Windey 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.
Windey Koen
Largest movements
- Cash +€43,864
up €43,864 (+17.0%), from €258,185 to €302,049
mainly Net result for the year (+€27,576) and Depreciation (+€25,379)
- Current investments +€25,000
up €25,000 (+16.7%), from €150,000 to €175,000
- Tangible fixed assets -€12,622
down €12,622 (-10.2%), from €123,510 to €110,888
of which Land and buildings: -€14,565
- Reserves +€27,576
up €27,576 (+8.9%), from €311,071 to €338,647
- Provisions +€20,000
up €20,000 (+50.0%), from €40,000 to €60,000
- Gross operating margin +€12,478
up €12,478 (+18.5%), from €67,531 to €80,010
- Financial income +€6,538
up €6,538 (+1,673%), from €391 to €6,929
- Taxes +€6,346
up €6,346 (+173%), from €3,672 to €10,017
- Depreciation -€4,391
down €4,391 (-14.7%), from €29,769 to €25,379
- Other operating charges -€853
down €853 (-18.1%), from €4,704 to €3,851
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 | €565,888 | €619,899 | +€54,011 | +9.5% |
| Fixed assets | 21/28 | €123,510 | €110,888 | -€12,622 | -10.2% |
| Tangible fixed assets | 22/27 | €123,510 | €110,888 | -€12,622 | -10.2% |
| Land and buildings | 22 | €122,453 | €107,887 | -€14,565 | -11.9% |
| Plant, machinery and equipment | 23 | €1,057 | €3,001 | +€1,943 | +184% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Current assets | 29/58 | €442,378 | €509,011 | +€66,633 | +15.1% |
| Amounts receivable within one year | 40/41 | €34,043 | €31,812 | -€2,231 | -6.6% |
| Trade receivables | 40 | €32,598 | €31,812 | -€785 | -2.4% |
| Other amounts receivable | 41 | €1,446 | - | -€1,446 | |
| Current investments | 50/53 | €150,000 | €175,000 | +€25,000 | +16.7% |
| Cash at bank and in hand | 54/58 | €258,185 | €302,049 | +€43,864 | +17.0% |
| Deferred charges and accrued income | 490/1 | €150 | €150 | = | 0.0% |
| Total equity and liabilities | 10/49 | €565,888 | €619,899 | +€54,011 | +9.5% |
| Equity | 10/15 | €467,568 | €495,144 | +€27,576 | +5.9% |
| Contributions | 10/11 | €156,497 | €156,497 | = | 0.0% |
| Reserves | 13 | €311,071 | €338,647 | +€27,576 | +8.9% |
| Distributable reserves | 133 | €311,071 | €338,647 | +€27,576 | +8.9% |
| Provisions and deferred taxes | 16 | €40,000 | €60,000 | +€20,000 | +50.0% |
| Provisions for liabilities and charges | 160/5 | €40,000 | €60,000 | +€20,000 | +50.0% |
| Major repairs and maintenance | 162 | €40,000 | €60,000 | +€20,000 | +50.0% |
| Amounts payable | 17/49 | €58,319 | €64,755 | +€6,436 | +11.0% |
| Amounts payable within one year | 42/48 | €57,289 | €61,177 | +€3,888 | +6.8% |
| Trade debts | 44 | €106 | €78 | -€29 | -26.9% |
| Suppliers | 440/4 | €106 | €78 | -€29 | -26.9% |
| Taxes, remuneration and social security | 45 | €1,088 | €3,964 | +€2,876 | +264% |
| Taxes | 450/3 | €1,088 | €3,964 | +€2,876 | +264% |
| Other amounts payable | 47/48 | €56,095 | €57,136 | +€1,041 | +1.9% |
| Accrued charges and deferred income | 492/3 | €1,030 | €3,578 | +€2,548 | +247% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,769 | €25,379 | -€4,391 | -14.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €20,000 | €20,000 | = | 0.0% |
| Other operating charges | 640/8 | €4,704 | €3,851 | -€853 | -18.1% |
| Gross operating margin | 9900 | €67,531 | €80,010 | +€12,478 | +18.5% |
| Operating profit (loss) | 9901 | €13,058 | €30,780 | +€17,722 | +136% |
| Financial income | 75/76B | €391 | €6,929 | +€6,538 | +1,673% |
| Recurring financial income | 75 | €391 | €6,929 | +€6,538 | +1,673% |
| Financial charges | 65/66B | €51 | €116 | +€65 | +128% |
| Recurring financial charges | 65 | €51 | €116 | +€65 | +128% |
| Profit (loss) for the period before taxes | 9903 | €13,398 | €37,593 | +€24,195 | +181% |
| Income taxes | 67/77 | €3,672 | €10,017 | +€6,346 | +173% |
| Profit (loss) for the period | 9904 | €9,726 | €27,576 | +€17,850 | +184% |
| Profit (loss) for the period to be appropriated | 9905 | €9,726 | €27,576 | +€17,850 | +184% |
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 17 October 2026 via checked.be.