in 2025 (was €11,135)
- Gross operating margin +€29,444
up €29,444 (+19.3%), from €152,452 to €181,896
- Financial income -€11,021
down €11,021 (-98.2%), from €11,218 to €197
of which Non-recurring financial income: -€10,131
- Depreciation -€7,125
down €7,125 (-33.8%), from €21,083 to €13,957
- Taxes +€6,927
up €6,927 (+22.3%), from €31,054 to €37,980
- Other operating charges -€2,939
down €2,939 (-48.5%), from €6,054 to €3,115
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 | €201,858 | €201,013 | -€844 | -0.4% |
| Fixed assets | 21/28 | €86,960 | €130,329 | +€43,368 | +49.9% |
| Tangible fixed assets | 22/27 | €86,960 | €130,329 | +€43,368 | +49.9% |
| Plant, machinery and equipment | 23 | €1,395 | €1,053 | -€342 | -24.5% |
| Furniture and vehicles | 24 | €11,531 | €129,276 | +€117,745 | +1,021% |
| Leasing and similar rights | 25 | €74,034 | - | -€74,034 | |
| Current assets | 29/58 | €114,897 | €70,685 | -€44,213 | -38.5% |
| Amounts receivable within one year | 40/41 | €67,922 | €37,045 | -€30,877 | -45.5% |
| Trade receivables | 40 | €58,829 | €29,530 | -€29,299 | -49.8% |
| Other amounts receivable | 41 | €9,093 | €7,516 | -€1,578 | -17.4% |
| Cash at bank and in hand | 54/58 | €34,645 | €28,557 | -€6,088 | -17.6% |
| Deferred charges and accrued income | 490/1 | €12,330 | €5,082 | -€7,248 | -58.8% |
| Total equity and liabilities | 10/49 | €201,858 | €201,013 | -€844 | -0.4% |
| Equity | 10/15 | €108,992 | €148,763 | +€39,771 | +36.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €7,342 | €7,342 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €5,482 | €5,482 | = | 0.0% |
| Profit (loss) carried forward | 14 | €83,050 | €122,822 | +€39,771 | +47.9% |
| Amounts payable | 17/49 | €92,865 | €52,250 | -€40,616 | -43.7% |
| Amounts payable after more than one year | 17 | €37,984 | - | -€37,984 | |
| Financial debts | 170/4 | €37,984 | - | -€37,984 | |
| Amounts payable within one year | 42/48 | €54,881 | €52,250 | -€2,631 | -4.8% |
| Current portion of amounts payable after more than one year | 42 | €11,135 | - | -€11,135 | |
| Trade debts | 44 | €6,935 | €10,087 | +€3,152 | +45.5% |
| Suppliers | 440/4 | €6,935 | €10,087 | +€3,152 | +45.5% |
| Advances received on contracts in progress | 46 | €25,025 | €2,175 | -€22,850 | -91.3% |
| Taxes, remuneration and social security | 45 | €7,563 | €14,433 | +€6,871 | +90.9% |
| Taxes | 450/3 | €7,563 | €11,133 | +€3,571 | +47.2% |
| Remuneration and social security | 454/9 | - | €3,300 | +€3,300 | |
| Other amounts payable | 47/48 | €4,224 | €25,554 | +€21,330 | +505% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,083 | €13,957 | -€7,125 | -33.8% |
| Other operating charges | 640/8 | €6,054 | €3,115 | -€2,939 | -48.5% |
| Gross operating margin | 9900 | €152,452 | €181,896 | +€29,444 | +19.3% |
| Operating profit (loss) | 9901 | €125,315 | €164,823 | +€39,509 | +31.5% |
| Financial income | 75/76B | €11,218 | €197 | -€11,021 | -98.2% |
| Recurring financial income | 75 | €1,087 | €197 | -€889 | -81.8% |
| Non-recurring financial income | 76B | €10,131 | - | -€10,131 | |
| Financial charges | 65/66B | €3,331 | €4,218 | +€888 | +26.7% |
| Recurring financial charges | 65 | €3,331 | €4,218 | +€888 | +26.7% |
| Profit (loss) for the period before taxes | 9903 | €133,202 | €160,802 | +€27,600 | +20.7% |
| Income taxes | 67/77 | €31,054 | €37,980 | +€6,927 | +22.3% |
| Profit (loss) for the period | 9904 | €102,148 | €122,822 | +€20,673 | +20.2% |
| Profit (loss) for the period to be appropriated | 9905 | €102,148 | €122,822 | +€20,673 | +20.2% |
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 4 November 2026 via checked.be.