COENEGRACHTS: 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.
COENEGRACHTS
Largest movements
- Cash -€170,517
no longer reported in 2025 (was €170,517)
mainly Investment in fixed assets (net) (-€170,905) and Current investments (-€119,955)
- Current investments +€119,955
new in 2025: €119,955
- Receivables within one year -€117,698
down €117,698 (-67.9%), from €173,427 to €55,728
of which Other amounts receivable: -€109,614
- Trade debts +€156,779
up €156,779 (+98.3%), from €159,411 to €316,190
- Debts after one year -€116,263
down €116,263 (-7.5%), from €1.5m to €1.4m
- Current portion of long-term debt -€110,917
down €110,917 (-23.8%), from €466,428 to €355,511
- Other debts -€54,341
down €54,341 (-73.4%), from €74,000 to €19,660
- Tax, wage and social debts -€52,364
down €52,364 (-42.9%), from €122,048 to €69,684
of which Taxes: -€41,196
- Gross operating margin -€121,205
down €121,205 (-25.4%), from €477,573 to €356,368
- Financial charges -€29,716
down €29,716 (-18.7%), from €158,992 to €129,275
of which Financial charges: -€37,116
- Staff costs -€17,339
down €17,339 (-25.9%), from €66,923 to €49,584
- Financial income +€17,033
up €17,033 (+56.0%), from €30,436 to €47,468
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 | €3,429,784 | €3,295,648 | -€134,136 | -3.9% |
| Fixed assets | 21/28 | €2,961,793 | €2,972,194 | +€10,402 | +0.4% |
| Tangible fixed assets | 22/27 | €2,961,293 | €2,967,944 | +€6,652 | +0.2% |
| Land and buildings | 22 | €2,814,582 | €2,869,112 | +€54,529 | +1.9% |
| Plant, machinery and equipment | 23 | €48,667 | €38,142 | -€10,525 | -21.6% |
| Furniture and vehicles | 24 | €63,523 | €29,320 | -€34,203 | -53.8% |
| Leasing and similar rights | 25 | €30,847 | €28,344 | -€2,503 | -8.1% |
| Other tangible fixed assets | 26 | €3,673 | €3,026 | -€647 | -17.6% |
| Financial fixed assets | 28 | €500 | €4,250 | +€3,750 | +750% |
| Current assets | 29/58 | €467,991 | €323,453 | -€144,538 | -30.9% |
| Stocks and contracts in progress | 3 | €122,830 | €147,770 | +€24,940 | +20.3% |
| Stocks | 30/36 | €122,830 | €147,770 | +€24,940 | +20.3% |
| Amounts receivable within one year | 40/41 | €173,427 | €55,728 | -€117,698 | -67.9% |
| Trade receivables | 40 | €9,884 | €1,800 | -€8,084 | -81.8% |
| Other amounts receivable | 41 | €163,542 | €53,928 | -€109,614 | -67.0% |
| Current investments | 50/53 | - | €119,955 | +€119,955 | |
| Cash at bank and in hand | 54/58 | €170,517 | - | -€170,517 | |
| Deferred charges and accrued income | 490/1 | €1,218 | - | -€1,218 | |
| Total equity and liabilities | 10/49 | €3,429,784 | €3,295,648 | -€134,136 | -3.9% |
| Equity | 10/15 | €1,061,012 | €1,110,788 | +€49,775 | +4.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €553,000 | €530,880 | -€22,120 | -4.0% |
| Reserves | 13 | €513,828 | €535,948 | +€22,120 | +4.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €470,128 | €492,248 | +€22,120 | +4.7% |
| Profit (loss) carried forward | 14 | -€67,816 | -€18,041 | +€49,775 | +73.4% |
| Amounts payable | 17/49 | €2,368,772 | €2,184,860 | -€183,911 | -7.8% |
| Amounts payable after more than one year | 17 | €1,540,078 | €1,423,815 | -€116,263 | -7.5% |
| Financial debts | 170/4 | €1,540,078 | €1,423,815 | -€116,263 | -7.5% |
| Amounts payable within one year | 42/48 | €821,888 | €761,045 | -€60,843 | -7.4% |
| Current portion of amounts payable after more than one year | 42 | €466,428 | €355,511 | -€110,917 | -23.8% |
| Trade debts | 44 | €159,411 | €316,190 | +€156,779 | +98.3% |
| Suppliers | 440/4 | €159,411 | €316,190 | +€156,779 | +98.3% |
| Taxes, remuneration and social security | 45 | €122,048 | €69,684 | -€52,364 | -42.9% |
| Taxes | 450/3 | €107,975 | €66,780 | -€41,196 | -38.2% |
| Remuneration and social security | 454/9 | €14,073 | €2,905 | -€11,168 | -79.4% |
| Other amounts payable | 47/48 | €74,000 | €19,660 | -€54,341 | -73.4% |
| Accrued charges and deferred income | 492/3 | €6,806 | - | -€6,806 | |
| Remuneration, social security and pensions | 62 | €66,923 | €49,584 | -€17,339 | -25.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €156,771 | €160,503 | +€3,733 | +2.4% |
| Other operating charges | 640/8 | €16,684 | €14,237 | -€2,446 | -14.7% |
| Gross operating margin | 9900 | €477,573 | €356,368 | -€121,205 | -25.4% |
| Operating profit (loss) | 9901 | €237,196 | €132,044 | -€105,152 | -44.3% |
| Financial income | 75/76B | €30,436 | €47,468 | +€17,033 | +56.0% |
| Recurring financial income | 75 | €30,436 | €47,468 | +€17,033 | +56.0% |
| Financial charges | 65/66B | €158,992 | €129,275 | -€29,716 | -18.7% |
| Recurring financial charges | 65 | €158,992 | €121,875 | -€37,116 | -23.3% |
| Non-recurring financial charges | 66B | - | €7,400 | +€7,400 | |
| Profit (loss) for the period before taxes | 9903 | €108,640 | €50,237 | -€58,403 | -53.8% |
| Income taxes | 67/77 | €221 | €461 | +€240 | +109% |
| Profit (loss) for the period | 9904 | €108,419 | €49,775 | -€58,644 | -54.1% |
| Profit (loss) for the period to be appropriated | 9905 | €108,419 | €49,775 | -€58,644 | -54.1% |
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 26 October 2026 via checked.be.