Coeman: 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.
Coeman
Largest movements
- Tangible fixed assets +€245,530
up €245,530 (+23.1%), from €1.1m to €1.3m
of which Land and buildings: +€244,637
- Cash -€19,939
down €19,939 (-50.2%), from €39,683 to €19,744
mainly Investment in fixed assets (net) (-€321,472) and Contributions, distributions and other (-€109,228)
- Receivables within one year +€17,163
up €17,163 (+293.7%), from €5,844 to €23,007
- Debts after one year +€161,407
up €161,407 (+20.8%), from €775,635 to €937,042
- Other debts +€74,449
up €74,449 (+63.5%), from €117,187 to €191,636
- Gross operating margin +€108,062
up €108,062 (+39.0%), from €277,408 to €385,470
- Staff costs +€33,566
up €33,566 (+36.7%), from €91,494 to €125,060
- Taxes +€17,033
up €17,033 (+91.2%), from €18,686 to €35,719
- Financial charges +€8,254
up €8,254 (+31.3%), from €26,367 to €34,621
- Depreciation +€5,159
up €5,159 (+7.3%), from €70,783 to €75,942
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 | €1,181,183 | €1,423,498 | +€242,315 | +20.5% |
| Fixed assets | 21/28 | €1,060,990 | €1,306,520 | +€245,530 | +23.1% |
| Tangible fixed assets | 22/27 | €1,060,990 | €1,306,520 | +€245,530 | +23.1% |
| Land and buildings | 22 | €948,271 | €1,192,908 | +€244,637 | +25.8% |
| Plant, machinery and equipment | 23 | €108,105 | €93,579 | -€14,526 | -13.4% |
| Furniture and vehicles | 24 | €4,614 | €20,033 | +€15,419 | +334.2% |
| Current assets | 29/58 | €120,193 | €116,978 | -€3,215 | -2.7% |
| Stocks and contracts in progress | 3 | €64,896 | €65,146 | +€251 | +0.4% |
| Stocks | 30/36 | €64,896 | €65,146 | +€251 | +0.4% |
| Amounts receivable within one year | 40/41 | €5,844 | €23,007 | +€17,163 | +293.7% |
| Trade receivables | 40 | €5,844 | €23,007 | +€17,163 | +293.7% |
| Cash at bank and in hand | 54/58 | €39,683 | €19,744 | -€19,939 | -50.2% |
| Deferred charges and accrued income | 490/1 | €9,772 | €9,081 | -€691 | -7.1% |
| Total equity and liabilities | 10/49 | €1,181,183 | €1,423,498 | +€242,315 | +20.5% |
| Equity | 10/15 | €183,326 | €177,838 | -€5,488 | -3.0% |
| Contributions | 10/11 | €45,000 | €45,000 | = | 0.0% |
| Outside capital | 11 | €45,000 | €45,000 | = | 0.0% |
| Other | 1109/19 | €45,000 | €45,000 | = | 0.0% |
| Reserves | 13 | €138,326 | €132,838 | -€5,488 | -4.0% |
| Distributable reserves | 133 | €138,326 | €132,838 | -€5,488 | -4.0% |
| Amounts payable | 17/49 | €997,857 | €1,245,660 | +€247,803 | +24.8% |
| Amounts payable after more than one year | 17 | €775,635 | €937,042 | +€161,407 | +20.8% |
| Financial debts | 170/4 | €775,635 | €937,042 | +€161,407 | +20.8% |
| Amounts payable within one year | 42/48 | €214,589 | €297,763 | +€83,174 | +38.8% |
| Current portion of amounts payable after more than one year | 42 | €54,140 | €67,635 | +€13,495 | +24.9% |
| Trade debts | 44 | €17,527 | €14,127 | -€3,400 | -19.4% |
| Suppliers | 440/4 | €17,527 | €14,127 | -€3,400 | -19.4% |
| Advances received on contracts in progress | 46 | - | €60 | +€60 | |
| Taxes, remuneration and social security | 45 | €25,735 | €24,304 | -€1,431 | -5.6% |
| Taxes | 450/3 | €8,191 | €8,129 | -€61 | -0.8% |
| Remuneration and social security | 454/9 | €17,545 | €16,175 | -€1,370 | -7.8% |
| Other amounts payable | 47/48 | €117,187 | €191,636 | +€74,449 | +63.5% |
| Accrued charges and deferred income | 492/3 | €7,633 | €10,855 | +€3,222 | +42.2% |
| Remuneration, social security and pensions | 62 | €91,494 | €125,060 | +€33,566 | +36.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,783 | €75,942 | +€5,159 | +7.3% |
| Other operating charges | 640/8 | €8,997 | €10,389 | +€1,393 | +15.5% |
| Gross operating margin | 9900 | €277,408 | €385,470 | +€108,062 | +39.0% |
| Operating profit (loss) | 9901 | €106,134 | €174,078 | +€67,944 | +64.0% |
| Financial income | 75/76B | €209 | €3 | -€207 | -98.7% |
| Recurring financial income | 75 | €209 | €3 | -€207 | -98.7% |
| Financial charges | 65/66B | €26,367 | €34,621 | +€8,254 | +31.3% |
| Recurring financial charges | 65 | €26,367 | €34,621 | +€8,254 | +31.3% |
| Profit (loss) for the period before taxes | 9903 | €79,976 | €139,459 | +€59,483 | +74.4% |
| Income taxes | 67/77 | €18,686 | €35,719 | +€17,033 | +91.2% |
| Profit (loss) for the period | 9904 | €61,290 | €103,740 | +€42,450 | +69.3% |
| Profit (loss) for the period to be appropriated | 9905 | €61,290 | €103,740 | +€42,450 | +69.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.