KOWZY: 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.
KOWZY
Largest movements
- Receivables within one year +€19,682
up €19,682 (+37.7%), from €52,206 to €71,888
of which Other amounts receivable: +€36,520
- Cash -€17,847
down €17,847 (-21.9%), from €81,651 to €63,804
mainly Contributions, distributions and other (-€104,539) and Tax, wage and social debts (-€30,696)
- Tangible fixed assets -€13,931
down €13,931 (-32.6%), from €42,730 to €28,799
of which Furniture and vehicles: -€8,648
- Deferred charges and accrued income +€3,763
up €3,763 (+1161.5%), from €324 to €4,087
- Other debts +€30,835
up €30,835 (+36.8%), from €83,845 to €114,679
- Tax, wage and social debts -€30,696
down €30,696 (-99.8%), from €30,746 to €50
- Short-term financial debts +€24,773
new in 2025: €24,773
- Current portion of long-term debt -€18,835
down €18,835 (-100.0%), from €18,835 to €0
- Trade debts -€15,068
down €15,068 (-31.8%), from €47,335 to €32,267
- Gross operating margin +€28,317
up €28,317 (+22.2%), from €127,549 to €155,867
- Taxes +€2,742
up €2,742 (+10.5%), from €26,034 to €28,776
- Staff costs -€1,750
down €1,750 (-72.7%), from €2,407 to €657
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 | €190,237 | €181,245 | -€8,992 | -4.7% |
| Fixed assets | 21/28 | €42,730 | €28,799 | -€13,931 | -32.6% |
| Tangible fixed assets | 22/27 | €42,730 | €28,799 | -€13,931 | -32.6% |
| Plant, machinery and equipment | 23 | €10,861 | €5,928 | -€4,933 | -45.4% |
| Furniture and vehicles | 24 | €29,669 | €21,021 | -€8,648 | -29.1% |
| Other tangible fixed assets | 26 | €2,200 | €1,850 | -€350 | -15.9% |
| Current assets | 29/58 | €147,507 | €152,446 | +€4,939 | +3.3% |
| Stocks and contracts in progress | 3 | €13,327 | €12,667 | -€660 | -4.9% |
| Stocks | 30/36 | €13,327 | €12,667 | -€660 | -4.9% |
| Amounts receivable within one year | 40/41 | €52,206 | €71,888 | +€19,682 | +37.7% |
| Trade receivables | 40 | €25,268 | €8,430 | -€16,838 | -66.6% |
| Other amounts receivable | 41 | €26,938 | €63,458 | +€36,520 | +135.6% |
| Cash at bank and in hand | 54/58 | €81,651 | €63,804 | -€17,847 | -21.9% |
| Deferred charges and accrued income | 490/1 | €324 | €4,087 | +€3,763 | +1161.5% |
| Total equity and liabilities | 10/49 | €190,237 | €181,245 | -€8,992 | -4.7% |
| Equity | 10/15 | €9,476 | €9,476 | = | 0.0% |
| Contributions | 10/11 | €559 | €559 | = | 0.0% |
| Reserves | 13 | €8,917 | €8,917 | = | 0.0% |
| Non-distributable reserves | 130/1 | €84 | €84 | = | 0.0% |
| Reserves not available under the articles | 1311 | €84 | €84 | = | 0.0% |
| Distributable reserves | 133 | €8,834 | €8,834 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €180,761 | €171,769 | -€8,992 | -5.0% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €180,761 | €171,769 | -€8,992 | -5.0% |
| Current portion of amounts payable after more than one year | 42 | €18,835 | €0 | -€18,835 | -100.0% |
| Financial debts | 43 | - | €24,773 | +€24,773 | |
| Credit institutions | 430/8 | - | €24,773 | +€24,773 | |
| Trade debts | 44 | €47,335 | €32,267 | -€15,068 | -31.8% |
| Suppliers | 440/4 | €47,335 | €32,267 | -€15,068 | -31.8% |
| Taxes, remuneration and social security | 45 | €30,746 | €50 | -€30,696 | -99.8% |
| Taxes | 450/3 | €30,746 | €50 | -€30,696 | -99.8% |
| Other amounts payable | 47/48 | €83,845 | €114,679 | +€30,835 | +36.8% |
| Remuneration, social security and pensions | 62 | €2,407 | €657 | -€1,750 | -72.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,032 | €16,131 | +€99 | +0.6% |
| Other operating charges | 640/8 | €1,998 | €1,847 | -€151 | -7.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €127,549 | €155,867 | +€28,317 | +22.2% |
| Operating profit (loss) | 9901 | €107,112 | €137,232 | +€30,120 | +28.1% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €3,243 | €3,917 | +€674 | +20.8% |
| Recurring financial charges | 65 | €3,243 | €3,917 | +€674 | +20.8% |
| Profit (loss) for the period before taxes | 9903 | €103,869 | €133,315 | +€29,446 | +28.3% |
| Income taxes | 67/77 | €26,034 | €28,776 | +€2,742 | +10.5% |
| Profit (loss) for the period | 9904 | €77,835 | €104,539 | +€26,704 | +34.3% |
| Profit (loss) for the period to be appropriated | 9905 | €77,835 | €104,539 | +€26,704 | +34.3% |
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 6 October 2026 via checked.be.