Sander Koyen: 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.
Sander Koyen
Largest movements
- Cash +€8,438
up €8,438 (+20.4%), from €41,316 to €49,753
mainly Provisions (+€36,671) and Tax, wage and social debts (+€9,504)
- Current investments +€7,563
up €7,563 (+499%), from €1,516 to €9,079
- Receivables within one year +€5,194
up €5,194 (+29.5%), from €17,612 to €22,806
of which Trade receivables: +€2,977
- Provisions +€36,671
new in 2025: €36,671
- Reserves -€28,611
down €28,611 (-59.7%), from €47,938 to €19,328
- Tax, wage and social debts +€9,504
up €9,504 (+100%), from €9,479 to €18,984
of which Taxes: +€13,308
- Trade debts +€2,737
up €2,737 (+212%), from €1,294 to €4,031
- Provisions +€36,671
new in 2025: €36,671
- Gross operating margin +€26,114
up €26,114 (+159%), from €16,435 to €42,549
- Taxes +€6,149
up €6,149 (+153%), from €4,019 to €10,168
- Financial charges -€994
down €994 (-90.6%), from €1,097 to €103
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 | €61,711 | €82,286 | +€20,575 | +33.3% |
| Fixed assets | 21/28 | €1,268 | €648 | -€620 | -48.9% |
| Tangible fixed assets | 22/27 | €1,268 | €648 | -€620 | -48.9% |
| Plant, machinery and equipment | 23 | €1,047 | €648 | -€399 | -38.1% |
| Furniture and vehicles | 24 | €221 | - | -€221 | |
| Current assets | 29/58 | €60,443 | €81,638 | +€21,195 | +35.1% |
| Amounts receivable within one year | 40/41 | €17,612 | €22,806 | +€5,194 | +29.5% |
| Trade receivables | 40 | €13,765 | €16,742 | +€2,977 | +21.6% |
| Other amounts receivable | 41 | €3,847 | €6,064 | +€2,217 | +57.6% |
| Current investments | 50/53 | €1,516 | €9,079 | +€7,563 | +499% |
| Cash at bank and in hand | 54/58 | €41,316 | €49,753 | +€8,438 | +20.4% |
| Total equity and liabilities | 10/49 | €61,711 | €82,286 | +€20,575 | +33.3% |
| Equity | 10/15 | €50,938 | €22,328 | -€28,611 | -56.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €47,938 | €19,328 | -€28,611 | -59.7% |
| Distributable reserves | 133 | €47,938 | €19,328 | -€28,611 | -59.7% |
| Provisions and deferred taxes | 16 | - | €36,671 | +€36,671 | |
| Provisions for liabilities and charges | 160/5 | - | €36,671 | +€36,671 | |
| Other liabilities and charges | 164/5 | - | €36,671 | +€36,671 | |
| Amounts payable | 17/49 | €10,773 | €23,287 | +€12,514 | +116% |
| Amounts payable within one year | 42/48 | €10,773 | €23,287 | +€12,514 | +116% |
| Trade debts | 44 | €1,294 | €4,031 | +€2,737 | +212% |
| Suppliers | 440/4 | €1,294 | €4,031 | +€2,737 | +212% |
| Taxes, remuneration and social security | 45 | €9,479 | €18,984 | +€9,504 | +100% |
| Taxes | 450/3 | €5,676 | €18,984 | +€13,308 | +234% |
| Remuneration and social security | 454/9 | €3,803 | - | -€3,803 | |
| Other amounts payable | 47/48 | - | €272 | +€272 | |
| Remuneration, social security and pensions | 62 | €250 | €250 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €681 | €620 | -€61 | -8.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €36,671 | +€36,671 | |
| Other operating charges | 640/8 | €426 | €350 | -€76 | -17.9% |
| Gross operating margin | 9900 | €16,435 | €42,549 | +€26,114 | +159% |
| Operating profit (loss) | 9901 | €15,078 | €4,657 | -€10,421 | -69.1% |
| Financial income | 75/76B | €16 | €4 | -€13 | -78.5% |
| Recurring financial income | 75 | €16 | €4 | -€13 | -78.5% |
| Financial charges | 65/66B | €1,097 | €103 | -€994 | -90.6% |
| Recurring financial charges | 65 | €1,097 | €103 | -€994 | -90.6% |
| Profit (loss) for the period before taxes | 9903 | €13,998 | €4,558 | -€9,440 | -67.4% |
| Income taxes | 67/77 | €4,019 | €10,168 | +€6,149 | +153% |
| Profit (loss) for the period | 9904 | €9,978 | -€5,611 | -€15,589 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,978 | -€5,611 | -€15,589 |
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.