Anthony COEKELBERGS: 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.
Anthony COEKELBERGS
Largest movements
- Tangible fixed assets +€174,770
up €174,770 (+56.0%), from €311,878 to €486,647
of which Land and buildings: +€176,133
- Cash +€96,924
up €96,924 (+85.8%), from €112,925 to €209,848
mainly Net result for the year (+€117,361) and Other debts (+€77,742)
- Stocks and contracts +€19,500
up €19,500 (+32.5%), from €60,000 to €79,500
- Profit (loss) carried forward +€117,361
up €117,361 (+51.8%), from €226,748 to €344,109
- Other debts +€77,742
up €77,742 (+42.0%), from €185,317 to €263,059
- Debts after one year +€69,277
up €69,277 (+43.4%), from €159,587 to €228,864
- Tax, wage and social debts +€16,525
up €16,525 (+61.3%), from €26,967 to €43,493
of which Taxes: +€14,525
- Current portion of long-term debt +€10,208
up €10,208 (+42.4%), from €24,103 to €34,311
- Gross operating margin +€19,866
up €19,866 (+10.8%), from €183,193 to €203,058
- Taxes +€14,213
up €14,213 (+62.7%), from €22,667 to €36,880
- Financial charges +€6,059
up €6,059 (+105%), from €5,749 to €11,808
- Depreciation +€2,568
up €2,568 (+6.7%), from €38,513 to €41,081
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 | €731,348 | €1,019,327 | +€287,979 | +39.4% |
| Fixed assets | 21/28 | €311,878 | €486,647 | +€174,770 | +56.0% |
| Tangible fixed assets | 22/27 | €311,878 | €486,647 | +€174,770 | +56.0% |
| Land and buildings | 22 | €309,272 | €485,404 | +€176,133 | +57.0% |
| Plant, machinery and equipment | 23 | €1,179 | €743 | -€436 | -37.0% |
| Furniture and vehicles | 24 | €890 | €321 | -€569 | -63.9% |
| Other tangible fixed assets | 26 | €537 | €179 | -€358 | -66.7% |
| Current assets | 29/58 | €419,470 | €532,680 | +€113,210 | +27.0% |
| Stocks and contracts in progress | 3 | €60,000 | €79,500 | +€19,500 | +32.5% |
| Stocks | 30/36 | €60,000 | €79,500 | +€19,500 | +32.5% |
| Amounts receivable within one year | 40/41 | €244,442 | €241,732 | -€2,710 | -1.1% |
| Trade receivables | 40 | €10,801 | €1,984 | -€8,817 | -81.6% |
| Other amounts receivable | 41 | €233,641 | €239,748 | +€6,107 | +2.6% |
| Cash at bank and in hand | 54/58 | €112,925 | €209,848 | +€96,924 | +85.8% |
| Deferred charges and accrued income | 490/1 | €2,103 | €1,599 | -€504 | -24.0% |
| Total equity and liabilities | 10/49 | €731,348 | €1,019,327 | +€287,979 | +39.4% |
| Equity | 10/15 | €314,150 | €429,866 | +€115,716 | +36.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €58,110 | €58,110 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | €226,748 | €344,109 | +€117,361 | +51.8% |
| Investment grants | 15 | €10,692 | €9,047 | -€1,645 | -15.4% |
| Amounts payable | 17/49 | €417,198 | €589,461 | +€172,263 | +41.3% |
| Amounts payable after more than one year | 17 | €159,587 | €228,864 | +€69,277 | +43.4% |
| Financial debts | 170/4 | €159,587 | €228,864 | +€69,277 | +43.4% |
| Amounts payable within one year | 42/48 | €255,824 | €360,576 | +€104,751 | +40.9% |
| Current portion of amounts payable after more than one year | 42 | €24,103 | €34,311 | +€10,208 | +42.4% |
| Trade debts | 44 | €19,437 | €19,714 | +€276 | +1.4% |
| Suppliers | 440/4 | €19,437 | €19,714 | +€276 | +1.4% |
| Taxes, remuneration and social security | 45 | €26,967 | €43,493 | +€16,525 | +61.3% |
| Taxes | 450/3 | €26,967 | €41,493 | +€14,525 | +53.9% |
| Remuneration and social security | 454/9 | €0 | €2,000 | +€2,000 | |
| Other amounts payable | 47/48 | €185,317 | €263,059 | +€77,742 | +42.0% |
| Accrued charges and deferred income | 492/3 | €1,786 | €21 | -€1,765 | -98.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,513 | €41,081 | +€2,568 | +6.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €5,657 | €5,281 | -€375 | -6.6% |
| Gross operating margin | 9900 | €183,193 | €203,058 | +€19,866 | +10.8% |
| Operating profit (loss) | 9901 | €139,023 | €156,696 | +€17,673 | +12.7% |
| Financial income | 75/76B | €9,420 | €9,354 | -€66 | -0.7% |
| Recurring financial income | 75 | €9,420 | €9,354 | -€66 | -0.7% |
| Financial charges | 65/66B | €5,749 | €11,808 | +€6,059 | +105% |
| Recurring financial charges | 65 | €5,749 | €11,808 | +€6,059 | +105% |
| Profit (loss) for the period before taxes | 9903 | €142,694 | €154,241 | +€11,547 | +8.1% |
| Income taxes | 67/77 | €22,667 | €36,880 | +€14,213 | +62.7% |
| Profit (loss) for the period | 9904 | €120,027 | €117,361 | -€2,666 | -2.2% |
| Profit (loss) for the period to be appropriated | 9905 | €120,027 | €117,361 | -€2,666 | -2.2% |
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.