KOWALI: 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.
KOWALI
Largest movements
- Receivables within one year +€33,962
up €33,962 (+21.9%), from €155,084 to €189,046
of which Other amounts receivable: +€75,984
- Cash -€19,212
down €19,212 (-80.4%), from €23,891 to €4,679
mainly Receivables within one year (-€33,962) and Contributions, distributions and other (-€24,514)
- Reserves +€42,609
up €42,609 (+34.5%), from €123,552 to €166,161
- Trade debts -€17,144
down €17,144 (-77.6%), from €22,097 to €4,953
- Provisions -€13,470
down €13,470 (-1.5%), from €914,940 to €901,471
- Financial charges -€55,935
down €55,935 (-62.7%), from €89,233 to €33,298
- Gross operating margin -€47,769
down €47,769, from €38,432 to -€9,337
- Provisions +€7,993
up €7,993 (+14.7%), from -€54,360 to -€46,368
- Financial income +€2,282
up €2,282 (+3.3%), from €69,868 to €72,150
- Taxes -€2,218
down €2,218 (-24.5%), from €9,070 to €6,852
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 | €1,252,600 | €1,279,850 | +€27,250 | +2.2% |
| Fixed assets | 21/28 | €989,226 | €989,226 | = | 0.0% |
| Financial fixed assets | 28 | €989,226 | €989,226 | = | 0.0% |
| Current assets | 29/58 | €263,374 | €290,624 | +€27,250 | +10.3% |
| Amounts receivable after more than one year | 29 | €84,400 | €96,900 | +€12,500 | +14.8% |
| Other amounts receivable | 291 | €84,400 | €96,900 | +€12,500 | +14.8% |
| Amounts receivable within one year | 40/41 | €155,084 | €189,046 | +€33,962 | +21.9% |
| Trade receivables | 40 | €68,084 | €26,062 | -€42,022 | -61.7% |
| Other amounts receivable | 41 | €87,000 | €162,984 | +€75,984 | +87.3% |
| Cash at bank and in hand | 54/58 | €23,891 | €4,679 | -€19,212 | -80.4% |
| Total equity and liabilities | 10/49 | €1,252,600 | €1,279,850 | +€27,250 | +2.2% |
| Equity | 10/15 | €142,152 | €184,761 | +€42,609 | +30.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €123,552 | €166,161 | +€42,609 | +34.5% |
| Distributable reserves | 133 | €123,552 | €166,161 | +€42,609 | +34.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €914,940 | €901,471 | -€13,470 | -1.5% |
| Provisions for liabilities and charges | 160/5 | €914,940 | €901,471 | -€13,470 | -1.5% |
| Pensions and similar obligations | 160 | €914,940 | €0 | -€914,940 | -100% |
| Other liabilities and charges | 164/5 | - | €901,471 | +€901,471 | |
| Amounts payable | 17/49 | €195,508 | €193,619 | -€1,889 | -1.0% |
| Amounts payable within one year | 42/48 | €195,508 | €193,619 | -€1,889 | -1.0% |
| Financial debts | 43 | €817 | €11,558 | +€10,740 | +1,314% |
| Credit institutions | 430/8 | - | €11,558 | +€11,558 | |
| Other loans | 439 | €817 | €0 | -€817 | -100% |
| Trade debts | 44 | €22,097 | €4,953 | -€17,144 | -77.6% |
| Suppliers | 440/4 | €22,097 | €4,953 | -€17,144 | -77.6% |
| Taxes, remuneration and social security | 45 | €10,277 | €10,047 | -€230 | -2.2% |
| Taxes | 450/3 | €10,277 | €10,047 | -€230 | -2.2% |
| Other amounts payable | 47/48 | €162,316 | €167,061 | +€4,745 | +2.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€54,360 | -€46,368 | +€7,993 | +14.7% |
| Other operating charges | 640/8 | €1,687 | €1,907 | +€220 | +13.0% |
| Gross operating margin | 9900 | €38,432 | -€9,337 | -€47,769 | |
| Operating profit (loss) | 9901 | €91,105 | €35,123 | -€55,982 | -61.4% |
| Financial income | 75/76B | €69,868 | €72,150 | +€2,282 | +3.3% |
| Recurring financial income | 75 | €69,868 | €72,150 | +€2,282 | +3.3% |
| Financial charges | 65/66B | €89,233 | €33,298 | -€55,935 | -62.7% |
| Recurring financial charges | 65 | €89,233 | €33,298 | -€55,935 | -62.7% |
| Profit (loss) for the period before taxes | 9903 | €71,740 | €73,975 | +€2,235 | +3.1% |
| Income taxes | 67/77 | €9,070 | €6,852 | -€2,218 | -24.5% |
| Profit (loss) for the period | 9904 | €62,670 | €67,123 | +€4,453 | +7.1% |
| Profit (loss) for the period to be appropriated | 9905 | €62,670 | €67,123 | +€4,453 | +7.1% |
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 23 October 2026 via checked.be.