PETER KOSLOWSKI: 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.
PETER KOSLOWSKI
Largest movements
- Tangible fixed assets -€604,377
down €604,377 (-49.8%), from €1.2m to €608,284
of which Land and buildings: -€602,141
- Deferred charges and accrued income +€266,603
up €266,603 (+24415.8%), from €1,092 to €267,695
- Receivables within one year -€27,327
down €27,327 (-100.0%), from €27,327 to €0
- Debts after one year -€504,910
down €504,910 (-53.8%), from €938,506 to €433,595
- Other debts +€154,574
up €154,574 (+890.1%), from €17,366 to €171,940
- Reserves -€82,135
down €82,135 (-8.7%), from €948,750 to €866,615
of which Distributable reserves: -€82,135
- Tax, wage and social debts +€44,662
up €44,662 (+595.5%), from €7,500 to €52,162
- Current portion of long-term debt +€22,007
up €22,007 (+23.3%), from €94,324 to €116,330
- Depreciation -€83,232
down €83,232 (-82.7%), from €100,654 to €17,422
- Financial income +€39,588
up €39,588, from €0 to €39,588
- Taxes +€28,989
up €28,989 (+60.8%), from €47,673 to €76,662
- Gross operating margin -€28,406
down €28,406 (-9.1%), from €312,724 to €284,318
- Financial charges +€15,430
up €15,430 (+84.3%), from €18,301 to €33,731
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 | €2,052,565 | €1,694,073 | -€358,493 | -17.5% |
| Fixed assets | 21/28 | €2,011,162 | €1,406,784 | -€604,377 | -30.1% |
| Tangible fixed assets | 22/27 | €1,212,662 | €608,284 | -€604,377 | -49.8% |
| Land and buildings | 22 | €1,205,485 | €603,344 | -€602,141 | -50.0% |
| Plant, machinery and equipment | 23 | €6,502 | €4,941 | -€1,561 | -24.0% |
| Furniture and vehicles | 24 | €675 | €0 | -€675 | -100.0% |
| Financial fixed assets | 28 | €798,500 | €798,500 | = | 0.0% |
| Current assets | 29/58 | €41,404 | €287,288 | +€245,885 | +593.9% |
| Stocks and contracts in progress | 3 | €281 | €0 | -€281 | -100.0% |
| Stocks | 30/36 | €281 | €0 | -€281 | -100.0% |
| Amounts receivable within one year | 40/41 | €27,327 | €0 | -€27,327 | -100.0% |
| Other amounts receivable | 41 | €27,327 | €0 | -€27,327 | -100.0% |
| Cash at bank and in hand | 54/58 | €12,704 | €19,594 | +€6,889 | +54.2% |
| Deferred charges and accrued income | 490/1 | €1,092 | €267,695 | +€266,603 | +24415.8% |
| Total equity and liabilities | 10/49 | €2,052,565 | €1,694,073 | -€358,493 | -17.5% |
| Equity | 10/15 | €975,550 | €893,415 | -€82,135 | -8.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €948,750 | €866,615 | -€82,135 | -8.7% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €930,000 | €847,865 | -€82,135 | -8.8% |
| Profit (loss) carried forward | 14 | €8,200 | €8,200 | = | 0.0% |
| Provisions and deferred taxes | 16 | €1,500 | €1,500 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €1,500 | €1,500 | = | 0.0% |
| Other liabilities and charges | 164/5 | €1,500 | €1,500 | = | 0.0% |
| Amounts payable | 17/49 | €1,075,516 | €799,158 | -€276,358 | -25.7% |
| Amounts payable after more than one year | 17 | €938,506 | €433,595 | -€504,910 | -53.8% |
| Financial debts | 170/4 | €938,506 | €433,595 | -€504,910 | -53.8% |
| Amounts payable within one year | 42/48 | €137,010 | €365,562 | +€228,552 | +166.8% |
| Current portion of amounts payable after more than one year | 42 | €94,324 | €116,330 | +€22,007 | +23.3% |
| Trade debts | 44 | €737 | €8,047 | +€7,310 | +992.3% |
| Suppliers | 440/4 | €737 | €8,047 | +€7,310 | +992.3% |
| Advances received on contracts in progress | 46 | €17,083 | €17,083 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €7,500 | €52,162 | +€44,662 | +595.5% |
| Taxes | 450/3 | €7,500 | €52,162 | +€44,662 | +595.5% |
| Other amounts payable | 47/48 | €17,366 | €171,940 | +€154,574 | +890.1% |
| Non-recurring operating income | 76A | - | €53,674 | +€53,674 | |
| Remuneration, social security and pensions | 62 | -€22 | €0 | +€22 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,654 | €17,422 | -€83,232 | -82.7% |
| Other operating charges | 640/8 | €4,591 | €4,696 | +€105 | +2.3% |
| Gross operating margin | 9900 | €312,724 | €284,318 | -€28,406 | -9.1% |
| Operating profit (loss) | 9901 | €207,501 | €262,199 | +€54,699 | +26.4% |
| Financial income | 75/76B | €0 | €39,588 | +€39,588 | |
| Recurring financial income | 75 | €0 | €39,588 | +€39,588 | |
| Financial charges | 65/66B | €18,301 | €33,731 | +€15,430 | +84.3% |
| Recurring financial charges | 65 | €18,301 | €33,731 | +€15,430 | +84.3% |
| Profit (loss) for the period before taxes | 9903 | €189,200 | €268,057 | +€78,857 | +41.7% |
| Income taxes | 67/77 | €47,673 | €76,662 | +€28,989 | +60.8% |
| Profit (loss) for the period | 9904 | €141,527 | €191,395 | +€49,868 | +35.2% |
| Profit (loss) for the period to be appropriated | 9905 | €141,527 | €191,395 | +€49,868 | +35.2% |
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 10 October 2026 via checked.be.