KOTSAF: 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.
KOTSAF
Largest movements
- Receivables within one year +€13,483
up €13,483 (+15.9%), from €84,659 to €98,142
of which Trade receivables: +€13,877
- Stocks and contracts -€4,500
down €4,500 (-11.4%), from €39,500 to €35,000
- Tangible fixed assets -€3,487
down €3,487 (-49.0%), from €7,123 to €3,636
- Cash -€3,020
down €3,020 (-99.9%), from €3,022 to €2
mainly Trade debts (-€14,924) and Receivables within one year (-€13,483)
- Trade debts -€14,924
down €14,924 (-28.8%), from €51,797 to €36,874
- Short-term financial debts +€11,164
new in 2025: €11,164
- Advances received +€7,159
new in 2025: €7,159
- Other debts -€4,965
down €4,965 (-7.0%), from €70,848 to €65,883
- Profit (loss) carried forward +€2,059
up €2,059 (+20.0%), from €10,313 to €12,372
- Gross operating margin -€36,492
down €36,492 (-71.6%), from €50,973 to €14,481
- Taxes +€3,192
new in 2025: €3,192
- Financial charges +€1,208
up €1,208 (+291%), from €416 to €1,624
- Other operating charges +€1,036
up €1,036 (+104%), from €993 to €2,029
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 | €134,406 | €136,949 | +€2,542 | +1.9% |
| Fixed assets | 21/28 | €7,123 | €3,636 | -€3,487 | -49.0% |
| Tangible fixed assets | 22/27 | €7,123 | €3,636 | -€3,487 | -49.0% |
| Furniture and vehicles | 24 | €7,123 | €3,636 | -€3,487 | -49.0% |
| Current assets | 29/58 | €127,283 | €133,313 | +€6,030 | +4.7% |
| Stocks and contracts in progress | 3 | €39,500 | €35,000 | -€4,500 | -11.4% |
| Stocks | 30/36 | €39,500 | €35,000 | -€4,500 | -11.4% |
| Amounts receivable within one year | 40/41 | €84,659 | €98,142 | +€13,483 | +15.9% |
| Trade receivables | 40 | €84,265 | €98,142 | +€13,877 | +16.5% |
| Other amounts receivable | 41 | €394 | - | -€394 | |
| Cash at bank and in hand | 54/58 | €3,022 | €2 | -€3,020 | -99.9% |
| Deferred charges and accrued income | 490/1 | €102 | €169 | +€67 | +65.6% |
| Total equity and liabilities | 10/49 | €134,406 | €136,949 | +€2,542 | +1.9% |
| Equity | 10/15 | €10,314 | €12,373 | +€2,059 | +20.0% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Capital | 10 | €1 | €1 | = | 0.0% |
| Issued capital | 100 | €1 | €1 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,313 | €12,372 | +€2,059 | +20.0% |
| Amounts payable | 17/49 | €124,093 | €124,576 | +€483 | +0.4% |
| Amounts payable within one year | 42/48 | €124,093 | €124,576 | +€483 | +0.4% |
| Financial debts | 43 | - | €11,164 | +€11,164 | |
| Credit institutions | 430/8 | - | €11,164 | +€11,164 | |
| Trade debts | 44 | €51,797 | €36,874 | -€14,924 | -28.8% |
| Suppliers | 440/4 | €51,797 | €36,874 | -€14,924 | -28.8% |
| Advances received on contracts in progress | 46 | - | €7,159 | +€7,159 | |
| Taxes, remuneration and social security | 45 | €1,448 | €3,496 | +€2,048 | +142% |
| Taxes | 450/3 | €1,448 | €3,496 | +€2,048 | +142% |
| Other amounts payable | 47/48 | €70,848 | €65,883 | -€4,965 | -7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,632 | €5,853 | +€222 | +3.9% |
| Other operating charges | 640/8 | €993 | €2,029 | +€1,036 | +104% |
| Gross operating margin | 9900 | €50,973 | €14,481 | -€36,492 | -71.6% |
| Operating profit (loss) | 9901 | €44,348 | €6,599 | -€37,749 | -85.1% |
| Financial income | 75/76B | €14 | €277 | +€263 | +1,821% |
| Recurring financial income | 75 | €14 | €277 | +€263 | +1,821% |
| Financial charges | 65/66B | €416 | €1,624 | +€1,208 | +291% |
| Recurring financial charges | 65 | €416 | €1,624 | +€1,208 | +291% |
| Profit (loss) for the period before taxes | 9903 | €43,947 | €5,251 | -€38,695 | -88.1% |
| Income taxes | 67/77 | - | €3,192 | +€3,192 | |
| Profit (loss) for the period | 9904 | €43,947 | €2,059 | -€41,887 | -95.3% |
| Profit (loss) for the period to be appropriated | 9905 | €43,947 | €2,059 | -€41,887 | -95.3% |
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 14 October 2026 via checked.be.