KOWIFRA: 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.
KOWIFRA
Largest movements
- Receivables within one year +€5.9m
up €5.9m (+471%), from €1.3m to €7.2m
of which Other amounts receivable: +€5.9m
- Deferred charges and accrued income +€224,424
up €224,424 (+426%), from €52,622 to €277,046
- Cash -€153,380
down €153,380 (-53.6%), from €286,022 to €132,642
mainly Receivables within one year (-€5.9m) and Deferred charges and accrued income (-€224,424)
- Short-term financial debts +€5.8m
new in 2025: €5.8m
- Reserves +€360,571
up €360,571 (+8.7%), from €4.1m to €4.5m
- Financial income +€226,588
up €226,588 (+20,754%), from €1,092 to €227,680
- Financial charges +€107,367
up €107,367 (+2,688%), from €3,994 to €111,362
- Gross operating margin +€93,375
up €93,375 (+27.2%), from €343,453 to €436,828
- Taxes +€61,895
up €61,895 (+86.6%), from €71,438 to €133,334
- Depreciation +€7,292
up €7,292 (+23.0%), from €31,695 to €38,988
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 | €5,524,078 | €11,615,313 | +€6.1m | +110% |
| Fixed assets | 21/28 | €524,016 | €609,019 | +€85,002 | +16.2% |
| Tangible fixed assets | 22/27 | €524,016 | €609,019 | +€85,002 | +16.2% |
| Land and buildings | 22 | €523,459 | €600,888 | +€77,429 | +14.8% |
| Plant, machinery and equipment | 23 | €558 | €8,131 | +€7,573 | +1,358% |
| Current assets | 29/58 | €5,000,062 | €11,006,294 | +€6.0m | +120% |
| Amounts receivable after more than one year | 29 | €3,400,000 | €3,400,000 | = | 0.0% |
| Other amounts receivable | 291 | €3,400,000 | €3,400,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,261,418 | €7,196,606 | +€5.9m | +471% |
| Trade receivables | 40 | €25,319 | €22,923 | -€2,396 | -9.5% |
| Other amounts receivable | 41 | €1,236,099 | €7,173,682 | +€5.9m | +480% |
| Cash at bank and in hand | 54/58 | €286,022 | €132,642 | -€153,380 | -53.6% |
| Deferred charges and accrued income | 490/1 | €52,622 | €277,046 | +€224,424 | +426% |
| Total equity and liabilities | 10/49 | €5,524,078 | €11,615,313 | +€6.1m | +110% |
| Equity | 10/15 | €5,245,077 | €5,605,648 | +€360,571 | +6.9% |
| Contributions | 10/11 | €1,110,250 | €1,110,250 | = | 0.0% |
| Reserves | 13 | €4,134,827 | €4,495,398 | +€360,571 | +8.7% |
| Distributable reserves | 133 | €4,134,827 | €4,495,398 | +€360,571 | +8.7% |
| Amounts payable | 17/49 | €279,001 | €6,009,665 | +€5.7m | +2,054% |
| Amounts payable within one year | 42/48 | €272,445 | €6,003,109 | +€5.7m | +2,103% |
| Financial debts | 43 | - | €5,789,000 | +€5.8m | |
| Credit institutions | 430/8 | - | €5,789,000 | +€5.8m | |
| Trade debts | 44 | €28,503 | €34,714 | +€6,211 | +21.8% |
| Suppliers | 440/4 | €28,503 | €34,714 | +€6,211 | +21.8% |
| Taxes, remuneration and social security | 45 | €141,671 | €137,124 | -€4,547 | -3.2% |
| Taxes | 450/3 | €141,671 | €137,124 | -€4,547 | -3.2% |
| Other amounts payable | 47/48 | €102,271 | €42,271 | -€60,000 | -58.7% |
| Accrued charges and deferred income | 492/3 | €6,556 | €6,556 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,695 | €38,988 | +€7,292 | +23.0% |
| Other operating charges | 640/8 | €19,644 | €20,254 | +€610 | +3.1% |
| Gross operating margin | 9900 | €343,453 | €436,828 | +€93,375 | +27.2% |
| Operating profit (loss) | 9901 | €292,114 | €377,587 | +€85,473 | +29.3% |
| Financial income | 75/76B | €1,092 | €227,680 | +€226,588 | +20,754% |
| Recurring financial income | 75 | €1,092 | €227,680 | +€226,588 | +20,754% |
| Financial charges | 65/66B | €3,994 | €111,362 | +€107,367 | +2,688% |
| Recurring financial charges | 65 | €3,994 | €111,362 | +€107,367 | +2,688% |
| Profit (loss) for the period before taxes | 9903 | €289,212 | €493,905 | +€204,693 | +70.8% |
| Income taxes | 67/77 | €71,438 | €133,334 | +€61,895 | +86.6% |
| Profit (loss) for the period | 9904 | €217,773 | €360,571 | +€142,798 | +65.6% |
| Profit (loss) for the period to be appropriated | 9905 | €217,773 | €360,571 | +€142,798 | +65.6% |
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 22 October 2026 via checked.be.