KOTEL: 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.
KOTEL
Largest movements
- Tangible fixed assets -€35,282
down €35,282 (-2.7%), from €1.3m to €1.3m
of which Land and buildings: -€26,745
- Debts after one year -€80,800
down €80,800 (-9.4%), from €855,297 to €774,497
- Reserves +€59,113
up €59,113 (+204%), from €28,944 to €88,057
of which Distributable reserves: +€59,113
- Tax, wage and social debts +€28,477
up €28,477 (+295%), from €9,669 to €38,146
- Gross operating margin +€42,844
up €42,844 (+26.9%), from €159,167 to €202,010
- Taxes +€18,808
up €18,808 (+195%), from €9,669 to €28,477
- Other operating charges -€4,492
down €4,492 (-43.0%), from €10,442 to €5,950
- Financial charges -€3,542
down €3,542 (-7.3%), from €48,247 to €44,705
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 | €1,889,931 | €1,872,720 | -€17,211 | -0.9% |
| Fixed assets | 21/28 | €1,808,594 | €1,773,312 | -€35,282 | -2.0% |
| Tangible fixed assets | 22/27 | €1,308,094 | €1,272,812 | -€35,282 | -2.7% |
| Land and buildings | 22 | €1,218,240 | €1,191,495 | -€26,745 | -2.2% |
| Plant, machinery and equipment | 23 | €2,482 | €2,152 | -€330 | -13.3% |
| Furniture and vehicles | 24 | €87,371 | €79,165 | -€8,206 | -9.4% |
| Financial fixed assets | 28 | €500,500 | €500,500 | = | 0.0% |
| Current assets | 29/58 | €81,337 | €99,408 | +€18,071 | +22.2% |
| Amounts receivable within one year | 40/41 | €74,802 | €92,695 | +€17,893 | +23.9% |
| Trade receivables | 40 | €15,501 | €26,134 | +€10,633 | +68.6% |
| Other amounts receivable | 41 | €59,301 | €66,561 | +€7,260 | +12.2% |
| Cash at bank and in hand | 54/58 | €2,568 | €2,074 | -€494 | -19.2% |
| Deferred charges and accrued income | 490/1 | €3,967 | €4,639 | +€672 | +16.9% |
| Total equity and liabilities | 10/49 | €1,889,931 | €1,872,720 | -€17,211 | -0.9% |
| Equity | 10/15 | €489,504 | €548,617 | +€59,113 | +12.1% |
| Contributions | 10/11 | €273,950 | €273,950 | = | 0.0% |
| Reserves | 13 | €28,944 | €88,057 | +€59,113 | +204% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €27,084 | €86,197 | +€59,113 | +218% |
| Profit (loss) carried forward | 14 | €186,610 | €186,610 | = | 0.0% |
| Amounts payable | 17/49 | €1,400,427 | €1,324,103 | -€76,324 | -5.5% |
| Amounts payable after more than one year | 17 | €855,297 | €774,497 | -€80,800 | -9.4% |
| Financial debts | 170/4 | €855,297 | €774,497 | -€80,800 | -9.4% |
| Amounts payable within one year | 42/48 | €545,130 | €549,606 | +€4,476 | +0.8% |
| Current portion of amounts payable after more than one year | 42 | €89,249 | €87,766 | -€1,483 | -1.7% |
| Trade debts | 44 | €32,387 | €26,493 | -€5,894 | -18.2% |
| Suppliers | 440/4 | €32,387 | €26,493 | -€5,894 | -18.2% |
| Taxes, remuneration and social security | 45 | €9,669 | €38,146 | +€28,477 | +295% |
| Taxes | 450/3 | €9,669 | €38,146 | +€28,477 | +295% |
| Other amounts payable | 47/48 | €413,826 | €397,201 | -€16,625 | -4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,298 | €65,625 | +€327 | +0.5% |
| Other operating charges | 640/8 | €10,442 | €5,950 | -€4,492 | -43.0% |
| Gross operating margin | 9900 | €159,167 | €202,010 | +€42,844 | +26.9% |
| Operating profit (loss) | 9901 | €83,426 | €130,435 | +€47,009 | +56.3% |
| Financial income | 75/76B | €1,736 | €1,860 | +€124 | +7.1% |
| Recurring financial income | 75 | €1,736 | €1,860 | +€124 | +7.1% |
| Financial charges | 65/66B | €48,247 | €44,705 | -€3,542 | -7.3% |
| Recurring financial charges | 65 | €48,247 | €44,705 | -€3,542 | -7.3% |
| Profit (loss) for the period before taxes | 9903 | €36,916 | €87,590 | +€50,675 | +137% |
| Income taxes | 67/77 | €9,669 | €28,477 | +€18,808 | +195% |
| Profit (loss) for the period | 9904 | €27,247 | €59,113 | +€31,866 | +117% |
| Profit (loss) for the period to be appropriated | 9905 | €27,247 | €59,113 | +€31,866 | +117% |
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 13 October 2026 via checked.be.