KOEN VANHOUTTE: 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 VANHOUTTE
Largest movements
- Tangible fixed assets -€33,062
down €33,062 (-12.2%), from €270,046 to €236,984
of which Other tangible fixed assets: -€22,426
- Receivables within one year -€14,958
down €14,958 (-60.5%), from €24,705 to €9,748
of which Trade receivables: -€14,023
- Cash -€14,251
down €14,251 (-25.8%), from €55,159 to €40,908
mainly Debts after one year (-€38,764) and Contributions, distributions and other (-€18,182)
- Debts after one year -€38,764
down €38,764 (-29.1%), from €133,033 to €94,269
- Other debts +€14,703
up €14,703 (+478%), from €3,078 to €17,780
- Trade debts -€11,719
down €11,719 (-48.5%), from €24,168 to €12,448
- Reserves -€10,674
down €10,674 (-7.9%), from €135,652 to €124,978
- Current portion of long-term debt -€9,305
down €9,305 (-19.4%), from €48,069 to €38,764
- Gross operating margin -€44,938
down €44,938 (-40.1%), from €112,080 to €67,142
- Taxes -€12,582
down €12,582 (-69.0%), from €18,233 to €5,651
- Staff costs -€4,441
down €4,441 (-82.8%), from €5,362 to €922
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 | €353,845 | €294,313 | -€59,532 | -16.8% |
| Fixed assets | 21/28 | €270,046 | €236,984 | -€33,062 | -12.2% |
| Tangible fixed assets | 22/27 | €270,046 | €236,984 | -€33,062 | -12.2% |
| Plant, machinery and equipment | 23 | €12,668 | €11,896 | -€772 | -6.1% |
| Furniture and vehicles | 24 | €32,914 | €23,049 | -€9,865 | -30.0% |
| Other tangible fixed assets | 26 | €224,464 | €202,039 | -€22,426 | -10.0% |
| Current assets | 29/58 | €83,798 | €57,328 | -€26,470 | -31.6% |
| Amounts receivable within one year | 40/41 | €24,705 | €9,748 | -€14,958 | -60.5% |
| Trade receivables | 40 | €22,739 | €8,716 | -€14,023 | -61.7% |
| Other amounts receivable | 41 | €1,967 | €1,032 | -€935 | -47.5% |
| Cash at bank and in hand | 54/58 | €55,159 | €40,908 | -€14,251 | -25.8% |
| Deferred charges and accrued income | 490/1 | €3,934 | €6,673 | +€2,739 | +69.6% |
| Total equity and liabilities | 10/49 | €353,845 | €294,313 | -€59,532 | -16.8% |
| Equity | 10/15 | €135,652 | €124,978 | -€10,674 | -7.9% |
| Reserves | 13 | €135,652 | €124,978 | -€10,674 | -7.9% |
| Distributable reserves | 133 | €135,652 | €124,978 | -€10,674 | -7.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €218,192 | €169,334 | -€48,858 | -22.4% |
| Amounts payable after more than one year | 17 | €133,033 | €94,269 | -€38,764 | -29.1% |
| Financial debts | 170/4 | €133,033 | €94,269 | -€38,764 | -29.1% |
| Amounts payable within one year | 42/48 | €85,159 | €74,726 | -€10,433 | -12.3% |
| Current portion of amounts payable after more than one year | 42 | €48,069 | €38,764 | -€9,305 | -19.4% |
| Trade debts | 44 | €24,168 | €12,448 | -€11,719 | -48.5% |
| Suppliers | 440/4 | €24,168 | €12,448 | -€11,719 | -48.5% |
| Taxes, remuneration and social security | 45 | €9,845 | €5,733 | -€4,112 | -41.8% |
| Taxes | 450/3 | €9,845 | €5,733 | -€4,112 | -41.8% |
| Other amounts payable | 47/48 | €3,078 | €17,780 | +€14,703 | +478% |
| Accrued charges and deferred income | 492/3 | - | €340 | +€340 | |
| Non-recurring operating income | 76A | €1,200 | €0 | -€1,200 | -100% |
| Remuneration, social security and pensions | 62 | €5,362 | €922 | -€4,441 | -82.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,323 | €42,908 | +€585 | +1.4% |
| Other operating charges | 640/8 | €4,303 | €4,806 | +€503 | +11.7% |
| Gross operating margin | 9900 | €112,080 | €67,142 | -€44,938 | -40.1% |
| Operating profit (loss) | 9901 | €60,091 | €18,505 | -€41,586 | -69.2% |
| Financial income | 75/76B | €8 | €88 | +€80 | +1,061% |
| Recurring financial income | 75 | €8 | €88 | +€80 | +1,061% |
| Financial charges | 65/66B | €5,894 | €5,434 | -€460 | -7.8% |
| Recurring financial charges | 65 | €5,894 | €5,434 | -€460 | -7.8% |
| Profit (loss) for the period before taxes | 9903 | €54,204 | €13,158 | -€41,046 | -75.7% |
| Income taxes | 67/77 | €18,233 | €5,651 | -€12,582 | -69.0% |
| Profit (loss) for the period | 9904 | €35,972 | €7,508 | -€28,464 | -79.1% |
| Profit (loss) for the period to be appropriated | 9905 | €35,972 | €7,508 | -€28,464 | -79.1% |
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 21 October 2026 via checked.be.