V.W. KOELING: 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.
V.W. KOELING
Largest movements
- Stocks and contracts -€8,594
down €8,594 (-25.4%), from €33,844 to €25,250
- Cash +€6,072
up €6,072 (+3,279%), from €185 to €6,257
mainly Other debts (+€25,005) and Net result for the year (+€23,780)
- Deferred charges and accrued income -€3,457
down €3,457 (-100%), from €3,457 to €0
- Receivables within one year +€2,583
up €2,583 (+6.1%), from €42,644 to €45,227
of which Trade receivables: +€3,742
- Other debts +€25,005
up €25,005 (+192%), from €13,055 to €38,060
- Reserves -€12,109
down €12,109 (-9.5%), from €126,989 to €114,881
- Short-term financial debts -€8,241
down €8,241 (-69.9%), from €11,792 to €3,551
- Trade debts -€3,216
down €3,216 (-23.9%), from €13,434 to €10,218
- Current portion of long-term debt -€2,697
down €2,697 (-100%), from €2,697 to €0
- Gross operating margin +€14,050
up €14,050 (+53.7%), from €26,154 to €40,204
- Taxes +€7,632
up €7,632 (+251%), from €3,035 to €10,667
- Depreciation -€5,941
down €5,941 (-86.7%), from €6,854 to €913
- Financial charges -€903
down €903 (-48.8%), from €1,852 to €949
- Staff costs -€824
down €824 (-100%), from €824 to €0
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 | €193,485 | €191,597 | -€1,888 | -1.0% |
| Fixed assets | 21/28 | €99,355 | €100,863 | +€1,507 | +1.5% |
| Tangible fixed assets | 22/27 | €79,355 | €80,863 | +€1,507 | +1.9% |
| Land and buildings | 22 | €74,600 | €74,600 | = | 0.0% |
| Plant, machinery and equipment | 23 | €4,755 | €6,263 | +€1,507 | +31.7% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €20,000 | €20,000 | = | 0.0% |
| Current assets | 29/58 | €94,130 | €90,734 | -€3,395 | -3.6% |
| Stocks and contracts in progress | 3 | €33,844 | €25,250 | -€8,594 | -25.4% |
| Stocks | 30/36 | €33,844 | €25,250 | -€8,594 | -25.4% |
| Amounts receivable within one year | 40/41 | €42,644 | €45,227 | +€2,583 | +6.1% |
| Trade receivables | 40 | €41,205 | €44,947 | +€3,742 | +9.1% |
| Other amounts receivable | 41 | €1,439 | €281 | -€1,159 | -80.5% |
| Current investments | 50/53 | €14,000 | €14,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €185 | €6,257 | +€6,072 | +3,279% |
| Deferred charges and accrued income | 490/1 | €3,457 | €0 | -€3,457 | -100% |
| Total equity and liabilities | 10/49 | €193,485 | €191,597 | -€1,888 | -1.0% |
| Equity | 10/15 | €145,589 | €133,481 | -€12,109 | -8.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €126,989 | €114,881 | -€12,109 | -9.5% |
| Distributable reserves | 133 | €126,989 | €114,881 | -€12,109 | -9.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €47,896 | €58,116 | +€10,221 | +21.3% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €47,896 | €58,116 | +€10,221 | +21.3% |
| Current portion of amounts payable after more than one year | 42 | €2,697 | €0 | -€2,697 | -100% |
| Financial debts | 43 | €11,792 | €3,551 | -€8,241 | -69.9% |
| Credit institutions | 430/8 | €11,792 | €3,551 | -€8,241 | -69.9% |
| Trade debts | 44 | €13,434 | €10,218 | -€3,216 | -23.9% |
| Suppliers | 440/4 | €13,434 | €10,218 | -€3,216 | -23.9% |
| Taxes, remuneration and social security | 45 | €6,917 | €6,287 | -€630 | -9.1% |
| Taxes | 450/3 | €6,917 | €6,287 | -€630 | -9.1% |
| Other amounts payable | 47/48 | €13,055 | €38,060 | +€25,005 | +192% |
| Non-recurring operating income | 76A | - | €500 | +€500 | |
| Remuneration, social security and pensions | 62 | €824 | €0 | -€824 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,854 | €913 | -€5,941 | -86.7% |
| Other operating charges | 640/8 | €3,896 | €3,926 | +€29 | +0.7% |
| Gross operating margin | 9900 | €26,154 | €40,204 | +€14,050 | +53.7% |
| Operating profit (loss) | 9901 | €14,579 | €35,365 | +€20,786 | +143% |
| Financial income | 75/76B | €9 | €30 | +€22 | +243% |
| Recurring financial income | 75 | €9 | €30 | +€22 | +243% |
| Financial charges | 65/66B | €1,852 | €949 | -€903 | -48.8% |
| Recurring financial charges | 65 | €1,852 | €949 | -€903 | -48.8% |
| Profit (loss) for the period before taxes | 9903 | €12,737 | €34,447 | +€21,710 | +170% |
| Income taxes | 67/77 | €3,035 | €10,667 | +€7,632 | +251% |
| Profit (loss) for the period | 9904 | €9,702 | €23,780 | +€14,078 | +145% |
| Profit (loss) for the period to be appropriated | 9905 | €9,702 | €23,780 | +€14,078 | +145% |
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 29 October 2026 via checked.be.