KOGE: 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.
KOGE
Largest movements
- Financial fixed assets +€212,688
up €212,688 (+85.7%), from €248,158 to €460,846
- Cash -€42,111
down €42,111 (-70.8%), from €59,440 to €17,329
mainly Investment in fixed assets (net) (-€220,188) and Contributions, distributions and other (-€50,000)
- Receivables within one year +€31,868
up €31,868 (+143.2%), from €22,252 to €54,120
of which Trade receivables: +€34,957
- Debts after one year +€139,857
up €139,857 (+42.1%), from €332,248 to €472,105
- Reserves +€30,141
up €30,141 (+23.6%), from €127,684 to €157,825
- Other debts +€21,031
up €21,031 (+51.6%), from €40,775 to €61,806
- Gross operating margin +€65,864
up €65,864 (+121.2%), from €54,335 to €120,199
- Financial income +€17,307
new in 2025: €17,307
- Taxes +€16,725
up €16,725 (+193.7%), from €8,634 to €25,359
- Financial charges +€10,209
up €10,209 (+214.5%), from €4,759 to €14,968
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 | €607,749 | €801,435 | +€193,686 | +31.9% |
| Fixed assets | 21/28 | €521,898 | €727,922 | +€206,024 | +39.5% |
| Tangible fixed assets | 22/27 | €273,740 | €267,076 | -€6,664 | -2.4% |
| Land and buildings | 22 | €267,291 | €258,172 | -€9,119 | -3.4% |
| Plant, machinery and equipment | 23 | €1,960 | €1,277 | -€683 | -34.8% |
| Furniture and vehicles | 24 | €4,489 | €7,627 | +€3,137 | +69.9% |
| Financial fixed assets | 28 | €248,158 | €460,846 | +€212,688 | +85.7% |
| Current assets | 29/58 | €85,851 | €73,513 | -€12,338 | -14.4% |
| Amounts receivable within one year | 40/41 | €22,252 | €54,120 | +€31,868 | +143.2% |
| Trade receivables | 40 | €16,335 | €51,292 | +€34,957 | +214.0% |
| Other amounts receivable | 41 | €5,917 | €2,828 | -€3,089 | -52.2% |
| Cash at bank and in hand | 54/58 | €59,440 | €17,329 | -€42,111 | -70.8% |
| Deferred charges and accrued income | 490/1 | €4,158 | €2,063 | -€2,095 | -50.4% |
| Total equity and liabilities | 10/49 | €607,749 | €801,435 | +€193,686 | +31.9% |
| Equity | 10/15 | €146,284 | €176,425 | +€30,141 | +20.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €127,684 | €157,825 | +€30,141 | +23.6% |
| Distributable reserves | 133 | €127,684 | €157,825 | +€30,141 | +23.6% |
| Amounts payable | 17/49 | €461,465 | €625,010 | +€163,545 | +35.4% |
| Amounts payable after more than one year | 17 | €332,248 | €472,105 | +€139,857 | +42.1% |
| Financial debts | 170/4 | €332,248 | €472,105 | +€139,857 | +42.1% |
| Amounts payable within one year | 42/48 | €129,217 | €152,905 | +€23,688 | +18.3% |
| Current portion of amounts payable after more than one year | 42 | €76,922 | €75,985 | -€937 | -1.2% |
| Trade debts | 44 | €3,268 | €3,682 | +€414 | +12.7% |
| Suppliers | 440/4 | €3,268 | €3,682 | +€414 | +12.7% |
| Taxes, remuneration and social security | 45 | €8,252 | €11,431 | +€3,180 | +38.5% |
| Taxes | 450/3 | €8,252 | €11,431 | +€3,180 | +38.5% |
| Other amounts payable | 47/48 | €40,775 | €61,806 | +€21,031 | +51.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,987 | €14,164 | +€1,177 | +9.1% |
| Other operating charges | 640/8 | €1,944 | €2,873 | +€929 | +47.8% |
| Gross operating margin | 9900 | €54,335 | €120,199 | +€65,864 | +121.2% |
| Operating profit (loss) | 9901 | €39,404 | €103,161 | +€63,757 | +161.8% |
| Financial income | 75/76B | - | €17,307 | +€17,307 | |
| Recurring financial income | 75 | - | €17,307 | +€17,307 | |
| Financial charges | 65/66B | €4,759 | €14,968 | +€10,209 | +214.5% |
| Recurring financial charges | 65 | €4,759 | €14,968 | +€10,209 | +214.5% |
| Profit (loss) for the period before taxes | 9903 | €34,645 | €105,500 | +€70,855 | +204.5% |
| Income taxes | 67/77 | €8,634 | €25,359 | +€16,725 | +193.7% |
| Profit (loss) for the period | 9904 | €26,011 | €80,141 | +€54,130 | +208.1% |
| Profit (loss) for the period to be appropriated | 9905 | €26,011 | €80,141 | +€54,130 | +208.1% |
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.