KOEN VAN RHIJN: 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 RHIJN
Largest movements
- Receivables after one year -€134,348
down €134,348 (-87.7%), from €153,124 to €18,775
- Current investments -€45,480
down €45,480 (-10.2%), from €445,696 to €400,216
- Receivables within one year +€35,132
up €35,132 (+148%), from €23,713 to €58,845
of which Trade receivables: +€34,460
- Cash +€24,635
up €24,635 (+46.9%), from €52,524 to €77,159
mainly Receivables after one year (+€134,348) and Net result for the year (+€73,864)
- Tangible fixed assets +€9,585
up €9,585 (+112%), from €8,532 to €18,116
of which Other tangible fixed assets: +€9,979
- Reserves -€111,849
down €111,849 (-17.4%), from €641,404 to €529,555
- Other debts +€13,829
up €13,829 (+72,555%), from €19 to €13,848
- Tax, wage and social debts -€12,500
down €12,500 (-43.4%), from €28,813 to €16,313
- Gross operating margin -€63,430
down €63,430 (-33.1%), from €191,408 to €127,978
- Taxes -€23,899
down €23,899 (-35.2%), from €67,814 to €43,915
- Financial income -€9,885
down €9,885 (-43.9%), from €22,496 to €12,611
- Financial charges +€3,513
up €3,513 (+25.6%), from €13,699 to €17,212
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 | €688,991 | €581,130 | -€107,861 | -15.7% |
| Fixed assets | 21/28 | €8,532 | €18,116 | +€9,585 | +112% |
| Tangible fixed assets | 22/27 | €8,532 | €18,116 | +€9,585 | +112% |
| Furniture and vehicles | 24 | €7,602 | €7,208 | -€394 | -5.2% |
| Other tangible fixed assets | 26 | €930 | €10,909 | +€9,979 | +1,073% |
| Current assets | 29/58 | €680,459 | €563,014 | -€117,446 | -17.3% |
| Amounts receivable after more than one year | 29 | €153,124 | €18,775 | -€134,348 | -87.7% |
| Other amounts receivable | 291 | €153,124 | €18,775 | -€134,348 | -87.7% |
| Amounts receivable within one year | 40/41 | €23,713 | €58,845 | +€35,132 | +148% |
| Trade receivables | 40 | €20,072 | €54,532 | +€34,460 | +172% |
| Other amounts receivable | 41 | €3,641 | €4,313 | +€672 | +18.5% |
| Current investments | 50/53 | €445,696 | €400,216 | -€45,480 | -10.2% |
| Cash at bank and in hand | 54/58 | €52,524 | €77,159 | +€24,635 | +46.9% |
| Deferred charges and accrued income | 490/1 | €5,403 | €8,018 | +€2,616 | +48.4% |
| Total equity and liabilities | 10/49 | €688,991 | €581,130 | -€107,861 | -15.7% |
| Equity | 10/15 | €653,804 | €541,955 | -€111,849 | -17.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €641,404 | €529,555 | -€111,849 | -17.4% |
| Distributable reserves | 133 | €641,404 | €529,555 | -€111,849 | -17.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €35,187 | €39,175 | +€3,988 | +11.3% |
| Amounts payable within one year | 42/48 | €35,187 | €39,175 | +€3,988 | +11.3% |
| Trade debts | 44 | €6,355 | €9,015 | +€2,660 | +41.9% |
| Suppliers | 440/4 | €6,355 | €9,015 | +€2,660 | +41.9% |
| Taxes, remuneration and social security | 45 | €28,813 | €16,313 | -€12,500 | -43.4% |
| Taxes | 450/3 | €28,813 | €16,313 | -€12,500 | -43.4% |
| Other amounts payable | 47/48 | €19 | €13,848 | +€13,829 | +72,555% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,430 | €3,653 | +€1,223 | +50.3% |
| Other operating charges | 640/8 | €1,229 | €1,944 | +€716 | +58.2% |
| Gross operating margin | 9900 | €191,408 | €127,978 | -€63,430 | -33.1% |
| Operating profit (loss) | 9901 | €187,749 | €122,380 | -€65,369 | -34.8% |
| Financial income | 75/76B | €22,496 | €12,611 | -€9,885 | -43.9% |
| Recurring financial income | 75 | €22,496 | €12,611 | -€9,885 | -43.9% |
| Financial charges | 65/66B | €13,699 | €17,212 | +€3,513 | +25.6% |
| Recurring financial charges | 65 | €13,699 | €17,212 | +€3,513 | +25.6% |
| Profit (loss) for the period before taxes | 9903 | €196,546 | €117,779 | -€78,767 | -40.1% |
| Income taxes | 67/77 | €67,814 | €43,915 | -€23,899 | -35.2% |
| Profit (loss) for the period | 9904 | €128,732 | €73,864 | -€54,868 | -42.6% |
| Profit (loss) for the period to be appropriated | 9905 | €128,732 | €73,864 | -€54,868 | -42.6% |
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 23 October 2026 via checked.be.