Coenen Luc: 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 Luc
Largest movements
- Receivables within one year -€20,309
down €20,309 (-60.5%), from €33,589 to €13,280
of which Trade receivables: -€31,941
- Current investments -€15,000
down €15,000 (-27.3%), from €55,000 to €40,000
- Cash +€13,716
up €13,716 (+256%), from €5,349 to €19,065
mainly Receivables within one year (+€20,309) and Current investments (+€15,000)
- Tangible fixed assets -€2,570
down €2,570 (-4.8%), from €53,716 to €51,146
of which Furniture and vehicles: -€2,372
- Other debts -€19,467
down €19,467 (-94.5%), from €20,605 to €1,138
- Debts after one year -€10,000
down €10,000 (-54.5%), from €18,333 to €8,333
- Reserves +€9,235
up €9,235 (+13.4%), from €68,889 to €78,124
- Tax, wage and social debts -€4,411
down €4,411 (-79.2%), from €5,570 to €1,159
of which Taxes: -€2,981
- Gross operating margin -€32,345
down €32,345 (-54.9%), from €58,922 to €26,576
- Taxes -€11,285
down €11,285 (-76.3%), from €14,797 to €3,512
- Depreciation +€10,561
up €10,561 (+526%), from €2,008 to €12,570
- Financial charges +€651
up €651 (+253%), from €258 to €909
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 | €148,609 | €124,873 | -€23,736 | -16.0% |
| Fixed assets | 21/28 | €53,716 | €51,146 | -€2,570 | -4.8% |
| Tangible fixed assets | 22/27 | €53,716 | €51,146 | -€2,570 | -4.8% |
| Plant, machinery and equipment | 23 | €1,950 | €1,752 | -€198 | -10.1% |
| Furniture and vehicles | 24 | €51,766 | €49,394 | -€2,372 | -4.6% |
| Current assets | 29/58 | €94,893 | €73,727 | -€21,166 | -22.3% |
| Amounts receivable within one year | 40/41 | €33,589 | €13,280 | -€20,309 | -60.5% |
| Trade receivables | 40 | €33,007 | €1,065 | -€31,941 | -96.8% |
| Other amounts receivable | 41 | €583 | €12,215 | +€11,632 | +1,996% |
| Current investments | 50/53 | €55,000 | €40,000 | -€15,000 | -27.3% |
| Cash at bank and in hand | 54/58 | €5,349 | €19,065 | +€13,716 | +256% |
| Deferred charges and accrued income | 490/1 | €955 | €1,383 | +€428 | +44.8% |
| Total equity and liabilities | 10/49 | €148,609 | €124,873 | -€23,736 | -16.0% |
| Equity | 10/15 | €93,889 | €103,124 | +€9,235 | +9.8% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €68,889 | €78,124 | +€9,235 | +13.4% |
| Distributable reserves | 133 | €68,889 | €78,124 | +€9,235 | +13.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €54,720 | €21,749 | -€32,971 | -60.3% |
| Amounts payable after more than one year | 17 | €18,333 | €8,333 | -€10,000 | -54.5% |
| Financial debts | 170/4 | €18,333 | €8,333 | -€10,000 | -54.5% |
| Amounts payable within one year | 42/48 | €36,386 | €13,416 | -€22,971 | -63.1% |
| Current portion of amounts payable after more than one year | 42 | €10,000 | €10,000 | = | 0.0% |
| Trade debts | 44 | €211 | €1,118 | +€907 | +430% |
| Suppliers | 440/4 | €211 | €1,118 | +€907 | +430% |
| Taxes, remuneration and social security | 45 | €5,570 | €1,159 | -€4,411 | -79.2% |
| Taxes | 450/3 | €4,140 | €1,159 | -€2,981 | -72.0% |
| Remuneration and social security | 454/9 | €1,430 | €0 | -€1,430 | -100% |
| Other amounts payable | 47/48 | €20,605 | €1,138 | -€19,467 | -94.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,008 | €12,570 | +€10,561 | +526% |
| Other operating charges | 640/8 | €662 | €1,018 | +€356 | +53.7% |
| Gross operating margin | 9900 | €58,922 | €26,576 | -€32,345 | -54.9% |
| Operating profit (loss) | 9901 | €56,251 | €12,988 | -€43,263 | -76.9% |
| Financial income | 75/76B | €191 | €667 | +€476 | +249% |
| Recurring financial income | 75 | €191 | €667 | +€476 | +249% |
| Financial charges | 65/66B | €258 | €909 | +€651 | +253% |
| Recurring financial charges | 65 | €258 | €909 | +€651 | +253% |
| Profit (loss) for the period before taxes | 9903 | €56,185 | €12,747 | -€43,438 | -77.3% |
| Income taxes | 67/77 | €14,797 | €3,512 | -€11,285 | -76.3% |
| Profit (loss) for the period | 9904 | €41,388 | €9,235 | -€32,153 | -77.7% |
| Profit (loss) for the period to be appropriated | 9905 | €41,388 | €9,235 | -€32,153 | -77.7% |
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 29 October 2026 via checked.be.