Koinon: 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.
What changed
Koinon
NACE 73.200, Market research and public opinion polling
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€39.6m
2024 · €448,894+€39.1m
Equity
€257.0m
2024 · €217.4m+€39.6m
Cash
€17.5m
2024 · €8.8m+€8.7m
Balance sheet total
€257.3m
2024 · €217.7m+€39.6m
Largest movements
Assets
- Financial fixed assets +€26.9m
up €26.9m (+18.9%), from €142.6m to €169.5m
of which Affiliated companies: +€24.8m
- Cash +€8.7m
up €8.7m (+98.5%), from €8.8m to €17.5m
mainly Net result for the year (+€39.6m) and Receivables after one year (+€3.2m)
- Receivables within one year +€6.0m
up €6.0m (+214%), from €2.8m to €8.9m
of which Other amounts receivable: +€6.1m
- Receivables after one year -€3.2m
down €3.2m (-46.0%), from €6.9m to €3.8m
Equity and liabilities
- Profit (loss) carried forward +€39.1m
up €39.1m, from -€29.6m to €9.5m
Income statement
- Financial income +€28.8m
up €28.8m (+201%), from €14.3m to €43.1m
of which Financial income: +€27.0m
- Financial charges -€10.3m
down €10.3m (-79.7%), from €12.9m to €2.6m
of which Non-recurring financial charges: -€12.0m
- Taxes -€431,216
down €431,216 (-86.4%), from €499,358 to €68,142
of which Taxes: -€525,565
- Services and other goods +€303,815
up €303,815 (+26.2%), from €1.2m to €1.5m
- Other operating charges +€67,742
up €67,742 (+49.4%), from €137,006 to €204,748
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.
Result 2024
€448,894
Turnover
+€41,184
Other operating income
+€8,534
Services and other goods
-€303,815
Staff costs
-€30,496
Depreciation
-€12,930
Other operating charges
-€67,742
Financial income
+€28.8m
Financial charges
+€10.3m
Taxes
+€431,216
Result 2025
€39.6m
raises the resultlowers the result
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.
From operations
+€37.1m
Investment
-€28.4m
Financing
€0
Cash 2024
€8.8m
From operations (derived)
+€37.1m
Net result for the year
+€39.6m
Depreciation
+€251,990
Receivables after one year
+€3.2m
Receivables within one year
-€6.0m
Smaller working-capital items
+€88,670
Investment (derived)
-€28.4m
Investment in fixed assets (net)
-€27.0m
Current investments
-€1.4m
Cash 2025
€17.5m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €217,712,064 | €257,297,328 | +€39.6m | +18.2% |
| Fixed assets | 21/28 | €146,783,713 | €173,534,037 | +€26.8m | +18.2% |
| Tangible fixed assets | 22/27 | €4,216,182 | €4,067,648 | -€148,534 | -3.5% |
| Land and buildings | 22 | €4,188,125 | €4,018,568 | -€169,557 | -4.0% |
| Plant, machinery and equipment | 23 | €6,344 | €5,254 | -€1,090 | -17.2% |
| Furniture and vehicles | 24 | €7,721 | €4,834 | -€2,887 | -37.4% |
| Other tangible fixed assets | 26 | €13,992 | €38,992 | +€25,000 | +179% |
| Financial fixed assets | 28 | €142,567,531 | €169,466,390 | +€26.9m | +18.9% |
| Affiliated companies | 280/1 | €113,314,905 | €138,133,006 | +€24.8m | +21.9% |
| Participating interests | 280 | €113,314,905 | €138,133,006 | +€24.8m | +21.9% |
| Companies linked by participating interests | 282/3 | €6,596,693 | €9,284,303 | +€2.7m | +40.7% |
| Participating interests | 282 | €6,596,693 | €9,284,303 | +€2.7m | +40.7% |
| Other financial fixed assets | 284/8 | €22,655,933 | €22,049,081 | -€606,852 | -2.7% |
| Shares | 284 | €22,655,933 | €22,049,081 | -€606,852 | -2.7% |
| Current assets | 29/58 | €70,928,351 | €83,763,291 | +€12.8m | +18.1% |
| Amounts receivable after more than one year | 29 | €6,945,947 | €3,750,438 | -€3.2m | -46.0% |
| Other amounts receivable | 291 | €6,945,947 | €3,750,438 | -€3.2m | -46.0% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €2,818,912 | €8,858,534 | +€6.0m | +214% |
| Trade receivables | 40 | €126,228 | €112,329 | -€13,899 | -11.0% |
| Other amounts receivable | 41 | €2,692,684 | €8,746,205 | +€6.1m | +225% |
| Current investments | 50/53 | €51,678,083 | €53,099,928 | +€1.4m | +2.8% |
| Other investments | 51/53 | €51,678,083 | €53,099,928 | +€1.4m | +2.8% |
| Cash at bank and in hand | 54/58 | €8,793,553 | €17,454,759 | +€8.7m | +98.5% |
| Deferred charges and accrued income | 490/1 | €691,856 | €599,632 | -€92,223 | -13.3% |
| Total equity and liabilities | 10/49 | €217,712,064 | €257,297,328 | +€39.6m | +18.2% |
| Equity | 10/15 | €217,387,224 | €256,976,041 | +€39.6m | +18.2% |
| Contributions | 10/11 | €243,207,635 | €243,207,635 | = | 0.0% |
| Capital | 10 | €243,207,416 | €243,207,416 | = | 0.0% |
| Issued capital | 100 | €243,207,416 | €243,207,416 | = | 0.0% |
| Contributions outside capital | 11 | €219 | €219 | = | 0.0% |
| Share premium | 1100/10 | €219 | €219 | = | 0.0% |
| Reserves | 13 | €3,759,095 | €4,260,095 | +€501,000 | +13.3% |
| Non-distributable reserves | 130/1 | €3,759,095 | €4,260,095 | +€501,000 | +13.3% |
| Legal reserve | 130 | €3,759,095 | €4,260,095 | +€501,000 | +13.3% |
| Profit (loss) carried forward | 14 | -€29,579,507 | €9,508,311 | +€39.1m | |
| Amounts payable | 17/49 | €324,840 | €321,287 | -€3,553 | -1.1% |
| Amounts payable within one year | 42/48 | €303,164 | €296,803 | -€6,362 | -2.1% |
| Trade debts | 44 | €189,128 | €128,506 | -€60,622 | -32.1% |
| Suppliers | 440/4 | €189,128 | €128,506 | -€60,622 | -32.1% |
| Taxes, remuneration and social security | 45 | €41,571 | €25,745 | -€15,826 | -38.1% |
| Taxes | 450/3 | €32,478 | €17,668 | -€14,811 | -45.6% |
| Remuneration and social security | 454/9 | €9,093 | €8,077 | -€1,015 | -11.2% |
| Other amounts payable | 47/48 | €72,465 | €142,551 | +€70,086 | +96.7% |
| Accrued charges and deferred income | 492/3 | €21,676 | €24,484 | +€2,808 | +13.0% |
| Operating income | 70/76A | €1,141,947 | €1,191,665 | +€49,718 | +4.4% |
| Turnover | 70 | €979,601 | €1,020,785 | +€41,184 | +4.2% |
| Other operating income | 74 | €162,346 | €170,880 | +€8,534 | +5.3% |
| Operating charges | 60/66A | €1,626,264 | €2,041,247 | +€414,983 | +25.5% |
| Services and other goods | 61 | €1,157,815 | €1,461,630 | +€303,815 | +26.2% |
| Remuneration, social security and pensions | 62 | €92,383 | €122,879 | +€30,496 | +33.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €239,060 | €251,990 | +€12,930 | +5.4% |
| Other operating charges | 640/8 | €137,006 | €204,748 | +€67,742 | +49.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Operating profit (loss) | 9901 | -€484,317 | -€849,582 | -€365,265 | -75.4% |
| Financial income | 75/76B | €14,323,142 | €43,120,575 | +€28.8m | +201% |
| Recurring financial income | 75 | €13,372,316 | €40,378,477 | +€27.0m | +202% |
| Income from financial fixed assets | 750 | €11,750,713 | €37,625,906 | +€25.9m | +220% |
| Income from current assets | 751 | €402,093 | €190,067 | -€212,026 | -52.7% |
| Other financial income | 752/9 | €1,219,509 | €2,562,504 | +€1.3m | +110% |
| Non-recurring financial income | 76B | €950,826 | €2,742,098 | +€1.8m | +188% |
| Financial charges | 65/66B | €12,890,574 | €2,614,034 | -€10.3m | -79.7% |
| Recurring financial charges | 65 | €74,203 | €1,803,199 | +€1.7m | +2,330% |
| Debt charges | 650 | €217,102 | €679,374 | +€462,272 | +213% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€1,023,410 | -€169,849 | +€853,561 | +83.4% |
| Other financial charges | 652/9 | €880,511 | €1,293,674 | +€413,164 | +46.9% |
| Non-recurring financial charges | 66B | €12,816,371 | €810,834 | -€12.0m | -93.7% |
| Profit (loss) for the period before taxes | 9903 | €948,252 | €39,656,959 | +€38.7m | +4,082% |
| Income taxes | 67/77 | €499,358 | €68,142 | -€431,216 | -86.4% |
| Taxes | 670/3 | €604,219 | €78,654 | -€525,565 | -87.0% |
| Tax adjustments and reversals of tax provisions | 77 | €104,862 | €10,512 | -€94,349 | -90.0% |
| Profit (loss) for the period | 9904 | €448,894 | €39,588,818 | +€39.1m | +8,719% |
| Profit (loss) for the period to be appropriated | 9905 | €448,894 | €39,588,818 | +€39.1m | +8,719% |
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 17 October 2026 via checked.be.