KOWIJN: what changed
Two fiscal 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.
KOWIJN
Largest movements
- Tangible fixed assets -€54,597
down €54,597 (-8.3%), from €653,943 to €599,347
of which Land and buildings: -€51,480
- Cash +€44,214
up €44,214 (+42.6%), from €103,778 to €147,992
mainly Net result for the year (+€74,498) and Depreciation (+€59,600)
- Receivables within one year -€24,097
down €24,097 (-95.3%), from €25,272 to €1,175
of which Trade receivables: -€14,097
- Other debts -€71,200
down €71,200 (-94.3%), from €75,531 to €4,331
- Reserves +€70,698
up €70,698 (+18.9%), from €373,191 to €443,889
of which Distributable reserves: +€70,698
- Debts after one year -€39,996
down €39,996 (-23.1%), from €173,368 to €133,372
- Financial income -€76,795
down €76,795 (-94.7%), from €81,081 to €4,286
- Gross operating margin -€16,051
down €16,051 (-8.3%), from €194,343 to €178,293
- Depreciation -€7,409
down €7,409 (-11.1%), from €67,009 to €59,600
- Taxes +€7,259
up €7,259 (+37.0%), from €19,642 to €26,900
- Financial charges -€4,603
down €4,603 (-42.5%), from €10,832 to €6,229
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.
Cash bridge derived
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 | €967,545 | €934,425 | -€33,120 | -3.4% |
| Fixed assets | 21/28 | €753,943 | €699,799 | -€54,145 | -7.2% |
| Intangible fixed assets | 21 | - | €452 | +€452 | |
| Tangible fixed assets | 22/27 | €653,943 | €599,347 | -€54,597 | -8.3% |
| Land and buildings | 22 | €635,937 | €584,457 | -€51,480 | -8.1% |
| Plant, machinery and equipment | 23 | €3,066 | €4,694 | +€1,628 | +53.1% |
| Furniture and vehicles | 24 | €14,940 | €10,195 | -€4,745 | -31.8% |
| Financial fixed assets | 28 | €100,000 | €100,000 | = | 0.0% |
| Current assets | 29/58 | €213,602 | €234,626 | +€21,024 | +9.8% |
| Amounts receivable within one year | 40/41 | €25,272 | €1,175 | -€24,097 | -95.3% |
| Trade receivables | 40 | €14,914 | €817 | -€14,097 | -94.5% |
| Other amounts receivable | 41 | €10,358 | €358 | -€10,000 | -96.5% |
| Current investments | 50/53 | €84,065 | €84,065 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €103,778 | €147,992 | +€44,214 | +42.6% |
| Deferred charges and accrued income | 490/1 | €487 | €1,394 | +€907 | +186.3% |
| Total equity and liabilities | 10/49 | €967,545 | €934,425 | -€33,120 | -3.4% |
| Equity | 10/15 | €673,191 | €743,889 | +€70,698 | +10.5% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €373,191 | €443,889 | +€70,698 | +18.9% |
| Non-distributable reserves | 130/1 | €84,065 | €84,065 | = | 0.0% |
| Own shares acquired | 1312 | €84,065 | €84,065 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,094 | €1,094 | = | 0.0% |
| Distributable reserves | 133 | €288,032 | €358,729 | +€70,698 | +24.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €294,354 | €190,536 | -€103,818 | -35.3% |
| Amounts payable after more than one year | 17 | €173,368 | €133,372 | -€39,996 | -23.1% |
| Financial debts | 170/4 | €173,368 | €133,372 | -€39,996 | -23.1% |
| Amounts payable within one year | 42/48 | €120,986 | €57,164 | -€63,822 | -52.8% |
| Current portion of amounts payable after more than one year | 42 | €39,996 | €39,996 | = | 0.0% |
| Financial debts | 43 | €11 | €24 | +€14 | +127.0% |
| Credit institutions | 430/8 | €11 | €24 | +€14 | +127.0% |
| Trade debts | 44 | €1,618 | €1,738 | +€120 | +7.4% |
| Suppliers | 440/4 | €1,618 | €1,738 | +€120 | +7.4% |
| Taxes, remuneration and social security | 45 | €3,830 | €11,075 | +€7,245 | +189.2% |
| Taxes | 450/3 | €3,830 | €11,075 | +€7,245 | +189.2% |
| Other amounts payable | 47/48 | €75,531 | €4,331 | -€71,200 | -94.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,009 | €59,600 | -€7,409 | -11.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €17,226 | €15,352 | -€1,875 | -10.9% |
| Gross operating margin | 9900 | €194,343 | €178,293 | -€16,051 | -8.3% |
| Operating profit (loss) | 9901 | €110,108 | €103,341 | -€6,767 | -6.1% |
| Financial income | 75/76B | €81,081 | €4,286 | -€76,795 | -94.7% |
| Recurring financial income | 75 | €81,081 | €4,286 | -€76,795 | -94.7% |
| Financial charges | 65/66B | €10,832 | €6,229 | -€4,603 | -42.5% |
| Recurring financial charges | 65 | €10,832 | €6,229 | -€4,603 | -42.5% |
| Profit (loss) for the period before taxes | 9903 | €180,357 | €101,398 | -€78,959 | -43.8% |
| Income taxes | 67/77 | €19,642 | €26,900 | +€7,259 | +37.0% |
| Profit (loss) for the period | 9904 | €160,716 | €74,498 | -€86,218 | -53.6% |
| Profit (loss) for the period to be appropriated | 9905 | €160,716 | €74,498 | -€86,218 | -53.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.