ROE-KOE: 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.
ROE-KOE
Largest movements
- Cash +€4,470
up €4,470 (+25.6%), from €17,462 to €21,933
mainly Depreciation (+€6,396) and Trade debts (+€3,573)
- Intangible fixed assets -€4,269
down €4,269 (-20.7%), from €20,588 to €16,320
- Receivables within one year -€1,857
down €1,857 (-30.9%), from €6,010 to €4,153
of which Other amounts receivable: -€1,818
- Stocks and contracts +€1,424
up €1,424 (+9.7%), from €14,659 to €16,083
- Tangible fixed assets -€985
down €985 (-14.3%), from €6,878 to €5,893
of which Plant, machinery and equipment: -€1,549
- Debts after one year -€11,244
down €11,244 (-62.8%), from €17,909 to €6,665
- Trade debts +€3,573
up €3,573 (+724%), from €493 to €4,067
- Tax, wage and social debts +€3,237
up €3,237 (+44.1%), from €7,344 to €10,581
of which Taxes: +€3,090
- Other debts +€1,895
up €1,895 (+191%), from €993 to €2,888
- Staff costs +€15,763
up €15,763 (+43.1%), from €36,586 to €52,349
- Gross operating margin +€11,254
up €11,254 (+21.8%), from €51,731 to €62,985
- Depreciation -€9,924
down €9,924 (-60.8%), from €16,320 to €6,396
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 | €66,332 | €64,449 | -€1,883 | -2.8% |
| Fixed assets | 21/28 | €27,467 | €22,213 | -€5,254 | -19.1% |
| Intangible fixed assets | 21 | €20,588 | €16,320 | -€4,269 | -20.7% |
| Tangible fixed assets | 22/27 | €6,878 | €5,893 | -€985 | -14.3% |
| Plant, machinery and equipment | 23 | €4,669 | €3,120 | -€1,549 | -33.2% |
| Furniture and vehicles | 24 | €2,210 | €1,698 | -€512 | -23.2% |
| Other tangible fixed assets | 26 | - | €1,076 | +€1,076 | |
| Current assets | 29/58 | €38,865 | €42,236 | +€3,371 | +8.7% |
| Stocks and contracts in progress | 3 | €14,659 | €16,083 | +€1,424 | +9.7% |
| Stocks | 30/36 | €14,659 | €16,083 | +€1,424 | +9.7% |
| Amounts receivable within one year | 40/41 | €6,010 | €4,153 | -€1,857 | -30.9% |
| Trade receivables | 40 | €345 | €306 | -€39 | -11.3% |
| Other amounts receivable | 41 | €5,665 | €3,847 | -€1,818 | -32.1% |
| Cash at bank and in hand | 54/58 | €17,462 | €21,933 | +€4,470 | +25.6% |
| Deferred charges and accrued income | 490/1 | €734 | €68 | -€666 | -90.7% |
| Total equity and liabilities | 10/49 | €66,332 | €64,449 | -€1,883 | -2.8% |
| Equity | 10/15 | €28,496 | €29,004 | +€508 | +1.8% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €13,496 | €14,004 | +€508 | +3.8% |
| Distributable reserves | 133 | €13,496 | €14,004 | +€508 | +3.8% |
| Amounts payable | 17/49 | €37,836 | €35,445 | -€2,391 | -6.3% |
| Amounts payable after more than one year | 17 | €17,909 | €6,665 | -€11,244 | -62.8% |
| Financial debts | 170/4 | €17,909 | €6,665 | -€11,244 | -62.8% |
| Amounts payable within one year | 42/48 | €19,848 | €28,780 | +€8,932 | +45.0% |
| Current portion of amounts payable after more than one year | 42 | €11,018 | €11,244 | +€226 | +2.1% |
| Trade debts | 44 | €493 | €4,067 | +€3,573 | +724% |
| Suppliers | 440/4 | €493 | €4,067 | +€3,573 | +724% |
| Taxes, remuneration and social security | 45 | €7,344 | €10,581 | +€3,237 | +44.1% |
| Taxes | 450/3 | €1,663 | €4,754 | +€3,090 | +186% |
| Remuneration and social security | 454/9 | €5,681 | €5,828 | +€147 | +2.6% |
| Other amounts payable | 47/48 | €993 | €2,888 | +€1,895 | +191% |
| Accrued charges and deferred income | 492/3 | €78 | - | -€78 | |
| Remuneration, social security and pensions | 62 | €36,586 | €52,349 | +€15,763 | +43.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,320 | €6,396 | -€9,924 | -60.8% |
| Other operating charges | 640/8 | €3,116 | €2,874 | -€242 | -7.8% |
| Gross operating margin | 9900 | €51,731 | €62,985 | +€11,254 | +21.8% |
| Operating profit (loss) | 9901 | -€4,290 | €1,366 | +€5,656 | |
| Financial income | 75/76B | €194 | €160 | -€33 | -17.2% |
| Recurring financial income | 75 | €194 | €160 | -€33 | -17.2% |
| Financial charges | 65/66B | €1,235 | €1,019 | -€217 | -17.5% |
| Recurring financial charges | 65 | €1,235 | €1,019 | -€217 | -17.5% |
| Profit (loss) for the period before taxes | 9903 | -€5,332 | €508 | +€5,839 | |
| Profit (loss) for the period | 9904 | -€5,332 | €508 | +€5,839 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,332 | €508 | +€5,839 |
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 16 October 2026 via checked.be.