COENEN: 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.
COENEN
Largest movements
- Cash -€473,251
down €473,251 (-77.5%), from €610,760 to €137,509
mainly Other debts (-€700,000) and Debts after one year (-€16,039)
- Receivables after one year -€150,000
no longer reported in 2025 (was €150,000)
- Receivables within one year -€31,711
down €31,711 (-29.3%), from €108,222 to €76,511
of which Trade receivables: -€31,954
- Tangible fixed assets -€31,316
down €31,316 (-13.0%), from €241,687 to €210,371
- Other debts -€700,000
no longer reported in 2025 (was €700,000)
- Reserves +€25,758
up €25,758 (+19.2%), from €133,921 to €159,679
of which Distributable reserves: +€25,758
- Financial income -€88,117
down €88,117 (-92.3%), from €95,510 to €7,393
- Gross operating margin -€17,311
down €17,311 (-7.6%), from €229,004 to €211,693
- Taxes -€11,276
down €11,276 (-58.7%), from €19,211 to €7,936
- Staff costs +€8,758
up €8,758 (+6.9%), from €126,189 to €134,947
- Financial charges +€6,621
up €6,621, from -€5,548 to €1,073
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 | €1,720,154 | €1,027,000 | -€693,153 | -40.3% |
| Fixed assets | 21/28 | €241,687 | €210,371 | -€31,316 | -13.0% |
| Tangible fixed assets | 22/27 | €241,687 | €210,371 | -€31,316 | -13.0% |
| Land and buildings | 22 | €241,687 | €210,371 | -€31,316 | -13.0% |
| Current assets | 29/58 | €1,478,466 | €816,629 | -€661,837 | -44.8% |
| Amounts receivable after more than one year | 29 | €150,000 | - | -€150,000 | |
| Other amounts receivable | 291 | €150,000 | - | -€150,000 | |
| Amounts receivable within one year | 40/41 | €108,222 | €76,511 | -€31,711 | -29.3% |
| Trade receivables | 40 | €82,713 | €50,758 | -€31,954 | -38.6% |
| Other amounts receivable | 41 | €25,509 | €25,753 | +€243 | +1.0% |
| Current investments | 50/53 | €592,157 | €597,443 | +€5,286 | +0.9% |
| Cash at bank and in hand | 54/58 | €610,760 | €137,509 | -€473,251 | -77.5% |
| Deferred charges and accrued income | 490/1 | €17,327 | €5,166 | -€12,161 | -70.2% |
| Total equity and liabilities | 10/49 | €1,720,154 | €1,027,000 | -€693,153 | -40.3% |
| Equity | 10/15 | €965,421 | €991,179 | +€25,758 | +2.7% |
| Contributions | 10/11 | €831,500 | €831,500 | = | 0.0% |
| Capital | 10 | €831,500 | €831,500 | = | 0.0% |
| Issued capital | 100 | €831,500 | €831,500 | = | 0.0% |
| Reserves | 13 | €133,921 | €159,679 | +€25,758 | +19.2% |
| Non-distributable reserves | 130/1 | €83,150 | €83,150 | = | 0.0% |
| Legal reserve | 130 | €83,150 | €83,150 | = | 0.0% |
| Distributable reserves | 133 | €50,771 | €76,529 | +€25,758 | +50.7% |
| Amounts payable | 17/49 | €754,733 | €35,822 | -€718,911 | -95.3% |
| Amounts payable after more than one year | 17 | €16,039 | - | -€16,039 | |
| Financial debts | 170/4 | €16,039 | - | -€16,039 | |
| Amounts payable within one year | 42/48 | €736,805 | €35,822 | -€700,983 | -95.1% |
| Current portion of amounts payable after more than one year | 42 | €15,799 | €16,039 | +€240 | +1.5% |
| Financial debts | 43 | €8,451 | €8,333 | -€118 | -1.4% |
| Credit institutions | 430/8 | €8,451 | €8,333 | -€118 | -1.4% |
| Trade debts | 44 | €7,429 | €5,411 | -€2,018 | -27.2% |
| Suppliers | 440/4 | €7,429 | €5,411 | -€2,018 | -27.2% |
| Taxes, remuneration and social security | 45 | €5,126 | €6,039 | +€913 | +17.8% |
| Taxes | 450/3 | €134 | €292 | +€159 | +119.0% |
| Remuneration and social security | 454/9 | €4,992 | €5,746 | +€754 | +15.1% |
| Other amounts payable | 47/48 | €700,000 | - | -€700,000 | |
| Accrued charges and deferred income | 492/3 | €1,889 | - | -€1,889 | |
| Non-recurring operating income | 76A | - | €331 | +€331 | |
| Remuneration, social security and pensions | 62 | €126,189 | €134,947 | +€8,758 | +6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,141 | €33,332 | +€191 | +0.6% |
| Other operating charges | 640/8 | €15,882 | €16,040 | +€158 | +1.0% |
| Gross operating margin | 9900 | €229,004 | €211,693 | -€17,311 | -7.6% |
| Operating profit (loss) | 9901 | €53,792 | €27,373 | -€26,419 | -49.1% |
| Financial income | 75/76B | €95,510 | €7,393 | -€88,117 | -92.3% |
| Recurring financial income | 75 | €95,510 | €7,393 | -€88,117 | -92.3% |
| Financial charges | 65/66B | -€5,548 | €1,073 | +€6,621 | |
| Recurring financial charges | 65 | -€5,548 | €1,073 | +€6,621 | |
| Profit (loss) for the period before taxes | 9903 | €154,850 | €33,694 | -€121,156 | -78.2% |
| Income taxes | 67/77 | €19,211 | €7,936 | -€11,276 | -58.7% |
| Profit (loss) for the period | 9904 | €135,639 | €25,758 | -€109,881 | -81.0% |
| Profit (loss) for the period to be appropriated | 9905 | €135,639 | €25,758 | -€109,881 | -81.0% |
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.