COENE: 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.
What changed
COENE
NACE 43.320, Joinery installation
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.2m
2024 · €900,810+€249,606
Equity
€3.1m
2024 · €3.0m+€53,032
Cash
€2.7m
2024 · €1.3m+€1.5m
Balance sheet total
€5.0m
2024 · €4.7m+€264,094
Largest movements
Assets
- Cash +€1.5m
up €1.5m (+114.6%), from €1.3m to €2.7m
mainly Net result for the year (+€1.2m) and Current investments (+€1.1m)
- Current investments -€1.1m
down €1.1m (-100.0%), from €1.1m to €0
- Financial fixed assets -€57,965
down €57,965 (-24.9%), from €233,166 to €175,201
Equity and liabilities
- Advances received +€340,000
new in 2025: €340,000
- Trade debts -€92,014
down €92,014 (-62.7%), from €146,855 to €54,841
- Profit (loss) carried forward +€50,416
up €50,416 (+1.7%), from €3.0m to €3.0m
Income statement
- Gross operating margin +€349,108
up €349,108 (+16.8%), from €2.1m to €2.4m
- Staff costs +€61,210
up €61,210 (+7.3%), from €844,001 to €905,211
- Taxes +€29,112
up €29,112 (+17.4%), from €167,012 to €196,124
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.
Result 2024
€900,810
Gross operating margin
+€349,108
Staff costs
-€61,210
Depreciation
-€12,573
Other operating charges
+€125
Financial income
+€2,753
Financial charges
+€514
Taxes
-€29,112
Result 2025
€1.2m
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.
From operations
+€1.6m
Investment
+€978,445
Financing
-€1.1m
Cash 2024
€1.3m
From operations (derived)
+€1.6m
Net result for the year
+€1.2m
Depreciation
+€183,690
Stocks and contracts
-€19,615
Receivables within one year
+€49,661
Deferred charges and accrued income
+€407
Trade debts
-€92,014
Tax, wage and social debts
+€10,746
Advances received
+€340,000
Accrued charges and deferred income
-€12,367
Investment (derived)
+€978,445
Investment in fixed assets (net)
-€121,555
Current investments
+€1.1m
Financing
-€1.1m
Debts after one year
-€36,595
Current portion of long-term debt
+€1,292
Contributions, distributions and other
-€1.1m
Cash 2025
€2.7m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,713,995 | €4,978,088 | +€264,094 | +5.6% |
| Fixed assets | 21/28 | €1,147,610 | €1,085,474 | -€62,135 | -5.4% |
| Tangible fixed assets | 22/27 | €914,443 | €910,273 | -€4,170 | -0.5% |
| Land and buildings | 22 | €670,048 | €721,168 | +€51,120 | +7.6% |
| Plant, machinery and equipment | 23 | €100,859 | €77,269 | -€23,590 | -23.4% |
| Furniture and vehicles | 24 | €120,918 | €111,836 | -€9,082 | -7.5% |
| Assets under construction and advance payments | 27 | €22,618 | €0 | -€22,618 | -100.0% |
| Financial fixed assets | 28 | €233,166 | €175,201 | -€57,965 | -24.9% |
| Current assets | 29/58 | €3,566,385 | €3,892,614 | +€326,229 | +9.1% |
| Stocks and contracts in progress | 3 | €547,397 | €567,012 | +€19,615 | +3.6% |
| Stocks | 30/36 | €547,397 | €567,012 | +€19,615 | +3.6% |
| Amounts receivable within one year | 40/41 | €642,966 | €593,305 | -€49,661 | -7.7% |
| Trade receivables | 40 | €449,962 | €450,359 | +€397 | +0.1% |
| Other amounts receivable | 41 | €193,004 | €142,945 | -€50,059 | -25.9% |
| Current investments | 50/53 | €1,100,000 | €0 | -€1.1m | -100.0% |
| Cash at bank and in hand | 54/58 | €1,271,186 | €2,727,869 | +€1.5m | +114.6% |
| Deferred charges and accrued income | 490/1 | €4,836 | €4,429 | -€407 | -8.4% |
| Total equity and liabilities | 10/49 | €4,713,995 | €4,978,088 | +€264,094 | +5.6% |
| Equity | 10/15 | €3,032,130 | €3,085,162 | +€53,032 | +1.7% |
| Contributions | 10/11 | €31,000 | €31,000 | = | 0.0% |
| Reserves | 13 | €27,889 | €27,889 | = | 0.0% |
| Non-distributable reserves | 130/1 | €27,889 | €27,889 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,100 | €3,100 | = | 0.0% |
| Other | 1319 | €24,789 | €24,789 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,973,241 | €3,023,657 | +€50,416 | +1.7% |
| Investment grants | 15 | - | €2,615 | +€2,615 | |
| Amounts payable | 17/49 | €1,681,864 | €1,892,927 | +€211,062 | +12.5% |
| Amounts payable after more than one year | 17 | €325,127 | €288,532 | -€36,595 | -11.3% |
| Financial debts | 170/4 | €325,127 | €288,532 | -€36,595 | -11.3% |
| Amounts payable within one year | 42/48 | €1,344,370 | €1,604,394 | +€260,024 | +19.3% |
| Current portion of amounts payable after more than one year | 42 | €35,303 | €36,595 | +€1,292 | +3.7% |
| Trade debts | 44 | €146,855 | €54,841 | -€92,014 | -62.7% |
| Suppliers | 440/4 | €146,855 | €54,841 | -€92,014 | -62.7% |
| Advances received on contracts in progress | 46 | - | €340,000 | +€340,000 | |
| Taxes, remuneration and social security | 45 | €62,213 | €72,958 | +€10,746 | +17.3% |
| Remuneration and social security | 454/9 | €62,213 | €72,958 | +€10,746 | +17.3% |
| Other amounts payable | 47/48 | €1,100,000 | €1,100,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €12,367 | €0 | -€12,367 | -100.0% |
| Remuneration, social security and pensions | 62 | €844,001 | €905,211 | +€61,210 | +7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €171,117 | €183,690 | +€12,573 | +7.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €26,113 | €25,988 | -€125 | -0.5% |
| Gross operating margin | 9900 | €2,080,256 | €2,429,364 | +€349,108 | +16.8% |
| Operating profit (loss) | 9901 | €1,039,024 | €1,314,475 | +€275,451 | +26.5% |
| Financial income | 75/76B | €46,292 | €49,045 | +€2,753 | +5.9% |
| Recurring financial income | 75 | €46,292 | €49,045 | +€2,753 | +5.9% |
| Financial charges | 65/66B | €17,494 | €16,979 | -€514 | -2.9% |
| Recurring financial charges | 65 | €17,494 | €16,979 | -€514 | -2.9% |
| Profit (loss) for the period before taxes | 9903 | €1,067,822 | €1,346,540 | +€278,718 | +26.1% |
| Income taxes | 67/77 | €167,012 | €196,124 | +€29,112 | +17.4% |
| Profit (loss) for the period | 9904 | €900,810 | €1,150,416 | +€249,606 | +27.7% |
| Profit (loss) for the period to be appropriated | 9905 | €900,810 | €1,150,416 | +€249,606 | +27.7% |
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 7 October 2026 via checked.be.