'T KOOLHOF: 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.
'T KOOLHOF
Largest movements
- Tangible fixed assets +€92,027
up €92,027 (+9.1%), from €1.0m to €1.1m
of which Land and buildings: +€98,899
- Receivables within one year +€62,755
up €62,755 (+111%), from €56,785 to €119,540
of which Trade receivables: +€57,578
- Cash -€15,992
down €15,992 (-11.0%), from €145,772 to €129,780
mainly Investment in fixed assets (net) (-€155,086) and Receivables within one year (-€62,755)
- Reserves +€87,855
up €87,855 (+921%), from €9,541 to €97,396
of which Distributable reserves: +€87,855
- Other debts -€36,309
down €36,309 (-6.2%), from €588,227 to €551,919
- Trade debts +€30,319
up €30,319 (+154%), from €19,720 to €50,038
- Debts after one year +€30,086
up €30,086 (+164%), from €18,400 to €48,486
- Accrued charges and deferred income +€24,082
up €24,082 (+26.0%), from €92,612 to €116,694
- Gross operating margin +€109,485
up €109,485 (+130%), from €83,901 to €193,386
- Staff costs +€20,614
up €20,614 (+1,377%), from €1,497 to €22,111
- Depreciation -€11,376
down €11,376 (-15.3%), from €74,434 to €63,059
- Write-downs +€4,583
new in 2025: €4,583
- Taxes +€2,338
new in 2025: €2,338
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 | €1,263,479 | €1,415,882 | +€152,403 | +12.1% |
| Fixed assets | 21/28 | €1,011,241 | €1,103,268 | +€92,027 | +9.1% |
| Tangible fixed assets | 22/27 | €1,010,241 | €1,102,268 | +€92,027 | +9.1% |
| Land and buildings | 22 | €965,245 | €1,064,144 | +€98,899 | +10.2% |
| Plant, machinery and equipment | 23 | €19,300 | €23,472 | +€4,173 | +21.6% |
| Furniture and vehicles | 24 | €25,696 | €14,651 | -€11,044 | -43.0% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €252,238 | €312,614 | +€60,375 | +23.9% |
| Stocks and contracts in progress | 3 | €40,560 | €54,550 | +€13,990 | +34.5% |
| Stocks | 30/36 | €40,560 | €54,550 | +€13,990 | +34.5% |
| Amounts receivable within one year | 40/41 | €56,785 | €119,540 | +€62,755 | +111% |
| Trade receivables | 40 | €56,366 | €113,945 | +€57,578 | +102% |
| Other amounts receivable | 41 | €419 | €5,596 | +€5,177 | +1,235% |
| Cash at bank and in hand | 54/58 | €145,772 | €129,780 | -€15,992 | -11.0% |
| Deferred charges and accrued income | 490/1 | €9,121 | €8,743 | -€378 | -4.1% |
| Total equity and liabilities | 10/49 | €1,263,479 | €1,415,882 | +€152,403 | +12.1% |
| Equity | 10/15 | €509,541 | €597,396 | +€87,855 | +17.2% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €9,541 | €97,396 | +€87,855 | +921% |
| Non-distributable reserves | 130/1 | €7,450 | €7,450 | = | 0.0% |
| Legal reserve | 130 | €7,450 | €7,450 | = | 0.0% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €2,091 | €89,946 | +€87,855 | +4,201% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €753,937 | €818,485 | +€64,548 | +8.6% |
| Amounts payable after more than one year | 17 | €18,400 | €48,486 | +€30,086 | +164% |
| Financial debts | 170/4 | €18,400 | €48,486 | +€30,086 | +164% |
| Amounts payable within one year | 42/48 | €642,925 | €653,306 | +€10,380 | +1.6% |
| Current portion of amounts payable after more than one year | 42 | €9,200 | €16,343 | +€7,143 | +77.6% |
| Trade debts | 44 | €19,720 | €50,038 | +€30,319 | +154% |
| Suppliers | 440/4 | €19,720 | €50,038 | +€30,319 | +154% |
| Advances received on contracts in progress | 46 | €1,580 | €260 | -€1,320 | -83.5% |
| Taxes, remuneration and social security | 45 | €24,198 | €34,746 | +€10,548 | +43.6% |
| Taxes | 450/3 | €22,997 | €31,128 | +€8,132 | +35.4% |
| Remuneration and social security | 454/9 | €1,202 | €3,618 | +€2,416 | +201% |
| Other amounts payable | 47/48 | €588,227 | €551,919 | -€36,309 | -6.2% |
| Accrued charges and deferred income | 492/3 | €92,612 | €116,694 | +€24,082 | +26.0% |
| Remuneration, social security and pensions | 62 | €1,497 | €22,111 | +€20,614 | +1,377% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,434 | €63,059 | -€11,376 | -15.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,583 | +€4,583 | |
| Other operating charges | 640/8 | €9,648 | €11,676 | +€2,028 | +21.0% |
| Gross operating margin | 9900 | €83,901 | €193,386 | +€109,485 | +130% |
| Operating profit (loss) | 9901 | -€1,679 | €91,958 | +€93,637 | |
| Financial income | 75/76B | €294 | €699 | +€405 | +138% |
| Recurring financial income | 75 | €294 | €699 | +€405 | +138% |
| Financial charges | 65/66B | €914 | €2,464 | +€1,550 | +170% |
| Recurring financial charges | 65 | €914 | €2,464 | +€1,550 | +170% |
| Profit (loss) for the period before taxes | 9903 | -€2,299 | €90,192 | +€92,491 | |
| Transfer from deferred taxes | 780 | €2,423 | €0 | -€2,423 | -100% |
| Income taxes | 67/77 | - | €2,338 | +€2,338 | |
| Profit (loss) for the period | 9904 | €125 | €87,855 | +€87,730 | +70,443% |
| Transfer from tax-exempt reserves | 789 | €4,706 | €0 | -€4,706 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €4,831 | €87,855 | +€83,024 | +1,719% |
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.