Koersfix: 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.
Koersfix
Largest movements
- Tangible fixed assets +€36,741
up €36,741 (+18.2%), from €201,693 to €238,434
of which Furniture and vehicles: +€35,785
- Cash +€10,018
up €10,018 (+526%), from €1,905 to €11,923
mainly Other debts (+€22,330) and Depreciation (+€14,402)
- Receivables within one year +€7,179
up €7,179 (+218%), from €3,291 to €10,470
- Other debts +€22,330
up €22,330 (+22.4%), from €99,793 to €122,123
- Reserves +€10,584
up €10,584 (+48.6%), from €21,773 to €32,357
- Debts after one year +€9,695
up €9,695 (+6.3%), from €154,684 to €164,379
- Tax, wage and social debts +€7,177
up €7,177 (+67.3%), from €10,658 to €17,835
- Current portion of long-term debt +€4,930
up €4,930 (+55.6%), from €8,867 to €13,797
- Depreciation +€8,077
up €8,077 (+128%), from €6,325 to €14,402
- Financial charges +€4,439
up €4,439 (+400%), from €1,110 to €5,549
- Gross operating margin -€4,380
down €4,380 (-11.1%), from €39,295 to €34,914
- Other operating charges -€2,790
down €2,790 (-62.7%), from €4,451 to €1,661
- Taxes -€2,702
down €2,702 (-46.0%), from €5,874 to €3,172
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 | €300,322 | €353,662 | +€53,340 | +17.8% |
| Fixed assets | 21/28 | €201,693 | €238,434 | +€36,741 | +18.2% |
| Tangible fixed assets | 22/27 | €201,693 | €238,434 | +€36,741 | +18.2% |
| Land and buildings | 22 | €195,178 | €191,741 | -€3,437 | -1.8% |
| Plant, machinery and equipment | 23 | €1,858 | €6,755 | +€4,897 | +264% |
| Furniture and vehicles | 24 | - | €35,785 | +€35,785 | |
| Other tangible fixed assets | 26 | €4,657 | €4,154 | -€504 | -10.8% |
| Current assets | 29/58 | €98,629 | €115,227 | +€16,599 | +16.8% |
| Stocks and contracts in progress | 3 | €92,077 | €89,960 | -€2,117 | -2.3% |
| Stocks | 30/36 | €92,077 | €89,960 | -€2,117 | -2.3% |
| Amounts receivable within one year | 40/41 | €3,291 | €10,470 | +€7,179 | +218% |
| Trade receivables | 40 | €3,291 | €10,470 | +€7,179 | +218% |
| Cash at bank and in hand | 54/58 | €1,905 | €11,923 | +€10,018 | +526% |
| Deferred charges and accrued income | 490/1 | €1,356 | €2,874 | +€1,519 | +112% |
| Total equity and liabilities | 10/49 | €300,322 | €353,662 | +€53,340 | +17.8% |
| Equity | 10/15 | €21,873 | €32,457 | +€10,584 | +48.4% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €21,773 | €32,357 | +€10,584 | +48.6% |
| Distributable reserves | 133 | €21,773 | €32,357 | +€10,584 | +48.6% |
| Amounts payable | 17/49 | €278,449 | €321,205 | +€42,756 | +15.4% |
| Amounts payable after more than one year | 17 | €154,684 | €164,379 | +€9,695 | +6.3% |
| Financial debts | 170/4 | €154,684 | €164,379 | +€9,695 | +6.3% |
| Amounts payable within one year | 42/48 | €122,864 | €155,906 | +€33,043 | +26.9% |
| Current portion of amounts payable after more than one year | 42 | €8,867 | €13,797 | +€4,930 | +55.6% |
| Trade debts | 44 | €3,546 | €2,152 | -€1,394 | -39.3% |
| Suppliers | 440/4 | €3,546 | €2,152 | -€1,394 | -39.3% |
| Taxes, remuneration and social security | 45 | €10,658 | €17,835 | +€7,177 | +67.3% |
| Taxes | 450/3 | €10,658 | €17,835 | +€7,177 | +67.3% |
| Other amounts payable | 47/48 | €99,793 | €122,123 | +€22,330 | +22.4% |
| Accrued charges and deferred income | 492/3 | €901 | €920 | +€19 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,325 | €14,402 | +€8,077 | +128% |
| Other operating charges | 640/8 | €4,451 | €1,661 | -€2,790 | -62.7% |
| Gross operating margin | 9900 | €39,295 | €34,914 | -€4,380 | -11.1% |
| Operating profit (loss) | 9901 | €28,519 | €18,851 | -€9,668 | -33.9% |
| Financial income | 75/76B | €238 | €454 | +€216 | +91.0% |
| Recurring financial income | 75 | €238 | €454 | +€216 | +91.0% |
| Financial charges | 65/66B | €1,110 | €5,549 | +€4,439 | +400% |
| Recurring financial charges | 65 | €1,110 | €5,549 | +€4,439 | +400% |
| Profit (loss) for the period before taxes | 9903 | €27,647 | €13,755 | -€13,892 | -50.2% |
| Income taxes | 67/77 | €5,874 | €3,172 | -€2,702 | -46.0% |
| Profit (loss) for the period | 9904 | €21,773 | €10,584 | -€11,190 | -51.4% |
| Profit (loss) for the period to be appropriated | 9905 | €21,773 | €10,584 | -€11,190 | -51.4% |
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 28 October 2026 via checked.be.