KOEN VERMANDER: 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 VERMANDER
Largest movements
- Receivables within one year +€5,805
up €5,805 (+51.4%), from €11,298 to €17,103
of which Other amounts receivable: +€5,805
- Tangible fixed assets -€1,862
down €1,862 (-32.2%), from €5,786 to €3,924
- Cash -€585
down €585 (-48.7%), from €1,200 to €616
mainly Trade debts (-€6,542) and Receivables within one year (-€5,805)
- Other debts +€7,950
up €7,950 (+175%), from €4,553 to €12,503
- Trade debts -€6,542
down €6,542 (-37.9%), from €17,257 to €10,715
- Accrued charges and deferred income +€1,092
new in 2025: €1,092
- Profit (loss) carried forward +€816
up €816 (+2.4%), from -€33,950 to -€33,134
- Gross operating margin +€14,737
up €14,737, from -€10,357 to €4,380
- Financial charges +€197
up €197 (+37.4%), from €527 to €724
- Depreciation -€162
down €162 (-8.0%), from €2,024 to €1,862
- Other operating charges +€134
up €134 (+14.3%), from €935 to €1,069
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 | €19,720 | €23,094 | +€3,375 | +17.1% |
| Fixed assets | 21/28 | €5,786 | €3,924 | -€1,862 | -32.2% |
| Tangible fixed assets | 22/27 | €5,786 | €3,924 | -€1,862 | -32.2% |
| Plant, machinery and equipment | 23 | €5,786 | €3,924 | -€1,862 | -32.2% |
| Current assets | 29/58 | €13,933 | €19,170 | +€5,237 | +37.6% |
| Stocks and contracts in progress | 3 | €499 | €444 | -€55 | -11.0% |
| Stocks | 30/36 | €499 | €444 | -€55 | -11.0% |
| Amounts receivable within one year | 40/41 | €11,298 | €17,103 | +€5,805 | +51.4% |
| Trade receivables | 40 | €1,024 | €1,024 | = | 0.0% |
| Other amounts receivable | 41 | €10,274 | €16,079 | +€5,805 | +56.5% |
| Cash at bank and in hand | 54/58 | €1,200 | €616 | -€585 | -48.7% |
| Deferred charges and accrued income | 490/1 | €936 | €1,008 | +€72 | +7.7% |
| Total equity and liabilities | 10/49 | €19,720 | €23,094 | +€3,375 | +17.1% |
| Equity | 10/15 | -€2,090 | -€1,274 | +€816 | +39.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €13,260 | €13,260 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €11,400 | €11,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€33,950 | -€33,134 | +€816 | +2.4% |
| Amounts payable | 17/49 | €21,810 | €24,369 | +€2,559 | +11.7% |
| Amounts payable within one year | 42/48 | €21,810 | €23,277 | +€1,467 | +6.7% |
| Financial debts | 43 | - | €59 | +€59 | |
| Credit institutions | 430/8 | - | €59 | +€59 | |
| Trade debts | 44 | €17,257 | €10,715 | -€6,542 | -37.9% |
| Suppliers | 440/4 | €17,257 | €10,715 | -€6,542 | -37.9% |
| Other amounts payable | 47/48 | €4,553 | €12,503 | +€7,950 | +175% |
| Accrued charges and deferred income | 492/3 | - | €1,092 | +€1,092 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,024 | €1,862 | -€162 | -8.0% |
| Other operating charges | 640/8 | €935 | €1,069 | +€134 | +14.3% |
| Gross operating margin | 9900 | -€10,357 | €4,380 | +€14,737 | |
| Operating profit (loss) | 9901 | -€13,317 | €1,449 | +€14,766 | |
| Financial income | 75/76B | €0 | €91 | +€91 | +182,580% |
| Recurring financial income | 75 | €0 | €91 | +€91 | +182,580% |
| Financial charges | 65/66B | €527 | €724 | +€197 | +37.4% |
| Recurring financial charges | 65 | €527 | €724 | +€197 | +37.4% |
| Profit (loss) for the period before taxes | 9903 | -€13,844 | €816 | +€14,660 | |
| Profit (loss) for the period | 9904 | -€13,844 | €816 | +€14,660 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,844 | €816 | +€14,660 |
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 27 October 2026 via checked.be.