KOENEN: what changed
Two fiscal 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.
KOENEN
Largest movements
- Cash -€3.4m
down €3.4m (-96.3%), from €3.5m to €127,801
mainly Contributions, distributions and other (-€4.5m) and Debts after one year (-€611,018)
- Tangible fixed assets -€945,419
down €945,419 (-89.7%), from €1.1m to €108,121
of which Land and buildings: -€1.0m
- Financial fixed assets -€499,850
down €499,850 (-100.0%), from €499,850 to €0
- Receivables after one year -€300,000
down €300,000 (-100.0%), from €300,000 to €0
- Receivables within one year -€207,459
down €207,459 (-71.1%), from €291,609 to €84,150
of which Other amounts receivable: -€291,609
- Reserves -€4.4m
down €4.4m (-95.3%), from €4.6m to €217,542
- Debts after one year -€611,018
down €611,018 (-90.4%), from €675,825 to €64,807
- Tax, wage and social debts -€244,182
down €244,182 (-92.8%), from €263,090 to €18,908
- Current portion of long-term debt -€66,185
down €66,185 (-80.3%), from €82,393 to €16,208
- Financial income -€3.6m
down €3.6m (-98.8%), from €3.6m to €42,335
of which Financial income: -€3.6m
- Taxes -€227,753
down €227,753 (-83.1%), from €274,028 to €46,274
- Depreciation -€51,871
down €51,871 (-67.5%), from €76,796 to €24,925
- Gross operating margin -€17,444
down €17,444 (-10.3%), from €169,842 to €152,398
- Financial charges -€4,268
down €4,268 (-18.7%), from €22,771 to €18,503
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.
Cash bridge derived
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 | €5,637,282 | €365,487 | -€5.3m | -93.5% |
| Fixed assets | 21/28 | €1,553,390 | €108,121 | -€1.4m | -93.0% |
| Tangible fixed assets | 22/27 | €1,053,540 | €108,121 | -€945,419 | -89.7% |
| Land and buildings | 22 | €1,014,726 | €0 | -€1.0m | -100.0% |
| Furniture and vehicles | 24 | €16,455 | €101,045 | +€84,590 | +514.1% |
| Other tangible fixed assets | 26 | €22,359 | €7,076 | -€15,283 | -68.4% |
| Financial fixed assets | 28 | €499,850 | €0 | -€499,850 | -100.0% |
| Current assets | 29/58 | €4,083,892 | €257,366 | -€3.8m | -93.7% |
| Amounts receivable after more than one year | 29 | €300,000 | €0 | -€300,000 | -100.0% |
| Other amounts receivable | 291 | €300,000 | €0 | -€300,000 | -100.0% |
| Amounts receivable within one year | 40/41 | €291,609 | €84,150 | -€207,459 | -71.1% |
| Trade receivables | 40 | €0 | €84,150 | +€84,150 | |
| Other amounts receivable | 41 | €291,609 | €0 | -€291,609 | -100.0% |
| Current investments | 50/53 | - | €45,415 | +€45,415 | |
| Cash at bank and in hand | 54/58 | €3,492,283 | €127,801 | -€3.4m | -96.3% |
| Total equity and liabilities | 10/49 | €5,637,282 | €365,487 | -€5.3m | -93.5% |
| Equity | 10/15 | €4,615,974 | €217,542 | -€4.4m | -95.3% |
| Contributions | 10/11 | €1,000 | €0 | -€1,000 | -100.0% |
| Reserves | 13 | €4,614,974 | €217,542 | -€4.4m | -95.3% |
| Distributable reserves | 133 | €4,614,974 | €217,542 | -€4.4m | -95.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,021,307 | €147,945 | -€873,363 | -85.5% |
| Amounts payable after more than one year | 17 | €675,825 | €64,807 | -€611,018 | -90.4% |
| Financial debts | 170/4 | €675,825 | €64,807 | -€611,018 | -90.4% |
| Amounts payable within one year | 42/48 | €345,483 | €83,137 | -€262,345 | -75.9% |
| Current portion of amounts payable after more than one year | 42 | €82,393 | €16,208 | -€66,185 | -80.3% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €263,090 | €18,908 | -€244,182 | -92.8% |
| Taxes | 450/3 | €263,090 | €18,908 | -€244,182 | -92.8% |
| Other amounts payable | 47/48 | €0 | €48,021 | +€48,021 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,796 | €24,925 | -€51,871 | -67.5% |
| Other operating charges | 640/8 | €2,931 | €5,996 | +€3,065 | +104.6% |
| Gross operating margin | 9900 | €169,842 | €152,398 | -€17,444 | -10.3% |
| Operating profit (loss) | 9901 | €90,116 | €121,477 | +€31,361 | +34.8% |
| Financial income | 75/76B | €3,617,175 | €42,335 | -€3.6m | -98.8% |
| Recurring financial income | 75 | €3,614,131 | €22,402 | -€3.6m | -99.4% |
| Non-recurring financial income | 76B | €3,044 | €19,933 | +€16,888 | +554.8% |
| Financial charges | 65/66B | €22,771 | €18,503 | -€4,268 | -18.7% |
| Recurring financial charges | 65 | €22,771 | €18,503 | -€4,268 | -18.7% |
| Profit (loss) for the period before taxes | 9903 | €3,684,520 | €145,309 | -€3.5m | -96.1% |
| Income taxes | 67/77 | €274,028 | €46,274 | -€227,753 | -83.1% |
| Profit (loss) for the period | 9904 | €3,410,492 | €99,034 | -€3.3m | -97.1% |
| Profit (loss) for the period to be appropriated | 9905 | €3,410,492 | €99,034 | -€3.3m | -97.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.