COENEN-SMEETS: what changed
You see two financial years side by side: what moved most in the balance sheet and the result, why the result rose or fell and where the money went.
COENEN-SMEETS
Largest movements
- Cash -€36,464
down €36,464 (-47.4%), from €76,987 to €40,524
mainly Contributions, distributions and other (-€58,360) and Receivables within one year (-€34,856)
- Receivables within one year +€34,856
up €34,856 (+80.1%), from €43,488 to €78,344
of which Other amounts receivable: +€34,128
- Current investments +€21,681
up €21,681 (+6.8%), from €316,610 to €338,290
- Tangible fixed assets -€18,245
down €18,245 (-5.6%), from €323,954 to €305,709
- Reserves +€28,311
up €28,311 (+7.6%), from €370,653 to €398,964
- Debts after one year -€28,040
down €28,040 (-10.6%), from €265,337 to €237,297
- Tax, wage and social debts +€19,821
up €19,821 (+164%), from €12,099 to €31,920
- Other debts -€17,421
down €17,421 (-23.0%), from €75,781 to €58,360
- Gross operating margin +€31,670
up €31,670 (+26.0%), from €122,031 to €153,701
- Taxes +€16,693
up €16,693 (+75.7%), from €22,044 to €38,737
- Depreciation -€6,682
down €6,682 (-22.1%), from €30,258 to €23,576
- Financial income +€4,817
up €4,817 (+51.8%), from €9,300 to €14,117
- Write-downs +€3,324
up €3,324 (+91.6%), from -€3,627 to -€304
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €764,074 | €766,028 | +€1,954 | +0.3% |
| Fixed assets | 21/28 | €323,954 | €305,709 | -€18,245 | -5.6% |
| Tangible fixed assets | 22/27 | €323,954 | €305,709 | -€18,245 | -5.6% |
| Land and buildings | 22 | €282,949 | €276,289 | -€6,660 | -2.4% |
| Plant, machinery and equipment | 23 | - | €690 | +€690 | |
| Furniture and vehicles | 24 | €1,759 | - | -€1,759 | |
| Leasing and similar rights | 25 | €16,488 | €8,244 | -€8,244 | -50.0% |
| Other tangible fixed assets | 26 | €22,759 | €20,486 | -€2,274 | -10.0% |
| Current assets | 29/58 | €440,120 | €460,319 | +€20,199 | +4.6% |
| Amounts receivable within one year | 40/41 | €43,488 | €78,344 | +€34,856 | +80.1% |
| Trade receivables | 40 | €21,201 | €21,929 | +€727 | +3.4% |
| Other amounts receivable | 41 | €22,287 | €56,415 | +€34,128 | +153% |
| Current investments | 50/53 | €316,610 | €338,290 | +€21,681 | +6.8% |
| Cash at bank and in hand | 54/58 | €76,987 | €40,524 | -€36,464 | -47.4% |
| Deferred charges and accrued income | 490/1 | €3,035 | €3,161 | +€127 | +4.2% |
| Total equity and liabilities | 10/49 | €764,074 | €766,028 | +€1,954 | +0.3% |
| Equity | 10/15 | €376,853 | €405,164 | +€28,311 | +7.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €370,653 | €398,964 | +€28,311 | +7.6% |
| Distributable reserves | 133 | €370,653 | €398,964 | +€28,311 | +7.6% |
| Amounts payable | 17/49 | €387,221 | €360,864 | -€26,358 | -6.8% |
| Amounts payable after more than one year | 17 | €265,337 | €237,297 | -€28,040 | -10.6% |
| Financial debts | 170/4 | €265,337 | €237,297 | -€28,040 | -10.6% |
| Amounts payable within one year | 42/48 | €121,043 | €122,332 | +€1,289 | +1.1% |
| Current portion of amounts payable after more than one year | 42 | €30,454 | €30,550 | +€95 | +0.3% |
| Trade debts | 44 | €2,709 | €1,502 | -€1,207 | -44.5% |
| Suppliers | 440/4 | €2,709 | €1,502 | -€1,207 | -44.5% |
| Taxes, remuneration and social security | 45 | €12,099 | €31,920 | +€19,821 | +164% |
| Taxes | 450/3 | €12,099 | €31,920 | +€19,821 | +164% |
| Other amounts payable | 47/48 | €75,781 | €58,360 | -€17,421 | -23.0% |
| Accrued charges and deferred income | 492/3 | €841 | €1,234 | +€394 | +46.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,258 | €23,576 | -€6,682 | -22.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,627 | -€304 | +€3,324 | +91.6% |
| Other operating charges | 640/8 | €5,794 | €4,489 | -€1,306 | -22.5% |
| Gross operating margin | 9900 | €122,031 | €153,701 | +€31,670 | +26.0% |
| Operating profit (loss) | 9901 | €89,606 | €125,939 | +€36,334 | +40.5% |
| Financial income | 75/76B | €9,300 | €14,117 | +€4,817 | +51.8% |
| Recurring financial income | 75 | €9,300 | €14,117 | +€4,817 | +51.8% |
| Financial charges | 65/66B | €14,383 | €14,648 | +€264 | +1.8% |
| Recurring financial charges | 65 | €14,383 | €14,648 | +€264 | +1.8% |
| Profit (loss) for the period before taxes | 9903 | €84,522 | €125,409 | +€40,887 | +48.4% |
| Income taxes | 67/77 | €22,044 | €38,737 | +€16,693 | +75.7% |
| Profit (loss) for the period | 9904 | €62,478 | €86,672 | +€24,194 | +38.7% |
| Profit (loss) for the period to be appropriated | 9905 | €62,478 | €86,672 | +€24,194 | +38.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.