KOEST: 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.
KOEST
Largest movements
- Cash -€8,276
down €8,276 (-71.2%), from €11,628 to €3,352
mainly Net result for the year (-€4,657) and Receivables within one year (-€2,261)
- Receivables within one year +€2,261
up €2,261 (+33.4%), from €6,776 to €9,037
of which Trade receivables: +€1,789
- Formation expenses -€251
down €251 (-86.7%), from €290 to €39
- Profit (loss) carried forward -€4,657
down €4,657 (-1.7%), from -€277,253 to -€281,910
- Debts after one year -€1,821
down €1,821 (-85.7%), from €2,125 to €303
- Trade debts +€1,588
new in 2025: €1,588
- Other debts -€1,367
down €1,367 (-0.5%), from €254,800 to €253,433
- Gross operating margin +€21,210
up €21,210 (+88.5%), from -€23,953 to -€2,743
- Other operating charges -€3,402
down €3,402 (-68.7%), from €4,950 to €1,547
- Financial charges -€2,343
down €2,343 (-95.3%), from €2,459 to €116
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 | €18,693 | €12,427 | -€6,266 | -33.5% |
| Formation expenses | 20 | €290 | €39 | -€251 | -86.7% |
| Fixed assets | 21/28 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Land and buildings | 22 | €0 | - | = | |
| Current assets | 29/58 | €18,404 | €12,389 | -€6,015 | -32.7% |
| Amounts receivable within one year | 40/41 | €6,776 | €9,037 | +€2,261 | +33.4% |
| Trade receivables | 40 | - | €1,789 | +€1,789 | |
| Other amounts receivable | 41 | €6,776 | €7,248 | +€472 | +7.0% |
| Cash at bank and in hand | 54/58 | €11,628 | €3,352 | -€8,276 | -71.2% |
| Total equity and liabilities | 10/49 | €18,693 | €12,427 | -€6,266 | -33.5% |
| Equity | 10/15 | -€240,053 | -€244,710 | -€4,657 | -1.9% |
| Contributions | 10/11 | €37,200 | €37,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€277,253 | -€281,910 | -€4,657 | -1.7% |
| Amounts payable | 17/49 | €258,746 | €257,137 | -€1,609 | -0.6% |
| Amounts payable after more than one year | 17 | €2,125 | €303 | -€1,821 | -85.7% |
| Financial debts | 170/4 | €2,125 | €303 | -€1,821 | -85.7% |
| Amounts payable within one year | 42/48 | €256,622 | €256,834 | +€212 | +0.1% |
| Current portion of amounts payable after more than one year | 42 | €1,821 | €1,812 | -€9 | -0.5% |
| Trade debts | 44 | - | €1,588 | +€1,588 | |
| Suppliers | 440/4 | - | €1,588 | +€1,588 | |
| Other amounts payable | 47/48 | €254,800 | €253,433 | -€1,367 | -0.5% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €251 | €251 | = | 0.0% |
| Other operating charges | 640/8 | €4,950 | €1,547 | -€3,402 | -68.7% |
| Non-recurring operating charges | 66A | €161,589 | €0 | -€161,589 | -100.0% |
| Gross operating margin | 9900 | -€23,953 | -€2,743 | +€21,210 | +88.5% |
| Operating profit (loss) | 9901 | -€190,742 | -€4,542 | +€186,201 | +97.6% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €2,459 | €116 | -€2,343 | -95.3% |
| Recurring financial charges | 65 | €2,459 | €116 | -€2,343 | -95.3% |
| Profit (loss) for the period before taxes | 9903 | -€193,201 | -€4,657 | +€188,544 | +97.6% |
| Profit (loss) for the period | 9904 | -€193,201 | -€4,657 | +€188,544 | +97.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€193,201 | -€4,657 | +€188,544 | +97.6% |
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 2 October 2026 via checked.be.