COENEN CONSTRUCT: 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.
COENEN CONSTRUCT
Largest movements
- Tangible fixed assets +€102,104
up €102,104 (+108.9%), from €93,739 to €195,843
of which Plant, machinery and equipment: +€63,209
- Cash +€77,917
up €77,917 (+185.4%), from €42,016 to €119,933
mainly Debts after one year (+€87,436) and Net result for the year (+€76,558)
- Financial fixed assets +€10,000
new in 2025: €10,000
- Receivables within one year +€9,332
up €9,332 (+14.5%), from €64,298 to €73,631
of which Other amounts receivable: +€37,484
- Debts after one year +€87,436
up €87,436 (+251.3%), from €34,794 to €122,230
- Profit (loss) carried forward +€76,558
up €76,558 (+57.8%), from €132,387 to €208,946
- Current portion of long-term debt +€15,215
up €15,215 (+89.3%), from €17,037 to €32,252
- Other debts +€10,329
new in 2025: €10,329
- Tax, wage and social debts +€7,481
up €7,481 (+76.1%), from €9,829 to €17,309
- Gross operating margin +€76,426
up €76,426 (+124.8%), from €61,256 to €137,682
- Depreciation +€14,549
up €14,549 (+69.5%), from €20,934 to €35,483
- Taxes +€13,109
up €13,109 (+161.3%), from €8,126 to €21,236
- Financial charges +€1,937
up €1,937 (+92.9%), from €2,086 to €4,024
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 | €208,929 | €409,763 | +€200,834 | +96.1% |
| Fixed assets | 21/28 | €93,739 | €205,843 | +€112,104 | +119.6% |
| Tangible fixed assets | 22/27 | €93,739 | €195,843 | +€102,104 | +108.9% |
| Land and buildings | 22 | - | €32,250 | +€32,250 | |
| Plant, machinery and equipment | 23 | €9,005 | €72,215 | +€63,209 | +701.9% |
| Furniture and vehicles | 24 | €45,663 | €31,022 | -€14,641 | -32.1% |
| Leasing and similar rights | 25 | €35,871 | €26,295 | -€9,576 | -26.7% |
| Assets under construction and advance payments | 27 | €3,200 | €34,061 | +€30,861 | +964.4% |
| Financial fixed assets | 28 | - | €10,000 | +€10,000 | |
| Current assets | 29/58 | €115,190 | €203,920 | +€88,730 | +77.0% |
| Amounts receivable within one year | 40/41 | €64,298 | €73,631 | +€9,332 | +14.5% |
| Trade receivables | 40 | €38,151 | €10,000 | -€28,151 | -73.8% |
| Other amounts receivable | 41 | €26,147 | €63,631 | +€37,484 | +143.4% |
| Cash at bank and in hand | 54/58 | €42,016 | €119,933 | +€77,917 | +185.4% |
| Deferred charges and accrued income | 490/1 | €8,875 | €10,356 | +€1,481 | +16.7% |
| Total equity and liabilities | 10/49 | €208,929 | €409,763 | +€200,834 | +96.1% |
| Equity | 10/15 | €142,387 | €218,946 | +€76,558 | +53.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €132,387 | €208,946 | +€76,558 | +57.8% |
| Amounts payable | 17/49 | €66,542 | €190,817 | +€124,275 | +186.8% |
| Amounts payable after more than one year | 17 | €34,794 | €122,230 | +€87,436 | +251.3% |
| Financial debts | 170/4 | €34,794 | €122,230 | +€87,436 | +251.3% |
| Amounts payable within one year | 42/48 | €31,748 | €68,410 | +€36,662 | +115.5% |
| Current portion of amounts payable after more than one year | 42 | €17,037 | €32,252 | +€15,215 | +89.3% |
| Trade debts | 44 | €4,882 | €8,519 | +€3,637 | +74.5% |
| Suppliers | 440/4 | €4,882 | €8,519 | +€3,637 | +74.5% |
| Taxes, remuneration and social security | 45 | €9,829 | €17,309 | +€7,481 | +76.1% |
| Taxes | 450/3 | €9,829 | €17,309 | +€7,481 | +76.1% |
| Other amounts payable | 47/48 | - | €10,329 | +€10,329 | |
| Accrued charges and deferred income | 492/3 | - | €177 | +€177 | |
| Non-recurring operating income | 76A | €1,880 | €0 | -€1,880 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,934 | €35,483 | +€14,549 | +69.5% |
| Other operating charges | 640/8 | €1,007 | €1,228 | +€221 | +22.0% |
| Non-recurring operating charges | 66A | €0 | €357 | +€357 | |
| Gross operating margin | 9900 | €61,256 | €137,682 | +€76,426 | +124.8% |
| Operating profit (loss) | 9901 | €39,315 | €100,614 | +€61,299 | +155.9% |
| Financial income | 75/76B | €1,143 | €1,203 | +€60 | +5.2% |
| Recurring financial income | 75 | €1,143 | €1,203 | +€60 | +5.2% |
| Financial charges | 65/66B | €2,086 | €4,024 | +€1,937 | +92.9% |
| Recurring financial charges | 65 | €2,086 | €4,024 | +€1,937 | +92.9% |
| Profit (loss) for the period before taxes | 9903 | €38,372 | €97,794 | +€59,422 | +154.9% |
| Income taxes | 67/77 | €8,126 | €21,236 | +€13,109 | +161.3% |
| Profit (loss) for the period | 9904 | €30,246 | €76,558 | +€46,313 | +153.1% |
| Profit (loss) for the period to be appropriated | 9905 | €30,246 | €76,558 | +€46,313 | +153.1% |
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.