CoEnCo: 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.
CoEnCo
Largest movements
- Receivables within one year -€647,618
down €647,618 (-61.2%), from €1.1m to €410,840
of which Trade receivables: -€661,252
- Deferred charges and accrued income -€68,012
down €68,012 (-92.6%), from €73,436 to €5,424
- Tangible fixed assets -€59,214
down €59,214 (-7.0%), from €850,804 to €791,590
of which Land and buildings: -€32,996
- Financial fixed assets +€30,694
up €30,694 (+527%), from €5,821 to €36,515
- Trade debts -€214,050
down €214,050 (-48.4%), from €442,483 to €228,434
- Accrued charges and deferred income -€137,459
down €137,459 (-25.0%), from €550,654 to €413,195
- Short-term financial debts -€112,401
down €112,401 (-42.8%), from €262,401 to €150,000
- Debts after one year -€76,417
down €76,417 (-10.1%), from €759,948 to €683,531
of which Financial debts: -€76,417
- Reserves -€63,731
down €63,731 (-53.1%), from €120,092 to €56,361
of which Distributable reserves: -€63,731
- Gross operating margin -€392,052
down €392,052 (-34.4%), from €1.1m to €748,153
- Staff costs -€171,872
down €171,872 (-18.7%), from €918,872 to €747,000
- Taxes -€22,768
down €22,768 (-97.0%), from €23,482 to €713
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 | €2,415,931 | €1,668,766 | -€747,165 | -30.9% |
| Fixed assets | 21/28 | €856,624 | €828,105 | -€28,520 | -3.3% |
| Tangible fixed assets | 22/27 | €850,804 | €791,590 | -€59,214 | -7.0% |
| Land and buildings | 22 | €759,612 | €726,616 | -€32,996 | -4.3% |
| Plant, machinery and equipment | 23 | €21,750 | €21,139 | -€612 | -2.8% |
| Furniture and vehicles | 24 | €33,569 | €19,086 | -€14,483 | -43.1% |
| Other tangible fixed assets | 26 | €35,872 | €24,749 | -€11,123 | -31.0% |
| Financial fixed assets | 28 | €5,821 | €36,515 | +€30,694 | +527% |
| Current assets | 29/58 | €1,559,306 | €840,662 | -€718,645 | -46.1% |
| Stocks and contracts in progress | 3 | €322,709 | €330,216 | +€7,507 | +2.3% |
| Stocks | 30/36 | €322,709 | €330,216 | +€7,507 | +2.3% |
| Amounts receivable within one year | 40/41 | €1,058,458 | €410,840 | -€647,618 | -61.2% |
| Trade receivables | 40 | €1,013,708 | €352,456 | -€661,252 | -65.2% |
| Other amounts receivable | 41 | €44,750 | €58,385 | +€13,635 | +30.5% |
| Cash at bank and in hand | 54/58 | €104,704 | €94,181 | -€10,523 | -10.0% |
| Deferred charges and accrued income | 490/1 | €73,436 | €5,424 | -€68,012 | -92.6% |
| Total equity and liabilities | 10/49 | €2,415,931 | €1,668,766 | -€747,165 | -30.9% |
| Equity | 10/15 | €138,692 | €31,362 | -€107,330 | -77.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €120,092 | €56,361 | -€63,731 | -53.1% |
| Tax-exempt reserves | 132 | €10,906 | €10,906 | = | 0.0% |
| Distributable reserves | 133 | €109,186 | €45,455 | -€63,731 | -58.4% |
| Profit (loss) carried forward | 14 | - | -€43,599 | -€43,599 | |
| Amounts payable | 17/49 | €2,277,239 | €1,637,405 | -€639,834 | -28.1% |
| Amounts payable after more than one year | 17 | €759,948 | €683,531 | -€76,417 | -10.1% |
| Financial debts | 170/4 | €759,948 | €683,531 | -€76,417 | -10.1% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €966,637 | €540,679 | -€425,958 | -44.1% |
| Current portion of amounts payable after more than one year | 42 | €96,909 | €76,417 | -€20,492 | -21.1% |
| Financial debts | 43 | €262,401 | €150,000 | -€112,401 | -42.8% |
| Credit institutions | 430/8 | €262,401 | €150,000 | -€112,401 | -42.8% |
| Trade debts | 44 | €442,483 | €228,434 | -€214,050 | -48.4% |
| Suppliers | 440/4 | €442,483 | €228,434 | -€214,050 | -48.4% |
| Advances received on contracts in progress | 46 | €24,370 | €0 | -€24,370 | -100% |
| Taxes, remuneration and social security | 45 | €140,473 | €85,828 | -€54,645 | -38.9% |
| Taxes | 450/3 | €24,868 | €15,363 | -€9,505 | -38.2% |
| Remuneration and social security | 454/9 | €115,605 | €70,465 | -€45,140 | -39.0% |
| Accrued charges and deferred income | 492/3 | €550,654 | €413,195 | -€137,459 | -25.0% |
| Non-recurring operating income | 76A | €0 | €3,719 | +€3,719 | |
| Remuneration, social security and pensions | 62 | €918,872 | €747,000 | -€171,872 | -18.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,660 | €64,843 | +€3,183 | +5.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,185 | €0 | +€3,185 | |
| Other operating charges | 640/8 | €8,675 | €11,820 | +€3,144 | +36.2% |
| Non-recurring operating charges | 66A | €55,497 | €0 | -€55,497 | -100% |
| Gross operating margin | 9900 | €1,140,205 | €748,153 | -€392,052 | -34.4% |
| Operating profit (loss) | 9901 | €98,686 | -€75,510 | -€174,195 | |
| Financial income | 75/76B | €730 | €2,210 | +€1,480 | +203% |
| Recurring financial income | 75 | €730 | €2,210 | +€1,480 | +203% |
| Financial charges | 65/66B | €41,712 | €33,318 | -€8,394 | -20.1% |
| Recurring financial charges | 65 | €41,712 | €33,318 | -€8,394 | -20.1% |
| Profit (loss) for the period before taxes | 9903 | €57,704 | -€106,617 | -€164,321 | |
| Income taxes | 67/77 | €23,482 | €713 | -€22,768 | -97.0% |
| Profit (loss) for the period | 9904 | €34,223 | -€107,330 | -€141,553 | |
| Profit (loss) for the period to be appropriated | 9905 | €34,223 | -€107,330 | -€141,553 |
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.