COEDO: what changed
Two fiscal 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.
COEDO
Largest movements
- Cash +€122,701
up €122,701 (+562.9%), from €21,799 to €144,500
mainly Net result for the year (+€100,221) and Depreciation (+€98,895)
- Tangible fixed assets -€60,202
down €60,202 (-4.4%), from €1.4m to €1.3m
of which Land and buildings: -€39,247
- Receivables within one year +€53,004
up €53,004 (+55.5%), from €95,453 to €148,457
of which Other amounts receivable: +€29,042
- Reserves +€100,221
up €100,221 (+81.2%), from €123,386 to €223,607
- Debts after one year -€43,044
down €43,044 (-3.4%), from €1.3m to €1.2m
- Trade debts +€32,702
up €32,702 (+1595.6%), from €2,050 to €34,752
- Tax, wage and social debts +€25,980
up €25,980 (+54.7%), from €47,533 to €73,514
of which Taxes: +€23,010
- Gross operating margin +€84,449
up €84,449 (+33.7%), from €250,291 to €334,740
- Taxes +€20,717
up €20,717 (+68.9%), from €30,061 to €50,778
- Depreciation +€19,184
up €19,184 (+24.1%), from €79,711 to €98,895
- Financial charges +€6,011
up €6,011 (+25.5%), from €23,580 to €29,591
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.
Cash bridge derived
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 | €1,495,307 | €1,610,673 | +€115,366 | +7.7% |
| Fixed assets | 21/28 | €1,377,352 | €1,316,783 | -€60,569 | -4.4% |
| Intangible fixed assets | 21 | €442 | €75 | -€367 | -82.9% |
| Tangible fixed assets | 22/27 | €1,374,017 | €1,313,815 | -€60,202 | -4.4% |
| Land and buildings | 22 | €1,154,713 | €1,115,466 | -€39,247 | -3.4% |
| Plant, machinery and equipment | 23 | €199,724 | €181,361 | -€18,363 | -9.2% |
| Furniture and vehicles | 24 | €19,580 | €14,098 | -€5,482 | -28.0% |
| Other tangible fixed assets | 26 | - | €2,890 | +€2,890 | |
| Financial fixed assets | 28 | €2,893 | €2,893 | = | 0.0% |
| Current assets | 29/58 | €117,955 | €293,890 | +€175,935 | +149.2% |
| Amounts receivable within one year | 40/41 | €95,453 | €148,457 | +€53,004 | +55.5% |
| Trade receivables | 40 | €84,516 | €108,477 | +€23,961 | +28.4% |
| Other amounts receivable | 41 | €10,937 | €39,979 | +€29,042 | +265.5% |
| Cash at bank and in hand | 54/58 | €21,799 | €144,500 | +€122,701 | +562.9% |
| Deferred charges and accrued income | 490/1 | €703 | €932 | +€230 | +32.7% |
| Total equity and liabilities | 10/49 | €1,495,307 | €1,610,673 | +€115,366 | +7.7% |
| Equity | 10/15 | €131,460 | €231,681 | +€100,221 | +76.2% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €123,386 | €223,607 | +€100,221 | +81.2% |
| Distributable reserves | 133 | €123,386 | €223,607 | +€100,221 | +81.2% |
| Profit (loss) carried forward | 14 | €14 | €14 | = | 0.0% |
| Amounts payable | 17/49 | €1,363,847 | €1,378,992 | +€15,145 | +1.1% |
| Amounts payable after more than one year | 17 | €1,261,212 | €1,218,169 | -€43,044 | -3.4% |
| Financial debts | 170/4 | €1,261,212 | €1,218,169 | -€43,044 | -3.4% |
| Amounts payable within one year | 42/48 | €98,676 | €156,809 | +€58,133 | +58.9% |
| Current portion of amounts payable after more than one year | 42 | €47,869 | €48,543 | +€674 | +1.4% |
| Trade debts | 44 | €2,050 | €34,752 | +€32,702 | +1595.6% |
| Suppliers | 440/4 | €2,050 | €34,752 | +€32,702 | +1595.6% |
| Taxes, remuneration and social security | 45 | €47,533 | €73,514 | +€25,980 | +54.7% |
| Taxes | 450/3 | €37,842 | €60,852 | +€23,010 | +60.8% |
| Remuneration and social security | 454/9 | €9,691 | €12,662 | +€2,971 | +30.7% |
| Other amounts payable | 47/48 | €1,224 | - | -€1,224 | |
| Accrued charges and deferred income | 492/3 | €3,959 | €4,015 | +€56 | +1.4% |
| Remuneration, social security and pensions | 62 | €50,891 | €50,913 | +€21 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,711 | €98,895 | +€19,184 | +24.1% |
| Other operating charges | 640/8 | €4,211 | €4,349 | +€139 | +3.3% |
| Gross operating margin | 9900 | €250,291 | €334,740 | +€84,449 | +33.7% |
| Operating profit (loss) | 9901 | €115,478 | €180,583 | +€65,105 | +56.4% |
| Financial income | 75/76B | €189 | €6 | -€183 | -96.8% |
| Recurring financial income | 75 | €189 | €6 | -€183 | -96.8% |
| Financial charges | 65/66B | €23,580 | €29,591 | +€6,011 | +25.5% |
| Recurring financial charges | 65 | €23,580 | €29,591 | +€6,011 | +25.5% |
| Profit (loss) for the period before taxes | 9903 | €92,087 | €150,999 | +€58,911 | +64.0% |
| Income taxes | 67/77 | €30,061 | €50,778 | +€20,717 | +68.9% |
| Profit (loss) for the period | 9904 | €62,026 | €100,221 | +€38,195 | +61.6% |
| Profit (loss) for the period to be appropriated | 9905 | €62,026 | €100,221 | +€38,195 | +61.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.