KOUTERVEST: 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.
KOUTERVEST
Largest movements
- Stocks and contracts -€151,459
down €151,459 (-17.5%), from €866,248 to €714,789
of which Stocks: -€81,815
- Receivables within one year +€83,120
up €83,120 (+282%), from €29,469 to €112,589
of which Trade receivables: +€61,248
- Deferred charges and accrued income -€25,000
no longer reported in 2025 (was €25,000)
- Tangible fixed assets -€20,089
down €20,089 (-3.3%), from €603,286 to €583,196
- Cash +€16,818
up €16,818 (+151%), from €11,141 to €27,959
mainly Stocks and contracts (+€151,459) and Other debts (+€75,221)
- Short-term financial debts -€143,458
down €143,458 (-28.3%), from €506,769 to €363,310
- Other debts +€75,221
up €75,221 (+22.4%), from €335,847 to €411,068
- Debts after one year -€33,955
down €33,955 (-5.5%), from €617,323 to €583,368
- Gross operating margin +€43,341
up €43,341 (+91.2%), from €47,542 to €90,883
- Depreciation +€20,089
new in 2025: €20,089
- Financial charges +€13,143
up €13,143 (+34.2%), from €38,416 to €51,559
- Taxes +€3,128
new in 2025: €3,128
- Other operating charges -€2,617
down €2,617 (-43.3%), from €6,038 to €3,421
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 | €1,535,144 | €1,438,533 | -€96,610 | -6.3% |
| Fixed assets | 21/28 | €603,286 | €583,196 | -€20,089 | -3.3% |
| Tangible fixed assets | 22/27 | €603,286 | €583,196 | -€20,089 | -3.3% |
| Land and buildings | 22 | €603,286 | €583,196 | -€20,089 | -3.3% |
| Current assets | 29/58 | €931,858 | €855,337 | -€76,521 | -8.2% |
| Stocks and contracts in progress | 3 | €866,248 | €714,789 | -€151,459 | -17.5% |
| Stocks | 30/36 | €637,525 | €555,710 | -€81,815 | -12.8% |
| Contracts in progress | 37 | €228,723 | €159,079 | -€69,644 | -30.4% |
| Amounts receivable within one year | 40/41 | €29,469 | €112,589 | +€83,120 | +282% |
| Trade receivables | 40 | €24,469 | €85,718 | +€61,248 | +250% |
| Other amounts receivable | 41 | €5,000 | €26,872 | +€21,872 | +437% |
| Cash at bank and in hand | 54/58 | €11,141 | €27,959 | +€16,818 | +151% |
| Deferred charges and accrued income | 490/1 | €25,000 | - | -€25,000 | |
| Total equity and liabilities | 10/49 | €1,535,144 | €1,438,533 | -€96,610 | -6.3% |
| Equity | 10/15 | €16,917 | €29,619 | +€12,702 | +75.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,083 | €9,619 | +€12,702 | |
| Amounts payable | 17/49 | €1,518,227 | €1,408,915 | -€109,312 | -7.2% |
| Amounts payable after more than one year | 17 | €617,323 | €583,368 | -€33,955 | -5.5% |
| Financial debts | 170/4 | €617,323 | €583,368 | -€33,955 | -5.5% |
| Amounts payable within one year | 42/48 | €893,933 | €824,655 | -€69,278 | -7.7% |
| Current portion of amounts payable after more than one year | 42 | €32,677 | €33,955 | +€1,278 | +3.9% |
| Financial debts | 43 | €506,769 | €363,310 | -€143,458 | -28.3% |
| Credit institutions | 430/8 | €506,769 | €363,310 | -€143,458 | -28.3% |
| Trade debts | 44 | €4,249 | €10,162 | +€5,913 | +139% |
| Suppliers | 440/4 | €4,249 | €10,162 | +€5,913 | +139% |
| Advances received on contracts in progress | 46 | €5,838 | €5,098 | -€741 | -12.7% |
| Taxes, remuneration and social security | 45 | €8,553 | €1,062 | -€7,491 | -87.6% |
| Taxes | 450/3 | €8,553 | €1,062 | -€7,491 | -87.6% |
| Other amounts payable | 47/48 | €335,847 | €411,068 | +€75,221 | +22.4% |
| Accrued charges and deferred income | 492/3 | €6,970 | €891 | -€6,079 | -87.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €20,089 | +€20,089 | |
| Other operating charges | 640/8 | €6,038 | €3,421 | -€2,617 | -43.3% |
| Gross operating margin | 9900 | €47,542 | €90,883 | +€43,341 | +91.2% |
| Operating profit (loss) | 9901 | €41,505 | €67,373 | +€25,869 | +62.3% |
| Financial income | 75/76B | €34 | €16 | -€19 | -55.0% |
| Recurring financial income | 75 | €34 | €16 | -€19 | -55.0% |
| Financial charges | 65/66B | €38,416 | €51,559 | +€13,143 | +34.2% |
| Recurring financial charges | 65 | €38,416 | €51,559 | +€13,143 | +34.2% |
| Profit (loss) for the period before taxes | 9903 | €3,123 | €15,830 | +€12,707 | +407% |
| Income taxes | 67/77 | - | €3,128 | +€3,128 | |
| Profit (loss) for the period | 9904 | €3,123 | €12,702 | +€9,578 | +307% |
| Profit (loss) for the period to be appropriated | 9905 | €3,123 | €12,702 | +€9,578 | +307% |
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.