PROXY KOUTER: 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.
PROXY KOUTER
Largest movements
- Tangible fixed assets -€69,564
down €69,564 (-16.2%), from €430,132 to €360,568
of which Other tangible fixed assets: -€58,268
- Intangible fixed assets -€45,228
down €45,228 (-13.7%), from €329,290 to €284,062
- Stocks and contracts +€29,978
up €29,978 (+14.2%), from €210,704 to €240,682
- Cash +€25,294
up €25,294 (+23.1%), from €109,418 to €134,712
mainly Depreciation (+€114,792) and Trade debts (+€58,613)
- Debts after one year -€107,653
down €107,653 (-35.7%), from €301,168 to €193,515
of which Financial debts: -€107,653
- Trade debts +€58,613
up €58,613 (+4.2%), from €1.4m to €1.5m
- Tax, wage and social debts -€20,809
down €20,809 (-31.8%), from €65,522 to €44,713
- Gross operating margin +€153,661
up €153,661 (+47.0%), from €327,035 to €480,696
- Staff costs -€108,593
down €108,593 (-23.9%), from €453,866 to €345,273
- Other operating charges +€11,984
up €11,984 (+117.1%), from €10,231 to €22,214
- Financial charges -€7,601
down €7,601 (-39.9%), from €19,028 to €11,426
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 | €1,269,676 | €1,194,064 | -€75,612 | -6.0% |
| Fixed assets | 21/28 | €759,422 | €644,630 | -€114,792 | -15.1% |
| Intangible fixed assets | 21 | €329,290 | €284,062 | -€45,228 | -13.7% |
| Tangible fixed assets | 22/27 | €430,132 | €360,568 | -€69,564 | -16.2% |
| Plant, machinery and equipment | 23 | €24,630 | €17,491 | -€7,139 | -29.0% |
| Furniture and vehicles | 24 | €19,497 | €15,339 | -€4,158 | -21.3% |
| Other tangible fixed assets | 26 | €386,005 | €327,737 | -€58,268 | -15.1% |
| Current assets | 29/58 | €510,254 | €549,434 | +€39,180 | +7.7% |
| Stocks and contracts in progress | 3 | €210,704 | €240,682 | +€29,978 | +14.2% |
| Stocks | 30/36 | €210,704 | €240,682 | +€29,978 | +14.2% |
| Amounts receivable within one year | 40/41 | €171,436 | €162,901 | -€8,534 | -5.0% |
| Trade receivables | 40 | €13,463 | €18,792 | +€5,329 | +39.6% |
| Other amounts receivable | 41 | €157,973 | €144,109 | -€13,863 | -8.8% |
| Cash at bank and in hand | 54/58 | €109,418 | €134,712 | +€25,294 | +23.1% |
| Deferred charges and accrued income | 490/1 | €18,696 | €11,138 | -€7,558 | -40.4% |
| Total equity and liabilities | 10/49 | €1,269,676 | €1,194,064 | -€75,612 | -6.0% |
| Equity | 10/15 | -€621,849 | -€633,397 | -€11,548 | -1.9% |
| Contributions | 10/11 | €184,000 | €184,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€805,849 | -€817,397 | -€11,548 | -1.4% |
| Amounts payable | 17/49 | €1,891,525 | €1,827,460 | -€64,065 | -3.4% |
| Amounts payable after more than one year | 17 | €301,168 | €193,515 | -€107,653 | -35.7% |
| Financial debts | 170/4 | €301,168 | €193,515 | -€107,653 | -35.7% |
| Trade debts | 175 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €1,578,909 | €1,618,997 | +€40,088 | +2.5% |
| Current portion of amounts payable after more than one year | 42 | €114,282 | €116,530 | +€2,249 | +2.0% |
| Trade debts | 44 | €1,395,515 | €1,454,128 | +€58,613 | +4.2% |
| Suppliers | 440/4 | €1,395,515 | €1,454,128 | +€58,613 | +4.2% |
| Taxes, remuneration and social security | 45 | €65,522 | €44,713 | -€20,809 | -31.8% |
| Remuneration and social security | 454/9 | €65,522 | €44,713 | -€20,809 | -31.8% |
| Other amounts payable | 47/48 | €3,590 | €3,626 | +€36 | +1.0% |
| Accrued charges and deferred income | 492/3 | €11,448 | €14,949 | +€3,501 | +30.6% |
| Non-recurring operating income | 76A | - | €16,772 | +€16,772 | |
| Remuneration, social security and pensions | 62 | €453,866 | €345,273 | -€108,593 | -23.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €114,349 | €114,792 | +€443 | +0.4% |
| Other operating charges | 640/8 | €10,231 | €22,214 | +€11,984 | +117.1% |
| Non-recurring operating charges | 66A | €0 | €1,250 | +€1,250 | |
| Gross operating margin | 9900 | €327,035 | €480,696 | +€153,661 | +47.0% |
| Operating profit (loss) | 9901 | -€251,411 | -€2,834 | +€248,577 | +98.9% |
| Financial income | 75/76B | €3,384 | €2,712 | -€672 | -19.9% |
| Recurring financial income | 75 | €3,384 | €2,712 | -€672 | -19.9% |
| Financial charges | 65/66B | €19,028 | €11,426 | -€7,601 | -39.9% |
| Recurring financial charges | 65 | €19,028 | €11,426 | -€7,601 | -39.9% |
| Profit (loss) for the period before taxes | 9903 | -€267,054 | -€11,548 | +€255,506 | +95.7% |
| Profit (loss) for the period | 9904 | -€267,054 | -€11,548 | +€255,506 | +95.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€267,054 | -€11,548 | +€255,506 | +95.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.