ROELEN KOEN: 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.
ROELEN KOEN
Largest movements
- Tangible fixed assets +€81,849
up €81,849 (+706%), from €11,593 to €93,442
of which Leasing and similar rights: +€60,000
- Receivables within one year -€18,956
down €18,956 (-58.6%), from €32,326 to €13,370
of which Trade receivables: -€18,143
- Cash +€5,030
up €5,030 (+399%), from €1,261 to €6,290
mainly Debts after one year (+€40,748) and Receivables within one year (+€18,956)
- Debts after one year +€40,748
new in 2025: €40,748
- Other debts +€9,800
up €9,800 (+67.2%), from €14,583 to €24,383
- Reserves +€8,556
up €8,556 (+29.3%), from €29,164 to €37,720
- Current portion of long-term debt +€5,511
new in 2025: €5,511
- Trade debts +€2,230
up €2,230 (+117%), from €1,900 to €4,130
- Depreciation +€4,718
up €4,718 (+138%), from €3,416 to €8,134
- Taxes -€2,803
down €2,803 (-80.1%), from €3,497 to €694
- Gross operating margin -€869
down €869 (-4.1%), from €20,979 to €20,110
- Financial charges +€530
up €530 (+1,092%), from €49 to €578
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 | €49,010 | €116,409 | +€67,399 | +138% |
| Fixed assets | 21/28 | €11,593 | €93,442 | +€81,849 | +706% |
| Tangible fixed assets | 22/27 | €11,593 | €93,442 | +€81,849 | +706% |
| Plant, machinery and equipment | 23 | €11,593 | €8,628 | -€2,965 | -25.6% |
| Furniture and vehicles | 24 | - | €24,814 | +€24,814 | |
| Leasing and similar rights | 25 | - | €60,000 | +€60,000 | |
| Current assets | 29/58 | €37,416 | €22,967 | -€14,450 | -38.6% |
| Stocks and contracts in progress | 3 | €3,738 | €2,927 | -€811 | -21.7% |
| Stocks | 30/36 | €3,738 | €2,927 | -€811 | -21.7% |
| Amounts receivable within one year | 40/41 | €32,326 | €13,370 | -€18,956 | -58.6% |
| Trade receivables | 40 | €19,066 | €923 | -€18,143 | -95.2% |
| Other amounts receivable | 41 | €13,260 | €12,447 | -€813 | -6.1% |
| Cash at bank and in hand | 54/58 | €1,261 | €6,290 | +€5,030 | +399% |
| Deferred charges and accrued income | 490/1 | €92 | €380 | +€288 | +312% |
| Total equity and liabilities | 10/49 | €49,010 | €116,409 | +€67,399 | +138% |
| Equity | 10/15 | €32,164 | €40,720 | +€8,556 | +26.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €29,164 | €37,720 | +€8,556 | +29.3% |
| Distributable reserves | 133 | €29,164 | €37,720 | +€8,556 | +29.3% |
| Amounts payable | 17/49 | €16,846 | €75,689 | +€58,843 | +349% |
| Amounts payable after more than one year | 17 | - | €40,748 | +€40,748 | |
| Financial debts | 170/4 | - | €40,748 | +€40,748 | |
| Amounts payable within one year | 42/48 | €16,846 | €34,941 | +€18,095 | +107% |
| Current portion of amounts payable after more than one year | 42 | - | €5,511 | +€5,511 | |
| Trade debts | 44 | €1,900 | €4,130 | +€2,230 | +117% |
| Suppliers | 440/4 | €1,900 | €4,130 | +€2,230 | +117% |
| Taxes, remuneration and social security | 45 | €362 | €916 | +€554 | +153% |
| Taxes | 450/3 | €362 | €916 | +€554 | +153% |
| Other amounts payable | 47/48 | €14,583 | €24,383 | +€9,800 | +67.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,416 | €8,134 | +€4,718 | +138% |
| Other operating charges | 640/8 | €619 | €585 | -€34 | -5.4% |
| Non-recurring operating charges | 66A | - | €2,000 | +€2,000 | |
| Gross operating margin | 9900 | €20,979 | €20,110 | -€869 | -4.1% |
| Operating profit (loss) | 9901 | €16,944 | €9,390 | -€7,554 | -44.6% |
| Financial income | 75/76B | €409 | €439 | +€30 | +7.3% |
| Recurring financial income | 75 | €409 | €439 | +€30 | +7.3% |
| Financial charges | 65/66B | €49 | €578 | +€530 | +1,092% |
| Recurring financial charges | 65 | €49 | €578 | +€530 | +1,092% |
| Profit (loss) for the period before taxes | 9903 | €17,304 | €9,251 | -€8,054 | -46.5% |
| Income taxes | 67/77 | €3,497 | €694 | -€2,803 | -80.1% |
| Profit (loss) for the period | 9904 | €13,807 | €8,556 | -€5,251 | -38.0% |
| Profit (loss) for the period to be appropriated | 9905 | €13,807 | €8,556 | -€5,251 | -38.0% |
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 25 October 2026 via checked.be.