KOEN SLAETS: 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 SLAETS
Largest movements
- Current investments +€97,503
new in 2025: €97,503
- Receivables within one year -€78,494
down €78,494 (-26.9%), from €292,227 to €213,733
of which Other amounts receivable: -€100,829
- Cash -€21,931
down €21,931 (-72.5%), from €30,255 to €8,324
mainly Current investments (-€97,503) and Debts after one year (-€51,667)
- Tangible fixed assets -€17,613
down €17,613 (-2.4%), from €741,570 to €723,957
of which Land and buildings: -€10,352
- Debts after one year -€51,667
down €51,667 (-9.6%), from €540,805 to €489,139
of which Financial debts: -€51,667
- Reserves +€33,680
up €33,680 (+8.2%), from €408,355 to €442,035
of which Distributable reserves: +€35,540
- Financial income -€10,083
down €10,083 (-45.8%), from €22,025 to €11,942
- Gross operating margin +€6,616
up €6,616 (+5.8%), from €113,105 to €119,721
- Depreciation -€2,665
down €2,665 (-9.6%), from €27,827 to €25,162
- Financial charges +€2,524
up €2,524 (+15.6%), from €16,167 to €18,691
- Taxes +€1,731
up €1,731 (+8.1%), from €21,411 to €23,142
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 | €1,068,222 | €1,045,994 | -€22,229 | -2.1% |
| Fixed assets | 21/28 | €742,050 | €724,437 | -€17,613 | -2.4% |
| Tangible fixed assets | 22/27 | €741,570 | €723,957 | -€17,613 | -2.4% |
| Land and buildings | 22 | €588,063 | €577,711 | -€10,352 | -1.8% |
| Plant, machinery and equipment | 23 | €3,320 | €238 | -€3,082 | -92.8% |
| Furniture and vehicles | 24 | €4,213 | €3,347 | -€867 | -20.6% |
| Other tangible fixed assets | 26 | €145,975 | €142,661 | -€3,313 | -2.3% |
| Financial fixed assets | 28 | €480 | €480 | = | 0.0% |
| Current assets | 29/58 | €326,172 | €321,557 | -€4,615 | -1.4% |
| Amounts receivable within one year | 40/41 | €292,227 | €213,733 | -€78,494 | -26.9% |
| Trade receivables | 40 | €0 | €22,335 | +€22,335 | |
| Other amounts receivable | 41 | €292,227 | €191,398 | -€100,829 | -34.5% |
| Current investments | 50/53 | - | €97,503 | +€97,503 | |
| Cash at bank and in hand | 54/58 | €30,255 | €8,324 | -€21,931 | -72.5% |
| Deferred charges and accrued income | 490/1 | €3,690 | €1,997 | -€1,693 | -45.9% |
| Total equity and liabilities | 10/49 | €1,068,222 | €1,045,994 | -€22,229 | -2.1% |
| Equity | 10/15 | €448,830 | €482,512 | +€33,681 | +7.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €408,355 | €442,035 | +€33,680 | +8.2% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100% |
| Distributable reserves | 133 | €406,495 | €442,035 | +€35,540 | +8.7% |
| Profit (loss) carried forward | 14 | €21,875 | €21,877 | +€1 | 0.0% |
| Amounts payable | 17/49 | €619,392 | €563,482 | -€55,910 | -9.0% |
| Amounts payable after more than one year | 17 | €540,805 | €489,139 | -€51,667 | -9.6% |
| Financial debts | 170/4 | €540,805 | €489,139 | -€51,667 | -9.6% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €78,587 | €74,257 | -€4,330 | -5.5% |
| Current portion of amounts payable after more than one year | 42 | €60,556 | €51,667 | -€8,889 | -14.7% |
| Trade debts | 44 | €784 | €7,348 | +€6,564 | +838% |
| Suppliers | 440/4 | €784 | €7,348 | +€6,564 | +838% |
| Taxes, remuneration and social security | 45 | €17,247 | €15,242 | -€2,005 | -11.6% |
| Taxes | 450/3 | €17,247 | €15,242 | -€2,005 | -11.6% |
| Accrued charges and deferred income | 492/3 | €0 | €87 | +€87 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,827 | €25,162 | -€2,665 | -9.6% |
| Other operating charges | 640/8 | €5,759 | €6,086 | +€327 | +5.7% |
| Gross operating margin | 9900 | €113,105 | €119,721 | +€6,616 | +5.8% |
| Operating profit (loss) | 9901 | €79,519 | €88,473 | +€8,954 | +11.3% |
| Financial income | 75/76B | €22,025 | €11,942 | -€10,083 | -45.8% |
| Recurring financial income | 75 | €22,025 | €11,942 | -€10,083 | -45.8% |
| Financial charges | 65/66B | €16,167 | €18,691 | +€2,524 | +15.6% |
| Recurring financial charges | 65 | €16,167 | €18,691 | +€2,524 | +15.6% |
| Profit (loss) for the period before taxes | 9903 | €85,377 | €81,724 | -€3,653 | -4.3% |
| Income taxes | 67/77 | €21,411 | €23,142 | +€1,731 | +8.1% |
| Profit (loss) for the period | 9904 | €63,965 | €58,581 | -€5,384 | -8.4% |
| Profit (loss) for the period to be appropriated | 9905 | €63,965 | €58,581 | -€5,384 | -8.4% |
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 18 October 2026 via checked.be.