KOEN STICKER: 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 STICKER
Largest movements
- Tangible fixed assets -€1.2m
down €1.2m (-29.1%), from €4.2m to €3.0m
of which Land and buildings: -€1.2m
- Cash -€354,976
down €354,976 (-17.1%), from €2.1m to €1.7m
mainly Contributions, distributions and other (-€2.3m) and Current portion of long-term debt (-€519,048)
- Reserves -€1.7m
down €1.7m (-43.9%), from €3.9m to €2.2m
of which Distributable reserves: -€1.7m
- Debts after one year +€888,982
up €888,982 (+71.0%), from €1.3m to €2.1m
- Current portion of long-term debt -€519,048
down €519,048 (-83.4%), from €622,565 to €103,518
- Other debts -€153,272
down €153,272 (-30.6%), from €500,832 to €347,560
- Gross operating margin -€386,571
down €386,571 (-31.9%), from €1.2m to €826,002
- Taxes -€91,929
down €91,929 (-34.1%), from €269,288 to €177,359
- Other operating charges -€26,366
down €26,366 (-40.5%), from €65,099 to €38,734
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 | €6,539,382 | €4,961,234 | -€1.6m | -24.1% |
| Fixed assets | 21/28 | €4,207,198 | €2,981,564 | -€1.2m | -29.1% |
| Tangible fixed assets | 22/27 | €4,207,198 | €2,981,564 | -€1.2m | -29.1% |
| Land and buildings | 22 | €4,193,843 | €2,974,887 | -€1.2m | -29.1% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €13,355 | €6,678 | -€6,678 | -50.0% |
| Current assets | 29/58 | €2,332,184 | €1,979,670 | -€352,514 | -15.1% |
| Amounts receivable within one year | 40/41 | €1,836 | €323 | -€1,512 | -82.4% |
| Trade receivables | 40 | €1,533 | €0 | -€1,533 | -100% |
| Other amounts receivable | 41 | €302 | €323 | +€21 | +7.0% |
| Current investments | 50/53 | €248,089 | €259,285 | +€11,196 | +4.5% |
| Cash at bank and in hand | 54/58 | €2,070,470 | €1,715,494 | -€354,976 | -17.1% |
| Deferred charges and accrued income | 490/1 | €11,790 | €4,568 | -€7,222 | -61.3% |
| Total equity and liabilities | 10/49 | €6,539,382 | €4,961,234 | -€1.6m | -24.1% |
| Equity | 10/15 | €4,023,432 | €2,291,868 | -€1.7m | -43.0% |
| Contributions | 10/11 | €78,600 | €78,600 | = | 0.0% |
| Reserves | 13 | €3,944,832 | €2,213,268 | -€1.7m | -43.9% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €3,944,832 | €2,213,268 | -€1.7m | -43.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,515,950 | €2,669,366 | +€153,417 | +6.1% |
| Amounts payable after more than one year | 17 | €1,252,626 | €2,141,608 | +€888,982 | +71.0% |
| Financial debts | 170/4 | €1,252,626 | €2,141,608 | +€888,982 | +71.0% |
| Amounts payable within one year | 42/48 | €1,260,329 | €527,758 | -€732,572 | -58.1% |
| Current portion of amounts payable after more than one year | 42 | €622,565 | €103,518 | -€519,048 | -83.4% |
| Financial debts | 43 | - | €602 | +€602 | |
| Credit institutions | 430/8 | - | €602 | +€602 | |
| Trade debts | 44 | €40,859 | €18,723 | -€22,136 | -54.2% |
| Suppliers | 440/4 | €40,859 | €18,723 | -€22,136 | -54.2% |
| Taxes, remuneration and social security | 45 | €96,073 | €57,355 | -€38,717 | -40.3% |
| Taxes | 450/3 | €96,073 | €57,355 | -€38,717 | -40.3% |
| Other amounts payable | 47/48 | €500,832 | €347,560 | -€153,272 | -30.6% |
| Accrued charges and deferred income | 492/3 | €2,994 | €0 | -€2,994 | -100% |
| Non-recurring operating income | 76A | €0 | €82,056 | +€82,056 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,769 | €49,375 | -€11,394 | -18.8% |
| Other operating charges | 640/8 | €65,099 | €38,734 | -€26,366 | -40.5% |
| Gross operating margin | 9900 | €1,212,573 | €826,002 | -€386,571 | -31.9% |
| Operating profit (loss) | 9901 | €1,086,704 | €737,894 | -€348,811 | -32.1% |
| Financial income | 75/76B | €48,441 | €46,363 | -€2,078 | -4.3% |
| Recurring financial income | 75 | €48,441 | €46,363 | -€2,078 | -4.3% |
| Financial charges | 65/66B | €44,027 | €38,462 | -€5,565 | -12.6% |
| Recurring financial charges | 65 | €44,027 | €38,462 | -€5,565 | -12.6% |
| Profit (loss) for the period before taxes | 9903 | €1,091,119 | €745,795 | -€345,324 | -31.6% |
| Income taxes | 67/77 | €269,288 | €177,359 | -€91,929 | -34.1% |
| Profit (loss) for the period | 9904 | €821,831 | €568,436 | -€253,395 | -30.8% |
| Transfer from tax-exempt reserves | 789 | €33,807 | €0 | -€33,807 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €855,638 | €568,436 | -€287,202 | -33.6% |
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 14 October 2026 via checked.be.