COENECO: 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.
COENECO
Largest movements
- Current investments +€663,244
up €663,244 (+157.0%), from €422,377 to €1.1m
- Cash -€593,054
down €593,054 (-85.2%), from €696,264 to €103,210
mainly Current investments (-€663,244) and Debts after one year (-€287,693)
- Tangible fixed assets -€328,462
down €328,462 (-3.2%), from €10.3m to €9.9m
of which Land and buildings: -€327,581
- Debts after one year -€287,693
down €287,693 (-3.5%), from €8.3m to €8.0m
- Gross operating margin +€78,304
up €78,304 (+11.8%), from €662,032 to €740,336
- Other operating charges +€37,989
up €37,989 (+118.9%), from €31,945 to €69,934
- Taxes +€17,148
up €17,148 (+170.5%), from €10,058 to €27,206
- Financial charges -€11,597
down €11,597 (-5.6%), from €207,529 to €195,932
- Depreciation +€10,419
up €10,419 (+2.7%), from €390,779 to €401,198
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 | €11,456,907 | €11,174,428 | -€282,479 | -2.5% |
| Fixed assets | 21/28 | €10,272,717 | €9,944,255 | -€328,462 | -3.2% |
| Tangible fixed assets | 22/27 | €10,272,439 | €9,943,977 | -€328,462 | -3.2% |
| Land and buildings | 22 | €10,270,616 | €9,943,035 | -€327,581 | -3.2% |
| Furniture and vehicles | 24 | €1,824 | €942 | -€881 | -48.3% |
| Financial fixed assets | 28 | €278 | €278 | = | 0.0% |
| Current assets | 29/58 | €1,184,190 | €1,230,173 | +€45,983 | +3.9% |
| Amounts receivable within one year | 40/41 | €62,881 | €38,626 | -€24,255 | -38.6% |
| Trade receivables | 40 | €21,043 | €22,833 | +€1,790 | +8.5% |
| Other amounts receivable | 41 | €41,838 | €15,792 | -€26,046 | -62.3% |
| Current investments | 50/53 | €422,377 | €1,085,621 | +€663,244 | +157.0% |
| Cash at bank and in hand | 54/58 | €696,264 | €103,210 | -€593,054 | -85.2% |
| Deferred charges and accrued income | 490/1 | €2,667 | €2,716 | +€49 | +1.8% |
| Total equity and liabilities | 10/49 | €11,456,907 | €11,174,428 | -€282,479 | -2.5% |
| Equity | 10/15 | €2,429,884 | €2,495,677 | +€65,793 | +2.7% |
| Contributions | 10/11 | €574,000 | €574,000 | = | 0.0% |
| Capital | 10 | €574,000 | €574,000 | = | 0.0% |
| Issued capital | 100 | €574,000 | €574,000 | = | 0.0% |
| Reserves | 13 | €1,855,884 | €1,921,677 | +€65,793 | +3.5% |
| Non-distributable reserves | 130/1 | €57,400 | €57,400 | = | 0.0% |
| Legal reserve | 130 | €57,400 | €57,400 | = | 0.0% |
| Tax-exempt reserves | 132 | €228,219 | €212,586 | -€15,633 | -6.9% |
| Distributable reserves | 133 | €1,570,265 | €1,651,690 | +€81,426 | +5.2% |
| Provisions and deferred taxes | 16 | €117,515 | €109,465 | -€8,050 | -6.9% |
| Deferred taxes | 168 | €117,515 | €109,465 | -€8,050 | -6.9% |
| Amounts payable | 17/49 | €8,909,508 | €8,569,287 | -€340,222 | -3.8% |
| Amounts payable after more than one year | 17 | €8,270,005 | €7,982,312 | -€287,693 | -3.5% |
| Financial debts | 170/4 | €8,270,005 | €7,982,312 | -€287,693 | -3.5% |
| Amounts payable within one year | 42/48 | €452,341 | €428,233 | -€24,108 | -5.3% |
| Current portion of amounts payable after more than one year | 42 | €369,977 | €374,254 | +€4,277 | +1.2% |
| Trade debts | 44 | €28,492 | €1,240 | -€27,252 | -95.6% |
| Suppliers | 440/4 | €28,492 | €1,240 | -€27,252 | -95.6% |
| Taxes, remuneration and social security | 45 | €4,414 | €4,176 | -€238 | -5.4% |
| Taxes | 450/3 | €4,414 | €4,176 | -€238 | -5.4% |
| Other amounts payable | 47/48 | €49,458 | €48,563 | -€896 | -1.8% |
| Accrued charges and deferred income | 492/3 | €187,162 | €158,742 | -€28,420 | -15.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €390,779 | €401,198 | +€10,419 | +2.7% |
| Other operating charges | 640/8 | €31,945 | €69,934 | +€37,989 | +118.9% |
| Gross operating margin | 9900 | €662,032 | €740,336 | +€78,304 | +11.8% |
| Operating profit (loss) | 9901 | €239,308 | €269,205 | +€29,897 | +12.5% |
| Financial income | 75/76B | €19,672 | €11,676 | -€7,996 | -40.6% |
| Recurring financial income | 75 | €19,672 | €11,676 | -€7,996 | -40.6% |
| Financial charges | 65/66B | €207,529 | €195,932 | -€11,597 | -5.6% |
| Recurring financial charges | 65 | €207,529 | €195,932 | -€11,597 | -5.6% |
| Profit (loss) for the period before taxes | 9903 | €51,451 | €84,949 | +€33,498 | +65.1% |
| Transfer from deferred taxes | 780 | €8,050 | €8,050 | = | 0.0% |
| Income taxes | 67/77 | €10,058 | €27,206 | +€17,148 | +170.5% |
| Profit (loss) for the period | 9904 | €49,443 | €65,793 | +€16,349 | +33.1% |
| Transfer from tax-exempt reserves | 789 | €15,633 | €15,633 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €65,077 | €81,426 | +€16,349 | +25.1% |
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 10 October 2026 via checked.be.