THUY 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.
THUY KOEN
Largest movements
- Current investments +€19,802
new in 2025: €19,802
- Tangible fixed assets -€14,181
down €14,181 (-4.6%), from €311,044 to €296,862
of which Furniture and vehicles: -€10,935
- Cash +€7,252
up €7,252 (+13.3%), from €54,393 to €61,645
mainly Net result for the year (+€37,451) and Depreciation (+€24,635)
- Reserves +€37,451
up €37,451 (+34.9%), from €107,224 to €144,675
of which Distributable reserves: +€37,451
- Debts after one year -€20,626
down €20,626 (-9.1%), from €226,655 to €206,029
- Other debts -€7,269
down €7,269 (-93.3%), from €7,790 to €522
- Tax, wage and social debts +€5,933
up €5,933 (+141%), from €4,198 to €10,131
- Gross operating margin +€9,450
up €9,450 (+12.7%), from €74,622 to €84,072
- Taxes +€2,948
up €2,948 (+24.1%), from €12,241 to €15,189
- Depreciation +€1,729
up €1,729 (+7.5%), from €22,905 to €24,635
- Other operating charges -€915
down €915 (-22.9%), from €3,999 to €3,084
- Financial income +€877
up €877 (+217%), from €404 to €1,281
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 | €380,789 | €396,909 | +€16,120 | +4.2% |
| Fixed assets | 21/28 | €311,794 | €297,612 | -€14,181 | -4.5% |
| Tangible fixed assets | 22/27 | €311,044 | €296,862 | -€14,181 | -4.6% |
| Land and buildings | 22 | €259,491 | €249,926 | -€9,565 | -3.7% |
| Plant, machinery and equipment | 23 | €4,344 | €4,888 | +€543 | +12.5% |
| Furniture and vehicles | 24 | €43,877 | €32,942 | -€10,935 | -24.9% |
| Other tangible fixed assets | 26 | €3,332 | €9,106 | +€5,775 | +173% |
| Financial fixed assets | 28 | €750 | €750 | = | 0.0% |
| Current assets | 29/58 | €68,995 | €99,296 | +€30,301 | +43.9% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €821 | €656 | -€165 | -20.1% |
| Trade receivables | 40 | - | €656 | +€656 | |
| Other amounts receivable | 41 | €821 | €0 | -€821 | -100% |
| Current investments | 50/53 | - | €19,802 | +€19,802 | |
| Cash at bank and in hand | 54/58 | €54,393 | €61,645 | +€7,252 | +13.3% |
| Deferred charges and accrued income | 490/1 | €13,781 | €17,194 | +€3,412 | +24.8% |
| Total equity and liabilities | 10/49 | €380,789 | €396,909 | +€16,120 | +4.2% |
| Equity | 10/15 | €113,424 | €150,875 | +€37,451 | +33.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €107,224 | €144,675 | +€37,451 | +34.9% |
| Tax-exempt reserves | 132 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €102,224 | €139,675 | +€37,451 | +36.6% |
| Profit (loss) carried forward | 14 | €1 | €1 | = | 0.0% |
| Provisions and deferred taxes | 16 | €1,500 | €1,500 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €1,500 | €1,500 | = | 0.0% |
| Environmental obligations | 163 | - | €1,500 | +€1,500 | |
| Other liabilities and charges | 164/5 | €1,500 | - | -€1,500 | |
| Amounts payable | 17/49 | €265,865 | €244,534 | -€21,331 | -8.0% |
| Amounts payable after more than one year | 17 | €226,655 | €206,029 | -€20,626 | -9.1% |
| Financial debts | 170/4 | €226,655 | €206,029 | -€20,626 | -9.1% |
| Amounts payable within one year | 42/48 | €38,309 | €38,220 | -€89 | -0.2% |
| Current portion of amounts payable after more than one year | 42 | €21,162 | €21,659 | +€498 | +2.4% |
| Trade debts | 44 | €5,159 | €5,908 | +€749 | +14.5% |
| Suppliers | 440/4 | €5,159 | €5,908 | +€749 | +14.5% |
| Taxes, remuneration and social security | 45 | €4,198 | €10,131 | +€5,933 | +141% |
| Taxes | 450/3 | €4,198 | €10,131 | +€5,933 | +141% |
| Other amounts payable | 47/48 | €7,790 | €522 | -€7,269 | -93.3% |
| Accrued charges and deferred income | 492/3 | €901 | €284 | -€617 | -68.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,905 | €24,635 | +€1,729 | +7.5% |
| Other operating charges | 640/8 | €3,999 | €3,084 | -€915 | -22.9% |
| Gross operating margin | 9900 | €74,622 | €84,072 | +€9,450 | +12.7% |
| Operating profit (loss) | 9901 | €47,718 | €56,354 | +€8,635 | +18.1% |
| Financial income | 75/76B | €404 | €1,281 | +€877 | +217% |
| Recurring financial income | 75 | €404 | €1,281 | +€877 | +217% |
| Financial charges | 65/66B | €5,518 | €4,996 | -€522 | -9.5% |
| Recurring financial charges | 65 | €5,518 | €4,996 | -€522 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | €42,605 | €52,639 | +€10,035 | +23.6% |
| Income taxes | 67/77 | €12,241 | €15,189 | +€2,948 | +24.1% |
| Profit (loss) for the period | 9904 | €30,364 | €37,451 | +€7,087 | +23.3% |
| Profit (loss) for the period to be appropriated | 9905 | €30,364 | €37,451 | +€7,087 | +23.3% |
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 20 October 2026 via checked.be.