Koen Van Der Steen: what changed
Koen Van Der Steen
Largest movements
- Cash +€66,202
up €66,202 (+34.3%), from €192,897 to €259,099
mainly Other debts (+€175,285) and Net result for the year (+€113,038)
- Receivables within one year -€32,444
down €32,444 (-37.6%), from €86,267 to €53,823
of which Trade receivables: -€35,610
- Current investments -€30,168
down €30,168 (-3.9%), from €764,649 to €734,481
- Other debts +€175,285
up €175,285 (+90.7%), from €193,160 to €368,445
- Reserves -€113,770
down €113,770 (-14.4%), from €792,625 to €678,855
- Tax, wage and social debts -€42,902
down €42,902 (-62.1%), from €69,031 to €26,129
of which Remuneration and social security: -€29,918
- Debts after one year -€22,325
down €22,325 (-22.9%), from €97,349 to €75,024
- Trade debts +€12,829
up €12,829 (+173%), from €7,436 to €20,265
- Gross operating margin -€40,760
down €40,760 (-10.0%), from €406,439 to €365,679
- Taxes +€9,122
up €9,122 (+22.9%), from €39,822 to €48,944
- Staff costs -€9,051
down €9,051 (-5.3%), from €171,105 to €162,053
- Financial charges +€4,718
up €4,718 (+98.4%), from €4,797 to €9,514
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 | €1,180,969 | €1,193,804 | +€12,835 | +1.1% |
| Fixed assets | 21/28 | €137,155 | €146,401 | +€9,246 | +6.7% |
| Tangible fixed assets | 22/27 | €137,155 | €146,401 | +€9,246 | +6.7% |
| Land and buildings | 22 | €58,014 | €46,411 | -€11,603 | -20.0% |
| Plant, machinery and equipment | 23 | €50,628 | €40,466 | -€10,162 | -20.1% |
| Furniture and vehicles | 24 | €5,508 | €12,751 | +€7,242 | +131% |
| Other tangible fixed assets | 26 | €23,005 | €46,773 | +€23,768 | +103% |
| Current assets | 29/58 | €1,043,813 | €1,047,403 | +€3,589 | +0.3% |
| Amounts receivable within one year | 40/41 | €86,267 | €53,823 | -€32,444 | -37.6% |
| Trade receivables | 40 | €43,708 | €8,098 | -€35,610 | -81.5% |
| Other amounts receivable | 41 | €42,560 | €45,725 | +€3,166 | +7.4% |
| Current investments | 50/53 | €764,649 | €734,481 | -€30,168 | -3.9% |
| Cash at bank and in hand | 54/58 | €192,897 | €259,099 | +€66,202 | +34.3% |
| Total equity and liabilities | 10/49 | €1,180,969 | €1,193,804 | +€12,835 | +1.1% |
| Equity | 10/15 | €792,847 | €679,077 | -€113,770 | -14.3% |
| Reserves | 13 | €792,625 | €678,855 | -€113,770 | -14.4% |
| Distributable reserves | 133 | €792,625 | €678,855 | -€113,770 | -14.4% |
| Profit (loss) carried forward | 14 | €222 | €222 | +€0 | +0.2% |
| Amounts payable | 17/49 | €388,122 | €514,726 | +€126,604 | +32.6% |
| Amounts payable after more than one year | 17 | €97,349 | €75,024 | -€22,325 | -22.9% |
| Financial debts | 170/4 | €97,349 | €75,024 | -€22,325 | -22.9% |
| Amounts payable within one year | 42/48 | €288,234 | €437,164 | +€148,930 | +51.7% |
| Current portion of amounts payable after more than one year | 42 | €18,607 | €22,325 | +€3,718 | +20.0% |
| Trade debts | 44 | €7,436 | €20,265 | +€12,829 | +173% |
| Suppliers | 440/4 | €7,436 | €20,265 | +€12,829 | +173% |
| Taxes, remuneration and social security | 45 | €69,031 | €26,129 | -€42,902 | -62.1% |
| Taxes | 450/3 | €39,113 | €26,129 | -€12,985 | -33.2% |
| Remuneration and social security | 454/9 | €29,918 | €0 | -€29,918 | -100% |
| Other amounts payable | 47/48 | €193,160 | €368,445 | +€175,285 | +90.7% |
| Accrued charges and deferred income | 492/3 | €2,539 | €2,539 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €171,105 | €162,053 | -€9,051 | -5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,425 | €31,479 | +€2,054 | +7.0% |
| Other operating charges | 640/8 | €7,535 | €8,033 | +€498 | +6.6% |
| Gross operating margin | 9900 | €406,439 | €365,679 | -€40,760 | -10.0% |
| Operating profit (loss) | 9901 | €198,374 | €164,114 | -€34,260 | -17.3% |
| Financial income | 75/76B | €7,113 | €7,382 | +€269 | +3.8% |
| Recurring financial income | 75 | €7,113 | €7,382 | +€269 | +3.8% |
| Financial charges | 65/66B | €4,797 | €9,514 | +€4,718 | +98.4% |
| Recurring financial charges | 65 | €4,797 | €9,514 | +€4,718 | +98.4% |
| Profit (loss) for the period before taxes | 9903 | €200,691 | €161,981 | -€38,709 | -19.3% |
| Income taxes | 67/77 | €39,822 | €48,944 | +€9,122 | +22.9% |
| Profit (loss) for the period | 9904 | €160,869 | €113,038 | -€47,831 | -29.7% |
| Profit (loss) for the period to be appropriated | 9905 | €160,869 | €113,038 | -€47,831 | -29.7% |
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 8 November 2026 via checked.be.