Koen Van Duyse: 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 Van Duyse
Largest movements
- Receivables within one year +€392,312
up €392,312 (+79.6%), from €492,602 to €884,914
of which Other amounts receivable: +€422,562
- Tangible fixed assets -€81,186
down €81,186 (-2.8%), from €2.9m to €2.8m
of which Land and buildings: -€81,231
- Reserves +€204,138
up €204,138 (+3.9%), from €5.2m to €5.4m
of which Distributable reserves: +€204,138
- Current portion of long-term debt +€116,209
up €116,209 (+152%), from €76,482 to €192,691
- Gross operating margin +€65,816
up €65,816 (+44.5%), from €147,995 to €213,812
- Other operating charges -€44,720
down €44,720 (-85.6%), from €52,219 to €7,499
- Depreciation -€36,753
down €36,753 (-25.2%), from €146,074 to €109,321
- Taxes +€21,907
up €21,907 (+312%), from €7,017 to €28,924
- Financial income +€12,674
up €12,674 (+8.5%), from €149,792 to €162,466
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 | €6,170,241 | €6,502,880 | +€332,639 | +5.4% |
| Fixed assets | 21/28 | €3,651,083 | €3,569,898 | -€81,186 | -2.2% |
| Tangible fixed assets | 22/27 | €2,920,988 | €2,839,802 | -€81,186 | -2.8% |
| Land and buildings | 22 | €2,910,913 | €2,829,681 | -€81,231 | -2.8% |
| Plant, machinery and equipment | 23 | €7,081 | €6,096 | -€985 | -13.9% |
| Furniture and vehicles | 24 | €2,994 | €4,025 | +€1,030 | +34.4% |
| Financial fixed assets | 28 | €730,096 | €730,096 | = | 0.0% |
| Current assets | 29/58 | €2,519,158 | €2,932,982 | +€413,824 | +16.4% |
| Amounts receivable after more than one year | 29 | €2,000,000 | €2,000,000 | = | 0.0% |
| Other amounts receivable | 291 | €2,000,000 | €2,000,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €492,602 | €884,914 | +€392,312 | +79.6% |
| Trade receivables | 40 | €30,250 | €0 | -€30,250 | -100% |
| Other amounts receivable | 41 | €462,352 | €884,914 | +€422,562 | +91.4% |
| Cash at bank and in hand | 54/58 | €12,969 | €34,754 | +€21,785 | +168% |
| Deferred charges and accrued income | 490/1 | €13,587 | €13,314 | -€273 | -2.0% |
| Total equity and liabilities | 10/49 | €6,170,241 | €6,502,880 | +€332,639 | +5.4% |
| Equity | 10/15 | €5,231,006 | €5,435,144 | +€204,138 | +3.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €5,212,456 | €5,416,594 | +€204,138 | +3.9% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €5,210,601 | €5,414,739 | +€204,138 | +3.9% |
| Amounts payable | 17/49 | €939,235 | €1,067,736 | +€128,501 | +13.7% |
| Amounts payable after more than one year | 17 | €769,953 | €793,389 | +€23,437 | +3.0% |
| Financial debts | 170/4 | €769,953 | €793,389 | +€23,437 | +3.0% |
| Amounts payable within one year | 42/48 | €169,282 | €274,004 | +€104,722 | +61.9% |
| Current portion of amounts payable after more than one year | 42 | €76,482 | €192,691 | +€116,209 | +152% |
| Trade debts | 44 | €32,876 | €37,819 | +€4,942 | +15.0% |
| Suppliers | 440/4 | €32,876 | €37,819 | +€4,942 | +15.0% |
| Taxes, remuneration and social security | 45 | €59,924 | €43,495 | -€16,429 | -27.4% |
| Taxes | 450/3 | €59,924 | €43,495 | -€16,429 | -27.4% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | €342 | +€342 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €146,074 | €109,321 | -€36,753 | -25.2% |
| Other operating charges | 640/8 | €52,219 | €7,499 | -€44,720 | -85.6% |
| Gross operating margin | 9900 | €147,995 | €213,812 | +€65,816 | +44.5% |
| Operating profit (loss) | 9901 | -€50,297 | €96,992 | +€147,289 | |
| Financial income | 75/76B | €149,792 | €162,466 | +€12,674 | +8.5% |
| Recurring financial income | 75 | €149,792 | €162,466 | +€12,674 | +8.5% |
| Financial charges | 65/66B | €22,306 | €26,396 | +€4,090 | +18.3% |
| Recurring financial charges | 65 | €22,306 | €26,396 | +€4,090 | +18.3% |
| Profit (loss) for the period before taxes | 9903 | €77,189 | €233,062 | +€155,873 | +202% |
| Income taxes | 67/77 | €7,017 | €28,924 | +€21,907 | +312% |
| Profit (loss) for the period | 9904 | €70,172 | €204,138 | +€133,966 | +191% |
| Profit (loss) for the period to be appropriated | 9905 | €70,172 | €204,138 | +€133,966 | +191% |
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 19 October 2026 via checked.be.