C.O.A.L.: 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.
C.O.A.L.
Largest movements
- Tangible fixed assets -€31,482
down €31,482 (-10.9%), from €289,482 to €258,000
of which Plant, machinery and equipment: -€26,505
- Deferred charges and accrued income -€7,852
down €7,852 (-97.2%), from €8,081 to €228
- Cash -€3,420
down €3,420 (-97.8%), from €3,498 to €77
mainly Net result for the year (-€79,770) and Current portion of long-term debt (-€25,000)
- Profit (loss) carried forward -€79,770
down €79,770 (-43.1%), from -€185,010 to -€264,780
- Other debts +€48,072
up €48,072 (+13.0%), from €369,828 to €417,900
- Short-term financial debts +€26,140
up €26,140 (+628%), from €4,163 to €30,302
- Current portion of long-term debt -€25,000
down €25,000 (-100%), from €25,000 to €0
- Trade debts -€10,433
down €10,433 (-84.5%), from €12,349 to €1,916
of which Bills of exchange payable: -€6,427
- Gross operating margin +€10,507
up €10,507 (+19.2%), from -€54,827 to -€44,320
- Financial charges +€1,102
up €1,102 (+53.7%), from €2,050 to €3,152
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 | €301,694 | €259,462 | -€42,232 | -14.0% |
| Fixed assets | 21/28 | €289,482 | €258,000 | -€31,482 | -10.9% |
| Tangible fixed assets | 22/27 | €289,482 | €258,000 | -€31,482 | -10.9% |
| Plant, machinery and equipment | 23 | €270,041 | €243,536 | -€26,505 | -9.8% |
| Furniture and vehicles | 24 | €15,441 | €10,464 | -€4,977 | -32.2% |
| Other tangible fixed assets | 26 | €4,000 | €4,000 | = | 0.0% |
| Current assets | 29/58 | €12,212 | €1,463 | -€10,750 | -88.0% |
| Amounts receivable within one year | 40/41 | €634 | €1,157 | +€523 | +82.5% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €634 | €1,157 | +€523 | +82.5% |
| Cash at bank and in hand | 54/58 | €3,498 | €77 | -€3,420 | -97.8% |
| Deferred charges and accrued income | 490/1 | €8,081 | €228 | -€7,852 | -97.2% |
| Total equity and liabilities | 10/49 | €301,694 | €259,462 | -€42,232 | -14.0% |
| Equity | 10/15 | -€110,991 | -€190,761 | -€79,770 | -71.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €61,619 | €61,619 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €59,760 | €59,760 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€185,010 | -€264,780 | -€79,770 | -43.1% |
| Amounts payable | 17/49 | €412,686 | €450,224 | +€37,538 | +9.1% |
| Amounts payable within one year | 42/48 | €412,686 | €450,224 | +€37,538 | +9.1% |
| Current portion of amounts payable after more than one year | 42 | €25,000 | €0 | -€25,000 | -100% |
| Financial debts | 43 | €4,163 | €30,302 | +€26,140 | +628% |
| Credit institutions | 430/8 | €4,163 | €30,302 | +€26,140 | +628% |
| Trade debts | 44 | €12,349 | €1,916 | -€10,433 | -84.5% |
| Suppliers | 440/4 | €5,922 | €1,916 | -€4,006 | -67.6% |
| Bills of exchange payable | 441 | €6,427 | - | -€6,427 | |
| Taxes, remuneration and social security | 45 | €1,346 | €105 | -€1,241 | -92.2% |
| Taxes | 450/3 | €1,346 | €105 | -€1,241 | -92.2% |
| Other amounts payable | 47/48 | €369,828 | €417,900 | +€48,072 | +13.0% |
| Remuneration, social security and pensions | 62 | €107 | €0 | -€107 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,961 | €31,482 | -€478 | -1.5% |
| Other operating charges | 640/8 | €1,133 | €679 | -€453 | -40.0% |
| Non-recurring operating charges | 66A | €1,071 | €0 | -€1,071 | -100% |
| Gross operating margin | 9900 | -€54,827 | -€44,320 | +€10,507 | +19.2% |
| Operating profit (loss) | 9901 | -€89,099 | -€76,481 | +€12,618 | +14.2% |
| Financial income | 75/76B | €166 | €1 | -€165 | -99.4% |
| Recurring financial income | 75 | €166 | €1 | -€165 | -99.4% |
| Financial charges | 65/66B | €2,050 | €3,152 | +€1,102 | +53.7% |
| Recurring financial charges | 65 | €2,050 | €3,152 | +€1,102 | +53.7% |
| Profit (loss) for the period before taxes | 9903 | -€90,983 | -€79,632 | +€11,350 | +12.5% |
| Income taxes | 67/77 | €299 | €138 | -€161 | -53.8% |
| Profit (loss) for the period | 9904 | -€91,281 | -€79,770 | +€11,511 | +12.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€91,281 | -€79,770 | +€11,511 | +12.6% |
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 31 October 2026 via checked.be.